{"title":"Time-frequency connectedness among international energy, China's carbon market, green bonds, and capital markets: Evidence from a novel time-frequency method","authors":"Wei Jiang, Chunxing Gao, Yingying Chen","doi":"10.1016/j.jclepro.2025.145253","DOIUrl":"10.1016/j.jclepro.2025.145253","url":null,"abstract":"<div><div>The increasing frequency of extreme risk events has drawn attention to the interconnectedness of emerging green financial markets with traditional financial and energy markets. This study employs the quantile vector autoregressive (QVAR) methodology to analyze the time-frequency connectedness among the international energy market, the Chinese carbon market, the green bond market, and the capital market, considering various market conditions and maturities from both temporal and frequency perspectives. The findings of this research are significant. Firstly, it is observed that the interconnectedness among these markets markedly intensifies during extreme market conditions in comparison to normal states. From a temporal standpoint, during periods of extreme market downturns and upturns, the international energy market and the capital market emerge as the primary sources of risk spillover, while the carbon emission trading market predominantly acts as the recipient of such spillovers. Secondly, in terms of frequency, the spillover effects among the variables during extreme conditions are primarily characterized by short-term impacts; however, caution is warranted regarding the medium to long-term spillover effects associated with green bonds. Furthermore, under extreme conditions, the efficacy of green bonds as a hedging instrument for certain equity assets may diminish. Lastly, since 2023, global extreme risk events, such as the Israel-Palestine conflict, have significantly influenced the distribution of risk spillovers among these markets. This study contributes to the understanding of risk transmission mechanisms between emerging green financial markets and traditional energy and financial markets, offering valuable insights for risk prediction and regulatory measures.</div></div>","PeriodicalId":349,"journal":{"name":"Journal of Cleaner Production","volume":"499 ","pages":"Article 145253"},"PeriodicalIF":9.7,"publicationDate":"2025-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143576318","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"环境科学与生态学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Mojtaba Arab Momeni , Amirhossein Mostofi , Vipul Jain , Felix T.S. Chan
{"title":"A novel multi-objective optimization model for designing a reverse supply chain network","authors":"Mojtaba Arab Momeni , Amirhossein Mostofi , Vipul Jain , Felix T.S. Chan","doi":"10.1016/j.jclepro.2025.145249","DOIUrl":"10.1016/j.jclepro.2025.145249","url":null,"abstract":"<div><div>Reverse supply chain management is one of the most effective ways to protect the environment and conserve natural resources while generating significant economic benefits for manufacturing firms. This paper examines the design of a reverse supply chain consisting of various facilities, including collection, inspection, and recycling centers, internal and external remanufacturing plants, suppliers, and secondary markets. The supply chain aims to minimize costs and carbon emissions. Additionally, the proposed model is extended to a multi-objective robust stochastic-based model to consider the uncertainty in the amount and quality of return products. Furthermore, to derive the Pareto solutions, two methods, <span><math><mrow><mi>ε</mi><mo>−</mo></mrow></math></span> constraint, and the Metaheuristic algorithm of the multi-objective genetic algorithm are employed. In the multi-objective genetic algorithm, a new representation of solutions is provided, considering all dependencies between the variables and embodying the concept of robustness in the solutions of the Metaheuristic algorithms. According to the research findings, the Metaheuristic algorithm could compete with the exact method of <span><math><mrow><mi>ε</mi><mo>−</mo></mrow></math></span> constraint in small-size problems, while the multi-objective genetic algorithm outperforms it in large-size problems. On the other hand, a sensitivity analysis reveals that revenue and emission-related parameters influence the level of expansion in the reverse supply chain, while the standard deviation of uncertain parameters mostly affects the robustness of the solutions. A balanced capacity throughout the supply chain is also recognized as essential for improving profitability and flexibility. Additionally, the model results showed that reducing emissions related to facilities can create opportunities for all the identified objectives within the supply chain.</div></div>","PeriodicalId":349,"journal":{"name":"Journal of Cleaner Production","volume":"499 ","pages":"Article 145249"},"PeriodicalIF":9.7,"publicationDate":"2025-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143576346","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"环境科学与生态学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Manufacturers' decision making on emission reduction based on blockchain technology-analysis under the government's carbon cap-and-trade policy","authors":"Xiaoyao Li, Bing Jiang, Yang Bai","doi":"10.1016/j.jclepro.2025.145224","DOIUrl":"10.1016/j.jclepro.2025.145224","url":null,"abstract":"<div><div>This study examines manufacturers' decisions to reduce carbon emissions under the government's cap-and-trade policy. It analyses the sensitivity of carbon emission reduction rates under different blockchain adoption strategies. In this paper, a game-theoretic model of a manufacturer's production and sale of new and remanufactured products is developed, and study the manufacturer's optimal carbon reduction rate and pricing decisions. This paper also analyses the environmental impact of different blockchain adoption strategies. Finally, this study extends the Model to explore the response of manufacturers when the government adopts the Grandfathering mechanism. This study found that manufacturers' carbon emission reduction rates grow with consumers' low-carbon sensitivity and consumers' recognition of the quality of remanufactured products. The findings further reveal that under moderate blockchain implementation costs, manufacturers adopt blockchain technology not merely for profit enhancement but also to achieve higher carbon emission reduction rates. Furthermore, the analysis demonstrates that manufacturers are unlikely to implement a single-product blockchain adoption strategy. The government can also combine Benchmarking and Grandfathering mechanisms, thus achieving the dual roles of controlling manufacturers and achieving the highest carbon emission reduction rates.</div></div>","PeriodicalId":349,"journal":{"name":"Journal of Cleaner Production","volume":"499 ","pages":"Article 145224"},"PeriodicalIF":9.7,"publicationDate":"2025-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143576347","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"环境科学与生态学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
He Peng , Jianli Hao , Linxiang Lyu , Shuyan Wan , Xuelin Tian , Chunjiang An
{"title":"Shore power mitigates the prevailing carbon leakage driven by maritime market-based measures: A dynamic system interpretation","authors":"He Peng , Jianli Hao , Linxiang Lyu , Shuyan Wan , Xuelin Tian , Chunjiang An","doi":"10.1016/j.jclepro.2025.145243","DOIUrl":"10.1016/j.jclepro.2025.145243","url":null,"abstract":"<div><div>Implementing market-based measures (MBMs) to manage maritime carbon emissions is a policy approach to reduce greenhouse gas (GHG) emissions in the shipping industry. However, as cargo shipping is significantly exposed to international trade, regional carbon pricing could lead to carbon leakage, undermining policy effectiveness. Adopting low-cost alternative energies is one method to mitigate maritime carbon leakage. Shore power, which converts ship auxiliary engines to land-based energy sources, is recognized for its ability to reduce emissions. However, its broader adoption is hindered by high costs. To address the execution risks of maritime MBMs and the investment barriers to energy transition, this study simulates cost control and carbon leakage risk under a regional emission trading system with the participation of shore power. Utilizing the Quebec Emission Trading System as an experimental example, a policy-improved system dynamics model simulates the feedback among government, container shipping companies, and port. The results indicate that shipping companies could achieve stable profits over time with more than a 40% shore power upgrade rate, while GHG emissions would be reduced by at least 30%. Governments and ports should advance shore power coverage at container berths to eliminate carbon leakage risk under a stringent maritime MBM with high emission reduction targets.</div></div>","PeriodicalId":349,"journal":{"name":"Journal of Cleaner Production","volume":"499 ","pages":"Article 145243"},"PeriodicalIF":9.7,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143569787","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"环境科学与生态学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Yibing Chen , Ruixin Bao , Jia Li , Yuanzhong Qin , Tianxiang Zeng , Peiqi Hou
{"title":"Evaluation of the impact of hydrogen blending on the process characteristics of a cold energy power generation system","authors":"Yibing Chen , Ruixin Bao , Jia Li , Yuanzhong Qin , Tianxiang Zeng , Peiqi Hou","doi":"10.1016/j.jclepro.2025.145235","DOIUrl":"10.1016/j.jclepro.2025.145235","url":null,"abstract":"<div><div>As an efficient and clean energy carrier, the use of hydrogen can not only reduce the dependence on fossil fuels, alleviate the problem of energy shortages, but also help the realization of the global carbon neutrality goal, becoming a necessary way to solve the energy crisis. However, the sale of hydrogen is limited by the transportation volume and the transportation radius. Receiving stations are responsible for receiving, gasifying and exporting natural gas, which coincides with the transportation of hydrogen. If the hydrogen near the port can be delivered to the LNG receiving terminal, and the natural gas can be blended with hydrogen and exported from the terminal, the market can be expanded and the comprehensive benefits can be enhanced. Based on this, a power generation system using LNG and H<sub>2</sub> cold energy is constructed in this paper, which not only has the functions of gasification of LNG, blending of natural gas and hydrogen and exporting, and capturing of CO<sub>2</sub> in the flue gas, but also pumps warm seawater, which is utilized as waste heat, to a thermal power plant, where it is exchanged with the hot steam in the condenser to obtain heat, and then transported to the system for reuse, which avoids the impact of waste heat of thermal power plant on the power plant, and thus prevents the waste heat of the thermal power plant from causing damage to the power plant. In this way, the waste heat of the thermal power plant is avoided to pollute the sea, and the whole process is cleaner and more environmentally friendly. In this paper, the effects of different hydrogen blending ratios, flue gas inlet pressure and temperature on separation of water in flue gas, and the effects of different hydrogen blending ratios, flue gas outlet temperature and compressor pressurization on CO<sub>2</sub> collection were investigated, and the system as a whole and each component were thermodynamically analyzed. It was found that the effects of hydrogen blending ratio on separation of water in flue gas and CO<sub>2</sub> collection were the most important. when the hydrogen blending ratio was increased from 0% to 100%, the energy efficiency, cold recovery efficiency, exergy efficiency, and power generation of the system increased by 22.5%, 31.3%, 24.6%, and 36609 kW, respectively. Compared with the pure natural gas delivery, 30% hydrogen blending with natural gas can increase the energy efficiency of the system by 10.8% and the exergy efficiency by 8.6%, and the annual power generation of the whole process can produce an economic benefit of 1.58 × 10<sup>7</sup>$, while the CO<sub>2</sub> can be fixed up to 1.82 × 10<sup>5</sup>t. With the increase in the ratio of hydrogen blending, the performance indexes of the system as a whole and locally have been improved.</div></div>","PeriodicalId":349,"journal":{"name":"Journal of Cleaner Production","volume":"499 ","pages":"Article 145235"},"PeriodicalIF":9.7,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143569802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"环境科学与生态学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Ziqing Wu, Raphaël Oger, Matthieu Lauras, Louis Faugère, Benoit Montreuil
{"title":"A Guiding Framework for Hyperconnected Circular Supply Chain Implementation","authors":"Ziqing Wu, Raphaël Oger, Matthieu Lauras, Louis Faugère, Benoit Montreuil","doi":"10.1016/j.jclepro.2025.145229","DOIUrl":"https://doi.org/10.1016/j.jclepro.2025.145229","url":null,"abstract":"This paper addresses the critical need to incorporate Circular Economy principles into supply chain management for decoupling economic growth and resource consumption. Circular supply chains, characterized by their restorative and regenerative nature, inherently introduce operational complexities. Concurrently, hyperconnectivity is evolving as a pervasive reality, defined by the extensive and intricate interconnectedness among actors across multiple layers. Specifically, we investigate the potential of the Physical Internet, a hyperconnected global logistics system, to facilitate the implementation of circular supply chains. Our approach includes a systematic literature review to map the current landscape and the development of a novel conceptual framework. This framework, merging the Physical Internet and circular supply chain concepts, identifies ten interrelated characteristics from various aspects such as product design, production, logistics, supply chain asset utilization, product usage, recovery, performance monitoring, material and energy exchange, as well as technology and business model innovation. Additionally, we introduce a four-stage maturity model to evaluate and improve companies' circular supply chain practices systematically. Its practical application is illustrated through two cases in automobile and sport garment industry respectively. This study is among the first to explore the integration of hyperconnectivity in logistics management into implementing circular supply chains. It lays a theoretical foundation and suggests actionable strategies.","PeriodicalId":349,"journal":{"name":"Journal of Cleaner Production","volume":"3 1","pages":""},"PeriodicalIF":11.1,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143569789","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"环境科学与生态学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Carbon emission reduction driven by a non-mandatory emission reduction target in a supply chain","authors":"Zhibing Lin","doi":"10.1016/j.jclepro.2025.145236","DOIUrl":"10.1016/j.jclepro.2025.145236","url":null,"abstract":"<div><div>This paper considers a supply chain comprising a retailer and a low-carbon manufacturer that adopts a non-mandatory emission reduction target (NERT) as a reference point. Using a game-theoretic framework, we first analyze the impact of exogenous NERT on supply chain dynamics. Subsequently, we extend the analysis to explore three additional dimensions: the power structure of channel members, the loss aversion of the manufacturer, and the endogeneity of NERT. The results show that (1) an exogenous NERT benefits the retailer and consumers but harms the manufacturer when it is relatively high. In contrast, an endogenous NERT always benefits channel members and consumers. (2) An exogenous NERT can mitigate the negative effects of consumer environmental awareness (CEA) on channel members, while an endogenous NERT can eliminate such negative effects. (3) Increasing the manufacturer’s target sensitivity improves the emission reduction level (ERL) in the exogenous NERT model but may reduce the ERL in the endogenous NERT model. (4) Although the manufacturer’s utility first decreases and then increases as its target sensitivity increases, increasing the manufacturer’s target sensitivity helps to achieve the NERT.</div></div>","PeriodicalId":349,"journal":{"name":"Journal of Cleaner Production","volume":"499 ","pages":"Article 145236"},"PeriodicalIF":9.7,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143569801","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"环境科学与生态学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Yao Wang, George Hausner, Prangya Ranjan Rout, Qiuyan Yuan
{"title":"Investigation of Fungal Mycelium-bound Bio-foams from Agricultural Wastes as Sustainable and Eco-conscious Packaging Innovations","authors":"Yao Wang, George Hausner, Prangya Ranjan Rout, Qiuyan Yuan","doi":"10.1016/j.jclepro.2025.145206","DOIUrl":"https://doi.org/10.1016/j.jclepro.2025.145206","url":null,"abstract":"The existing non-biodegradable plastic packaging foams pose significant environmental challenges and contribute to landfill congestion. As a sustainable alternative, bio-foams derived from fungal mycelium (as the bonding agent) and waste biomass (as the substrate) are gaining prominence. In this research, the performance efficiency of bio-foams was assessed using five previously unexplored mycelium species (<em>Coprinopsis macrocephalus, Bjerkandera adusta, Flammulina velutipes, Trametes pubescens,</em> and <em>Trichaptum biforme,</em>) and three frequently used species (<em>Ganoderma lucidum, Pleurotus ostreatus, and Fomes fomentarius</em>). Additionally, the study investigated mycelium-bound biomaterials with and without nutrient supplementation, employing three more mycelium species (<em>Ganoderma lucidum, Flammulina velutipes and Pleurotus ostreatus</em>). The fabrication process employed a mother-culture based method. The assessment included the following aspects of eleven mycelium-bound bio-foams: dry density, growth performance, mechanical properties (support factor, firmness, recovery rate, etc.), moisture content, morphological analysis, shrinkage percentage, thermogravimetric analysis, thickness swelling and water absorption properties. Results indicated that the compressive firmness of various bio-foams ranged from 10.33 to 52.97 kPa, while the commercial packaging foam was 24.48 kPa. Similarly, the density of the mycelium-bound bio-foams ranged from 78.53 to 153.59 kg/m<sup>3</sup> compared to commercial packaging foam with a density range from 8 to 120 kg/m<sup>3</sup>, making bio-foams competitive alternatives. The bio-foams generated from <em>Bjerkandera adusta</em> and <em>Fomes fomentarius</em> exhibited favourable colonisation conditions, a mycelial skin that was strong, thick hyphae, and mechanical properties that were similar to those of typical packing foams. The novel mycelium specie <em>Bjerkandera adusta</em> has intriguing properties that make them prospective candidates for mycelium-bound packing foams, in addition to the widely utilised <em>Ganoderma lucidum, Pleurotus ostreatus,</em> and <em>Fomes fomentarius</em>.","PeriodicalId":349,"journal":{"name":"Journal of Cleaner Production","volume":"37 1","pages":""},"PeriodicalIF":11.1,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143569785","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"环境科学与生态学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Which sustainable business model archetypes are more prevalent? An analysis of small and medium-sized enterprises","authors":"Maya Nikki Beard, Maria Rosa De Giacomo","doi":"10.1016/j.jclepro.2025.145240","DOIUrl":"https://doi.org/10.1016/j.jclepro.2025.145240","url":null,"abstract":"There is still limited knowledge of business model archetypes for sustainability in small and medium-sized companies. This study aims to fill that gap by investigating empirically the sustainable business model archetypes adopted by small and medium-sized companies. An analysis of general company information and communication material data, consisting of searching for specific keywords frequency related to nine sustainable business model archetypes, has been conducted. With data over three years, the study finds that small and medium-sized companies prefer an economic archetype (repurpose for society and the environment) compared to an environmental one (creating value from waste) or to a social one across all three years. It also finds that social and environmental sustainability is an increasing trend for those enterprises. The study also considers potential drivers and barriers for small and medium-sized enterprises in adopting sustainable business models. This paper is expected to generate insights into the internal shift toward sustainable business models in small and medium-sized enterprises and contribute to the literature on sustainable business model archetypes and the role small and medium sized enterprises may have in the sustainability transition.","PeriodicalId":349,"journal":{"name":"Journal of Cleaner Production","volume":"24 1","pages":""},"PeriodicalIF":11.1,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143569791","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"环境科学与生态学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Advanced modeling of plastic recycling supply chain networks for emission reduction and sustainability","authors":"Jaepil Cheon, Yuchan Ahn","doi":"10.1016/j.jclepro.2025.145231","DOIUrl":"10.1016/j.jclepro.2025.145231","url":null,"abstract":"<div><div>Plastic products are rising in demand due to their beneficial properties, increasing plastic waste emissions. Historically, China imported plastic waste; however, stringent bans after 2018 have shifted the burden to producing countries like Korea. International agreements such as the United Nations Framework Convention on Climate Change, Kyoto Protocol, Paris Agreement, and Intergovernmental Panel on Climate Change guidelines emphasize greenhouse gas emission reduction. By 2030, Korea aims to cut emissions by over 35% and achieve a plastic waste recycling rate of 70%. Limited land area necessitates sustainable waste management beyond landfills and incineration. Effective management can reduce environmental impact and generate carbon credits. Thus, this study constructs an optimal supply chain network for recycling plastic waste in Korea using a multi-period model based on the Organization for Economic Co-operation and Development statistics. The model integrates collection, sorting, transportation, and recycling, focusing on material recycling, chemical recycling, and energy recovery. It addresses Korea's waste management challenges while targeting national emission reduction and recycling rate goals. Expected outcomes include optimal recycling strategies, policy recommendations, and industry practices to implement this supply chain network, contributing to Korea's environmental goals and global efforts to mitigate plastic waste impacts. The proposed model provides a scalable, adaptable framework for sustainable waste management globally.</div></div>","PeriodicalId":349,"journal":{"name":"Journal of Cleaner Production","volume":"499 ","pages":"Article 145231"},"PeriodicalIF":9.7,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143569786","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"环境科学与生态学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}