Green Finance最新文献

{"title":"Financing low-carbon hydrogen: The role of public policies and strategies in the EU, UK and USA","authors":"J. Moura, I. Soares","doi":"10.3934/gf.2023011","DOIUrl":"https://doi.org/10.3934/gf.2023011","url":null,"abstract":"The goal of this study is twofold: first, to understand the rationales of public policies and possible outcomes on energy systems design behind supporting national hydrogen strategies in three major economic blocs (the EU, UK and USA) and possible outcomes on energy systems design; second, to identify differences in policy approaches to decarbonization through H2 promotion. Large-scale expansion of low-carbon H2 demands careful analysis and understanding of how public policies can be fundamental drivers of change. Our methodological approach was essentially economic, using the International Energy Agency (IEA) policy database as a main information source. First, we identified all regional policies and measures that include actions related to H2, either directly or indirectly. Then, we reclassified policy types, sectors and technologies to conduct a comparative analysis which allowed us to reduce the high degree of economic ambiguity in the database. Finally, we composed a detailed discussion of our findings. While the EU pushed for renewable H2, the UK immediately targeted low-carbon H2 solutions, equally considering both blue and green alternatives. The USA pursues a clean H2 economy based on both nuclear and CCS fossil technology. Although there is a general focus on fiscal and financing policy actions, distinct intensities were identified, and the EU presents a much stricter regulatory framework than the UK and USA. Another major difference between blocs concerns target sectors: While the EU shows a broad policy strategy, the UK is currently prioritizing the transport sector. The USA is focusing on H2 production and supply as well as the power and heat sectors. In all cases, policy patterns and financing options seem to be in line with national hydrogen strategies, but policies' balances reflect diverse institutional frameworks and economic development models.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":8.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252280","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":"Assessing the economic efficiency of green investments in the context of sustainable development of the territory","authors":"V. Kurdyukov, Alla M. Ovcharenko","doi":"10.3934/gf.2023014","DOIUrl":"https://doi.org/10.3934/gf.2023014","url":null,"abstract":"This article proposes theoretical and analytical foundations for the economic assessment of the results of green investments in terms of promoting territorial sustainability. The green investments are presented as resources aimed at reducing the economic damage from environmental pollution through the creation of conditions or direct impact activities. However, the discounting application distorts their significance. The result of real green investment is capital, which is often specific and difficult to assess. It distinguishes them markedly from other investments. Green investments do not require directive advantages, such as a social discount rate. It is necessary to address the results of green investment in terms of their value for the sustainability of socio-economic systems. The accounting of total costs and results for the system when making decisions will allow for reducing territorial exploitation by social groups. Overcoming the discounting contradictions while assessing the economic effectiveness of green investments requires improving the adequacy of green investments results' evaluation in terms of the territory's sustainability transition, the differentiation of discount rates for various results, their costs and the years of their appearance and the use of compounding to assess the accumulation of the total result of a project based on the analysis of its entire life cycle. The study proposes a system for assessing the economic value of the growth of an ecosystem's assimilation potential and the consequences of its decline in relation to the costs of building the assimilation potential, the increase in the maximum allowable load on the ecosystem and the environmental pollution damage. To estimate the economic effect of the growth of an ecosystem's assimilation potential, it is necessary to consider the rate of return for its owner. The results of this study will allow for reducing the assessment distortions and informational limitations of the managerial decision-making process.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":8.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252412","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 bond market boom: did environmental, social and governance criteria play a role in reducing health-related uncertainty?","authors":"V. Ribeiro","doi":"10.3934/gf.2023002","DOIUrl":"https://doi.org/10.3934/gf.2023002","url":null,"abstract":"Recent years have been characterized by considerable growth of the green bond market in Europe, particularly in the domain of social bond issuance. Considering the recent pandemic, it is also a stylized fact that this growth is positively correlated with the concept of health-related uncertainty, as the green bond market aims to acquire financing in order to allow the development of projects that comply with the so-called environmental (E), social (S) and governance (G) criteria. This study then applies a dynamic spatial econometric analysis and several robustness checks to assess the extent to which each E, S and G criterion contributes to the societal dynamics of health-related uncertainty. The analysis takes advantage of available data on the number of confirmed cases of COVID-19 to measure health-related uncertainty at the municipal level, so that a higher (lower) number of confirmed cases constitutes a proxy for a greater (smaller) degree of uncertainty, respectively. To reinforce the need to evaluate impacts in a context characterized by health-related uncertainty, the time span covers the first wave of COVID-19, which is the period when uncertainty reached its highest peak. Additionally, the geographical scope is mainland Portugal since this country has become a breeding ground for startups and new ideas, being currently one of the world leaders in hosting businesses that reached Unicorn status. The main result of this research is that only the social dimension has a significant, positive and permanent impact on health-related uncertainty. Therefore, this study empirically confirms that the European green bond market has been and can be further leveraged by the need to finance projects with a social scope.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":8.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252486","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":"International cooperation on climate research and green technologies in the face of sanctions: The case of Russia","authors":"M. Shugurov","doi":"10.3934/gf.2023006","DOIUrl":"https://doi.org/10.3934/gf.2023006","url":null,"abstract":"The purpose of this study was to develop the theoretical model for the regime of anti-Russian sanctions against the climate R&D sector, as well as the related green finance sector. Achieving this purpose was carried out on the basis of using the system of the following methods. 1) A method of discursive analysis was applied to texts and statements that occur in scientific articles, analytical reviews and notes in electronic media and discussion pages on the Internet. 2) Meta-analysis was applied to both original works and to primary materials of an empirical nature containing statistical data, which are sometimes of a variable nature. 3) The methodology of stochastic factor analysis served as the basis for considering sanctions as factors that probabilistically determine various changes in Russian science and technology policies and science legislation. 4) The use of the foresight method was aimed at identifying options for the medium- and long-term development of Russia's participation in international cooperation in the field of climate R&D while under sanctions. According to the developed model, the regime of scientific sanctions against Russia is aimed at breaking cooperation with Russian participation at the level of programs and projects. The institutionalization of scientific ruptures has several aspects, such as the freezing of personal contacts, the suspension of funding, as well as the supply of equipment and the provision of services for its maintenance. The peculiarity of scientific sanctions against Russia lies in the unprecedented combination of the national and global scales of their consequences. The study concludes that, due to Russia's significant contribution to climate change, the consequences of scientific, economic and financial sanctions have a negative cumulative effect on the implementation of the global climate agenda. This means the emergence of problems in reducing greenhouse gas emissions due to the partial abandonment of previously formulated climate goals. The model proposed in this study reveals Russia's response to sanction challenges, which means that Russia continues to follow the trend in the development of climate science and improve the institution of green finance.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":8.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252578","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":"Designing the nationwide emission trading scheme in China","authors":"Shuyang Chen","doi":"10.3934/gf.2023017","DOIUrl":"https://doi.org/10.3934/gf.2023017","url":null,"abstract":"<abstract> <p>Emission trading scheme (ETS) is popular to abate anthropogenic emissions throughout the world. Previous researchers focused on evaluating ETS policy effect, but ETS design is usually neglected because ETS is already mostly sophisticated worldwide. This is not the case in China, as the Chinese nationwide ETS (CNETS) came into effect in July 2021. Implemented for a brief period, the CNETS lacks implementation details and thus may not achieve mitigation targets cost-effectively. In this paper, we attempt to narrow the research gap by comprehensively designing the CNETS. Our research framework is based on a dynamic recursive computable general equilibrium (CGE) model. The CGE model results show that the appropriate CNETS should include the coverage of the electricity generation and manufacturing sectors, higher carbon price (175 ${CNY} / {t} {CO}_2$), quota allocation based on the carbon intensity in the previous year, higher quota decline factor (2%) and time-decreasing free quota ratio. Although we have only designed the Chinese ETS in this paper, the research framework may become a paradigm of designing appropriate ETS.</p> </abstract>","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135798589","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 concept of neuromarketing based on a systematic review using the bibliometric method","authors":"Negin Sangari, Payvand Mirzaeian Khamseh, Shib Sankar Sana","doi":"10.3934/gf.2023016","DOIUrl":"https://doi.org/10.3934/gf.2023016","url":null,"abstract":"<abstract> <p>Unlike traditional marketing methods, neuromarketing has shown new insights and higher prediction accuracy. This research uses the bibliometric method to analyze the objectives like the analysis and integration of the green concept of neuromarketing, recognition of the useful authors, the years of publication of documents, authoritative journals that publish articles in this field and keywords around the concept of neuromarketing. The tools presented in neuromarketing expand and improve the perception of the enthusiasts and researchers in this field, and it compares the results obtained from different approaches. From the methodological point of view, this research is qualitative and based on <xref ref-type=\"bibr\" rid=\"b41\">Iden et al.'s (2017)</xref> model, consisting of four steps of planning, selecting, extracting and implementing and combining it with setting of <xref ref-type=\"bibr\" rid=\"b92\">Silva's (2015)</xref> articles in the form of a review. A bibliometric system is implemented, and VOS viewer software was used to analyze the results.</p> <p>The findings are presented in two phases. In the first phase, the performance analysis, the share of the annual production of neuromarketing documents, the percentage of the production of authoritative quarterly journals of this field, the share of the output of related subject areas, the share of the countries' published articles and the share of the documents by productive authors were identified and studied. Also, knowledge maps were drawn in the second phase, and 17 clusters are found, including 109 items and 131 keywords. The theoretical contribution of this article consists of the field of green neuromarketing, which is categorized into four clusters with themes of sustainability and green consumption. The results of this study were obtained based on the framework of theory, context, method, antecedents, decisions, and outcomes. All the keywords related to neuromarketing were categorized from the analysis of the previous articles and its features were studied in the proposed model.</p> </abstract>","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135551057","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":"Insuring a greener future: How green insurance drives investment in sustainable projects in developing countries?","authors":"Goshu Desalegn","doi":"10.3934/gf.2023008","DOIUrl":"https://doi.org/10.3934/gf.2023008","url":null,"abstract":"Insurance companies are responding to the global challenge of climate change by introducing green insurance policies, which aim to promote sustainable projects across the globe. These policies offer financial protection and coverage for initiatives related to renewable energy, energy efficiency and other sustainable endeavors. Moreover, they incentivize investment in these projects by providing lower premiums or other financial benefits. In order to assess the impact of green insurance policies on driving investment in sustainable projects in developing countries, this study employed a systematic and bibliometric approach to thoroughly analyze the various forms, instruments, and measurements of green insurance. The study used 490 documents extracted from different databases. The search strategy involved using specific keywords to query the Web of Science, Scopus, science direct, and google scholar databases. A purposive sampling technique was implemented for data inclusion and exclusion. The study's findings indicate that the success of green insurance in developing countries faces several challenges, including inadequate infrastructure, limited awareness and education among individuals and businesses, absence of supportive regulatory frameworks and policies, insufficient demand, political instability, corruption and security concerns. Furthermore, the study finding reveals a need for more research, specifically exploring the effects of green insurance on investment in sustainable development. Hence future studies can use this finding as a benchmark for further studies. The study's novelty lies in its comprehensive analysis of green insurance policies and their impact on driving investment in sustainable projects in developing countries. Based on the findings, the study recommends that insurance companies offer incentives to investors involved in sustainable projects, such as employing premium shifting strategies that minimize premiums for non-environmentally sustainable projects and redirect those funds toward sustainable initiatives.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":8.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252135","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":"Does corporate reputation play a mediating role in the association between manufacturing companies' corporate social responsibility (CSR) and financial performance?","authors":"Zhang Jing, Gazi Md. Shakhawat Hossain, Badiuzzaman, Md. Shahinur Rahman, Najmul Hasan","doi":"10.3934/gf.2023010","DOIUrl":"https://doi.org/10.3934/gf.2023010","url":null,"abstract":"The main objective of this research was to analyze the variable of corporate reputation as a mediating variable to determine the relationship between corporate social responsibility and financial performance. Simple random sampling was used in the study to obtain 300 respondents from Bangladeshi manufacturing companies. Statistical Package for the Social Sciences (SPSS) 23.0 was used to analyze the data. To evaluate the hypotheses in this study, structural equation modeling (SEM) was used. The results demonstrated that corporate social responsibility positively influences corporate reputation and financial performance, while corporate reputation is statistically significant for financial performance. Environmental contribution, philanthropic responsibility, legal responsibility, ethical responsibility, economic responsibility and social responsibility are listed in order of significance as corporate social responsibility factors. It was determined how corporate reputation influences the link between corporate social responsibility and financial performance. However, it may be logical to conclude that there is a considerable correlation between corporate social responsibility and financial performance based on the data analysis. The results of corporate social responsibility practices in manufacturing organizations in developing nations, particularly Bangladesh, have significant consequences for businesses, entrepreneurs, communities, researchers and policymakers in understanding the outcomes of sustainability. The conclusion has drawn implications for sustainability practice and future research.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":8.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252268","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":"Aftermarket performance of green IPOs and portfolio allocation","authors":"Zubair Mumtaz Muhammad, Y. Naoyuki","doi":"10.3934/gf.2023019","DOIUrl":"https://doi.org/10.3934/gf.2023019","url":null,"abstract":"This study examines the aftermarket performance of high-green and low-green IPO and how green IPOs can optimize portfolio allocation. We assume the higher level of greenness increases investors’ participation in IPOs. To this end, we develop the utility function and determine that investors prefer to participate in new issues when firms account for the greenness measures. This study proposes the global aspects of green measure: the desired level of greenness a firm maintains. We find that IPOs in our sample are far below the global standards of greenness. This evidence suggests they must adopt the necessary actions to make the environment green. Another significant contribution of this study is to measure the performance of high and low-green IPOs in short- and long-run horizons. This study reveals that high-green IPOs are less underpriced. This study estimates the effect of greenness on initial returns and find an inverse relationship that suggests that high-green IPOs are less underpriced due to lower risk associated with new issues. In terms of measuring a longer-term performance, this study determines that high-green IPOs underperform less than low-green IPOs.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":8.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252605","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 mechanism of green finance's impact on enterprises' sustainable green innovation","authors":"Yafei Wang, Jing Liu, Xiaoran Yang, Ming Shi, Rong Ran","doi":"10.3934/gf.2023018","DOIUrl":"https://doi.org/10.3934/gf.2023018","url":null,"abstract":"<abstract> <p>Global attention toward environmental sustainability and economic green transformation is on the rise. Green technology innovation plays a crucial role in achieving green economic development, making the study of enterprises' sustainable green innovation highly valuable. This paper aims to examine the influence mechanism of green finance on enterprises' sustainable green innovation. To achieve this, panel data from A-share-listed enterprises in Shanghai and Shenzhen between 2012 and 2020 are utilized as the basis for analysis. The results show that: (1) Green finance plays an important role in encouraging enterprises' sustainable green innovation. (2) The test of the intermediary effect reveals that green finance can stimulate enterprises' sustainable green innovation by increasing continued R &amp;amp; D investment. (3) The moderating mechanism test reveals that enterprise financing restrictions and enterprise debt default risk moderate the influence of green finance on enterprises' sustainable green innovation. Furthermore, for enterprises with high financial constraints and a high risk of debt default, the development of green finance is particularly important in fostering their long-term green innovation. (4) The study concludes that all four types of sustainable green innovation, namely, strategic, substantive, independent and cooperative, exhibit the promotion effect of green financial development, the intermediary effect of continuous R &amp;amp; D investment and the moderating effect of financing constraints. Enterprises with a higher risk of defaulting on their debt are more likely to make significant, independent and sustainable green innovations.</p> </abstract>","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135801613","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}