Many developed countries including G-7 became part of the Kyoto Protocol for improving their environmental quality in 2005. Its main goals were to develop national-level programs for energy conservation and the eradication of greenhouse gas emissions. To achieve such goals, certain policy measures including reduction in deforestation, urban population and promotion of renewable energy consumption were adopted. This study aims to examine the consequences of these policies on the environmental quality of G-7 from 1988 to 2018. LLC and IPS unit root tests were applied to check the stationarity of analyzed variables. The results of Pedroni and Kao's co-integration tests proved the long-run relationship between the dependent and explanatory variables. The application of multiple cross-sectional dependence tests revealed that the cross-sections are independent of each other. The findings of the panel Autoregressive distributed lag (ARDL) model exhibited that urbanization, economic growth and nonrenewable energy consumption are hampering the environmental quality. While renewable energy consumption and globalization are improving it in the long term. Urbanization, renewable and nonrenewable energy consumption significantly improve the environmental quality during the short term whereas globalization insignificantly deteriorates the environment. The study confirms the presence of reversed U environmental Kuznets curve between urbanization and carbon emissions with a turning point at 80 per cent of urbanization. The study suggests that the transformation of energy consumption from nonrenewable to renewable sources and strict compliance with environment management policies will prove prolific for improving the environmental quality of G-7.
{"title":"How are urbanization, energy consumption and globalization influencing the environmental quality of the G-7?","authors":"Laila Khalid, I. Hanif, Farhat Rasul","doi":"10.3934/gf.2022011","DOIUrl":"https://doi.org/10.3934/gf.2022011","url":null,"abstract":"Many developed countries including G-7 became part of the Kyoto Protocol for improving their environmental quality in 2005. Its main goals were to develop national-level programs for energy conservation and the eradication of greenhouse gas emissions. To achieve such goals, certain policy measures including reduction in deforestation, urban population and promotion of renewable energy consumption were adopted. This study aims to examine the consequences of these policies on the environmental quality of G-7 from 1988 to 2018. LLC and IPS unit root tests were applied to check the stationarity of analyzed variables. The results of Pedroni and Kao's co-integration tests proved the long-run relationship between the dependent and explanatory variables. The application of multiple cross-sectional dependence tests revealed that the cross-sections are independent of each other. The findings of the panel Autoregressive distributed lag (ARDL) model exhibited that urbanization, economic growth and nonrenewable energy consumption are hampering the environmental quality. While renewable energy consumption and globalization are improving it in the long term. Urbanization, renewable and nonrenewable energy consumption significantly improve the environmental quality during the short term whereas globalization insignificantly deteriorates the environment. The study confirms the presence of reversed U environmental Kuznets curve between urbanization and carbon emissions with a turning point at 80 per cent of urbanization. The study suggests that the transformation of energy consumption from nonrenewable to renewable sources and strict compliance with environment management policies will prove prolific for improving the environmental quality of G-7.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"1 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252034","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}
S. Gyamerah, B. E. Owusu, and Ellis Kofi Akwaa-Sekyi
In this paper,we investigate the mean and volatility spillover between the price of green bonds and the price of renewable energy stocks using daily price series from 02/11/2011 to 31/08/2021. The unrestricted trivariate VAR-BEKK-GARCH model is employed to examine potential causality,mean,and volatility spillover effects from the green bond market to the renewable energy stock market and vice-versa. The results from the VAR-BEKK-GARCH model indicate that there exists a uni-directional Granger causality from renewable energy stock prices to green bond prices. While the price of green bonds is positively influenced by its own lagged values and the lagged values of renewable energy stock prices,only the past price value of renewable energy stocks has a positive effect on the current price value. We identified a uni-directional volatility spillover from renewable energy stock prices to green bond prices. However,there was no shock spillover from both sides of the market. This research shows that investors in the green bond market should always consider information from the renewable energy stock market because of the causal link between renewable energy stocks and green bonds.
{"title":"Modelling the mean and volatility spillover between green bond market and renewable energy stock market","authors":"S. Gyamerah, B. E. Owusu, and Ellis Kofi Akwaa-Sekyi","doi":"10.3934/gf.2022015","DOIUrl":"https://doi.org/10.3934/gf.2022015","url":null,"abstract":"In this paper,we investigate the mean and volatility spillover between the price of green bonds and the price of renewable energy stocks using daily price series from 02/11/2011 to 31/08/2021. The unrestricted trivariate VAR-BEKK-GARCH model is employed to examine potential causality,mean,and volatility spillover effects from the green bond market to the renewable energy stock market and vice-versa. The results from the VAR-BEKK-GARCH model indicate that there exists a uni-directional Granger causality from renewable energy stock prices to green bond prices. While the price of green bonds is positively influenced by its own lagged values and the lagged values of renewable energy stock prices,only the past price value of renewable energy stocks has a positive effect on the current price value. We identified a uni-directional volatility spillover from renewable energy stock prices to green bond prices. However,there was no shock spillover from both sides of the market. This research shows that investors in the green bond market should always consider information from the renewable energy stock market because of the causal link between renewable energy stocks and green bonds.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"1 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252172","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}
This paper explores the role of European Union Allowances (EUAs) as a safe haven for a range of assets and analyses the effect of safe-haven flows on the European carbon futures market. In particular, we demonstrate that EUAs can be considered a refuge against fluctuations in corporate bonds, gold and volatility-related assets in periods of market turmoil. Furthermore, we have shown that extremely bearish and bullish movements in those assets for which the EUA acts as a safe haven induce excess volatility in carbon markets, higher carbon trading volume and larger than normal EUA bid-ask spreads. These findings support the idea that some traders, by considering carbon futures as a refuge asset, induce safe-haven flows into the carbon market. The presence of these flows provides additional insights into the financialisation of the European carbon futures market.
{"title":"Carbon and safe-haven flows","authors":"F. Palao, Á. Pardo","doi":"10.3934/gf.2022023","DOIUrl":"https://doi.org/10.3934/gf.2022023","url":null,"abstract":"This paper explores the role of European Union Allowances (EUAs) as a safe haven for a range of assets and analyses the effect of safe-haven flows on the European carbon futures market. In particular, we demonstrate that EUAs can be considered a refuge against fluctuations in corporate bonds, gold and volatility-related assets in periods of market turmoil. Furthermore, we have shown that extremely bearish and bullish movements in those assets for which the EUA acts as a safe haven induce excess volatility in carbon markets, higher carbon trading volume and larger than normal EUA bid-ask spreads. These findings support the idea that some traders, by considering carbon futures as a refuge asset, induce safe-haven flows into the carbon market. The presence of these flows provides additional insights into the financialisation of the European carbon futures market.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"81 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252430","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}
Development of the economy cannot be done at the cost of deterioration of ecology. Green finance is the most practical way of economic development and ecological development. To tackle the urgent challenges of climate change, several summits and conferences have adopted a sustainable development framework for their action plans. The 2030 Sustainable Development Goals (SDGs) are a unique collection of seventeen time-bound goals that strive to balance the three sustainability objectives of economic, social, and environmental sustainability. This research has been carried out to assess the present status of green finance in India and see its impact on startups. A green startup's success probability and importance are explained with specific case studies. By extracting the data from various published reports, it has been found that government initiatives are turning green by providing green finance, and Indian startups are exploiting this opportunity by the implementation of sustainable entrepreneurship. India has been on a path toward green project finance for some years now, and significant adjustments have been made to the country's financial sector to embrace ecologically friendly methods. Businesses are the economy's engine, and adopting sustainable business practices is critical for reaching carbon neutrality.
{"title":"A wave of green start-ups in India—The study of green finance as a support system for sustainable entrepreneurship","authors":"M. Bhatnagar, Sanjay Taneja, Ercan Özen","doi":"10.3934/gf.2022012","DOIUrl":"https://doi.org/10.3934/gf.2022012","url":null,"abstract":"Development of the economy cannot be done at the cost of deterioration of ecology. Green finance is the most practical way of economic development and ecological development. To tackle the urgent challenges of climate change, several summits and conferences have adopted a sustainable development framework for their action plans. The 2030 Sustainable Development Goals (SDGs) are a unique collection of seventeen time-bound goals that strive to balance the three sustainability objectives of economic, social, and environmental sustainability. This research has been carried out to assess the present status of green finance in India and see its impact on startups. A green startup's success probability and importance are explained with specific case studies. By extracting the data from various published reports, it has been found that government initiatives are turning green by providing green finance, and Indian startups are exploiting this opportunity by the implementation of sustainable entrepreneurship. India has been on a path toward green project finance for some years now, and significant adjustments have been made to the country's financial sector to embrace ecologically friendly methods. Businesses are the economy's engine, and adopting sustainable business practices is critical for reaching carbon neutrality.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"1 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252101","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}
Carbon accounting is an evolving approach to support decision-making for climate action and reporting of progress. This systematic literature review of 27 journal articles in the field of carbon accounting provides an overview of the current state of the field. It illustrates the lack of transparency, reliability, and comparability within current measurement systems; the lack of research on how greenhouse gas inventories are linked to monitoring, decision-making, reporting and disclosure systems; and the role of the accounting profession. Based on the findings, we provide a summary of where research gaps exist and thus suggestions for future research directions.
{"title":"Carbon Accounting: A Systematic Literature Review and Directions for Future Research","authors":"Jillene Marlowe, Amelia Clarke","doi":"10.3934/gf.2022004","DOIUrl":"https://doi.org/10.3934/gf.2022004","url":null,"abstract":"Carbon accounting is an evolving approach to support decision-making for climate action and reporting of progress. This systematic literature review of 27 journal articles in the field of carbon accounting provides an overview of the current state of the field. It illustrates the lack of transparency, reliability, and comparability within current measurement systems; the lack of research on how greenhouse gas inventories are linked to monitoring, decision-making, reporting and disclosure systems; and the role of the accounting profession. Based on the findings, we provide a summary of where research gaps exist and thus suggestions for future research directions.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"1 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70251817","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}
The digital industrial revolution continues to expand the global network of economies and societies. Nevertheless, difficulties of sustainability such as climate change and disruption have become more severe. Multi-stakeholders are crucially important to resolve difficulties posed to sustainability in global communities. Sustainable communities are expected to be constructed through competitive and cooperative schemes of multi-stakeholders. Sustainable global communities must reform centralized economies with top down systems and must move toward decentralized mechanisms known as bottom-up societies. Sustainable investment strategies to support environment, society and governance (ESG) presumably improve social welfare. The main findings presented herein are summarized as explained hereinafter. First, this article describes that multi-stakeholders can introduce a decentralized incentive scheme into global economies and can provide mathematical expressions of sustainable investment strategies. Secondly, the decentralized formulation described herein is used to evaluate the improvement of ESG initiatives by the decrease of social welfare losses. The formulation states mathematically relative relations among the investment strategies. Thirdly, this mathematical model explores the social welfare effects of initiatives to enhance standards, regulations, and legislations. Empirically, one finds that integration strategies have grown remarkably as a core part of social institutional reform for sustainability. Finally, initiatives to improve social evaluation by individuals who are excluded from market transaction are demonstrated to decrease social welfare losses greatly. These findings can promote initiatives to alleviate the disruption difficulties faced by communities.
{"title":"Sustainable investment strategies and a theoretical approach of multi-stakeholder communities","authors":"Hiroshige Tanaka, Chiharu Tanaka","doi":"10.3934/gf.2022016","DOIUrl":"https://doi.org/10.3934/gf.2022016","url":null,"abstract":"The digital industrial revolution continues to expand the global network of economies and societies. Nevertheless, difficulties of sustainability such as climate change and disruption have become more severe. Multi-stakeholders are crucially important to resolve difficulties posed to sustainability in global communities. Sustainable communities are expected to be constructed through competitive and cooperative schemes of multi-stakeholders. Sustainable global communities must reform centralized economies with top down systems and must move toward decentralized mechanisms known as bottom-up societies. Sustainable investment strategies to support environment, society and governance (ESG) presumably improve social welfare. The main findings presented herein are summarized as explained hereinafter. First, this article describes that multi-stakeholders can introduce a decentralized incentive scheme into global economies and can provide mathematical expressions of sustainable investment strategies. Secondly, the decentralized formulation described herein is used to evaluate the improvement of ESG initiatives by the decrease of social welfare losses. The formulation states mathematically relative relations among the investment strategies. Thirdly, this mathematical model explores the social welfare effects of initiatives to enhance standards, regulations, and legislations. Empirically, one finds that integration strategies have grown remarkably as a core part of social institutional reform for sustainability. Finally, initiatives to improve social evaluation by individuals who are excluded from market transaction are demonstrated to decrease social welfare losses greatly. These findings can promote initiatives to alleviate the disruption difficulties faced by communities.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"1 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252183","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}
In accordance with international agreements, Ukraine has committed to transitioning to the principles of sustainable development and building a green economy. However, Ukraine's strategic regional planning and financing with the aim of achieving its sustainable development goals remain insufficiently analysed. This paper examines the compliance of Ukraine's regional development strategies against the declared sustainable development concept and goals to determine the amount of funding invested in the measures aimed at "greening" these regions' economies and to compare these investments with the declared measures in accordance with the sustainable development concept. To achieve these objectives, we analysed 24 regional strategies and one city's strategy (Kyiv) with respect to strategic and operational goals relating to sustainable development constituents and the achievement of sustainable development goals. To assess Ukraine's commitment to regional public policy in relation to the sustainable development concept, we analysed the revenues and expenditures of the regional budgets for 2018–2020 and defined the amount of investment in the field of environmental protection and ecology. Comparison of these indicators reveals the formal and subject-matter compliance of regional development strategies with the sustainable development concept as well as real financial support for the environmental development of Ukraine's regions. The main findings allowed us to define Ukraine's commitment to its regional public policy regarding sustainable development and the declarativeness of some regions' statements regarding their commitment to sustainable development, to determine which regions are most relevant to sustainable development strategies and expenditures within the regional budget and to develop recommendations for further research.
{"title":"The compliance of the regional development strategies and funding with the sustainable development concept: The case of Ukraine","authors":"I. Semenenko, Y. Bilous, R. Halhash","doi":"10.3934/gf.2022008","DOIUrl":"https://doi.org/10.3934/gf.2022008","url":null,"abstract":"In accordance with international agreements, Ukraine has committed to transitioning to the principles of sustainable development and building a green economy. However, Ukraine's strategic regional planning and financing with the aim of achieving its sustainable development goals remain insufficiently analysed. This paper examines the compliance of Ukraine's regional development strategies against the declared sustainable development concept and goals to determine the amount of funding invested in the measures aimed at \"greening\" these regions' economies and to compare these investments with the declared measures in accordance with the sustainable development concept. To achieve these objectives, we analysed 24 regional strategies and one city's strategy (Kyiv) with respect to strategic and operational goals relating to sustainable development constituents and the achievement of sustainable development goals. To assess Ukraine's commitment to regional public policy in relation to the sustainable development concept, we analysed the revenues and expenditures of the regional budgets for 2018–2020 and defined the amount of investment in the field of environmental protection and ecology. Comparison of these indicators reveals the formal and subject-matter compliance of regional development strategies with the sustainable development concept as well as real financial support for the environmental development of Ukraine's regions. The main findings allowed us to define Ukraine's commitment to its regional public policy regarding sustainable development and the declarativeness of some regions' statements regarding their commitment to sustainable development, to determine which regions are most relevant to sustainable development strategies and expenditures within the regional budget and to develop recommendations for further research.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"1 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70251922","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}
Shahinur Rahman, Iqbal Hossain Moral, M. Hassan, Gazi Shakhawat Hossain, Rumana Perveen
Globally, scholars and practitioners are becoming increasingly interested in determining the interaction between finance and environmental sustainability. However, a few studies have investigated and organized existing information in the context of the green finance of banks in developing countries. The purpose of our study is to find major dimensions of green finance and research gaps from a thorough evaluation of the literature. As a result, existing research on green finance in the banking industry has been evaluated in this paper with a focus on green finance and sustainable development. This study employs the content analysis method and it analyzes and summarizes a total of 53 relevant previous studies in the field of green finance. The findings of this research reveal 21 crucial dimensions of green finance in Bangladesh. The primary green finance products of Bangladeshi banks include green securities, green investments, climate finance, green insurance, green credit, green bonds and green infrastructure. The other factors include environmental performance and green economic growth, energy efficiency, green finance policy and environmental protection and the risk impact of bank policy formulation. The findings of this study will help policymakers to understand the green finance concept and its associated variables, which need to be considered when adopting and implementing green finance.
{"title":"A systematic review of green finance in the banking industry: perspectives from a developing country","authors":"Shahinur Rahman, Iqbal Hossain Moral, M. Hassan, Gazi Shakhawat Hossain, Rumana Perveen","doi":"10.3934/gf.2022017","DOIUrl":"https://doi.org/10.3934/gf.2022017","url":null,"abstract":"Globally, scholars and practitioners are becoming increasingly interested in determining the interaction between finance and environmental sustainability. However, a few studies have investigated and organized existing information in the context of the green finance of banks in developing countries. The purpose of our study is to find major dimensions of green finance and research gaps from a thorough evaluation of the literature. As a result, existing research on green finance in the banking industry has been evaluated in this paper with a focus on green finance and sustainable development. This study employs the content analysis method and it analyzes and summarizes a total of 53 relevant previous studies in the field of green finance. The findings of this research reveal 21 crucial dimensions of green finance in Bangladesh. The primary green finance products of Bangladeshi banks include green securities, green investments, climate finance, green insurance, green credit, green bonds and green infrastructure. The other factors include environmental performance and green economic growth, energy efficiency, green finance policy and environmental protection and the risk impact of bank policy formulation. The findings of this study will help policymakers to understand the green finance concept and its associated variables, which need to be considered when adopting and implementing green finance.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"1 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252254","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}
Since the Porter hypothesis was proposed, environmental regulation has been recognized as a critical factor influencing technology innovation. However, there is no unified conclusion on whether the relationship between the two is linear or non-linear, and environmental regulation is always examined from single angles. Therefore, according to the difference of environmental regulation implementation subjects, this paper divides environmental regulation into formal regulation and informal regulation. Based on the panel data from 281 prefecture-level cities in China from 2011–2019, the non-linear effects of heterogeneous environmental regulations on green energy technology innovation are analyzed using the panel threshold model, and the non-linear relationship between the two under the difference in urban economic development level is further considered. The research came to the following conclusions. (1) The non-linear relationship between formal and informal regulations and green energy technology innovation is significant; that is, different environmental regulation intensities have different impact coefficients on green energy technology innovation. (2) At present, formal environmental regulation has a significant inhibitory effect on green energy technology innovation, while informal environmental regulation has a significant promoting effect. (3) The level of economic development plays a significant positive moderating role in the relationship between formal and informal environmental regulations and green energy technology innovation; that is, it weakens the inhibitory effect of environmental regulation on green energy technology innovation and strengthens the promoting role of environmental regulation at the same time. This study provides a reference for further clarifying the relationship between heterogeneous environmental regulations and green energy technology innovation.
{"title":"The impact of heterogeneous environmental regulations on the technology innovation of urban green energy: a study based on the panel threshold model","authors":"Xu Xueying, Hou Peng, L. Yue","doi":"10.3934/gf.2022006","DOIUrl":"https://doi.org/10.3934/gf.2022006","url":null,"abstract":"Since the Porter hypothesis was proposed, environmental regulation has been recognized as a critical factor influencing technology innovation. However, there is no unified conclusion on whether the relationship between the two is linear or non-linear, and environmental regulation is always examined from single angles. Therefore, according to the difference of environmental regulation implementation subjects, this paper divides environmental regulation into formal regulation and informal regulation. Based on the panel data from 281 prefecture-level cities in China from 2011–2019, the non-linear effects of heterogeneous environmental regulations on green energy technology innovation are analyzed using the panel threshold model, and the non-linear relationship between the two under the difference in urban economic development level is further considered. The research came to the following conclusions. (1) The non-linear relationship between formal and informal regulations and green energy technology innovation is significant; that is, different environmental regulation intensities have different impact coefficients on green energy technology innovation. (2) At present, formal environmental regulation has a significant inhibitory effect on green energy technology innovation, while informal environmental regulation has a significant promoting effect. (3) The level of economic development plays a significant positive moderating role in the relationship between formal and informal environmental regulations and green energy technology innovation; that is, it weakens the inhibitory effect of environmental regulation on green energy technology innovation and strengthens the promoting role of environmental regulation at the same time. This study provides a reference for further clarifying the relationship between heterogeneous environmental regulations and green energy technology innovation.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"1 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70251873","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}
This paper reviews circumstances where governance arrangements and organizational innovations assign value to carbon emission mitigations or energy demand reductions. The creation of such value hinges upon 1) the effective governance of financial mechanisms to create demand; and 2) the ability of organizations to assetize and supply carbon emission mitigations and energy demand reductions as commodified private goods. To analyse the political and organizational governance of such demand and supply systems, this paper uses insights from transaction cost economics. On the demand side, transaction costs are reduced through the innovative governance of markets at national level, such as white certificate markets for energy savings, and international level, such as baseline-and-credit systems for carbon emissions reductions. Strict rules regarding accountability, transparency, measurement, reporting, verification, and inclusion reduce transaction costs for organizations to assetize reductions and mitigations on the supply side. Despite limited success to date, these innovations provide the basis for international carbon emissions mitigation governance through climate clubs based on Article 6 of the Paris Agreement. This paper concludes that such clubs provide the basis for creating consistent demand for carbon emission mitigations and associated energy demand reductions through the positive pricing of mitigation actions.
{"title":"Collecting silences: creating value by assetizing carbon emission mitigations and energy demand reductions","authors":"Colin Nolden","doi":"10.3934/gf.2022007","DOIUrl":"https://doi.org/10.3934/gf.2022007","url":null,"abstract":"This paper reviews circumstances where governance arrangements and organizational innovations assign value to carbon emission mitigations or energy demand reductions. The creation of such value hinges upon 1) the effective governance of financial mechanisms to create demand; and 2) the ability of organizations to assetize and supply carbon emission mitigations and energy demand reductions as commodified private goods. To analyse the political and organizational governance of such demand and supply systems, this paper uses insights from transaction cost economics. On the demand side, transaction costs are reduced through the innovative governance of markets at national level, such as white certificate markets for energy savings, and international level, such as baseline-and-credit systems for carbon emissions reductions. Strict rules regarding accountability, transparency, measurement, reporting, verification, and inclusion reduce transaction costs for organizations to assetize reductions and mitigations on the supply side. Despite limited success to date, these innovations provide the basis for international carbon emissions mitigation governance through climate clubs based on Article 6 of the Paris Agreement. This paper concludes that such clubs provide the basis for creating consistent demand for carbon emission mitigations and associated energy demand reductions through the positive pricing of mitigation actions.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"63 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70251906","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}
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