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  1. Financial regulation, climate change, and the transition to a low-carbon economy
    a survey of the issues
    Author: Demekas, Dimitri G.; Grippa, Pierpaolo
    Published: Dec 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    There are demands on central banks and financial regulators to take on new responsibilities for supporting the transition to a low-carbon economy. Regulators can indeed facilitate the reorientation of financial flows necessary for the transition. But... more

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    There are demands on central banks and financial regulators to take on new responsibilities for supporting the transition to a low-carbon economy. Regulators can indeed facilitate the reorientation of financial flows necessary for the transition. But their powers should not be overestimated. Their diagnostic and policy toolkits are still in their infancy. They cannot (and should not) expand their mandate unilaterally. Taking on these new responsibilities can also have potential pitfalls and unintended consequences. Ultimately, financial regulators cannot deliver a low-carbon economy by themselves and should not risk being caught again in the role of 'the only game in town.'

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781616356521
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    Series: Working paper / International Monetary Fund ; WP/21, 296
    Subjects: Financial stability; financial regulation; climate change; climate mitigation policy; low-carbon economy; energy transition; carbon price; green finance; Central Banks and Their Policies; Climate; Financial Institutions and Services; Global Warming; Natural Disasters and Their Management
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  2. German banks on the way to climate neutrality?
    a review of the situation
    Author: Wilhelm, Maike; Aydemir, Ali; Rohde, Clemens
    Published: November 2023
    Publisher:  Fraunhofer Institute for Systems und Innovation Research ISI, Karlsruhe, Germany

    Previous international climate change agreements have primarily been driven by states, such as the UN Conference on Environment and Development in Rio de Janeiro in 1992, followed by the Kyoto Protocol in 1997 and the Paris Agreement in 2015. Perhaps... more

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    Previous international climate change agreements have primarily been driven by states, such as the UN Conference on Environment and Development in Rio de Janeiro in 1992, followed by the Kyoto Protocol in 1997 and the Paris Agreement in 2015. Perhaps due to the national focus of these agreements, discussions and actions to date have mainly centred on direct carbon emissions from households, transport and industry. However, it is important not to overlook the significant potential for the financial industry to contribute towards combating climate change. Through their lending activities, they determine which economic activities receive financing and which do not. This economic power is needed to achieve the Paris climate goals. While Germany's Climate Protection Act provides a framework for meeting these goals, it does not impose specific requirements on banks. However, German banks have voluntarily committed to fulfilling their responsibilities in regards to climate policy. In this study, we analyze the goals and measures that German banks plan to pursue in their efforts to combat climate change based on self-statements found in their strategy papers.

     
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    Source: Union catalogues
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    Media type: Book
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    hdl: 10419/279796
    Series: Working paper sustainability and innovation ; no. S 2023, 07
    Subjects: green finance; sustaible finance; policy measures
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  3. Financial regulation, climate change, and the transition to a low-carbon economy
    a survey of the issues
    Author: Demekas, Dimitri G.; Grippa, Pierpaolo
    Published: Dec 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    There are demands on central banks and financial regulators to take on new responsibilities for supporting the transition to a low-carbon economy. Regulators can indeed facilitate the reorientation of financial flows necessary for the transition. But... more

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    There are demands on central banks and financial regulators to take on new responsibilities for supporting the transition to a low-carbon economy. Regulators can indeed facilitate the reorientation of financial flows necessary for the transition. But their powers should not be overestimated. Their diagnostic and policy toolkits are still in their infancy. They cannot (and should not) expand their mandate unilaterally. Taking on these new responsibilities can also have potential pitfalls and unintended consequences. Ultimately, financial regulators cannot deliver a low-carbon economy by themselves and should not risk being caught again in the role of 'the only game in town.'

     
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    Source: Staatsbibliothek zu Berlin
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    ISBN: 9781616356521
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    Series: Working paper / International Monetary Fund ; WP/21, 296
    Subjects: Financial stability; financial regulation; climate change; climate mitigation policy; low-carbon economy; energy transition; carbon price; green finance; Central Banks and Their Policies; Climate; Financial Institutions and Services; Global Warming; Natural Disasters and Their Management
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  4. Green credit policy and total factor productivity
    evidence from Chinese listed companies
    Author: Guo, Shu; Zhang, ZhongXiang
    Published: May 2022
    Publisher:  Fondazione Eni Enrico Mattei, Milano, Italia

    The green credit policy plays a vital role in promoting enterprise upgrading. Using a thirteen year panel data of listed companies in China (2007 2019), this study uses the difference in differences (DID) method to examine the effects of the Green... more

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    The green credit policy plays a vital role in promoting enterprise upgrading. Using a thirteen year panel data of listed companies in China (2007 2019), this study uses the difference in differences (DID) method to examine the effects of the Green Credit Guidelines in 2012 (GCG2012) on the firm level total factor productivity (TFP). Our results show that the GCG2012 significantly increases the TFP of companies in green credit restricted industries. This finding remains robust through employing the PSM-DID model, alternating the treatment group, changing the sample period, and controlling the effects of other environmental policies and financial crises. This effect is more pronounced for private enterprises, companies with worse debt paying ability, companies in highly competitive industries and companies in regions with higher financial liberalization. The impact mechanism test indicates that increasing the green innovation and reducing the agency costs (including green agency costs and traditional agency costs) are two possible channels to boost firm level TFP. Further analysis shows that the GCG2012 is effective not only for heavily polluting industries but also for light polluting industries, and that the GCG2012 can improve the economic performance of firms in green credit restricted industries. Overall, this study reveals the micro mechanisms behind the long term impact of the GCG2012 policy on firm level TFP, providing empirical evidence and policy suggestions for improving green credit policies and promoting green development.

     
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    Source: Union catalogues
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    hdl: 10419/263901
    Series: Working paper / Fondazione Eni Enrico Mattei ; 2022, 13
    Subjects: Green credit policy; green finance; total factor productivity; PSM-DID model; China
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  5. Pulling ourselves up by our bootstraps
    the greenhouse gas value of products, enterprises and industries
    Author: Kalckreuth, Ulf von
    Published: [2022]
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    This paper presents a system of greenhouse gas indicators for markets and policymakers. The system is lean and informative. It condenses the relevant product and enterprise-specific information into a single number: the greenhouse gas (GHG) value.... more

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    This paper presents a system of greenhouse gas indicators for markets and policymakers. The system is lean and informative. It condenses the relevant product and enterprise-specific information into a single number: the greenhouse gas (GHG) value. Like prices, GHG values are easy to understand, manage and communicate. The envisaged scenario is one in which, at all levels of production, goods and services have two tags - the financial price to pay and the GHG value. GHG values are interdependent. The value for any product will depend on the carbon costs of all inputs. This paper shows that the massive information processing this simultaneity involves can be handed over to the market. Analytically, the system of product-level indicators is solved for the reduced form, the vector of true GHG values. This vector is shown to be the fixed point to which measurement will converge if producers comput e GHG values using the information they have: data from their input providers if available, and estimates elsewhere. This amounts to a process of collective, decentralised learning. Technological changes will automatically be accounted for. A micro-simulation exercise is carried out based on sectoral information on production structure from Germany. The results indicate that convergence is fast. W ith appropriate institutional underpinning, the disclosure of GHG values by producers may become self-sustaining.

     
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    ISBN: 9783957298942
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    hdl: 10419/261212
    Series: Discussion paper / Deutsche Bundesbank ; no 2022, 23
    Subjects: greenhouse gas intensities; carbon accounting; green finance
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  6. The low-carbon transition, climate commitments and firm credit risk
    Author: Carbone, Sante; Giuzio, Margherita; Kapadia, Sujit; Krämer, Johannes Sebastian; Nyholm, Ken; Vozian, Katia
    Published: January 2022
    Publisher:  Sveriges Riksbank, Stockholm

    This paper explores how the need to transition to a low-carbon economy influences credit risk. It develops a novel dataset covering firms' greenhouse gas emissions over time alongside information on strategies for managing transition risk, including... more

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    This paper explores how the need to transition to a low-carbon economy influences credit risk. It develops a novel dataset covering firms' greenhouse gas emissions over time alongside information on strategies for managing transition risk, including climate disclosure practices and forward-looking emission reduction targets. It assesses how such metrics influence firms' credit ratings and their market-implied distance-to-default. High emissions tend to be associated with higher credit risk. But disclosing emissions and setting emission reduction targets are associated with lower credit risk, with the effect somewhat stronger for more ambitious climate commitments. After the Paris agreement, firms most exposed to transition risk also saw their ratings deteriorate relative to otherwise comparable firms, with the effect larger for European than US firms, probably reflecting differential climate policy expectations. These results have policy implications for corporate disclosures and strategies around climate change, and the treatment of climate-related transition risk in the financial sector

     
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    Source: Union catalogues
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    hdl: 10419/251307
    Series: Sveriges Riksbank working paper series ; 409
    Subjects: climate change; transition risk; disclosure; net zero; green finance; credit risk
    Scope: 1 Online-Ressource (circa 82 Seiten), Illustrationen
  7. Climate policy and corporate green bonds
    Author: Zheng, Huanhuan
    Published: [2021]
    Publisher:  Lau Chor Tak Institute of Global Economics and Finance, The Chinese University of Hong Kong, Shatin, Hong Kong

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    Series: Working paper / [Lau Chor Tak Institute of Global Economics and Finance, The Chinese University of Hong Kong] ; no. 88 (September 2021)
    Subjects: Climate change; carbon price; carbon tax; social impact; green finance; sustainable investing; socially responsible investing; ESG; currency risk
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  8. The green corporate bond issuance premium
    Author: Caramichael, John; Rapp, Andreas
    Published: [2022]
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    Edition: Final draft: May 2022
    Series: International finance discussion papers ; number 1346 (June 2022)
    Subjects: Green bonds; corporate bonds; green finance; sustainable finance; climate finance; green bond premium; bond issuance
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  9. Investors are listening: how green funds are reshaping firms' incentives
    Author: Jaunin, Coralie; Terracciano, Tammaro
    Published: [2022]
    Publisher:  Swiss Finance Institute, Geneva

    This paper studies the relationship between green funds and firms' attention to sustainability. By using a natural language processing algorithm that extracts topics from texts, we measure the extent to which firms talk about sustainable energy... more

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    This paper studies the relationship between green funds and firms' attention to sustainability. By using a natural language processing algorithm that extracts topics from texts, we measure the extent to which firms talk about sustainable energy during earnings conference calls. We use our measure to evaluate green funds' response to firms discussing sustainable energy. Our main result is that, when managers discuss sustainable energy topics, green funds respond by investing in the firm, while other funds divest. This corroborates the idea that green funds are essential to change firms' incentives and steer them towards the energy transition. Finally, we document that the overall attention that firms and funds pay to the environment is still very limited, although increasing in recent years

     
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    Edition: First draft: March 2022
    Series: Research paper series / Swiss Finance Institute ; no 22, 19
    Subjects: green finance; sustainable investing
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  10. Macroeconomic factors influencing public policy strategies for blue and green hydrogen
    Author: Fazioli, Roberto; Pantaleone, Francesca
    Published: settembre 2021
    Publisher:  Università degli Studi di Ferrara, Dipartimento di economia e management, Ferrara

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    Series: Quaderno DEM ; 2021, 5
    Subjects: blue; green; hydrogen; CCS; green finance
    Scope: 1 Online-Ressource (circa 18 Seiten)
  11. How project finance can advance the clean energy transition in developing countries
    Author: Baker, Robin; Benoit, Philippe
    Published: September 2022
    Publisher:  The Oxford Institute for Energy Studies, [Oxford]

    The global climate change imperative presents a particular challenge because of the scale and nature of the investment needed in developing countries, coupled with the difficulty of raising long term debt in many of them. Project finance can help to... more

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    The global climate change imperative presents a particular challenge because of the scale and nature of the investment needed in developing countries, coupled with the difficulty of raising long term debt in many of them. Project finance can help to address this challenge because it enables separation and allocation of different risks to different parties, which can help to attract different funders with different risk appetites. In particular, it is a vehicle to segregate green assets for funding and could assist in incorporating targeted credit enhancement products, such as those offered by the World Bank and other governmental agencies looking to promote clean energy investments. This international dimension is critical, as the challenge will require substantial outside support and innovation. The constraint is not the global availability of finance, but the risk profile of the projects (mostly local-currency generating projects with longer-term infrastructure-type returns) and the availability of the necessary skilled resources. Unless addressed, these constraints will continue to limit the availability of debt finance for clean energy projects in developing countries and thus the ability to achieve global climate change objectives.

     
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    ISBN: 9781784672065
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    hdl: 10419/270523
    Series: Array ; 17
    Subjects: debt; developing world; Energy Transition; green finance; multilateral lending; project finance
    Scope: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  12. Can climate actions reduce green financing costs?
    Author: Cai, Yu; Zheng, Huanhuan
    Published: [2022]
    Publisher:  Lau Chor Tak Institute of Global Economics and Finance, The Chinese University of Hong Kong, Shatin, Hong Kong

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    Series: Working paper / [Lau Chor Tak Institute of Global Economics and Finance, The Chinese University of Hong Kong] ; no. 95 (August 2022)
    Subjects: Climate change; carbon price; bond yield; green finance; sustainable investment
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  13. Are ethical and green investment funds more resilient?
    Author: Capotă, Laura-Dona; Giuzio, Margherita; Kapadia, Sujit; Salakhova, Dilyara
    Published: [2022]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Funds with an environmental, social and corporate governance (ESG) mandate have been growing rapidly in recent years and received inflows also during periods of market turmoil, such as March 2020, in contrast to their non-ESG peers. This paper... more

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    Funds with an environmental, social and corporate governance (ESG) mandate have been growing rapidly in recent years and received inflows also during periods of market turmoil, such as March 2020, in contrast to their non-ESG peers. This paper investigates whether investors in ESG funds react differently to past negative performance, making these funds less sensitive to short-term changes in returns. In the absence of an ESG-label, we define an ESG- or Environmentally-focused fund if its name contains relevant words. The results show that ESG/E equity and corporate bond funds exhibit a weaker flow-performance relationship compared to traditional funds in 2016-2020. This finding may reflect the longer-term investment horizon of ESG investors and their expectation of better risk-adjusted performance from ESG funds in the future. We also explore how the results vary across institutional and retail investors and how they depend on the liquidity of funds' assets and wider market conditions. A weaker flow-performance relationship allows funds to provide a stable source of financing to the green transition and may reduce risks for financial stability, particularly during turmoil episodes.

     
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    ISBN: 9789289953955
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    hdl: 10419/278222
    Series: Working paper series / European Central Bank ; no 2747 (November 2022)
    Subjects: investment funds; sustainable investments; green finance; climate risk
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  14. Securing green development
    can Asia-Pacific central banks and financial supervisory authorities do more?
    Author: Lim, Xiang-li; Sirimaneetham, Vatcharin
    Published: December 2021
    Publisher:  United Nations ESCAP, Bangkok

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    Series: Working paper series / Macroeconomic Policy and Financing for Development Division ; no. WP/21, 10
    Subjects: central banking; monetary policy; green development; green finance; climaterisks
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  15. The low-carbon transition, climate commitments and firm credit risk
    Author: Carbone, Sante; Giuzio, Margherita; Kapadia, Sujit; Krämer, Johannes Sebastian; Nyholm, Ken; Vozian, Katia
    Published: [2021]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper explores how the need to transition to a low-carbon economy influences firm credit risk. It develops a novel dataset which augments data on firms' green-house gas emissions over time with information on climate disclosure practices and... more

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    This paper explores how the need to transition to a low-carbon economy influences firm credit risk. It develops a novel dataset which augments data on firms' green-house gas emissions over time with information on climate disclosure practices and forward-looking emission reduction targets, thereby providing a rich picture of firms' climate-related transition risk alongside their strategies to manage such risks. It then assesses how such climate-related metrics influence two key measures of firms' credit risk: credit ratings and the market-implied distance-to-default. High emissions tend to be associated with higher credit risk. But disclosing emissions and setting a forward-looking target to cut emissions are both associated with lower credit risk, with the effect of climate commitments tending to be stronger for more ambitious targets. After the Paris agreement, firms most exposed to climate transition risk also saw their ratings deteriorate whereas other comparable firms did not, with the effect larger for European than US firms, probably reflecting differential expectations around climate policy. These results have policy implications for corporate disclosures and strategies around climate change and the treatment of the climate-related transition risk faced by the financial sector.

     
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    ISBN: 9789289949187
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    hdl: 10419/249904
    Series: Working paper series / European Central Bank ; no 2631 (December 2021)
    Subjects: climate change; transition risk; disclosure; net zero; green finance; credit risk
    Scope: 1 Online-Ressource (circa 70 Seiten), Illustrationen
  16. The clash of "E" and "S" of ESG
    just transition on the path to net zero and the implications for sustainable corporate governance and finance
    Author: Gözlügöl, Alperen Afşin
    Published: [2021]
    Publisher:  Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe, [Frankfurt am Main]

    Climate change is one of the highest-ranking issues on the political and social agenda. Vulnerabilities of the world ecosystem laid bare by the COVID-19 pandemic and the potential damage for the human and business life made the need for urgent action... more

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    Climate change is one of the highest-ranking issues on the political and social agenda. Vulnerabilities of the world ecosystem laid bare by the COVID-19 pandemic and the potential damage for the human and business life made the need for urgent action clear once again. Corporations are one of the main actors that will play a major role in the decarbonisation of the economy. They need to put forward a net zero strategy and targets, transitioning to net-zero by 2050. Yet, an important but rather overlooked stakeholder group in the sustainability debates can pose a significant stumbling block in this transition: employees. Although climate action has huge benefits by ameliorating adverse environmental events and is expected to have overall positive impact on employment, net zero transition in companies, especially in certain sectors and regions, will cause substantial adverse employment effects for the workforce. This has the potential to slow down or even derail the necessary climate action in companies. In this regard, just transition is a promising concept, which calls for a swift and decisive climate action in corporations while taking account of and mitigating adverse effects for their workforce. If well implemented, it can accelerate net zero transition in companies. This potential clash of environmental (E) and social (S) aspects of ESG agenda, materialised in the companies' net zero transition, and its potential remedy, just transition, have important implications for corporate governance and finance, especially for directors' duties & executive remuneration, sustainability disclosures, institutional investors' engagement and green finance.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/247273
    Edition: First version: 08.11.2021
    Series: SAFE working paper ; no. 325
    Subjects: climate change; sustainability; ESG; employees; workforce; net zero transition; corporate governance; institutional investors; green finance
    Scope: 1 Online-Ressource (circa 36 Seiten)
  17. A taxonomy of sustainable finance taxonomies
    Author: Ehlers, Torsten; Gao, Diwen (Nicole); Packer, Frank
    Published: October 2021
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

    Sustainable finance taxonomies can play an important role in scaling up sustainable finance and, in turn, in supporting the achievement of high-level goals such as the Paris Accord and the UN sustainable development goals. This paper develops a... more

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    Sustainable finance taxonomies can play an important role in scaling up sustainable finance and, in turn, in supporting the achievement of high-level goals such as the Paris Accord and the UN sustainable development goals. This paper develops a framework to classify and compare existing taxonomies. Several weaknesses emerge from this classification and comparison, including the lack of usage of relevant and measurable sustainability performance indicators, a lack of granularity and lack of verification of achieved sustainability benefits. On this basis, the paper proposes key principles for the design of effective taxonomies. The principles are then employed to develop a simple framework for transition taxonomies. The key policy messages of the analysis are: (i) Endeavor that taxonomies correspond to specific sustainability objectives; (ii) Encourage the development of transition taxonomies and focus alignment with the objectives of the Paris Agreement; (iii) Monitor and supervise the evolution of certification and verification processes; and (iv) Shift to mandatory impact reporting for green bonds.

     
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    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789292595128
    Series: BIS papers ; no 118
    Subjects: green finance; sustainable finance; taxonomies; transition risk; Paris accord; greenwashing; certification; verification
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  18. Towards a European Green Bond
    a commission's proposal to promote sustainable finance
    Author: Maragopoulos, Nikos
    Published: 30/09/2021
    Publisher:  European Banking Institute e.V., Frankfurt am Main, Germany

    The green bond market has demonstrated a significant expansion over the previous years. Nonetheless, it remains only a very small fraction of the overall bond market. Further growth in the green bond market would provide significant green investment,... more

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    The green bond market has demonstrated a significant expansion over the previous years. Nonetheless, it remains only a very small fraction of the overall bond market. Further growth in the green bond market would provide significant green investment, thereby helping to close the European Green Deal investment gap and achieve the EU’s environmental objectives. In July 2021, the European Commission adopted a legislative proposal for the introduction of a European Green Bond Standard seeking to promote sustainable finance by making it easier for market participants to raise large-scale financing for climate and environmentally-friendly investments.The Commission’s proposal aspires to set a new benchmark for green bonds through the standardization of market practices and the introduction of high standards both for issuers and external reviewers. In this context, it sets out i) a framework of rules for bonds that pursue environmentally sustainable objectives, as per the Taxonomy Regulation, and ii) a system for the registration and supervision of external reviewers. The Commission’s proposal aims to address the existing deficiencies in the green bond market, namely the lack of a uniform framework regarding the definitions of green assets/projects, the disclosure requirements and the performance of external reviews. To this end, it links the allocation of proceeds from a European Green Bond to the EU Taxonomy, introduces enhanced disclosures for issuers based on standardized templates and requires external reviewers to be registered with and supervised by the European Securities and Markets Authority (ESMA)

     
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    Series: EBI working paper series ; no. 103 (2021)
    Subjects: Green bond; sustainable finance; green finance; ESG; EU Taxonomy; European Green Deal
    Scope: 1 Online-Ressource (circa 34 Seiten)
  19. Institutional investors, climate policy risk, and directed innovation
    Author: Schickfus, Marie-Theres von
    Published: June 2021
    Publisher:  ifo Institute - Leibniz Institute for Economic Research at the University of Munich, Munich, Germany

    The tightening of climate policies may cause technologies based on fossil fuels to lose value compared to "green" technologies. For firms with significant fossil-based knowledge, this implies that their firm (market) value is at risk. This... more

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    The tightening of climate policies may cause technologies based on fossil fuels to lose value compared to "green" technologies. For firms with significant fossil-based knowledge, this implies that their firm (market) value is at risk. This technological risk is also relevant for financial market actors, in particular institutional investors following long-term investment strategies. Measuring technological knowledge using patent data at the firm level, this paper uses a dynamic patent count data model and explores whether institutional investors address technological transition risk via engagement activities. Despite robust evidence for a positive influence of institutional investors on overall innovation, no evidence can be found that institutional ownership is associated with a change in the direction of innovation.

     
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    hdl: 10419/235243
    Series: Ifo working papers ; 356 (2021)
    Subjects: Green innovation; green finance; climate policy; climate risk; institutional investors
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  20. Consequences of future climate policy
    regional economies, financial markets, and the direction of innovation
    Author: Schickfus, Marie-Theres von
    Published: [2020]
    Publisher:  ifo Institut, München

    With the Paris Agreement of 2016, 189 nations signed a legally binding document to keep global warming below 2 C, and to pursue efforts to limit the temperature increase to 1.5 C. It was recognized that this would reduce climate change impacts... more

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    With the Paris Agreement of 2016, 189 nations signed a legally binding document to keep global warming below 2 C, and to pursue efforts to limit the temperature increase to 1.5 C. It was recognized that this would reduce climate change impacts substantially. All signatories submitted "Intended Nationally Determined Contributions" (INDCs) where they specified their national emission reduction goals and pathways to achieve them. However, the INDCs submitted for the Paris Agreement "imply a median warming of 2.6-3.1 degrees Celsius by 2100" (Rogelj et al. 2016). A temperature increase by 2 C would already carry a very high risk for systems such as the Arctic sea ice and coral reefs. For a warming of 3 C above pre-industrial levels though, we are expected to face extensive losses of biodiversity and ecosystems; accelerated economic damages; and a high risk for abrupt and irreversible changes ("tipping points"), such as the melting of the Greenland ice sheet and the accompanying sea level rise (IPCC 2014b).

     
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    Media type: Dissertation
    Format: Online
    ISBN: 9783959420969
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    hdl: 10419/234463
    Series: ifo Beiträge zur Wirtschaftsforschung ; 95 (2021)
    Subjects: Stranded assets; climate policy; expectations; utilities; event study; green innovation; patents; panel analysis; green finance; climate risk; intangible assets; institutional investors; renewable energy; crowding-out; regional economics; input-output ana
    Scope: 1 Online-Ressource (circa 218 Seiten), Illustrationen
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    Erscheint auch als Druck-Ausgabe

    Dissertation, Universität München, 2020
  21. Policy support in promoting green bonds in Asia
    Author: Azhgaliyeva, Dina; Kapsalyamova, Zhanna
    Published: [2021]
    Publisher:  Asian Development Bank Institute, Tokyo, Japan

    Private green finance is imperative for climate change mitigation and adaptation, but the share of private green finance remains small, and the studies that have tackled the efficacy of policy instruments in promoting green finance are limited. Many... more

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    Private green finance is imperative for climate change mitigation and adaptation, but the share of private green finance remains small, and the studies that have tackled the efficacy of policy instruments in promoting green finance are limited. Many economies, especially in Asia, have implemented different policies to incentivize the private sector to issue green bonds. However, there is a lack of empirical evidence on the effectiveness of such policies. To date, this is the first study to provide empirical evidence on the effectiveness of a broad range of green bond policies on the issuance of green bonds. Given the nascent nature of green bonds, this paper documents the effects of several policy instruments supporting green bonds on the private sector's issuance of green bonds in 58 green-bond-issuing economies, including 11 economies in Asia, over the period January 2010−June 2020. Using the difference-in-difference specification within the multilevel longitudinal model, the paper finds that some green bond policies, such as green bond grants and tax incentives, as well as cooperation and policy signals, are effective in promoting the issuance of green bonds in the private sector in Asia. Regional cooperation and standardization have incentivized private green bond issuance in the European Union but not in the Association of Southeast Asian Nations region. Global cooperation and international standardization have had a positive impact on the issuance of private green bonds.

     
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    hdl: 10419/249454
    Series: ADBI working paper series ; no. 1275 (July 2021)
    Subjects: green bonds; green finance; policy support; Asia
    Scope: 1 Online-Ressource (circa 19 Seiten), Illustrationen
  22. Oil price shocks and green bonds
    a longitudinal multilevel model
    Author: Azhgaliyeva, Dina; Mishra, Ranjeeta; Kapsalyamova, Zhanna
    Published: [2021]
    Publisher:  Asian Development Bank Institute, Tokyo, Japan

    This paper contributes to the existing literature by investigating the impacts of crude oil price shocks on financial markets through an examination of the effect of oil price shocks on green bond issuance. Green bond issuance has been growing fast... more

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    This paper contributes to the existing literature by investigating the impacts of crude oil price shocks on financial markets through an examination of the effect of oil price shocks on green bond issuance. Green bond issuance has been growing fast over the past several years; despite this, the share of green bonds in the total bonds remains small. Using the multilevel longitudinal random intercept and random coefficient models, this study investigates the effect of disentangled crude oil price shocks on green bond issuance in the private sector. Unlike the general bond market, our empirical analysis finds that oil supply shocks affect green bond issuance positively. We also find that the public issuance of sovereign green bonds tends to promote the private issuance of green bonds. Our results are robust and hold when using alternative models; they also survive a range of robustness tests.

     
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    hdl: 10419/249457
    Series: ADBI working paper series ; no. 1278 (July 2021)
    Subjects: green bonds; sovereign bonds; green finance; oil shock; policy support; crude oil price
    Scope: 1 Online-Ressource (circa 22 Seiten)
  23. Human capital and education policy
    evidence from survey data
    Author: Grewenig, Elisabeth
    Published: [2021]
    Publisher:  ifo Institut, München

    Elisabeth Grewenig prepared this study while she was working at the Center for Economics of Education at the ifo Institute. The study was completed in March 2021 and accepted as doctoral thesis by the Department of Economics at the LMU Munich. It... more

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    Elisabeth Grewenig prepared this study while she was working at the Center for Economics of Education at the ifo Institute. The study was completed in March 2021 and accepted as doctoral thesis by the Department of Economics at the LMU Munich. It consists of five distinct empirical essays that address various aspects of human capital formation and education policy. Chapters 2 and 3 are concerned with the determinants of human capital formation. In particular, chapter 2 investigates the impact of gender norms on labor-supply expectations of adolescents. Chapter 3 analyzes the effects of the Corona-induced school closures on students' time spent with different educational activities. Chapters 4 and 5 are concerned with the implementation and feasibility of educational reforms. Thereby, chapter 4 evaluates the impact of recent reforms on binding teacher recommendations by studying educational outcomes of students in primary and secondary schools. Chapter 5 examines whether support for educational policies is amenable to information provision about party-positions. Finally, chapter 6 contributes to the methodological debate around survey measurement by investigating belief elicitation in large-scale online surveys.

     
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  24. The role of disclosure in green finance
    Author: Steuer, Sebastian; Tröger, Tobias
    Published: [2021]
    Publisher:  Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe, [Frankfurt am Main]

    We study the design features of disclosure regulations that seek to trigger the green transition of the global economy and ask whether such regulatory interventions are likely to bring about sufficient market discipline to achieve socially optimal... more

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    We study the design features of disclosure regulations that seek to trigger the green transition of the global economy and ask whether such regulatory interventions are likely to bring about sufficient market discipline to achieve socially optimal climate targets. We categorize the transparency obligations stipulated in green finance regulation as either compelling the standardized disclosure of raw data, or providing quality labels that signal desirable green characteristics of investment products based on a uniform methodology. Both categories of transparency requirements canbe imposed at activity, issuer, and portfolio level. Finance theory and empirical evidence suggest that investors may prefer "green" over "dirty" assets for both financial and non-financial reasons and may thus demand higher returns from environmentally-harmful investment opportunities. However, the market discipline that this negative cost of capital effect exerts on "dirty" issuers is potentially attenuated by countervailing investor interests and does not automatically lead to socially optimal outcomes. Mandatory disclosure obligations and their (public) enforcement can play an important role in green finance strategies. They prevent an underproduction of the standardized high-quality information that investors need in order to allocate capital according to their preferences. However, the rationale behind regulatory intervention is not equally strong for all categories and all levels of "green" disclosure obligations. Corporate governance problems and other agency conflicts in intermediated investment chains do not represent a categorical impediment for green finance strategies. However, the many forces that may prevent markets from achieving socially optimal equilibria render disclosure-centered green finance legislation a second best to more direct forms of regulatory intervention like global carbon taxation and emissions trading schemes. Inherently transnational market-based green finance concepts can play a supporting role in sustainable transition, which is particularly important as long as first-best solutions remain politically unavailable.

     
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    hdl: 10419/238205
    Series: SAFE working paper ; no. 320
    Subjects: green finance; sustainable finance; ESG; mandatory disclosure; taxonomies; benchmarks; labels; asset pricing; market discipline; climate change; climate risk
    Scope: 1 Online-Ressource (circa 63 Seiten)
  25. The EU's "green" finance
    Can “exit”, “voice” and “coercion” be enlisted to aid sustainability goals?
    Author: Ramos Muñoz, David; Cerrato Garcia, Elia; Lamandini, Marco
    Published: 12/04/2021
    Publisher:  European Banking Institute e.V., Frankfurt am Main, Germany

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    Series: EBI working paper series ; no. 90 (2021)
    Subjects: green finance; green promises; exit; voice and coercion mechanisms; EU Green Taxonomy
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen