Political Economy - Development: Environment eJournal最新文献

{"title":"Macro-Financial Transition Risks in the Fight Against Global Warming","authors":"Emanuele Campiglio, Rick van der Ploeg","doi":"10.2139/ssrn.3862256","DOIUrl":"https://doi.org/10.2139/ssrn.3862256","url":null,"abstract":"The macro-financial transition risks that result from disorderly transitions to a carbon-free or low-carbon economy may entail significant costs due to the risk of stranded assets, defaults, collapse in stock market value, both for financial firms and non-financial firms. The effects of networks, contagion, and higher-round effects of stranding may exacerbate the problem. But green monetary and prudential policy and governance reforms may mitigate the problem. The qualitative, empirical, modelling, policy and institutional research on this topic is surveyed and various avenues for future research are identified.","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"284 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122959399","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}

{"title":"Explaining Greenium in a Macro-Finance Integrated Assessment Model","authors":"Biao Yang","doi":"10.2139/ssrn.3854432","DOIUrl":"https://doi.org/10.2139/ssrn.3854432","url":null,"abstract":"I investigate how firms' environmental responsibilities affect expected stock returns. Using the environmental pillar score from the ASSET4 ESG dataset, I find that greener stocks have lower expected returns. This greenium remains significant after controlling for systemic and idiosyncratic risks. I explain the greenium through event studies showing that green stocks hedge physical climate-change risks. A macro-finance integrated assessment model (MFIAM) featuring time-varying climate damage intensity, recursive preferences, and investment frictions supports the empirical findings. The model implies that climate damages are pro-cyclical, leading to a high discount rate and a relatively low social cost of carbon.","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126624972","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}

{"title":"Green Investments: A Luxury Good or a Financial Necessity?","authors":"I. Yousaf, Tahir Suleman, Rıza Demirer","doi":"10.2139/ssrn.3855125","DOIUrl":"https://doi.org/10.2139/ssrn.3855125","url":null,"abstract":"This study examines the diversification and hedging benefits of green investments for conventional stock portfolios in the context of the recent COVID-19 pandemic. While the findings confirm the status of gold as a strong hedge against stock market downturns, we find that clean energy investments, green bonds, in particular, have the potential to serve as a safe haven as well. In fact, compared to the other alternative and sustainable investments in our sample, green bonds are found to be the only asset that serves as a safe haven against large stock market fluctuations due to the COVID-19 pandemic. Portfolio analysis further shows that supplementing conventional stock portfolios with green bonds during the COVID-19 pandemic resulted in the highest risk-adjusted returns, compared to those supplemented with other alternative assets in the sample. Our findings support the emergence of green investments not as a luxury good, but a necessity for improved financial stability and performance, particularly during the turbulent market states driven by the recent pandemic. © 2021 Elsevier B.V.","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131909702","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}

{"title":"Testing Capacity of the EU Banking Sector to Finance the Transition to a Sustainable Economy","authors":"Slavka Eley","doi":"10.2139/ssrn.3852692","DOIUrl":"https://doi.org/10.2139/ssrn.3852692","url":null,"abstract":"Amidst increased attention on climate change, which is characterised by high uncertainties and long-term time horizons, the financial sector and supervisors are developing methods and approaches for the evaluation of climate-related financial risks. <br><br>This paper proposes a transition capacity testing system based on the EU Taxonomy for environmentally sustainable economic activities as a useful tool for banks and supervisors to identify the exposures that are most vulnerable to climate change, to improve understanding of the transition financing needs and to support the greening of the financial sector.<br>","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128384359","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}

{"title":"Norm-Based Feedback on Household Waste: Large-Scale Field Experiments in Two Swedish Municipalities","authors":"Centre for Collective Action Submitter, Claes Ek, Magnus Söderberg","doi":"10.2139/ssrn.3876029","DOIUrl":"https://doi.org/10.2139/ssrn.3876029","url":null,"abstract":"We conduct separate randomized controlled trials of norm-based feedback nudges on house-hold waste in two municipalities in western Sweden. Our main treatment presents recipients with accurate, household-specific feedback highly similar to the standard Home Energy Report design, but with residual (unsorted) waste as the object of comparison. We also test a novel ‘dynamic’ norm design informed by psychological research. Post-experimental reductions are on the order of 7-12% in both municipalities, substantially larger than inmost previous studies. We estimate that the reduction corresponds to a 30-60% increase in unit-based waste fees. Effect differences between our main treatment and the dynamic-norm treatment are not significant. We find that feedback nudges are highly cost-effective compared to alternative means for reducing household residual waste. However, net social benefits depend on whether existing waste fees internalize the marginal social cost of residual waste. Our results have implications for the usefulness of feedback interventions as well as for unit-based pricing of waste, on which our feedback materials rely.","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133277250","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}

{"title":"Natural Jurisdiction: Shifting Boundaries from Exploitation to Connection","authors":"A. Waite","doi":"10.2139/ssrn.3865351","DOIUrl":"https://doi.org/10.2139/ssrn.3865351","url":null,"abstract":"The biodiversity crisis has been compared to a war that we are losing. International environmental laws are meant to protect but the combative language and actions around our relationship with nature remain. The Eurocentric legal grounding of nature as property is problematic as ecological systems do not abide by political boundaries. This article explores the historical western underpinnings of our relationship with nature and the current aspirations of sustainability. Steps towards change and the reconsideration of the legal standing of nature include the Earth Charter, the pending EU illegal deforestation law that challenges sovereignty over natural resources, the United Nations’ Harmony with Nature that highlights the growing rights of nature around the world, and the Yellowstone to Yukon Conservation Initiative as a wholistic, transboundary ecosystem approach. It follows that a more interconnected shift is needed with the provision of ecological limits as a form of natural jurisdiction.","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"90 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131466702","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}

{"title":"Evaluation of Alternative Power-to-Chemical Pathways for Renewable Energy Exports","authors":"Muhammad Ather Rasool, K. Khalilpour, A. Rafiee, Ifthekar Karimi, R. Madlener","doi":"10.2139/ssrn.3872833","DOIUrl":"https://doi.org/10.2139/ssrn.3872833","url":null,"abstract":"Over the last five decades, there have been a few phases of interest in the so-called hydrogen economy, stemming from the need for either energy security enhancement or climate change mitigation. None of these phases has been successful in a major market development mainly due to the lack of cost competitiveness and partially due to technology readiness challenges. Nevertheless, a new phase has begun very recently, which despite holding original objectives has a new motivation to be fully green, based on renewable energy. This new movement has already initiated bipartisan cooperation of some energy importing countries and those with abundant renewable energy resources and supporting infrastructure. For example, the abundance of renewable resources and a stable economy of Australia can attract investments in building these green value chains with countries such as Singapore, South Korea, Japan, and those even further distant like in Europe. One key challenge in this context is the diversity of pathways for the (national and international) export of non-electricity renewable energy. This poses another challenge, i.e., the need for an agnostic tool for comparing various supply chain pathways fairly while considering various techno-economic factors such as renewable energy sources, hydrogen production and conversion technologies, transport, and destination markets, along with all associated uncertainties. This paper addresses the above challenge by introducing a probabilistic decision analysis cycle methodology for evaluating various renewable energy supply chain pathways based on the hydrogen vector. The decision support tool is generic and can accommodate any kind of renewable chemical and fuel supply chain option. As a case study, we have investigated eight supply chain options composed of two electrolysers (alkaline and membrane) and four carrier options (compressed hydrogen, liquefied hydrogen, methanol, and ammonia) for export from Australian ports to three destinations in Singapore, Japan, and Germany. The results clearly show the complexity of decision making induced by multiple factors. For the case study, under the given input parameters, the methanol combination with alkaline electrolysers becomes the least-cost supply chain option for Singapore, Japan, and Germany with expected levelised costs of hydrogen (ELCOH) of 6.53, 6.61, and 6.93 $/kgH2, respectively. However, the second-best choices are not the same for all countries. Ammonia (with alkaline electrolysers) becomes the second-best option for Singapore ($7.98/kgH2) and Japan ($8.20/kgH2) destinations, while methanol (this time with PEM electrolysers) proves to be the second-best supply chain option for German destinations ($8.62/kgH2).","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121304914","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}

{"title":"The risk-adjusted carbon price","authors":"T. S. van den Bremer, Rick van der Ploeg","doi":"10.2139/ssrn.3851906","DOIUrl":"https://doi.org/10.2139/ssrn.3851906","url":null,"abstract":"The social cost of carbon is the expected present value of damages from emitting one ton of carbon today. We use perturbation theory to derive an approximate tractable expression for this cost adjusted for climatic and economic risk. We allow for different aversion to risk and intertemporal fluctuations, skewness and dynamics in the risk distributions of climate sensitivity and the damage ratio, and correlated shocks. We identify prudence, insurance, and exposure effects, reproduce earlier analytical results, and offer analytical insights into numerical results on the effects of economic and damage ratio uncertainty and convex damages on the optimal carbon price.<br>","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115477940","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}

{"title":"Subnational Sustainable Development: The Role of Vertical Intergovernmental Transfers in Reaching Multidimensional Goals","authors":"Omar A. Guerrero, Gonzalo Castañeda, Georgina Trujillo, Lucy Hackett, Florian Chávez-Juárez","doi":"10.2139/ssrn.3837492","DOIUrl":"https://doi.org/10.2139/ssrn.3837492","url":null,"abstract":"Achieving sustainable development hinges on two critical factors: the subnational implementation of public policies and the efficient allocation of resources across regions through vertical intergovernmental transfers. We introduce a framework that links these two mechanisms for analyzing the impact of reallocating federal transfers in the presence of regional heterogeneity from development indicators, budget sizes, expenditure returns, and long-term structural factors. Our study focuses on the case of Mexico and its 32 states. Using an agent-based computational model, we estimate the development gaps that will remain by the year 2030, and characterize their sensitivity to changes in the states' budget sizes. Then, we estimate the optimal distribution of federal transfers to minimize these gaps. Crucially, these distributions depend on the specific development objectives set by the national government, and by various interdependencies between the heterogeneous qualities of the states. This work sheds new light on the complex problem of budgeting for the Sustainable Development Goals at the subnational level, and it is especially relevant for the study of fiscal decentralization from the expenditure point of view.","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114369581","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}

{"title":"Assessment of Vulnerability to Climate Change – A Systematic Bibliometric Visualization Analysis with a Focus on Indian Agriculture","authors":"K. K. Acharya, S. R, Jayakumara Varadan R, A. Dixit, A. Sharma, A. Pouchepparadjou","doi":"10.2139/ssrn.3868163","DOIUrl":"https://doi.org/10.2139/ssrn.3868163","url":null,"abstract":"Climate change induced vulnerability is a complex and dynamic phenomenon, which attracted the attention of researchers and policy makers in the recent past. This paper aims to provide a systematic bibliometric review (1991 to 2021) on vulnerability analysis to climate change, mainly covering the evolution of vulnerability concepts, approaches and methods for vulnerability assessments followed by visualization of research collaboration using the VOSviewer tool. The USA has been identified as the leading country in research on climate change vulnerability assessment. India has the maximum collaborative research with the USA and Australia. Indicator-based assessment method is widely used in most of the research and the most popular scale of assessment is district level in case of Indian agriculture. Despite several evolving methods of vulnerability assessment, each one is suffering from some shortcomings. Thus, integrated and holistic approaches based on the experiences of advanced and leading countries in climate change related vulnerability assessment like the USA, UK and Australia need to be comprehended for formulating various action plans. Further, sufficient fund allocation to local governments and its utilization enables climate action policy initiatives.","PeriodicalId":388441,"journal":{"name":"Political Economy - Development: Environment eJournal","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130032497","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}