平衡繁荣与可持续性:从 COP27 的视角解读金融风险和绿色金融

IF 2.3 Q2 BUSINESS, FINANCE
Shakeel Sajjad, Rubaiyat Ahsan Bhuiyan, Rocky J. Dwyer, Adnan Bashir, Changyong Zhang
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引用次数: 0

摘要

目的 本研究旨在探讨七国集团(G7)经济体中与碳排放相关的金融发展(FD)、金融风险、绿色金融和创新之间的关系。设计/方法/途径本定量研究探讨了金融发展[FD:银行对私营部门的国内信贷占国内生产总值(GDP)的百分比]、经济增长(GDP:2015 年不变美元)、金融风险指数(FRI)、绿色金融(GFIN:可再生能源公共研究开发和示范(RD&D)预算占 RD&D 总预算的百分比)、环境相关技术的开发(DERTI:占所有技术的百分比)和人力资本(HCI:指数)对发达经济体环境质量的影响。该研究以面板数据为基础,采用矩量回归的新方法作为主要方法,以解决数据的横截面依赖性、斜率异质性和非正态性问题。然而,有效的资源配置、完善的金融体系和绿色创新可能有助于减排和可持续可行经济的整体发展。此外,该研究还强调了金融体系风险管理对未来排放预防的重要性。社会影响该研究采用了可靠的估算程序,从 COP-27 的角度扩展了对气候政策的讨论,为决策者制定更有效的减排战略提供了实际意义。建议包括实施碳定价、开发碳捕集与封存技术、投资可再生能源和能源效率,以及引入减排金融工具。从 COP-27 的角度来看,七国集团应优先考虑向低碳经济转型,支持发展中国家的可持续发展努力,以应对气候变化和全球变暖的紧迫挑战。更具体地说,在 FD 和国民收入与碳排放的背景下,以往的研究者忽视了绿色创新和人力资本的重要性,因此本研究通过探讨已确定的碳排放相关变量之间的联系,填补了 G7 经济体相关文献的空白。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Balancing prosperity and sustainability: unraveling financial risks and green finance through a COP27 lens
Purpose This study aims to examine the relationship between financial development (FD), financial risk, green finance and innovation related to carbon emissions in the G7 economies. Design/methodology/approach This quantitative study examines the roles that financial development [FD: Domestic credit to private sector by banks as percentage of gross domestic product (GDP)], economic growth (GDP: Constant US$ 2015), financial risk index (FRI), green finance (GFIN: Renewable energy public research development and demonstration (RD&D) budget as percentage of total RD&D budget), development of environment-related technologies (DERTI: percentage of all technologies) and human capital (HCI: index) have on the environmental quality of developed economies. Based on panel data, the study uses a novel approach method of moments quantile regression as a main method to tackle the issue of cross-sectional dependency, slope heterogeneity and nonnormality of the data. Findings The study confirms that increasing economic development increases emissions and negatively impacts the environment. However, efficient resource allocation, improved financial systems, and green innovation are likely to contribute to emission mitigation and the overall development of a sustainable viable economy. Furthermore, the study highlights the importance of risk management in financial systems for future emissions prevention. Practical implications The study uses a reliable estimation procedure, which extends the discussion on climate policy from a COP-27 perspective and offers practical implications for policymakers in developing more effective emission mitigation strategies. Social implications The study offers policy suggestions for a sustainable economy, focusing on both COP-27 and the G7 countries. Recommendations include implementing carbon pricing, developing carbon capture and storage technologies, investing in renewables and energy efficiency and introducing financial instruments for emission mitigation. From a COP-27 standpoint, the G7 should prioritize transitioning to low-carbon economies and supporting developing nations in their sustainability efforts to address the pressing challenges of climate change and global warming. Originality/value In comparison to the literature, this study examines the importance of financial risk for G7 economies in promoting a sustainable environment. More specifically, in the context of FD and national income with carbon emissions, previous researchers have disregarded the importance of green innovation and human capital, so the current study fills the gap in the literature related to G7 economies by exploring the link between the identified variables related to carbon emissions.
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来源期刊
CiteScore
4.30
自引率
10.50%
发文量
43
期刊介绍: Topics addressed in the journal include: ■corporate finance, ■financial markets, ■money and banking, ■international finance and economics, ■investments, ■risk management, ■theory of the firm, ■competition policy, ■corporate governance.
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