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Economic and Financial Consequences of Climate Change: Emerging Economy Perspectives

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (10 April 2023) | Viewed by 10732

Special Issue Editor

1. Department of Geography & Environmental Management, Faculty of Environment, University of Waterloo, Waterloo, ON, Canada
2. Centre For Asian Climate and Environmental Policy Studies, 1525 University Avenue West, Windsor, ON N9B 1C1, Canada
Interests: climate change and ecological modelling

Special Issue Information

Dear Colleagues,

The purpose of this Special Issue is to broaden discussions and find empirical evidence on the Economic and Financial Consequences of Climate Change, especially in emerging economies and to enhance the depth of understanding surrounding this field. Further, it will provide empirical evidence on subject and policy implications. There is growing evidence that fluctuations in the climate system are contributing to a range of financial and economic impacts that are already influencing the economy.More specifically, climate change is expected to have severe effects on the stability of financial systems (Aglietta and Espagne, 2016; Batten et al., 2016; Scott et al., 2017; Monasterolo et al. 2019; Kotchen, M. J. 2020). Future effects are projected to be much bigger (IPCC, 2014a). A specific amount of climate change is already locked in, and there are substantial and spilling doubts regarding future productions of greenhouse gases, the resulting changes in climate, and financial and socioeconomic impacts. It can, therefore, realistically be questioned what value a modelling assessment of the economic effects of climate change at an international level can offer to policy makers. Nevertheless, a mixture of these doubts and the essential simplifications of any model representation of the global economy suggests that the complete magnitude of one point evaluation of a precise influence of climate change on the economy will be less stimulating than the relation to the economic system that they affect. Less interest has been given to the comprehensive assessment of the physical risks that are related to the economic losses in climate-associated incidents, which have only been somewhat studied in macro models (Dietz et al., 2016; Dafermos et al., 2017; Bovari et al., 2018). The analysis of the physical risks is especially critical—this would help us to comprehend how the financial system could be damaged if the shift to a low-carbon economy is sluggish in the next few years and, therefore, serious global warming is not eventually averted. This would also permit us to identify which strategies might be more efficient in lessening the financial uncertainty that might stem from climate reparations. Climate change will have universal financial and socio-economic consequences that will not only disturb key economic aspects, such as financial markets, energy, agriculture or healthcare; nonetheless, it will also result in changes to the supply and demand for goods and services of all subdivisions of the economy, although with varying levels of concentration. Higher temperatures, sea level rise, and other climatic changes (changes in local precipitation designs, the water sequence, incidence and concentration of dangerous weather events), will also influence features of life that are not mainly based on or associated with economic activity,—for instance, human safety, health and wellbeing, culture, people’s competences, and ecological excellence.

The aim of the Special Issue (SI) is to reflect the theme of Economic and Financial Consequences of Climate Change: Emerging Economy Perspectives. Topics include, but are not limited to, the following:

  • Climate change finance, sustainable finance, adaptation finance, green finance.
  • Sustainable fintech and crowdfunding.
  • Sustainable project financing.
  • Climate change adaptation and mitigation project development.
  • Sustainability enhancing corporate ownership structure, capital structure, and budgeting.
  • Energy, renewable energy finance.
  • Climate change and business risk, e-business, localization and glocalization strategies, marketing, product leveling, CSR, customer awareness.
  • Climate change global supply chain or networks, outsourcing, export/import, retailing.
  • Climate change and business knowledge, innovation, information and technology.
  • Environmental ethics, law, management. and governance in business.
  • Climate change and role of social organization, development organization, religious organization.
  • Climate change and microeconomics, macroeconomics, international business and trade, political economics.
  • Climate change and socioeconomic studies.
  • Climate change and labor migration, wage, labor union.

References:

  • Aglietta, M., Espagne, E., (2016). Climate and Finance Systemic Risks, more than an Analogy? The Climate Fragility Hypothesis. CEPII Working Paper 2016-10.
  • Batten, S., Sowerbutts, R., & Tanaka, M. (2016). Let's talk about the weather: the impact of climate change on central banks. Working Paper no. 603, Bank of England.
  • Bovari, E., Giraud, G., & Mc Isaac, F. (2018). Coping with collapse: a stock-flow consistent monetary macrodynamics of global warming. Ecological Economics, 147, 383-398.
  • Dafermos, Y., Nikolaidi, M., & Galanis, G. (2017). A stock-flow-fund ecological macroeconomic model. Ecological Economics, 131, 191-207.
  • Dietz, S., Bowen, A., Dixon, C., & Gradwell, P. (2016). ‘Climate value at risk of global financial assets. Nature Climate Change, 6(7), 676-679.
  • IPCC (2014a), Climate Change 2014: Impacts, Adaptation, and Vulnerability. Part A: Global and Sectoral Aspects, Contribution of Working Group II to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change [Field, C.B., V.R. Barros, D.J. Dokken, K.J. Mach, M.D. Mastrandrea, T.E. Bilir, M. Chatterjee, K.L. Ebi, Y.O. Estrada, R.C. Genova, B. Girma, E.S. Kissel, A.N. Levy, S. MacCracken, P.R. Mastrandrea, and L.L.White (eds.)]. Cambridge University Press, Cambridge, United Kingdom and New York, NY, USA, 1132 pp.
  • Kotchen, M. J. (2020). On the scope of climate finance to facilitate international agreement on climate change. Economics Letters, 109070.
  • Monasterolo, I., Roventini, A., & Foxon, T. J. (2019). Uncertainty of climate policies and implications for economics and finance: An evolutionary economics approach. Ecological Economics, 163, 177-182.
  • Scott, M., Van Huizen, J., & Jung, C. (2017). The Bank's Response to Climate Change. Bank of England Quarterly Bulletin, Q2.

Prof. Abul Quasem Al-Amin
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • climate change
  • economic and financial consequences of climate change
  • ecological modelling
  • emerging economy perspectives

Published Papers (4 papers)

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Research

12 pages, 418 KiB  
Article
Impact of Corporate Governance on Firms’ Environmental Performance: Case Study of Environmental Sustainability-Based Business Scenarios
by Ateeq ur Rehman Irshad, Nabeel Safdar, Zahid Irshad Younas and Wajiha Manzoor
Sustainability 2023, 15(10), 7775; https://0-doi-org.brum.beds.ac.uk/10.3390/su15107775 - 09 May 2023
Viewed by 1683
Abstract
Environmental performance is a key aspect of business for both shareholders and stakeholders. However, it is necessary to examine whether current practices in corporate governance protect the key interests of shareholders and environmental stakeholders. This study examines how corporate governance affects a company’s [...] Read more.
Environmental performance is a key aspect of business for both shareholders and stakeholders. However, it is necessary to examine whether current practices in corporate governance protect the key interests of shareholders and environmental stakeholders. This study examines how corporate governance affects a company’s sustainability and environmental performance. The study takes a novel approach by dividing businesses into three categories based on various business scenarios for environmental sustainability and evaluating the effect of corporate governance on each scenario in businesses. According to the study, corporate governance is a relative phenomenon whose effectiveness depends on assumptions about how long a company can continue operating under its current environmental conditions. Empirical results show that corporate governance is only effective in business-as-usual environmentally sustainable or highly environmentally sustainable scenarios. Full article
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15 pages, 289 KiB  
Article
Predicting Efficiency of Innovative Disaster Response Practices: Case Study of China’s Corporate Philanthropy
by Ateeq ur Rehman Irshad, Nabeel Safdar and Wajiha Manzoor
Sustainability 2023, 15(3), 2031; https://0-doi-org.brum.beds.ac.uk/10.3390/su15032031 - 20 Jan 2023
Cited by 1 | Viewed by 1284
Abstract
Corporate philanthropy is significant because gifts are viewed as a means to enhance the image of a business organization in an era of intense competition. Taking into account the corporations listed on the Shenzhen stock exchanges, this research reveals that environmentally unfriendly enterprises [...] Read more.
Corporate philanthropy is significant because gifts are viewed as a means to enhance the image of a business organization in an era of intense competition. Taking into account the corporations listed on the Shenzhen stock exchanges, this research reveals that environmentally unfriendly enterprises have been exhibiting more altruistic behavior to counterbalance the negative image that has resulted from their massive emission of pollutants. In addition, a review of innovation, idle resources, and directors’ salaries indicated a substantial positive correlation. It is not required that a company be profitable for it to engage in philanthropy; rather, it should have an abundance of excess resources to donate. We also show that corporate philanthropy produces value for a company during a natural disaster and increases the company’s goodwill during times of humanitarian need. Full article
21 pages, 685 KiB  
Article
An Ideology of Sustainability under Technological Revolution: Striving towards Sustainable Development
by Syed Abdul Rehman Khan, Ridwan Lanre Ibrahim, Abul Quasem Al-Amin and Zhang Yu
Sustainability 2022, 14(8), 4415; https://0-doi-org.brum.beds.ac.uk/10.3390/su14084415 - 07 Apr 2022
Cited by 30 | Viewed by 2425
Abstract
The recent decades have witnessed an unprecedented surge in global warming occasioned by human anthropogenic activities. The ensuing effects have brought devastating threats to human existence and the ecosystem, with the sustainability of the future generations highly uncertain. Resolving this pervasive issue requires [...] Read more.
The recent decades have witnessed an unprecedented surge in global warming occasioned by human anthropogenic activities. The ensuing effects have brought devastating threats to human existence and the ecosystem, with the sustainability of the future generations highly uncertain. Resolving this pervasive issue requires evidence-based policy implications. To this end, this study contributes to the ongoing sustainable development advocacy by investigating the impacts of renewable energy and transport services on economic growth in Germany. The additional roles of digital technology, FDI, and carbon emissions are equally evaluated using data periods covering 1990 to 2020 within the autoregressive distributed lag (ARDL) framework. The results show the existence of cointegration among the variables. Additionally, renewable energy and transport services positively drive economic growth. Furthermore, economic growth is equally stimulated by other explanatory variables, such as digital technology and carbon emissions. These outcomes are robust for both the long-run and short-run periods. More so, departures in the long run are noted to heed to corrections at an average of 60% speed of adjustment. The estimated models are confirmed to be valid based on the outcomes of the postestimation tests. Policy implications that support the path to sustainability are highlighted based on the findings. Full article
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16 pages, 3893 KiB  
Article
The COVID-19 Pandemic: Are There Any Impacts on Sustainability?
by Halima Begum, A. S. A. Ferdous Alam, Walter Leal Filho, Abd Hair Awang and Ahmad Bashawir Abdul Ghani
Sustainability 2021, 13(21), 11956; https://0-doi-org.brum.beds.ac.uk/10.3390/su132111956 - 29 Oct 2021
Cited by 9 | Viewed by 3572
Abstract
This paper sets out to explain and describe the potential ways to control COVID-19′s impact on the environment and what controllable strategies and anticipations emerge from rethinking sustainable production. The rapid and devastating spread of this disease has made millions of people throughout [...] Read more.
This paper sets out to explain and describe the potential ways to control COVID-19′s impact on the environment and what controllable strategies and anticipations emerge from rethinking sustainable production. The rapid and devastating spread of this disease has made millions of people throughout the world cover themselves, wear gloves, and use hand sanitizers and other medical applications. However, it means that a huge amount of clinical waste is being dumped into landfills or the oceans, and such activity may simply worsen the infection’s transmission and the sustainability of the environment, the socio-economy, and sustainable productions. This disease has greatly changed the way people live and has caused considerable occupational job losses and misfortunes, sending sustainable businesses and other organizations to the wall. Virtually every country is trying to stop the infection transmission by testing patients and isolating people, but the environmental effects of the pandemic and sustainable business have not previously been analyzed. The study suggests that the current options for sustainable production must be measured and also further researched. Full article
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