Journal of Climate Finance最新文献_第6页

Green monetary policy to combat climate change: Theory and evidence of selective credit control 应对气候变化的绿色货币政策：选择性信贷控制的理论与证据

Journal of Climate Finance Pub Date : 2024-03-01 Epub Date: 2024-01-22 DOI: 10.1016/j.jclimf.2024.100035

Amit Roy

{"title":"Green monetary policy to combat climate change: Theory and evidence of selective credit control","authors":"Amit Roy","doi":"10.1016/j.jclimf.2024.100035","DOIUrl":"10.1016/j.jclimf.2024.100035","url":null,"abstract":"<div><p>Recognizing climate change as a formidable threat to global economic stability, the study underscores the inadequacies of existing fiscal tools, such as carbon taxes and carbon trading, in effectively mitigating carbon emissions and explores the potential impact of climate-related uncertainties on the global financial and monetary system. The paper delineates the necessity of integrating environmental goals into monetary policy frameworks, proposing a Green Monetary Policy (GMP) Framework that explicitly incorporates emission reduction targets into traditional monetary instruments to confront the growing challenges of climate change. Innovating an economic model for the GMP, the paper presents nuanced insights into the potential role of central banks in addressing climate change. The consequent mathematical calibration and findings advocate for a strategic shift in credit allocation from high carbon-intensive activities to low carbon-emitting industries using selective credit control instruments by central banks to combat climate change. Moreover, using Panel VAR and Impulse Response Functions (IRF), the study examines the period spanning 2004–2020 across diverse economies—Brazil, China, the EU, India, and the US. The results suggest that central banks can achieve the dual objectives of maintaining price stability and sustainability by exerting effective control over emissions. In essence, this research lays the foundation for a comprehensive understanding of alternative economic policy tools and strategies available to policymakers in navigating the intricate landscape of climate-related economic challenges.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"6 ","pages":"Article 100035"},"PeriodicalIF":0.0,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2949728024000051/pdfft?md5=387ccfdec5ab394d4eeb98717e24bc0a&pid=1-s2.0-S2949728024000051-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139633931","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

The impact of natural disasters on banks’ impairment flow – Evidence from Germany 自然灾害对银行减值流的影响--来自德国的证据

Journal of Climate Finance Pub Date : 2024-03-01 Epub Date: 2024-01-08 DOI: 10.1016/j.jclimf.2024.100031

Iliriana Shala , Benno Schumacher

引用次数: 0

A modelling framework for equity portfolio projections under different carbon price scenarios 不同碳价格情景下股票投资组合预测的建模框架

Journal of Climate Finance Pub Date : 2024-03-01 Epub Date: 2024-01-13 DOI: 10.1016/j.jclimf.2024.100033

Lorenzo Prosperi , Luca Zanin

{"title":"A modelling framework for equity portfolio projections under different carbon price scenarios","authors":"Lorenzo Prosperi , Luca Zanin","doi":"10.1016/j.jclimf.2024.100033","DOIUrl":"https://doi.org/10.1016/j.jclimf.2024.100033","url":null,"abstract":"<div><p>It is recognised that climate risks (including carbon pricing policy) are a new source of risk for the financial system. We propose a modelling framework for medium-term projections of stock returns under different carbon price scenarios. First, we construct a green factor to augment the classic capital asset pricing model (CAPM) and capture a firm’s exposure to climate policy risks. Then, we project to 2040 the factors of the CAPM, conditional on different carbon price pathways, using the estimated medium-scale Bayesian vector autoregressive model (MBVAR). Finally, we project the stock returns of each firm in the portfolio. Our scenarios suggest that the impacts of a carbon price policy are not confined to the most polluting firms (mining and quarrying, transportation and storage firms) for the effect of systematic risk. Moreover, in the short term, the negative impacts of a carbon price policy are more accentuated under a disorderly than an orderly transition. In the medium term, the projections suggest that the stock market progressively adapts to new conditions and believes in the benefits of rigorous carbon policies to incentivise the transition to a low-carbon economy. The proposed toolbox may represent effective support for investors in preparing portfolios for climate transition risks in the context of uncertainty regarding the timing of the introduction of a carbon policy. For policymakers, it can help shed light on how policies to prevent or mitigate climate change effects can affect financial stability.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"6 ","pages":"Article 100033"},"PeriodicalIF":0.0,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2949728024000038/pdfft?md5=597dd913e556b44a54ee6ca7fb2656c0&pid=1-s2.0-S2949728024000038-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139504282","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

Does ownership structure influence carbon emission? Different roles of institutional investors 所有权结构影响碳排放吗？机构投资者的不同角色

Journal of Climate Finance Pub Date : 2024-03-01 Epub Date: 2023-12-15 DOI: 10.1016/j.jclimf.2023.100030

Pengda Fan , Xuepeng Qian , Jian Wang , Kazuo Yamada

{"title":"Does ownership structure influence carbon emission? Different roles of institutional investors","authors":"Pengda Fan , Xuepeng Qian , Jian Wang , Kazuo Yamada","doi":"10.1016/j.jclimf.2023.100030","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100030","url":null,"abstract":"<div><p>This study seeks to understand the impact of different ownership structures on carbon emissions. We use data from listed firms in Japan, where the government requires firms to disclose the volume of carbon they emit. Our empirical findings are summarized as follows. First, the cross-sectional analysis reveals that firms with foreign institutional investors tend to emit less CO<sub>2</sub>. In contrast, we do not find evidence that domestic institutional investors reduce carbon emissions. The results are robust under various alternative estimations, such as firm-fixed effects, propensity score matching, and IV (instrumental variable) estimation; they are also robust when the enactment of Principal Responsible Investment (PRI) by the United Nations is included as an exogenous shock. While various studies have examined the factors affecting a firm’s carbon emissions, few studies examine the influence of its ownership structure. We focus on firm ownership structure, especially ownership by institutional investors, because of their substantial impact on managerial decision-making.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"6 ","pages":"Article 100030"},"PeriodicalIF":0.0,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2949728023000263/pdfft?md5=d9ec9c23250d0f3963d2f082d3a44919&pid=1-s2.0-S2949728023000263-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140187680","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

Climate Change and Volatility Forecasting: Novel Insights from Sectoral Indices 气候变化与波动性预测：部门指数的新见解

Journal of Climate Finance Pub Date : 2024-03-01 Epub Date: 2024-01-20 DOI: 10.1016/j.jclimf.2024.100034

Usman Ghani , Bo Zhu , Feng Ma , Maria Ghani

{"title":"Climate Change and Volatility Forecasting: Novel Insights from Sectoral Indices","authors":"Usman Ghani , Bo Zhu , Feng Ma , Maria Ghani","doi":"10.1016/j.jclimf.2024.100034","DOIUrl":"10.1016/j.jclimf.2024.100034","url":null,"abstract":"<div><p>This study investigates the impact of climate policy uncertainty (CPU) on sectoral indices and clean energy exchange-traded funds (ETFs) by using a GARCH-MIDAS model. The stock indices include renewable energy (NEX), transportation, mining, industrial, real estate, green economy US, green economy Europe, green economy Asia index, and ETFs clean energy (PBW), global clean energy (PBD). The research also evaluates the forecasting power of uncertainty factors, including equity market volatility (EMV), economy policy uncertainty (EPU), trade policy uncertainty (TPU), fiscal policy uncertainty (FPU), global economy policy uncertainty (GEPU), and geopolitical risk (GPR), to predict the volatility. We obtained some notable results. First, the out-of-sample findings show that CPU index information is useful to predict the volatility of the NEX renewable energy, green economy US, transportation, energy index for the US, and clean energy (PBW), global clean energy (PBD) ETFs. Second, EMV, EPU, and GPR also contain valuable information for the real estate, industrial, energy, and NEX renewable energy index. Additionally, we find evidence during low and high volatility and upheaval of the COVID-19 pandemic. The <span><math><msubsup><mrow><mi>R</mi></mrow><mrow><mi>oos</mi></mrow><mrow><mn>2</mn><mspace></mspace></mrow></msubsup></math></span> square and model confidence set (MCS) tests verify each model's out-of-sample forecasting performance.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"6 ","pages":"Article 100034"},"PeriodicalIF":0.0,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S294972802400004X/pdfft?md5=ad5d08d625c692e3dfd075e3379c6055&pid=1-s2.0-S294972802400004X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139632462","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

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 : 2023-12-01 Epub Date: 2023-08-09 DOI: 10.1016/j.jclimf.2023.100017

Andrej Bajic , Rüdiger Kiesel , Martin Hellmich

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 : 2023-12-01 Epub 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":"2023-12-01","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

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 : 2023-12-01 Epub 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":"2023-12-01","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 : 2023-12-01 Epub 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":"2023-12-01","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

Impact of transient shocks to productivity on long-term social discounting 生产率的短暂冲击对长期社会折扣的影响

Journal of Climate Finance Pub Date : 2023-12-01 Epub Date: 2023-10-20 DOI: 10.1016/j.jclimf.2023.100027

Victor E. Gluzberg , Yuri A. Katz

{"title":"Impact of transient shocks to productivity on long-term social discounting","authors":"Victor E. Gluzberg , Yuri A. Katz","doi":"10.1016/j.jclimf.2023.100027","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100027","url":null,"abstract":"<div><p>The cost-benefit analysis of long-run climate mitigation projects and valuations of a social cost of carbon critically depend on the long-term social discount factor. Here, we consider the problem of the socially optimal risk-adjusted ‘Gamma discounting’ in the presence of strong exogeneous shocks to productivity of capital. We establish that the declining schedule of the long-term forward discount rates over time is very sensitive to the average frequency of shocks, <span><math><mi>λ</mi></math></span>, and the difference between the key model parameters: the intergenerational inequality aversion of a social planner <span><math><mi>η</mi></math></span> and the shape parameter <span><math><mi>a</mi></math></span> of the assumed Gamma distribution of productivity rates. We establish that for a relatively small intergenerational inequality aversion, <span><math><mrow><mi>η</mi><mo>≤</mo><mi>a</mi><mo>−</mo><mn>1</mn></mrow></math></span>, the lowest possible forward discount rate is equal to <span><math><mi>λ</mi></math></span>. Qualitatively, this important conclusion can be explained by a higher sensitivity of the discount factor to technological breakthroughs bringing back high productivity rates (positive shocks) than to disasters (negative shocks). However, if <span><math><mrow><mi>η</mi><mo>></mo><mi>a</mi><mo>−</mo><mn>1</mn><mo>></mo><mn>0</mn></mrow></math></span>, the socially optimal forward discount rate can decline further down, towards zero, with a growth of the time horizon. Thus, socioeconomic projections of long-term discount rates require account of potential advances in technology.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"5 ","pages":"Article 100027"},"PeriodicalIF":0.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2949728023000238/pdfft?md5=15c303e4df0dad9ba13594d976fb1b58&pid=1-s2.0-S2949728023000238-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92047440","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