Journal of Climate Finance最新文献_第5页

Impact of financial development on the development of the renewable energy industry of China 金融发展对中国可再生能源产业发展的影响

Journal of Climate Finance Pub Date : 2023-10-17 DOI: 10.1016/j.jclimf.2023.100023

Danqi Wei , Hui Wu

{"title":"Impact of financial development on the development of the renewable energy industry of China","authors":"Danqi Wei , Hui Wu","doi":"10.1016/j.jclimf.2023.100023","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100023","url":null,"abstract":"<div><p>Building a new electricity system based on renewable energy reflects the strategic direction of China's low-carbon energy transition, we examine the role of financial development in this process. Distinguishing from existing studies, we focus on the four dimensions of bank intermediation, bond market, stock market and FDI and to measure the growth in the renewable energy industry (RE) using aggregate and relative volume indicators. There are three main findings in this paper. First, bank credit and bond financing are the most important external financing instruments. Second, the effect of FDI on RE is significant only in southern China. Third, the effect of the stock market on renewable energy production is related to the regional financial market environment and the intrinsic dynamics of transformation, which is more significant in the southern and energy-rich regions but not fully evident in the northern and energy-poor regions. Regarding the mechanism of influence, in the South, bank intermediation, the bond market and the stock market contribute to renewable energy technology and thus to the capital formation of enterprises. FDI can force renewable energy firms in the South to increase their innovative decisions and helps promote the share of renewable energy production. In energy-poor regions, bank intermediation and bond markets are more conducive to promoting renewable energy technology and thus industry growth. Further study finds that the favorable policy signals released by the central government can lead to more financial capital allocations to the industry, which in turn creates diversified financing channels for enterprises.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"5 ","pages":"Article 100023"},"PeriodicalIF":0.0,"publicationDate":"2023-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49890647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Climate risk and financial stress in ECOWAS 西非经共体的气候风险和财政压力

Journal of Climate Finance Pub Date : 2023-10-11 DOI: 10.1016/j.jclimf.2023.100025

Mamadou Nouhou Diallo , Mamadou Mouminy Bah , Seydou Nourou Ndiaye

{"title":"Climate risk and financial stress in ECOWAS","authors":"Mamadou Nouhou Diallo , Mamadou Mouminy Bah , Seydou Nourou Ndiaye","doi":"10.1016/j.jclimf.2023.100025","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100025","url":null,"abstract":"<div><p>This study examines the causal relationship between climate risk and financial stress in ECOWAS countries spanning the period from 2000–2019. We use the Multivariate Threshold Autoregressive Vector model (MTVAR) to estimate this relationship. Our findings reveal the existence of an optimal temperature threshold, below and above which a complex interplay occurs between climate risk and financial stress. This empirical evidence strongly supports the the non-linear relationship between climate risk and financial stress. Specifically, our analysis identifies 28.35<sup>°C</sup> as the optimal temperature threshold. Below this point, the contribution of climate risk to financial stress diminishes, and conversely, the financial system acts to mitigate global warming. However, above 28.35<sup>°C</sup>, climate risk exacerbates financial stress, and the financial system becomes a contributor to global warming. Public and monetary authorities need to pay more attention to the impact of climate risk on finance and the way it operates in ecological transitions.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"5 ","pages":"Article 100025"},"PeriodicalIF":0.0,"publicationDate":"2023-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2949728023000214/pdfft?md5=9e0d76d564b7b84d17a2aa0fdc0100eb&pid=1-s2.0-S2949728023000214-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92047439","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Finance “Blending” and NDC achievement under the Paris agreement 为巴黎协定下的“混合”和国家自主贡献成果提供资金

Journal of Climate Finance Pub Date : 2023-10-11 DOI: 10.1016/j.jclimf.2023.100024

Jon Strand

{"title":"Finance “Blending” and NDC achievement under the Paris agreement","authors":"Jon Strand","doi":"10.1016/j.jclimf.2023.100024","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100024","url":null,"abstract":"<div><p>Climate finance, funded by governments of high-income (H) countries, can be used to purchase assets in the international carbon market for offset trading, thus “blending” with such transactions. In this paper it is shows analytically that when there are no distortions in credit markets, finance blending leads to too little greenhouse gas (GHG) mitigation in H countries, and too much in L countries. The offset market is then distorted by climate finance blending, given that all offset credits are attributed to the carbon market participants. This distortion is removed when such “blended” climate finance resources are instead attributed in proportion to their finance shares. Adding climate finance to the carbon market has no impact on global GHG mitigation as long as the trading countries’ targets for emissions reductions (their “climate ambition”) is not changed; higher ambition levels are thus always required for climate finance to contribute to a reduction in global GHG emissions. When L country market participants have limited access to credit markets, blending can increase global greenhouse-gas mitigation by adding climate finance resources to the carbon market, thus facilitating L country market participants’ access to funding of their planned mitigation projects.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"5 ","pages":"Article 100024"},"PeriodicalIF":0.0,"publicationDate":"2023-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2949728023000202/pdfft?md5=4e74e97e148e8cdd5ec4f7bf2958bd52&pid=1-s2.0-S2949728023000202-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92047441","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Corporate environmental performance and efficiency: Evidence from stochastic frontier analysis 企业环境绩效与效率:来自随机前沿分析的证据

Journal of Climate Finance Pub Date : 2023-09-17 DOI: 10.1016/j.jclimf.2023.100022

Paulo Pereira da Silva

引用次数: 0

A learning by doing multiplier accelerates the transition to photovoltaic cells

Journal of Climate Finance Pub Date : 2023-09-01 DOI: 10.1016/j.jclimf.2023.100016

Anita C. Tendler, Robert K. Kaufmann

{"title":"A learning by doing multiplier accelerates the transition to photovoltaic cells","authors":"Anita C. Tendler, Robert K. Kaufmann","doi":"10.1016/j.jclimf.2023.100016","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100016","url":null,"abstract":"<div><p>Abating emissions of carbon dioxide depends in part on how quickly the levelized cost of electricity (LCOE) from photovoltaic cells (PV) achieves grid parity without policy interventions. Reaching this threshold is accelerated by learning by doing, which reduces the LCOE generated by PV. The resultant cost reduction generates a positive feedback loop and increases the demand for PV; but previous analyses ignore this feedback and therefore overlook a critical learning by doing multiplier effect, in which increasing the cumulative production of PV modules lowers their price, and lower PV module prices increase purchases of PV modules, which increases cumulative production of PV modules, and so on. We quantify the learning by doing multiplier effect with a cointegrating vector autoregression (CVAR) model that captures the simultaneous relation between the price for and cumulative production of PV modules. The learning by doing multiplier effect amplifies the static effects of learning by nearly a factor of ten and eliminates the simultaneous equation bias in previous estimates of unidirectional learning curves. This multiplier effect enhances the ability of policies, such as a carbon tax, to lower the costs of PV, increase cumulative production, and lower carbon emissions. Together, these results suggest that grid parity is closer than indicated by unidirectional learning curves.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"4 ","pages":"Article 100016"},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49882313","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

REIT capital structure strategy in the aftermath of hurricanes 飓风灾后REIT资本结构策略

Journal of Climate Finance Pub Date : 2023-09-01 DOI: 10.1016/j.jclimf.2023.100014

Hana Nguyen

引用次数: 0

Identifying factors affecting the preference for green bonds: A Japanese case study 确定影响绿色债券偏好的因素:以日本为例

Journal of Climate Finance Pub Date : 2023-09-01 DOI: 10.1016/j.jclimf.2023.100021

Kentaka Aruga, Timothy Bolt

引用次数: 0

Evaluating hedge fund activism: Engine Number 1 and ExxonMobil 评估对冲基金的行动主义:引擎1和埃克森美孚

Journal of Climate Finance Pub Date : 2023-08-14 DOI: 10.1016/j.jclimf.2023.100018

Robert K. Kaufmann , Nalin Kulatilaka , Melissa Mittelman

{"title":"Evaluating hedge fund activism: Engine Number 1 and ExxonMobil","authors":"Robert K. Kaufmann , Nalin Kulatilaka , Melissa Mittelman","doi":"10.1016/j.jclimf.2023.100018","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100018","url":null,"abstract":"<div><p>We analyze efforts by a small activist hedge fund, Engine Number 1 to affect financial and environmental performance by electing directors to ExxonMobil’s Board. We compare the performance of ExxonMobil to six peers by expanding a five-factor statistical model for asset returns to include oil prices, oil price volatility, and variables that identify one-time and sustained changes in returns. Low returns to ExxonMobil stock may be caused by its position along the supply chain, and not poor management of climate risk, which suggests that electing directors to ExxonMobil’s board will not raise returns. Efforts by Engine Number 1 affect returns to ExxonMobil stock for short periods, but electing its candidates have no permanent effect during the sample period. These results suggest that markets react to information that may not be available to the public and that using windows around public announcements may be too blunt to accurately assess the effects of hedge fund activism on stock returns. Although it is too soon to judge the new directors’ impact on environmental management, the lack of a negative effect on stock returns in the sample period contradicts the economic notion that firms who voluntarily ameliorate externalities put themselves at a competitive disadvantage relative to firms that ignore externalities. If no negative effects appear in the future, this would imply that hedge fund activism can be judged successful if it generates social benefits without negative effects on financial performance, which we call a ‘win-draw’ outcome.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"5 ","pages":"Article 100018"},"PeriodicalIF":0.0,"publicationDate":"2023-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49890645","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Portfolio allocation and optimization with carbon offsets: Is it worth the while? 碳补偿的投资组合配置和优化:值得吗?

Journal of Climate Finance Pub Date : 2023-08-10 DOI: 10.1016/j.jclimf.2023.100019

Carsten Mueller , Papa Orgen , Patrick Behr

引用次数: 1

Handle with care: Challenges in company-level emissions data for assessing financial risks from climate change 小心处理:公司层面的排放数据在评估气候变化带来的金融风险方面面临的挑战

Journal of Climate Finance Pub Date : 2023-08-09 DOI: 10.1016/j.jclimf.2023.100017

Andrej Bajic , Rüdiger Kiesel , Martin Hellmich

引用次数: 0