Dissertations / Theses: 'Finance Climat'

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Glavas, Dejan. "Why do firms issue green bonds?" Electronic Thesis or Diss., Paris 1, 2020. http://www.theses.fr/2020PA01E041.

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Cette thèse porte sur le marché des obligations vertes et les motivations qui poussent les entreprises à émettre cette nouvelle forme d’instruments financiers. Trois grandes hypothèses ont été émises pour expliquer les motivations des émetteurs d’obligations vertes. Selon la première hypothèse appelée « création de valeur à long-terme », les émetteurs d’obligations vertes cherchent à créer de la valeur actionnariale en investissant dans des technologies vertes. Selon la seconde hypothèse appelée « délégation de philanthropie », une entreprise émet une obligation verte pour répondre à la pression de ses parties prenantes. Selon la dernière hypothèse appelée « problèmes d’agence », un manager d’entreprise émettrice d’obligations vertes chercherait à servir ses intérêts propres plutôt que ceux de l’entreprise. Cette thèse vise à tester ces hypothèses par le biais de trois articles empiriques et d’un article de synthèse situé en annexe
This thesis topic is the green bond market and the incentives pushing firms into issuing this new type of security. Three key hypotheses were stated to explain the motive for a firm to issue a green bond. The first hypothesis (“long-term value creation”) asserts green bond issuers invest in green technologies to generate long-term value. The second hypothesis (“delegated philanthropy”), professes stakeholder pressure engenders the fundamental reason for a firm to issue green bonds. The third hypothesis (“agency view”) contends that managers of green bond issuing firms serve their own objectives. This thesis aims at testing these hypotheses through three empirical articles and a synthesis article added in the appendix

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Banga, Josué. "Essays on climate finance." Thesis, Université Grenoble Alpes, 2020. http://www.theses.fr/2020GRALE001.

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Cette thèse est constituée de cinq essais sur la thématique de la finance climatique. En combinant des méthodes d’analyse qualitatives et quantitatives, elle fournit aux décideurs publics et aux investisseurs de nouvelles perspectives pour leurs décisions dans un contexte marqué par le changement climatique. Si la finance climatique est indispensable pour lutter contre ce dernier, les résultats de ces essais montrent que, utilisée de manière productive, elle pourrait être un moteur de transformation structurelle durable dans les pays en développement. De plus, risques climatiques auront des impacts significatifs, bien que différenciés, sur la stabilité financière. En tant que garant de cette dernière, les banques centrales devraient jouer un rôle proactif dans la lutte contre le changement climatique. Le développement d’instruments financiers innovants, tels que les obligations vertes, pourraient aider à minimiser les risques climatiques tout en débloquant des capitaux pour la transition-bas carbone
This dissertation is a collection of five supportive essays on the topic of climate finance. By combining qualitative and quantitative methods, it provides policymakers and investors with new insights for rethinking their decision making in a time of a changing climate. While climate finance remains critical to addressing climate change, the results of these essays show that it can also be an effective driver of sustainable structural transformation in developing countries, provided it is allocated productively. Furthermore, climate risks would have significant yet differentiated impacts on financial stability. As guardians of this latter, central banks should play a proactive role in addressing climate change. The development of innovative financial instruments, such as green bonds, can help mitigate climate risks while unlocking investment for the low-carbon transition

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Ilasca, Constantin. "Économie politique internationale des négociations climat et prise en compte des coûts d’atténuation et d’adaptation." Thesis, Université Grenoble Alpes (ComUE), 2016. http://www.theses.fr/2016GREAE008/document.

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Cette thèse traite de la coopération et de la gouvernance climat dans l'ère post Copenhague. Son objectif est de caractériser l'évolution du régime climatique, prenant appui sur les positions de l'Union européenne, la Chine et les États-Unis, qui peuvent être désignés, à la fois en tant que gros émetteurs, économies majeures et grandes puissances. Deux déterminants sont considérés structurants pour cette analyse : les coûts d'atténuation des émissions et les coûts d'adaptation. Le point de départ de notre thèse se trouve dans l'évolution polarisée du régime climatique. Le fait le plus marquant de cette « métamorphose » est le passage, en 2009, de l'approche top-down à une approche bottom-up.Pour ce faire, nous mobilisons un cadre théorique hybride, qui comprend l'Économie politique internationale et l'économie du changement climatique. L'apport combiné de ces deux approches permet d'analyser la politique internationale du climat à travers l'économie de l'environnement et inversement, de renseigner l'incidence que ces relations peuvent avoir sur la logique économique. Nous proposons une approche spécifique de la coopération, basée sur la théorie du « k-groupe » de Duncan Snidal (1985).Dans ce cadre coopératif minilatéral, la thèse que nous soutenons est qu'il est possible d'avoir un k-groupe pour le climat et que celui-ci peut avoir un effet bénéfique sur la mise en place du régime climat. Nous argumentons que ce groupe peut être considéré comme un « club of the relevant » et que, pour former un k-groupe, il est nécessaire que les pays constituent une « coalition of the willing ». Ce qui structure la capacité et la volonté de l'action, ce sont principalement les coûts que cela implique, coûts d'atténuation et d'adaptation. En même temps, l'engagement de ce groupe se base sur le conditionnement. Le dispositif incitatif est constitué par l'idée d'une coopération de plus en plus large, qui atténue le problème du passager clandestin.Les résultats de recherche sont appréciés à la lumière de l'aboutissement de la COP 21. Si le k-groupe fonctionne, c'est que les trois pays décident d'aller de l'avant et acceptent d'endosser des coûts d'atténuation plus importants que les autres pays. Cet engagement collectif déclencherait un mouvement vertueux qui imposerait au régime climat un leadership partagé entre ces trois pays, ouvrant la voie aux autres. Si le k-groupe ne fonctionne pas, c'est parce que nos acteurs considèrent les coûts à court terme trop importants au regard de leurs propres intérêts et au regard du risque du free riding de la part des autres États. Compte tenu de la conjoncture économique dans laquelle se trouvent nos trois acteurs, ce scénario apparait comme étant probable.Enfin, dans notre modèle de l'analyse de la coopération nous privilégions le tandem Europe-Chine. Nous montrons que cette coopération tripartite devrait se construire à partir de ce binôme, du moment où, à la différence des États-Unis, c'est l'Europe qui apparait comme étant plus volontaire. La Chine, l'acteur incontournable du climat, qui risque de subir les conséquences du changement climatique de plein fouet, a plus d'intérêt à se rallier à l'Europe si elle souhaite obtenir un accord qui ne soit pas basé uniquement sur des contributions (nationales) minimales
Our research focuses on the cooperation and climate governance in the post-Copenhagen era. Its main purpose is to observe and define the evolution of the climate regime, based on the positions of the European Union, China and the United States. These three countries can be considered as big emitters, major economies, as well as great powers. Two main drivers are taken into account in our analysis: mitigation and adaptation costs to climate change. The starting point for our research is to be found in the polarized evolution of the climate regime. The most illustrative aspect of this “metamorphosis” is the shift, in 2009, from the top-down to the bottom-up architecture of the climate regime.Thus, we resort to a hybrid theoretical background, which consists of both international political economy and climate change economy. The joint contribution of the two approaches allows us to analyze international political economy with climate economy as an input, as well as the impact of international relations on the main economic framework of climate change. Our research is based on a specific cooperation model, known as the “k-group” theory, as developed by Duncan Snidal (1985).Within this framework of minilateral cooperation, the thesis that we defend is that it is possible to have a climate k-group which may have a trigger effect in order to obtain an ambitious regime. The starting point for our argument is that this group can be considered as a “club of the relevant”, and that what it needs to achieve in order to constitute a k-group is to establish a “coalition of the willing”. The capacity and the willingness to act are mainly influenced by the costs they have to bear, that is the costs to mitigate their emissions and to adapt to the climate change consequences. Meanwhile, the group's collective commitment depends on other countries' actions. More precisely, the incentive mechanism is built on the idea that cooperation is meant to widen, in order to eventually prevent free riding.Our main results are to be regarded in the light of the COP 21 outcome. If the k-group works, it is because our three countries decide to move forward and accept to bear mitigation costs that are higher than those of other countries'. Their collective commitment should trigger a virtuous dynamic which would impose on climate regime a collective leadership of these three countries, thus leaving the others with no other way than to follow. If the k-group does not work, it is because our three actors consider upfront costs too high with respect to their own interests, as well as to the risk of free riding (if the others do not go along). Given our three actors' economic and political context, this scenario seems likely.Finally, we rather favor in our work the Europe-China tandem. We argue that the k-group should be built on this joint cooperation, since, unlike the United States, Europe appears to be more willing to endorse an ambitious regime, whereas China seems an unavoidable actor. Thus, China, which faces a major impact of climate change, should play along with Europe if it wishes to obtain an agreement that is not solely based on minimal (national) contributions

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Philippe, Roudier. "Climat et agriculture en Afrique de l'Ouest : Quantification de l'impact du changement climatique sur les rendements et évaluation de l'utilité des prévisions saisonnières." Phd thesis, Ecole des Hautes Etudes en Sciences Sociales (EHESS), 2012. http://tel.archives-ouvertes.fr/tel-00874724.

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Cette thèse cherche à étudier les relations climat/agriculture en Afrique de l'Ouest dans un contexte de croissance démographique nécessitant une augmentation des rendements agricoles futurs. Nous cherchons à caractériser dans un premier temps les changements climatiques passés et futurs dans la région, puis à passer en revue plusieurs études qui donnent une estimation de l'impact du climat futur sur les rendements agricoles de la sous-région, afin de produire des résultats robustes et de souligner les limites de ces études. La valeur médiane d'évolution des rendements futurs se situe ainsi vers -11%, et cette valeur est robuste au type de modèle agronomique employé. Il semble de plus nécessaire de travailler plus en détail sur les scénarii futurs, parfois trop limités et sur les différences entre variétés qui peuvent être importantes. Nous soulignons également l'hétérogénéité des résultats à l'échelle de la sous-région. Nous nous fondons dans un deuxième temps sur ces constatations pour réaliser une étude d'impact originale utilisant des données observées sur 35 stations météorologiques en Afrique de l'Ouest. Pour cela, nous définissons 35 scénarii possibles fondés sur cinq anomalies de pluie (de -20% à +20%) et sept de température (de +0°C à +6°C) et nous simulons les rendements pour trois variétés contrastées de mil et trois de sorgho. Les résultats montrent entre autre une évolution négative du rendement moyen principalement due à l'augmentation de température que la pluie peut seulement atténuer ou aggraver. On note également un impact plus négatif pour les variétés à cycle court et constant que pour les variétés sensibles à la photopériode. Enfin, pour une même anomalie de température, si on considère comme équiprobables les cinq scénarii de pluie, la probabilité d'avoir une forte baisse des rendements est plus importante dans le Sud de la sous-région. Les constatations sur la forte variabilité interannuelle de la pluie (et donc des rendements) et sur le climat futur incertain nous poussent donc à étudier l'intérêt pour les paysans sahéliens de prévisions climatiques saisonnières qui donnent avant le début de la saison des pluies une information sur la catégorie du cumul pluviométrique (plutôt sec, normal ou humide). Cette prévision permet ainsi de minimiser l'impact de l'aléa pluviométrique et est robuste à l'incertitude du changement climatique. Nous calculons de ce fait la valeur d'une telle information pour les cultivateurs de mil nigériens en utilisant un modèle économique représentant les stratégies des agents considérés (choix culturaux, aversion au risque...). Les résultats montrent un impact sur le revenu globalement positif, même en années sèches et avec une prévision d'une précision proche de l'existant. Ainsi, cette prévision imparfaite donne une augmentation du revenu de +6.9% sur les 18 années. Ce gain est légèrement supérieur avec une prévision parfaite (+11%) et atteint +34% si on fournit des informations supplémentaires sur le début et la fin de la saison: ces informations permettent en effet d'utiliser de nouvelles stratégies culturales. Enfin, afin d'étudier des points que l'évaluation théorique laissait en suspens nous élaborons au Sénégal des ateliers participatifs qui visent à étudier avec les acteurs locaux les changements de stratégies culturales en réaction à des prévisions climatiques (saisonnières et décadaires), ainsi que le gain engendré par ces prévisions sur les rendements. L'impact sur les rendements est évalué avec l'aide d'un expert et montre que les prévisions ont certes un effet nul dans 62% des cas, mais qu'il est positif dans 31%. Ces résultats dépendent cependant des villages étudiés.

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Espagne, Etienne. "Trois essais d’économie sur les politiques climatiques dans un monde post-Kyoto." Paris, EHESS, 2014. http://www.theses.fr/2014EHES0066.

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Cette thèse aborde sous trois angles complémentaires les enjeux économiques des négociations climatiques. Plus précisément, elle utilise trois cadres distincts pour analyser la nature du blocage actuel de ces négociations, ses causes et enfin ses issues envisageables. Le premier cadre est celui de la modélisation intégrée économie-climat, qui agrège en un petit nombre de fonctions essentielles les éléments clés de l'interaction entre ces deux champs. Nous analysons ainsi la façon dont les différentes hypothèses sur ces fonctions essentielles peuvent refléter les positions et les visions du monde des acteurs de la négociation. Le second cadre est celui des viscosités de l'économie réelle, qui met l'accent sur les facteurs, les secteurs, les institutions, en ce qu'elles réagissent à la contrainte climatique ou aux politiques climatiques mises en œuvre. Enfin le troisième cadre inclut l'intermédiation financière et la monnaie, comme éléments clés de compréhension de l'orientation plus ou moins intensive en énergie des investissements, et comme sources possibles d'une issue au blocage actuel des négociations
This thesis deals with three complementary economic approaches of the climate challenge. First, a critical analysis of integrated assessment models is carried out using the RESPONSE model. It concludes to their relative usefulness as a transparency tool for reasonings and hypotheses of the negociating parties in the climate diplomacy. A methodology to compare modelization structures is then proposed and tested. Finally the economic conditions for not trespassing the 2°C threshold are put into light, inside a cost-benefit framework, as well as their implications for the diplomatic agenda. Second, we analyze some obstacles and driving forces of a real economy in its interaction with the climate constraint. Three levels of viscosity of an economy are highlighted, having sufficiently different properties to justify a different analytical treatment. On the institutional level, we lower the importance of the pure time preference in the Stern/Nordhau controversy. On the infrastructure level, we show that the introduction of climate uncertainty can justify precautionary investment in the long-term sector and also define some properties of an infrastructure relevant to the climate question. On the technical change side, we build a critic of the AABH model and present some elements of an alternative research program on the subject of its redirection. Third, we introduce money in this description of a real economy, or more precisely the financial sector. We describe and modelize an innovative tool for the energy transition respecting the constraints highlighted in the two preceding parts

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Aassouli, Dalal. "L'eau, le soleil et le vent : des énergies pour le monde. Quels modes de financement "éthiques" ?" Thesis, Lyon, 2017. http://www.theses.fr/2017LYSEN001.

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L’observation des défis économiques, sociaux et environnementaux qui préoccupent l’humanité aujourd’hui nous amène à revoir les modèles de croissance économiques adoptés, à reconnaitre leurs limites et à apporter un jugement critique sur la gouvernance de l’homme et sa manière d’exploiter le monde. La thèse cherche à démontrer comment l’épuisement des ressources naturelles et le recours aux principales énergies renouvelables, l’eau, le soleil et le vent, peuvent être utilisés pour approfondir la compréhension de la relation de l’homme vis-à-vis de l’environnement, le compromis nécessaire entre sa liberté et sa responsabilité et les principes moraux qui doivent informer sa conduite. Ces défis mettent en évidence l’urgence d’une réflexion critique sur l’activité financière aujourd’hui et sa contribution au développement réel et durable de l’économie. Ce travail propose, donc, d’explorer quelques possibilités de l’intégration contemporaine de principes « éthiques » dans les modes de financement de projets relatifs à l’utilisation de l’eau, du soleil et du vent. Nous donnons d’abord un état des lieux des modes de financement et d’investissement dits éthiques ou alternatifs. Nous considérons, en particulier, l’investissement socialement responsable, les marchés de capitaux durables, les institutions ayant pour mission l’inclusion financière, les banques multilatérales de développement et la finance participative. L’objectif est d’examiner comment des principes éthiques peuvent être intégrés dans les modes de financement modernes de projets verts et durables, c’est-à-dire comment l’expertise financière rejoint la préoccupation pour le changement climatique et les énergies renouvelables mondialement. Cette analyse démontre aussi l’intérêt croissant pour les questions de durabilité et de justice sociale, bien que sa concrétisation reste encore à questionner
The observation of the economic, social and environmental challenges facing humanity today leads us to reconsider the models of economic growth pursued, to recognise their limitations and to give a critical assessment of human governance and his way of exploiting the world’s resources. The thesis seeks to demonstrate how the depletion of natural resources and the use of the main renewable energy sources, namely water, sun and wind can be used to deepen the understanding of man's relationship with the environment, the compromise between his freedom and responsibility and the moral principles that must govern his conduct. These challenges highlight the urgency of a critical thinking on the financial activity today and its contribution to the real and sustainable development of the economy. Thus, this work proposes to explore few examples of the contemporary integration of "ethical" principles in the financing modes of projects related to the use of water, sun and wind. We first give an assessment of the modes of financing and investment called ethical or alternative. We consider, in particular, socially responsible investing, sustainable capital markets, financial inclusion institutions, multilateral development banks and participatory finance. The objective is to examine how ethical principles can be integrated into the modern financing modes of green and sustainable projects, i.e. how the financial expertise integrates the concerns for climate change and renewable energies globally. This analysis also demonstrates the growing interest in issues related to sustainability and social justice, although their effective implementation can sometimes be questioned

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Thomä, Jakob. "Optimal diversification and the transition to net zero : a methodological framework for measuring climate goal alignment of investor portfolios." Thesis, Paris, CNAM, 2018. http://www.theses.fr/2018CNAM1177.

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La thèse vise à développer un cadre pour mesurer l'alignement des portefeuilles financiers avec les objectifs climatiques, prenant comme point de départ à la fois la théorie traditionnelle du portefeuille moderne et les cadres d'analyse des risques financiers, ainsi que la science du climat. Il s'agit de la première tentative d'élaboration de points de repère scientifiques pour le portefeuille financier. Le cadre utilise comme point de départ le concept de «diversification optimale» basé sur la théorie moderne du portefeuille et l'hypothèse de marché efficace. Selon cette théorie, les stratégies optimales impliquent l'achat du «portefeuille de marché». Il postule que cette stratégie ne peut toutefois pas être alignée sur une stratégie de portefeuille alignée avec un scenario 2 ° C. Une telle stratégie de portefeuille basée sur la science peut toutefois avoir un sens pour les institutions financières qui considèrent des objectifs multiples (financiers et non financiers) ou des institutions financières qui pensent que les marchés évaluent mal les risques financiers associés à la transition vers une économie 2°C. Les stratégies associées à 2°C peuvent surperformer le marché. Sous l'hypothèse que la transition vers une économie bas-carbone présente un facteur de risque, pour lequel la thèse fournit une série de preuves théoriques, les stratégies de portefeuille peuvent chercher à acheter le «marché à 2 ° C» en cherchant et gérant une «diversification optimale». Le modèle étend ainsi la logique de la diversification pour réduire le risque, inhérent à la théorie moderne du portefeuille, de la classe d'actifs au niveau sectoriel et technologique. Après le développement du modèle, le modèle a été testé par une série de compagnies d'assurance, de gestionnaires d'actifs et de gestionnaires de portefeuille. Au total, plus de 250 investisseurs institutionnels ont appliqué le modèle au moment de la publication. En outre, le modèle a été testé sur environ 10000 fonds. De plus, deux banques centrales européennes ont appliqué le modèle en interne dans le cadre d'une analyse de scénario à 2 ° C de leurs entités réglementées (fonds de pension et compagnies d'assurance). Dans le cadre d'un sondage auprès de 25 investisseurs, 88% ont déclaré que le cadre était tout aussi pertinent ou plus pertinent que les évaluations climatiques existantes, et 88% ont indiqué qu'ils étaient susceptibles ou très susceptibles d'utiliser la méthodologie pour aller de l'avant
The thesis seeks to develop a framework to measure the alignment of financial portfolios with climate goals, taking as point of departure both traditional modern portfolio theory and financial risk analysis frameworks, as well as climate science. It represents the first attempt to develop science-based benchmarks for financial portfolios. The framework uses as the starting point the concept of ‘optimal diversification’ based on the modern portfolio theory and efficient market hypothesis. Under this theory, optimal strategies involve buying the ‘market portfolio’. It posits that a 2°C aligned, science-based portfolio strategy is not aligned with such a strategy. Such a science-based portfolio strategy, in turn, may make sense for financial institutions that consider multiple objectives (e.g. financial and non-financial) or financial institutions that think markets are mispricing financial risks associated with the transition to a low-carbon economy and that associated low-carbon, or 2°C aligned strategies can outperform the market. Under the assumption that the transition to a low-carbon economy presents a risk factor, for which the thesis provides a range of theoretical evidence, portfolio strategies can seek to buy the ‘2°C market’ by managing ‘optimal diversification’ to the 2°C aligned technology set, in addition to managing sector exposures. The model thus extends the logic of diversification to reduce risk, intrinsic to the modern portfolio theory, from asset class to sector and technology level.Following the development of the model, a range of insurance companies, asset managers, and portfolio managers tested the model. In total, over 250 institutional investors have applied the model to date. In addition, the model has been tested on around 10,000 funds. Moreover, two European central banks have applied the model internally as part of 2°C scenario analysis of their regulated entities (pension funds and insurance companies). As part of a feedback survey with 25 investors, 88% said the framework was equally or more relevant than existing climate assessments, and 88% said they were likely or very likely to use the methodology moving forward

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Opoku, Emmanuela A. "Gender in Climate Policy and Climate Finance in Ghana." Thesis, University of North Texas, 2019. https://digital.library.unt.edu/ark:/67531/metadc1538740/.

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This dissertation makes use of theoretical frameworks drawn from development theory, ecofeminism, climate science, environmental and distributive justice, and human rights to provide gender analysis of climate policy, including climate finance.The problem addressed is that climate impacts are exacerbating food insecurity that is women's responsibility in the global South. First, I use literature in climate science to detail the impacts of climate change on agriculture in Africa and show how this exacerbates women's poverty that is driven already by persistent socioeconomic inequalities and gender bias. I conclude that women as food producers are especially vulnerable to climate impacts on food security. Next, I assess international climate policy through gender analysis of the United Nations Framework Convention on Climate Change (UNFCCC) against other United Nations (UN) gender policies, followed by gender assessment of Ghanaian climate policy. I conclude that both international and Ghanaian policy fail adequately to address gender and women's needs, despite making advances on gender-inclusion and gender-sensitivity since the turn of the century. I then present a case study in climate finance by evaluating the capacity of an Adaptation Fund Project (AFP) in northeast Ghana to meet women farmers' needs. I gather data from Project implementers and intended beneficiaries, i.e. women in village communities, using interviews and focus group discussions. I conclude that the Project is not successful in engaging women and identify reasons for this failure, including slow distribution of funds to implementers, petty corruption, and community gender biases. In the final chapter, I summarize my findings and make recommendations for policy interventions better to meet women's climate adaptation needs in order to maintain food security and avert the humanitarian crises in hunger that are already well underway in Africa.

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Pinsky, Vanessa Cuzziol. "Experimentalist governance in climate finance: the case of REDD+ in Brazil." Universidade de São Paulo, 2017. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-14122017-163027/.

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Climate change is a daunting problem that results in actions-interactions from a number of actors in complex global systems, which require multi-level governance and a myriad of national policies. Academics and policy makers alike have been grappling with how to devise effective strategies on the international coordination of climate change policies. It is challenging because climate change problems involve actors with different positions, interests and motivation to cooperate due to the risks involved, the uncertainty and the high costs of adaptation and mitigation. Deforestation is the second largest source of GHG emissions. Success in this area can have a large impact on mitigation. This study focuses on the case of REDD+, a large scale governance experiment in climate finance and a promising cost-effective mitigation mechanism to motivate developing countries to implement policy approaches to reducing emissions from deforestation and forest degradation. REDD+ is considered a breakthrough mechanism in international cooperation under the UNFCCC regime as it was designed to be performance-based. Brazil is the world\'s largest recipient and has the most important REDD+ experiment - the Amazon Fund. The lack of developed theory in this domain led to the use of grounded theory methodology to understand the REDD+ governance process in Brazil. The \'REDD+ Governance Theoretical Framework\' emerged from the data. It is a substantive theory formed by seven major categories (Governance, Strategy, Financing, Implementation, Participation of stakeholders, Joint action and Collective learning) that are related to each other and explain the phenomenon. This study suggests that the lack of institutional arrangements to stimulate collective learning and incorporate lessons learned from the ground experience has been a major constraint on improving its governance in Brazil. Improving the effectiveness of the policy cycle may depend upon the establishment of specific arrangements focused on peer review processes involving lower-level entities responsible for implementation and experts from civil society. The establishment of a recursive learning system could solve certain policy coordination problems and create new opportunities to improve the effectiveness of the REDD+ governance process and implementation. This theory adds to the limited body of literature in the field by extending the knowledge on climate finance, stimulating discussion, and creating opportunities for further research and theoretical advances. The theoretical framework and lessons learned in Brazil from success and failure can help other developing countries to implement a national REDD+ strategy, system or regime. The theory can contribute to the international debate on the principles of good governance in official development assistance and aid effectiveness. This study provides an opportunity for policy makers and practitioners to learn about the challenges and constraints faced by Brazil when implementing an unprecedented results-based mechanism focused on mitigation.
A mudança climática é um problema desafiador resultante de ações e interações entre diversos atores em sistemas globais complexos, o que demanda governança em vários níveis e uma miríade de políticas nacionais. Acadêmicos e policy makers vêm se desafiando sobre como elaborar estratégias eficazes na coordenação internacional das políticas em mudança climática. É desafiador porque os problemas relacionados à mudança do clima envolvem atores com diferentes posições, interesses e motivação para cooperar, já que existem riscos envolvidos, alto nível de incerteza e custos de adaptação e mitigação. O desmatamento é a segunda maior fonte de emissões de gases causadores do efeito estufa. Sucesso nesta área pode ter um grande impacto em mitigação. Este estudo enfoca no caso de REDD+, um experimento de governança no financiamento do clima e um promissor mecanismo de mitigação com baixo custo para incentivar os países em desenvolvimento a implementar abordagens políticas que reduzam emissões oriundas do desmatamento e da degradação florestal. O REDD + é considerado um mecanismo inovador em acordos de cooperação internacional sob o regime da UNFCCC, pois foi idealizado para ser baseado em desempenho. O Brasil é o maior receptor do mundo e tem o mais importante experimento de REDD+ - o Fundo Amazônia. A ausência de teorias desenvolvidas nessa área levou ao uso da metodologia grounded theory para compreender o processo de governança de REDD+ no Brasil. A partir dos dados primários foi desenvolvido o \'REDD+ Governance Theoretical Framework\'. Trata-se de uma teoria substantiva formada por sete categorias (Governança, Estratégia, Financiamento, Implementação, Participação de stakeholders, Ação coletiva e Aprendizagem coletiva) que se relacionam e explicam o fenômeno. Este estudo sugere que a ausência de arranjos institucionais para estimular a aprendizagem coletiva e incorporar as lições aprendidas durante a implementação tem sido um grande obstáculo para melhorar a governança de REDD+ no Brasil. Melhorar a efetividade do ciclo político pode depender do estabelecimento de arranjos específicos com foco em processos de revisão por pares que envolvam entidades responsáveis pela implementação e especialistas da sociedade civil. O estabelecimento de um sistema de aprendizagem recursiva poderia facilitar a resolução de alguns problemas de coordenação política e criar novas oportunidades para aprimorar o processo de governança de REDD+. Esta teoria contribui para a construção do conhecimento científico focado no financiamento do clima, estimula a discussão, sugere oportunidades para novas pesquisas e avanços teóricos. O framework teórico pode ajudar outros países em desenvolvimento a implementar estratégia, sistema ou regime nacional de REDD+. As lições aprendidas no Brasil, baseadas no sucesso e fracasso, podem ser absorvidas por outros países em desenvolvimento. A teoria contribui para o debate internacional sobre os princípios da boa governança nos acordos de cooperação internacional e na eficácia da ajuda financeira. Este estudo oferece uma oportunidade para que os policy makers e os profissionais aprendam sobre os desafios e obstáculos enfrentados pelo Brasil ao implementar um inovador mecanismo de financiamento do clima baseado em resultados.

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Bortoletto, Andrea <1995&gt. "The relation between climate change and finance." Master's Degree Thesis, Università Ca' Foscari Venezia, 2022. http://hdl.handle.net/10579/20735.

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L'elaborato ha lo scopo di presentare la relazione che sussiste fra cambiamento climatico e finanza. Nella prima parte della tesi verrà presentato ciò che sta accadendo al nostro pianeta a livello sia ambientale che economico: si evidenzierà sia come gli eventi climatici estremi stiano aumentando esponenzialmente nella loro frequenza sia come le organizzazioni sovranazionali si stiano muovendo per combattere il problema del riscaldamento globale. Verrà analizzato il concetto di “rischio di transizione”, un rischio ed un’opportunità per tutte le aziende che saranno costrette ad affrontare una transizione tecnologica necessaria per ridurre le emissioni di CO2 e diminuire la crescita del livello di riscaldamento globale rispetto ai livelli pre-industriali. Nella seconda parte della tesi verrà analizzato un campione di 50 imprese europee del settore “Energy” e “Utility”. Verranno analizzate diverse variabili economiche e ambientali di queste aziende con l’obbiettivo di scoprire quanto certe variabili siano più determinanti di altre ai fini della transizione energetica e tecnologica. Queste variabili saranno confrontate fra valori pre-Covid e valori alla fine del 2020 per capire se la pandemia e i mercati finanziari abbiano sensibilizzato maggiormente i temi ESG (environmental, social and governance) fra gli investitori. Lo scopo della tesi sarà cercare di capire se i mercati finanziari nel 2020 abbiano premiato maggiormente le aziende più “green” rispetto a quelle più inquinanti e quali potranno essere i possibili scenari economici per queste imprese nel futuro.

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Wright, Helena Louise. "Effective finance for food security under climate change." Thesis, Imperial College London, 2014. http://hdl.handle.net/10044/1/43800.

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Climate change threatens food security and livelihoods throughout the world. Under the United Nations Framework Convention on Climate Change, developed countries have committed to providing additional resources for adaptation to climate change in developing countries. This thesis explores how this finance can be most effective. Importantly, a multi-level case study approach was adopted because this enabled institutional arrangements for adaptation finance to be explored at multiple scales (international, national and local-level). The national case study of Bangladesh was selected as a country highly vulnerable to climate change impacts including sea level rise and intense cyclones, whilst a local-level case study was also selected in coastal Kalapara. A criteria-based framework for analysis was adopted to analyse the three levels. At the local-level, day labourers, many of whom owned no land, were found to be particularly vulnerable to food insecurity. There was evidence of climate-related poverty traps and many households found it extremely difficult to recover from severe cyclones. However, a recent community-based adaptation project had engaged with local government and built infrastructure to protect croplands. At national-level, priorities aligned well with those identified in the local case study, but concerns were expressed regarding national ownership and capacity. At international-level, concerns were expressed about the lack of transparency and stakeholder engagement in decision-making on climate finance. There seemed to be more progress against criteria of ownership and equity at local-level. A set of policy recommendations have been developed, including the need to mainstream gender into adaptation planning at all levels, and the need for climate funds to engage more fully with local government. Future research is required on how to strengthen synergies between adaptation and mitigation, whilst exploring a wider range of case studies could provide useful insights for the Green Climate Fund.

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Forsbacka, Kristina. "Climate Finance and the Point of Green Bonds." Licentiate thesis, Luleå tekniska universitet, Samhällsvetenskap, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:ltu:diva-82363.

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The emergence of green bonds in 2008 has been perceived as an important means to move towards green and sustainable investments, and the green and sustainable bond markets have also grown exponentially. The purpose of my thesis is to analyse the green bond instrument and the role that it plays at climate finance. Notably, the role of the green bond and climate finance has changed over time. The Paris Agreement from 2015 was the first climate agreement to address the finance sector, and the sustainable finance markets are now moving forward at a swift pace, with new and innovative products developing and rewarding green and sustainable investments. The essence of the research is threefold. Firstly, an analysis based on an empirical study and analysis of the terms and conditions of the contracts between issuers and investors regulating green bonds on the Nordic market. Secondly, an analysis of the new innovative bond instruments – transition bonds and sustainability-linked bonds – following the green bond that have emerged starting in 2019. Thirdly, the green bond instrument is analysed in its historical context, describing the role of carbon pricing and comparing the green bond instrument to experience from early project-based climate finance, the Clean Development Mechanism (CDM). To conclude, an analysis is provided of the green bond instrument and the role that it plays at the transformation to a climate-resilient and sustainable society. The perspective in the analysis and the discussion is normative and forward looking (“de lege ferenda”), based on experience – “lessons learned” – from the development of early climate finance and the development that the green and sustainable bond market has undergone. The ultimate purpose is to analyse the role the of the green bond at climate finance. My analysis addresses the interplay between coercive and voluntary regulation of the green bond instrument. The theory and findings of the thesis are that flexibility should be provided to market participants to allow for the development of new innovative instruments, based on the tools and infrastructure developed at climate finance and green and sustainable bonds. Legal regulation should focus on information and disclosure of climate-related and sustainability risks, and providing clarification and codification of definitions and standards for this purpose. The tools and infrastructure created for green bonds, and further developed for other emerging innovative bonds, could be used to provide transparency at sustainability at all finance. As climate-related and sustainability risks are disclosed and addressed properly is provided and fiduciary duties are developed, the financial market can move from rewarding “green”, to penalising “brown” investments. When “green” is the new normal there will be no need for a specific green bond instrument. The point of green bonds is being part of this journey – not the solution.

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Buckley, Bryan Douglas. "Congressional support for campaign finance reform and climate change legislation." Connect to this title online, 2009. http://etd.lib.clemson.edu/documents/1256570492/.

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Halimanjaya, Aidy Steveany. "Global climate mitigation finance : the determinants of its provision and allocation." Thesis, University of East Anglia, 2014. https://ueaeprints.uea.ac.uk/49469/.

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In recent years development aid (also commonly referred to as Overseas Development Assistance or ODA) has increasingly been allocated for the mitigation of climate change, often diverting funding from more traditional development purposes such as poverty alleviation. To the author's knowledge no other study identifies the determinants of the increasing provision of official mitigation finance and the patterns of its allocation across 180 developing countries. This PhD thesis includes three empirical studies and a theoretical discussion and seeks to fill this gap in the academic literature. The analysis makes use of fixed-effect, random-effect and two-part models, the institutional analysis and development framework and 1998-2010 Organisation for Economic Co-operation and Development (OECD) Rio Marker project-level data from 23 donors and 180 developing countries. This research finds that donors' emission levels, CO2 intensity, commitment to the Kyoto Protocol, political views and domestic environmental spending significantly influence their allocation of mitigation finance and the proportion of their total ODA that they designate to it, and that recipient developing countries' potential for mitigation, such as their environmental assets and emission problems, and their institutional and economic factors affect how mitigation finance is allocated to them. The findings show that donors tend to provide loans to recipients with large emission problems and grants to those with large environmental assets. Across donors, the determinants of mitigation finance tend to be heterogeneous. These findings lead to a discussion whether mitigation finance is a perverse incentive for developing countries' emission mitigation and whether it will permanently remain reliant on ODA. The overall research gives guidance and reflection of the future of official mitigation finance.

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Knight, Eric Ronald Wing Fai. "The finance of climate change : transitioning to a low carbon economy." Thesis, University of Oxford, 2010. http://ora.ox.ac.uk/objects/uuid:7475f9d1-10ec-4585-8ea6-74f878b7c9a3.

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Financial markets play a vital role in the allocation of the world’s resources. Yet financial markets are also prone to booms and busts as financial intermediaries imperfectly respond to the world around them. This thesis examines the role of financial markets in the context of climate change. It examines how financial markets are slowly, though imperfectly, moving towards addressing one of the greatest economic and scientific challenges of our century. I examine in-depth a number of areas where financial markets are operating effectively to address the challenges of climate change. I also identify those areas where market failures signal the need for further government intervention. This thesis proceeds in four substantive chapters. My approach is empirical and employs both quantitative and qualitative techniques. I first address financial market theory on the role of information in efficient market operation (Chapter 3). I then examine behaviourally how financial markets are integrating new climate-related information in investment decisions (Chapter 4). This thesis then examines the two financial markets in depth. The first is an empirical examination of how carbon markets have influenced publicly listed markets in energy stocks within Europe (Chapter 5). The second is an empirical examination of direct investment (venture capital and private equity) in clean technologies in Europe and North America (Chapter 6). Four findings emerge from this thesis: Firstly, financial market reform must begin with greater information disclosure to the market on the physical and carbon-related risks facing corporations and the community. Secondly, large asset owners (such as pension funds) should demand greater integration of long-term systemic risk considerations in their asset allocation decisions if they are to adequately respond to climate change. Thirdly, market structure appears to materially influence the operation of a carbon price signal within an energy market. This indicates further empirical research is needed by governments to examine whether carbon markets achieve their intended aims. Fourthly, the flow of direct investment (private equity) in emerging clean technologies is highly contingent on geography. The size and direction of capital flows is influenced by regulation, capital market structures, and physical environmental variables. Government must bear this in mind when formulating appropriate technology and industry policy to spur clean technology investment.

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Di, Martino Jessica <1997&gt. "Climate change has affected and modified International Finance. The different approaches to sustainable finance between West countries and China." Master's Degree Thesis, Università Ca' Foscari Venezia, 2022. http://hdl.handle.net/10579/21187.

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La crescente sensibilità dei consumatori, insieme al progresso della legislazione in materia di sostenibilità, hanno portato negli anni a una crescente attenzione al tema del "green" e dell’ecologia. Oggi le aziende non considerano più gli investimenti sostenibili come un costo aggiuntivo, ma piuttosto come un'opportunità di guadagno. Le scelte strategiche delle aziende si concentrano su modelli di business che massimizzano l'efficienza delle risorse a tutti i livelli, creando così profitto e, allo stesso tempo, benessere per chi le circonda. Non si tratta solo di essere eco-friendly o green, questo concetto rappresenta soltanto una piccola parte di questo grande tema. La Finanza Sostenibile è più una visione, un approccio quotidiano al business. E’ più riconducibile al concetto di Etica, la quale ha bisogno di continuità per diventare credibilità. L'azienda dovrebbe essere in grado di creare un marchio credibile e solido con un futuro stabile per rendere i clienti consapevoli della loro idea di crescita sostenibile. La gestione finanziaria delle aziende non è più focalizzata solo sulla gestione dei capitali, ma cerca di abbinare gli obiettivi di profitto con l'attivismo ambientale, essendo consapevoli che i prodotti ottenuti sono legati alla qualità della propria attività produttiva. L'obiettivo di questa tesi è chiarire quali sono i nuovi strumenti finanziari che misurano l'impatto delle imprese sull'ambiente e quali sono le principali normative e azioni per lo sviluppo di questo settore. In seguito, l’elaborato si concentrerà sul diverso approccio alla finanza sostenibile da parte dei paesi occidentali e la Cina, fornendo esempi concreti di aziende che hanno abbracciato il principio della sostenibilità.

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Baumgartner, Simon. "Three Essays on Risk Sharing." Doctoral thesis, Humboldt-Universität zu Berlin, 2020. http://dx.doi.org/10.18452/22112.

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Diese kumulative Dissertation untersucht in drei Kapiteln den Effekt von Risiko auf Firmenentscheidungen und die Fähigkeit von Firmen, Risiken mit ihren Stakeholdern zu teilen. Die betrachteten Firmen sind Skihotels in österreichischen Skigebieten. Das erste Kapitel ist eine umfassende Studie zur Risikoteilung zwischen Skihotels und ihren Stakeholdern. Es gibt zwei hauptsächliche Ergebnisse. Erstens wird gezeigt, dass Unternehmer Wetterrisiko mit ihren Arbeitnehmern teilen, selbst aber kein Wetterrisiko tragen. Dieses Ergebnis ist in Widerspruch zur Vorstellung des Unternehmers als Risikoträger. Das zweite Ergebnis ist, dass Firmen Wetterrisiko mit ihrer Hausbank teilen. Das zweite Kapitel untersucht anhand von Banken in österreichischen Skigebieten die Rolle des Interbankenmarkt. Die Banken in Skigebieten sind Liquiditätsschocks ausgesetzt, die durch touristisch bedingte Nachfrageschocks erzeugt werden. Der Effekt dieser Schocks auf die Kredittätigkeit ist Gegenstand dieser Studie. Das Ergebnis der Studie ist, dass Banken mehr Kapital auf dem Interbankenmarkt beschaffen, wenn sie ihren Kunden in der Realwirtschaft in Folge eines Nachfrageschocks Liquidität gewähren müssen. Das dritte Kapitel untersucht, wie die Beschäftigung von kleinen Firmen auf Risiko in der Arbeitsproduktivität reagiert. Ein Ergebnis ist, dass das abhängig ist von der Kapitalisierung des lokalen Bankenmarktes. Es wird gezeigt, dass eine Zunahme in transitiven Arbeitsproduktivitätsrisiko die Bereitschaft der Firmen verringert Arbeitnehmer einzustellen. Dieser Effekt ist umso stärker, je schlechter lokale Banken kapitalisiert sind. Es scheint, als würde ein Mangel an Kapital in Bankensektor die Fähigkeit von Skihotels mindern, Arbeitsproduktivität einzugehen.
This thesis contains three chapters that empirically study the impact of risk on firm level decisions and firms’ ability to share risks with their stakeholders. The firms that are studied in all three papers are hotels in Austrian ski resorts. The first chapter provides a comprehensive study of the risk sharing between Austrian ski hotels and their stakeholders. We obtain two main results. The first main finding is that the entrepreneurs share snow-induced sales risk with their workers, while the dividend payments to the entrepreneurs are not affected by these exogenous shocks to firms’ sales. This finding opposes the view of the entrepreneur as a risk taker. We find that hotels insure their workers against weather-induced sales shocks only if the shocks are highly temporary during the winter-season. The second main result is that entrepreneurs share exogenous sales risk with their house-banks. The second chapter empirically analyzes interbank lending using a sample of banks in Austrian ski resorts. The banks are subject to liquidity shocks due to weather-induced demand shocks in ski tourism. We analyze the effect of these shocks on interbank lending and borrowing. In our analysis, we use snow in ski resorts as an instrumental variable for the possibly endogenous demand shocks. The analysis reveals that banks reduce their net lending to other banks at times when they need to provide liquidity to their non-bank customers. The third chapter empirically studies how small-firm employment respond to labor productivity risk. We show that this depends on the equity capital of local banks. We find that an increase in the risk of transitory productivity shocks reduces firms’ willingness to commit to employing workers. This effect is stronger if local banks have less equity capital. It appears that a lack of bank equity reduces firms’ capacity to take labor productivity risk.

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Bayoumi, Moustafa. "Evaluating the inclusion of sanitation and wastewater in climate policy and finance." Thesis, Uppsala universitet, Institutionen för geovetenskaper, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-386061.

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Sanitation is critical for sustainable development. However, the current systems in place are vulnerable to future risks. One of the main risks expected to have severe effects on the earth systems and our societies is climate change. If not dealt with, it threats to hinder or even reverse the progress done in sanitation access so far. On the other hand, countries are lacking the financial capabilities to achieve the sustainable development goals related to sanitation, not to mention the additional costs needed to increase its resilience towards climate variability and extreme weather conditions. Nevertheless, sanitation is not only vulnerable to climate change, it is also a significant contributor to greenhouse gas emissions which drive climate change. It is therefore important to better understand the linkages between sanitation and climate change. The aim of this study is to evaluate the inclusion of sanitation in climate policy and finance. A secondary content analysis is used to identify interest in sanitation in countries’ Nationally Determined Contributions to the Paris agreement. Climate-related official development assistance flows and financial elements of approved project proposals by the Green Climate Fund board are analyzed to quantify climate finance flows supporting sanitation projects. The results indicate that sanitation is largely ignored in countries’ climate agendas constituting only 1% of all countries’ activities with very scarce mitigation activities for the sector. Furthermore, sanitation is marginalized in the international climate finance landscape. Very limited climate-related finance from official development assistance was found allocated to projects with the main focus on sanitation. As for the GCF approved project proposals, only 7 projects out of 99 had sanitation or wastewater-related components and only one project of the 7 received GCF funding. These results indicate a knowledge gap of sanitation’s potential contribution to emissions reduction and the risks from climate change towards sanitation systems. Furthermore, it points out the need for better coordination between development and climate finance in order to reduce the finance gap and help achieve the sustainable development goals and the Paris agreement simultaneously.

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Pistolato, Giulia <1996&gt. "A climate finance tool: green bonds and market evolution during Covid-19." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/20325.

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Climate change is perhaps the most urgent issue of the 21st century, and in the last years has captured more and more attention. With no doubt human activity has impacted the environment to a no-turning-back point; dramatic weather events are increasing, and the temperatures are rising dramatically. A new level of sensitivity is growing in every field and has spread in the financial one too. This trend is known as “climate finance”. The first chapter analyses the climate change risks and consequences, then the phenomenon of climate finance, that can be helpful while transitioning into a more sustainable world and to a low-carbon economy. The focus of the thesis, and the topic of the second chapter, is one of the main financial instruments of climate finance, named green bonds. They represent a small percentage of total bonds, but they are becoming progressively more popular. This tool can help invest in sustainable projects and on the fight to climate change. Humanity has been facing another serious crise recently, which is the Covid-19 pandemic. Covid-19 represents a challenge for climate finance and a threat for the climate change fight. The third chapter focuses on the general impact that the pandemic had on economies, on the financial markets and particularly on the green bond instrument. Eventually, through the archive of BloombergLab, the green bonds issuances are analyzed with reference to the pandemic time window and whether pandemic negatively affected their issuance.

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Taïbouni, Amina. "Les organisations internationales et la gouvernance dans la région Moyen-Orient et Afrique du Nord : entre perception et réalité : le cas de l'Algérie." Electronic Thesis or Diss., Université Paris Cité, 2019. https://wo.app.u-paris.fr/cgi-bin/WebObjects/TheseWeb.woa/wa/show?t=1041&f=21730.

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Avec l'évolution du concept de gouvernance dans le discours des organisations internationales comme fil conducteur, nous montrons que ce concept porté par la Banque mondiale, malgré l'idéologie néolibérale qui l'anime, a beaucoup apporté sur le plan du développement. La gouvernance étant présentée comme solution universelle permettant de générer la croissance économique et le développement humain, des indicateurs ont été élaborés afin d'en mesurer la qualité. À partir d'une analyse de la méthodologie de construction et d'évaluation des principaux indicateurs de gouvernance et d'institutions créés : Country Policy and Institutional Assessment (CPIA), worldwide governance indicators (WGI) de la Banque mondiale, l'indice de liberté économique de la Fondation Heritage, l'indice de perception de la corruption (IPC) de Transparency international, nous prouvons que ces outils de mesure malgré leur large diffusion présentent des lacunes dans leur construction et dans leur utilisation. Ce sont majoritairement des indices de perception et en tant que tels, ils restent imparfaits, imprécis et parfois biaisés. Les évaluations internationales de la gouvernance dans les pays de la région Moyen-Orient et Afrique du Nord (MENA) et plus particulièrement en Algérie sont mitigées. Elles font état aussi bien des retards accusés que des progrès réalisés dans les différents domaines évalués. L'analyse de l'évaluation internationale de la gouvernance en Algérie, nous a permis d'une part, de mettre à jour l'imprécision des scores de gouvernance attribués à l'Algérie, les limites de perception des experts, le biais idéologique de certains indicateurs qui se répercute sur les classements de l'Algérie et l'écart existant entre les scores et la réalité sur le terrain; d'autre part, en confrontant les évaluations de la Banque mondiale, du Fonds monétaire international et du Programme des Nations unies pour le développement (PNUD) en Algérie, nous montrons que l'approche de ce dernier, locale et participative, est la plus appropriée au contexte algérien. Le PNUD Algérie en effet, travaille sur le terrain ce qui rend ses analyses plus proches de la réalité. Au-delà des insuffisances de leurs outils, il demeure cependant que les évaluations internationales expriment de manière générale l'état de la gouvernance en Algérie aussi bien sur ses aspects négatifs que positifs. Ainsi, les progrès réalisés dans le domaine des droits de l'homme ou dans le développement humain sont salués par les institutions internationales. Qu'elles soient négatives ou positives, leurs appréciations ont un impact positif car elles encouragent les pouvoirs publics à améliorer davantage certains domaines comme le climat des affaires même s'il reste encore des aspects de gouvernance où des efforts doivent être poursuivis comme la transparence dans la gestion des affaires publiques et la lutte anti-corruption
With the evolution of the concept of governance in the discourse of international organizations as a guideline, we show that this concept carried by the World Bank, despite the neoliberal ideology that animates it, has brought a lot in terms of development. Given that governance is presented as a universal solution, allowing economic growth and human development, indicators have been created to measure its quality. Based on an analysis of the methodology of construction and evaluation of the main indicators of governance and institutions created: Country Policy and Institutional Assessment (CPIA), worldwide governance indicators (WGI) of the World Bank, the index of economic freedom of the Heritage Foundation, and the corruption perceptions index (CPI) of Transparency International, we prove that these measurement tools, despite their wide distribution, have shortcomings in their construction and use. These are mostly perception cues and as such, they remain imperfect, inaccurate and some are biased. International assessments of governance in Middle East and North Africa region countries, and particularly in Algeria, are mitigated. They point out both the delays reported and the progress made in the various areas of assessed governance. The analysis of the international assessment of governance in Algeria allowed us, on the one hand, to update the inaccuracy of the governance scores attributed to Algeria, the limits of perception of the experts, the ideological bias of certain indicators that reflects on Algeria's rankings and the gap between the scores and the reality on the ground; on the other hand, by comparing the evaluations of the World Bank, the International Monetary Fund (IMF) and the United Nations Development Programme (UNDP) in Algeria, we show that the latter approach, local and participative, is the most appropriate in the Algerian context. UNDP Algeria in fact, is working in the field, which makes its analyses closer to reality. Beyond the insufficiencies of their tools, international assessments express in general terms the state of governance in Algeria on its negative aspects as well as positive. Thus, progress in the field of human rights or human development is welcomed by international institutions. Whether positive or negative, their assessments have a positive impact as they encourage the public authorities to further improve certain areas such as the business climate even if there are still aspects of governance where efforts need to be pursued like transparency in management of public affairs and anti-corruption struggle

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Schmitt, Daniel T. "Time series analysis of real-world complex systems - climate, finance, proteins, and physiology." [S.l. : s.n.], 2007. http://nbn-resolving.de/urn:nbn:de:bsz:289-vts-60656.

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KHANNA, Varun. "Opportunities, investments, and barriers: a critical review of the landscape of climate finance." Doctoral thesis, European University Institute, 2022. http://hdl.handle.net/1814/74792.

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Award date: 17 June 2022. Supervisor: Professor George Papakonstantinou, European University Institute
Despite the numerous transnational and multilateral focusing on and addressing the issue of climate crisis, to put simply, there has been historic ambiguity in how the climate crisis management would be financed. Even though the Global North is well-positioned to finance its climate ambitions, without adequate green financing mechanisms in place for emerging markets and low-income countries, the climate transition would be incomplete and incompatible with the goals and ambitions of existing climate declarations, protocols, and agreements. In this study, I will attempt to answer the pressing question: how may the international political and economic discourse around climate finance respond to the challenge of global equity given the existing gaps and what barriers it must overcome? To overcome the disparity in climate finance, robust transnational mechanisms that strengthen financial cooperation between global finance actors is needed, along with political willingness at all levels of governance to facilitate green investments, alongside creating incentives and managing risk. Given the serious consequences of climate inaction, this research on the landscape of climate finance, investments, and inclusion as we transition is much warranted. This study, written considering everyone, provides a particularly important reference for scholars, policy makers, corporate executives, negotiators, and others, on climate financing.

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Davanzo, Martina <1994&gt. "Cambiamento climatico e Climate Finance: rischi ed opportunità d’investimento per il mondo finanziario." Master's Degree Thesis, Università Ca' Foscari Venezia, 2019. http://hdl.handle.net/10579/14505.

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La lotta al cambiamento climatico rappresenta la più importante e delicata sfida globale. Questo elaborato è nato con lo scopo di fornire un quadro il più possibile completo su quello che, per alcuni, è il più grave fallimento di mercato della storia umana analizzando il tema della “finanza climatica”. Essa consente di indirizzare l’azione climatica verso un futuro sostenibile, ma si vedrà quanto la stabilità finanziaria globale sia al tempo stesso minacciata dal cambiamento climatico. Iniziando con la presentazione del contesto politico internazionale, in particolare della COP21, e delle attività di mitigazione e adattamento, si passa nel vivo del lavoro: se vogliamo rimanere all’interno della soglia limite del +1,5°C, gli investimenti per queste attività devono notevolmente aumentare. Il problema non è dunque solo ambientale, ma anche economico e finanziario e sempre di più investitori, leader politici, istituzioni e il mondo in generale sono consapevoli di questo. Se da un lato il global warming è una minaccia per la nostra società e per le nostre realtà economiche, in ottica invece finanziaria si vedrà che da esso possono emergere delle opportunità di crescita e sviluppo sostenibile sfruttabili attraverso iniziative e strumenti finanziari innovativi (portafogli verdi e green bonds). Si parlerà inoltre dell’importanza di ottenere una maggiore trasparenza e diffusione delle informazioni legate agli impatti ambientali per stimolare gli investimenti “verdi”. L’ultimo capitolo invece concentra l’attenzione sul caso Italia e contestualizza i temi trattati antecedentemente sia sul piano pubblico che privato. Si presenterà quanto svolto da questi due settori e si analizzeranno le opportunità e il mercato italiano dei green bonds.

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Le, Lann Daniel-Wassim. "Four essays on sustainable finance." Electronic Thesis or Diss., Orléans, 2023. http://www.theses.fr/2023ORLE1012.

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Cette thèse contribue au champs de recherche émergeant sur la finance durable. La première partie de la thèse vise à adresser certaines des critiques soulevées par les investisseurs, régulateurs, et autre parties prenantes, sur les notations ESG. Le Chapitre 1 développe ainsi un backtest permettant d'évaluer les notations ESG. Nos applications empiriques indiquent que la qualité de l'information contenue dans ces notations dépend fortement de la localisation des entreprises et du niveau de consensus entre agences de notations. Le Chapitre 2 propose une méthodologie de construction des notations ESG fondée sur l'apprentissage supervisé. La méthodologie a l'avantage important d'éliminer toute confusion sur ce que ces notations mesurent réellement. Nos applications empiriques démontrent son intérêt, mais aussi les limites de l'information contenue dans les rapports RSE pour prédire les controverses ESG. Les résultats de ces deux chapitres soulignent les difficultés considérables liées à l'objectif de bâtir des systèmes de mesure crédibles de la durabilité des organisations. La seconde partie de la thèse adopte une perspective plus large sur le comportement des organisations et les flux d'investissement à l'aune du changement climatique. Le Chapitre 3 examine la réponse stratégique des organisations menacées par l'activisme climatique à travers l'étude d'un mouvement climat initié par des étudiants de grandes écoles menaçant de boycotter les employeurs polluant. Tandis que l'initiative a soulevé des inquiétudes sur la capacité des grandes entreprises à attirer du capital humain hautement qualifié, nous montrons que les entreprises polluantes pourraient, au moins temporairement, atténuer cette difficulté en promettant d'améliorer leur impact environnemental. Le Chapitre 4 examine la capacité de la gouvernance climatique actuelle à ralentir l'extraction de ressources fossiles à travers une étude empirique des flux d'investissement dans le secteur pétrolier. Nos résultats démontrent l'importance des politiques climatiques, mais également les limites d'une gouvernance climatique fragmentée, pour atténuer le changement climatique
This thesis contributes to the burgeoning research field of sustainable finance. The first part of the thesis aims to address some of the criticisms raised by investors, regulators, and stakeholders on ESG ratings. Chapter 1 develops a backtest methodology to evaluate ESG ratings. Our empirical applications indicate that the informativeness of ESG ratings strongly depends on the location of firms' headquarters and the level of consensus among rating agencies. Chapter 2 proposes a new methodology for the production of ESG ratings based on supervised learning. The methodology has the advantage of eliminating any confusion regarding what ESG ratings truly measure. Our empirical applications highlight its usefulness, but also the limitations of using information from sustainability reports to predict corporate irresponsible behavior. The findings of Chapter 1 and Chapter 2 demonstrate the considerable challenges involved in building accurate measurement systems for corporate sustainability. The second part of the thesis takes a broader perspective on organizational behavior and investment flows in the context of climate change. Chapter 3 investigates organizations' strategic responses to the threat of climate activists through a case study of a French elite student climate movement that threatened to boycott polluting employers. While the initiative has raised concerns about the ability of large companies to attract human capital, our findings indicate that polluting firms could, at least temporarily, address this challenge by committing to improve their environmental impact. Chapter 4 examines the capacity of current climate governance to slow down fossil resource extraction through an empirical investigation of investment flows into fossil energy infrastructures. Our results emphasize the importance of climate policy-making, but also the limitations of fragmented climate governance, in effectively mitigating climate change

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Bertrand, Vincent. "The european union emission trading scheme and energy markets : economic and financial analysis." Phd thesis, Université de Franche-Comté, 2012. http://tel.archives-ouvertes.fr/tel-00930886.

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This thesis investigates relationships between the European Union Emission Trading Scheme (EU ETS) and energy markets. A special focus is given to fuel switching, the main shortterm abatement measure within the EU ETS. This consists in substituting Combined Cycle Gas Turbines (CCGTs) for hard-coal plants in off-peak power generation. Thereby coal plants run for shorter periods, which allows power producers to reduce their CO2 emissions. In Chapter 1, we outline different approaches explaining relationships between carbon and energy markets. We also review the literature relating to these issues. Next, we further describe the fuel switching process and, in particular, we analyze the influence of energy and environmental efficiency of thermal power plants (coal and gas) on fuel switching. In Chapter 2, we provide a theoretical analysis that shows how differences in the efficiency of CCGTs can rule interactions between gas and carbon prices. The main result shows that the allowance price becomes more sensitive to the gas price when the level of CO2 emissions increases. In Chapter 3, we examine interactions between carbon, coal, gas and electricity prices in an empirical study. Among the main results, we find that there is a significant link between carbon and gas prices in the long-run equilibrium.In Chapter 4, we analyze the cross-market price discovery process between gas and CO2 markets. We identified in previous chapters that there is a robust significant link between gas and CO2 markets. They are linked commodities, and their prices are affected by the same information. In an empirical analysis, we find that the carbon market is the leader in cross-market price discovery process.

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Webber, Sophie Rachel. "Adaptation ecologies : circuits of climate change finance, policy, and science in the Pacific Islands." Thesis, University of British Columbia, 2015. http://hdl.handle.net/2429/54381.

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In order to address the expected impacts of climate change, international development institutions have instigated adaptation projects and policies. These efforts promise to mitigate anticipated harms in vulnerable-to-climate-change social and ecological systems. This dissertation examines the operation and dissemination of adaptation projects and policies in the context of small island states in the Pacific region. It also explores the important role that the pre-eminent development institution, the World Bank, plays in programming adaptation. The research questions explored here are: i) How do finance, policy and science circulate in the name of adaptation? ii) What do the circulation of finance, policy and science achieve for adaptation in Kiribati and Solomon Islands? and iii) Why is the World Bank invested in adaptation, or what does adaptation do for the World Bank and other developmental actors? In answering these questions, I draw from multi-sited primary fieldwork, participant observation, and documentary analysis: at the World Bank in Washington, DC and Sydney, within the public bureaucracies of Australia, Kiribati, and Solomon Islands, and with regional organizations and development partners in the Pacific region. This dissertation posits the emergence of a Pacific Adaptation Complex. The analytical concept of the Pacific Adaptation Concept recognizes the vast institutional arrangements, configurations of expertise, and project technologies that come together to make adaptation happen. Within the Complex, experimental nodes are key, as are multi-directional flows. Yet, I find that, overwhelmingly, flows and investments for adaptation are dogged by persistent stickiness, and a rhetorical attention to mobility and success that is indifferent to practical outcomes. However, the promise of adaptation finance, policy, and science works through failing development institutions and imaginaries, allowing reinvention in an era of development crisis.
Arts, Faculty of
Geography, Department of
Graduate

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Hart, Craig A. "The private sector's capacity to manage climate risks and finance carbon neutral energy infrastructure." Thesis, Massachusetts Institute of Technology, 2006. http://hdl.handle.net/1721.1/38599.

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Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Political Science, February 2007.
Includes bibliographical references (v. 2, leaves 275-312).
This dissertation examines the financial aspects of climate change relating to the private sector's capacity to manage climate risks and finance carbon neutral energy infrastructure. The dissertation examines (a) potential risks posed by climate change to private sector investment in critical infrastructure, (b) the potential effectiveness of standard private contractual methods for mitigating risks posed by climate change, (c) the capacity of private capital markets to finance carbon neutral energy infrastructure, and (d) the potential for market failure in developing carbon neutral energy infrastructure. The dissertation first identifies climate risks to infrastructure by examining scientific evidence concerning climate change from studies and atmospheric models. Based on this data, it modifies a framework widely used by practitioners in the finance field for purposes of evaluating financial risks in infrastructure projects. Using the modified risk assessment framework, the dissertation identifies financial risks posed by climate change to financing and developing infrastructure. The dissertation then assesses whether these climate risks can be mitigated and managed by employing private contractual methods typically used in infrastructure finance, such as insurance, derivatives, and carbon offsets.
(cont.) Each contract is evaluated based on the following six criteria: (a) scope of risk covered, (b) geographic coverage, (c) contract duration, (d) availability, (e) price, and (f) market capacity. Based on these criteria, the potential for these private contractual methods to address long-term climate change risks is assessed. The evaluation of climate risk and methods to address these risks are similar to the identification, allocation, and mitigation of risks that is commonly preformed by banks and project sponsors in order to evaluate the risks of an infrastructure investment. The conclusion of the dissertation's analysis is that climate risks will pose fundamental problems for infrastructure finance, including that no party may be best positioned to accept and mitigate climate risks, and that private contractual methods typically used by the private sector will be inadequate to address climate risks in a comprehensive and cost-effective manner. If this is true, climate risks should reduce the private sector's willingness or ability to invest in or develop infrastructure. The risk assessment analysis will be supplemented by three case studies focusing on different financial aspects of climate change in sectors of the economy that are critical to developing carbon neutral energy infrastructure:
(cont.) (i) the capacity of capital markets to supply adequate investment capital to develop a portfolio of carbon neutral electricity infrastructure providing 10-15 TW of power within a 50-year period, (ii) the financial effects of increasingly intense storms on the electric utility industry in the Eastern United States from 1990 to 2005, and (iii) the financial effects of the increasing frequency and intensity of natural catastrophic events on the insurance industry from the 1970's to 2005, especially in connection with underwriting risks for energy infrastructure. The research is supported by a survey of the insurance, derivatives, banking, and energy industries with respect to their use of private contractual risk management methods and an examination of the models used to price these contractual instruments. This dissertation is intended to contribute to economic and policy literature concerning climate change by providing an analysis of how the financial aspects of climate change might influence the capacity and willingness of the private sector to invest in carbon neutral energy infrastructure.
by Craig A. Hart.
Ph.D.

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Mundy, Daniel Esteban Cooper. "Sustainable finance and climate change in the context of the insurance sector of Portugal." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20926.

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Mestrado em Actuarial Science
Este estudo visa avaliar os riscos relacionados com as alterações climáticas em diferentes cenários, principalmente os riscos de se tornar num sistema financeiro sustentável, impulsionado pelo acordo de Paris, metas europeias e agendas estratégicas locais. Bem como avaliar a limitação da informação histórica para modelar a materialização das alterações climáticas em Portugal. Além disso, este estudo tem como objetivo oferecer um amplo panorama da revisão da literatura sobre riscos relacionados ao clima sob diferentes perspectivas e estudos. De facto, este estudo tem como objetivo avaliar, a partir de uma estrutura de trabalho harmonizada, a materialização dos riscos relacionados as alterações climáticas, com base em esforços coordenados entre governos, supervisores e bancos centrais. Em particular, a natureza dos riscos relacionados as alterações climáticas abrange ativos e passivos numa seguradora, por esta razão, este estudo apresenta benchmarks para monitorar os diferentes componentes da cadeia de valor de uma seguradora e como esses benchmarks podem interagir com os resultados deste estudo. No geral, este estudo foi desenvolvido sob uma perspectiva combinada, usando teoria financeira moderna, avaliação da disponibilidade das informações, opiniões de especialistas macroeconômicos, modelos macroeconômicos locais, metodologias de avaliação de ativos, ponto de vista da ciência atuarial e o uso de cenários com base de dados público.
This study seeks to evaluate climate-related risks under different scenarios, mainly the risks of turning into a sustainable financial system, driven by the Paris agreement, European targets and local strategic agendas. As well as to evaluate the limitation of the historical information to model the materialization of climate changes in Portugal. Furthermore, this study has the objective to offer a broad overview of literature review on climate-related risks from different perspectives and studies. In fact, this study aims to assess, from a harmonized framework, the materialization of climate-related risks, based on coordinated efforts among governments, supervisors and central banks. In particular, the nature of climate-related risks embraces assets and liabilities in an insurance company, for this reason, this study introduces benchmarks to monitor the different components of an insurer's value chain and how these benchmarks might interact with the findings of this study. Overall, this study was developed under a combined perspective, mixing modern financial theory, information availability assessment, macroeconomic experts' opinions, local macroeconomic models, assets valuation methodologies, actuarial science perspective and scenarios with a widely public database.
info:eu-repo/semantics/publishedVersion

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Chiavuzzo, Francesca <1993&gt. "Climate change impacts on finance: managing one of the biggest threats to the global economy." Master's Degree Thesis, Università Ca' Foscari Venezia, 2018. http://hdl.handle.net/10579/13564.

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Nowadays, the world is facing one of the most critical issue for the world economic stability and trying to procrastinate climate change impacts is no longer acceptable. However, governments have understood that the financial system needs to become sustainable in the long run and that the transition to a low-carbon and green economy may facilitate this change. Therefore, in order to reach this pathway, it is necessary a realignment of the financial system with the Sustainable Development Goals (SDGs). The purpose of this thesis is to underline the critical role played by financial system and international cooperation to achieve the world economy sustainability. It has been analyzed the historical evolution of international climate policies and the development of the concept of climate finance. The Paris Agreement, signed in Paris in December 2015, has been one of the best results achieved in the international agenda. This thesis investigates the development of innovative financial instruments that in recent decades have been introduced in financial markets in order to combine sustainable growth with profitable financial results. It has been investigated how companies have perceived climate change risks and how they have dealt with. Moreover, it analyzes innovation in climate finance and the development of organizations for tracking and studying this phenomenon. Finally, it has been given an insight of the Italian landscape concerning climate finance initiatives and results already achieved according to the agreement made in Paris by developed countries to mobilize jointly USD 100 billion a year in climate finance by 2020.

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Ndebele, Nontokozo. "South African asset manager perceptions on the integration of climate change risks into equity investment decision-making processes." Master's thesis, University of Cape Town, 2015. http://hdl.handle.net/11427/20120.

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The growing interest responsible investing strategies driven by bodies such as the United Nations Principles for Responsible Investing Initiative has resulted in issues such as climate change and its impact on investment portfolios becoming part of the asset management industry discourse. However, the degree to which these issues are perceived by asset managers to be significant has not been expanded upon extensively in literature. This study was undertaken to evaluate South African asset manager perceptions regarding the integration of climate change risks within equity investment decision-making processes. The study was further aimed at providing an understanding of preferred methods of climate change risk integration, where integration does take place, and the perceived barriers to integration within the South African Asset Management industry. To achieve the above-mentioned aims, an online survey of South African asset managers was conducted. The questions in the survey comprised a combination of open ended and closed ended questions with Likert and ranking scales being used. The data which was both quantitative and qualitative in nature was analysed using descriptive statistics and thematic analysis methods involving the identification of trends.

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Muûls, Mirabelle. "The interaction between firms and governments in climate change and international trade." Thesis, London School of Economics and Political Science (University of London), 2007. http://etheses.lse.ac.uk/889/.

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This thesis analyses interactions between firms and governments in climate change and international trade. First, a theory of international agreements on climate change is presented in which governments negotiate targets and firms bear the cost of emission reductions. It analyses the effect on negotiations of investment, on R&D for instance. The public good nature of the problem implies that investment improves the government’s bargaining position. Anticipating this effect on the Nash-bargained outcome will induce firms, surprisingly, to over-invest with respect to the second best. The second chapter explores a different area in which firms and governments interact: trade policy. This chapter analyses the incentives for trade protection in an electoral college setting by constructing a new multi jurisdictional political agency model. The introduction of a spatial factor shows how the distribution of swing voters across decisive, swing states affects trade policy incentives. The empirical analysis introduces a measure of how industries specialise geographically in swing and decisive states by augmenting a benchmark test of the "Protection for Sale" mechanism. The evidence provides support for the theory. A newly-available firm-level panel dataset for Belgium is described in the third chapter, in a bid to understand the patterns in the trade transaction data. The final chapter considers the determinants of firm exporting behaviour, in particular liquidity constraints. A heterogeneous �firms trade model shows how exporters in general, firms exporting to more destinations and to smaller markets, weighted by distance, are less likely to be credit-constrained. Finally, in the presence of liquidity constraints, the impact of exchange rates on trade flows is decomposed. These equilibrium relations hold in the Belgian data, measuring credit constraints with firm-year-level credit scores. This highlights the potential role of governments in determining, through their policies on credit constraints, the patterns of trade and hence productivity levels and overall welfare.

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Charnock, Robert. "Accounting and climate change : the two degrees target and financing the transition to a low-carbon economy." Thesis, London School of Economics and Political Science (University of London), 2016. http://etheses.lse.ac.uk/3434/.

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This thesis investigates the emergence of the long-term climate target to hold the increase in global average temperature below two degrees Celsius above pre-industrial levels. This ‘two degrees target’ is shown to be the product of efforts to embed climate science, ‘cost-effective’ GHG control, and national sovereignty in a long-term climate goal, and that it became a foundation for work to align the financial sector with the transition to a lowcarbon economy. This thesis investigates how this target envisages an apparently simple and manageable future for addressing climate change, and comes to orient the strategies of diverse and distributed actors towards a common vision. The empirical core of this thesis is a participant observation of a United Nations and Greenhouse Gas Protocol standard-setting project, which is supplemented by semi-structured interviews and documentary analysis. This thesis studies four interrelated instruments, the two degrees target, the carbon budget, investment roadmaps and an emergent carbon accounting standard. It focuses on the work involved in assembling and adjusting these instruments, attending to the efforts to produce coherent and stable linkages between ideas of climate governance and the local specifics of the financial sector. This thesis shows how a carbon-constrained future with financial sector implications was envisaged. It also traces how ideas stemming from the two degrees target shifted the development of finance-specific carbon accounting practices away from greenhouse gas data and towards metrics for managing risk and monitoring alignment with investment roadmaps. This thesis, as a whole, contributes to our understanding of carbon accounting as a practice that embeds diverse modes of climate governance and coordinates action across multiple entities. It shows the processes through which an apparently simple vision for addressing climate change began to orient diverse and distributed efforts towards financing the transition to a low-carbon economy.

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Mutimba, Egídio Artur Alfredo. "Using micro-finance services to support climate change adaptation among small-scale farmers : identifying opportunities and challenges in southern Mozambique." Master's thesis, University of Cape Town, 2016. http://hdl.handle.net/11427/20934.

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Microfinance organisations represent a potential opportunity to promote adaptation of smallholder farmers. Without access to credit, this group of farmers has few opportunities to invest in adequate technologies and practices required to respond to climate variability and change. In this context, this study explores how Microfinance Institutions (MFIs) can be capacitated in order to assist smallholder farmers to respond to climate change. The core objective of the study is to identify opportunities and needs to foster smallholders' adaptation through MFIs. The study is informed by a survey involving 13 MFIs operating in Southern Mozambique. This paper finds that although MFIs are aware that climate risks affect their services in regards to a wider rural economy, these organisations do not have explicit policies to deal with climate risks. It also finds that majority of MFIs' managers recognise the potential for mainstreaming climate variability and change into services they provide to smallholders. However, for MFIs to achieve this they will require training of agents in climate related knowledge and adaptation, better access to climate related information, assistance in aspects of planning taking into consideration climate related risks and clear understanding of the benefits of investing in adaptation.

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Gray, Ian P. "Carbon finance, tropical forests and the state : governing international climate risk in the Democratic Republic of Congo." Thesis, Massachusetts Institute of Technology, 2012. http://hdl.handle.net/1721.1/73814.

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Thesis (M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2012.
Cataloged from PDF version of thesis.
Includes bibliographical references (p. 78-83).
This thesis examines how evolving norms of international climate change mitigation are translated into national forest governance policies and land management techniques in the Democratic Republic of Congo (DRC). The development of administrative mechanisms to reduce emissions from deforestation and forest degradation (REDD) become a cultural script through which the institutions of the World Bank and the United Nations Development Program "prepare" the post-colonial state to be a rational producer of avoided forest carbon emissions. The two actions-building the state and stabilizing a commodifiable carbon-occur unconsciously as a process Sheila Jasanoff calls "co-production," a dialectic in which efforts to change the natural order depend on unquestioned ideas about the social order, and visa versa. As this thesis shows, instrumental goals of making carbon governable in a country bearing the heavy legacy of Belgian colonialism and the scars of the largest regional war in recent African history, run a high risk of reproducing embedded inequities found at the local level. The impacts of global climate change are expected to have especially adverse affects on subsistence communities dependent on forest resources for their daily existence. If REDD architecture would live up to its stated goal of also improving livelihoods in the non-Annex I countries of the United Nations Framework Convention on Climate Change, it must engage in a more overtly "coproductionist" politics of carbon management. This means developing overt mechanisms that provide more continuous interactions between different epistemic communities in the domestic REDD countries (international experts, national administrators and local communities), linking local level institutions upward with higher scales of administration in setting the rules for carbon management, as well as strengthening community control of resources so that the decision to participate in the provisioning of global public goods can be made with more autonomy.
by Ian P. Gray.
M.C.P.

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Lee, Hyung. "Analysis of the EU ETS." Thesis, Boston College, 2016. http://hdl.handle.net/2345/bc-ir:107494.

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Thesis advisor: Richard Tresch
As global warming became a more urgent issue, the European Union (EU) nations formed the EU emission trading scheme (EU ETS) to regulate carbon emissions. The EU ETS set upper limits for each EU nation’s carbon emission levels in three distinctive phases to gradually decrease the carbon emission levels to a targeted reduction level by 2020. Throughout the paper, I will focus on how independent variables such as accumulated reserves, allocated allowances, the total outstanding supply of carbon emission rights (CERs) in the market, the demand for CERs, energy consumption, and the required reduction amount by 2020 affect the price of CER and the ratio of verified emissions to the 2020 targeted upper limit
Thesis (BA) — Boston College, 2016
Submitted to: Boston College. College of Arts and Sciences
Discipline: Departmental Honors
Discipline: Economics

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Cavanaugh, Grant. "Direct Climate Markets: the Prospects for Trading Teleconnection Risk." UKnowledge, 2013. http://uknowledge.uky.edu/agecon_etds/16.

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This dissertation provides the analysis necessary to launch the first direct climate markets. Combining statistical modeling with qualitative interviews, I build off of an innovative insurance project to show why and how to start traded markets on indexes of El Niño/La Niña. I provide statistical models of El Niño/La Niña's worldwide economic impacts; a stochastic catalog used to price virtually any risk management contract on El Niño/La Niña, even as new forecasts change traders' expectations; a comprehensive statistical description of the lifecycle of new derivatives showing how the prospects for new derivatives changed fundamentally in the last decade (this work is co-authored by Michael Penick, Senior Economist at the US government's derivatives regulator, the Commodity Futures Trading Commission); and, interviews with risk management professionals at businesses facing El Niño/La Niña risk and financial firms interested in trading that risk. Based on this analysis, I conclude that catastrophe bonds settling on NOAA's Niño 3.4 sea surface temperatures can, and likely will, launch in the near future.

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Aung, The Wint. "Health, climate, and time-use impacts from a carbon-financed cookstove intervention in rural India." Thesis, University of British Columbia, 2016. http://hdl.handle.net/2429/59791.

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Efforts to introduce efficient stoves and cleaner fuels increasingly leverage carbon-finance to scale up dissemination, highlighting climate, health, and livelihood co-benefits. However, actualization of co-benefits has not been evaluated. Two studies were implemented in Karnataka, India where a local organization initiated a Clean Development Mechanism-approved cookstove intervention. A one-year randomized intervention study assigned 187 households in a village to either receive the intervention or continue using traditional stoves, and evaluated fuelwood usage, indoor fine particle mass (PM₂.₅) and absorbance (Abs) levels, and blood pressure (BP) in women ≥ 25 years old (N=222). Forty percent of intervention homes continued using traditional stoves in combination with the intervention stove ("mixed stove"). There were minor and overlapping differences (post- minus pre-intervention change) between control and intervention groups for median (95% CI) fuel use [-0.60 (-1.02, -0.22) vs. -0.52 (-1.07, 0.00) kg day-¹], and 24-hr absorbance [35 (18, 60) vs. 36 (22, 50) x 10-⁶ m-¹]. For 24-hr PM₂.₅ difference, there was a higher increase in control compared to intervention homes [139 (61,229) vs. 73(-6, 156) μg m-³] between the two seasons. The intervention cookstoves partially mitigated the seasonal increase in PM₂.₅ concentrations but resulted in measurements with a higher ratio of absorbance to PM₂.₅ mass compared to traditional stoves. Exclusive use of intervention stove was not associated with significant changes in systolic or diastolic BP. Mixed stove homes were associated with higher SBP in both within-group (post-pre: 4.1 [(95% confidence interval), 0.4, 7.8] mm Hg) and between-group (9.5 [3.7, 15.3]) mm Hg analyses. In a cross-sectional, mixed-method study of households (N=50) in another village, time spent cooking and collecting fuelwood was similar between intervention and traditional stove homes. Women reported using saved time for farm work, household work, and leisure (e.g. rest, spend time with family). Self-reported time spent cooking and collecting fuelwood was overestimated compared to the observed measured time. Absent rigorous evaluations, stove interventions may be pursued that fail to realize expected carbon reductions or anticipated co-benefits. Carbon financing can help move populations in low-income countries towards cleaner cookstoves by supporting field-proven technologies, and aligning with emerging health and climate guidelines.
Science, Faculty of
Resources, Environment and Sustainability (IRES), Institute for
Graduate

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Tongowona, Admire. "The economic evaluation of aquaculture as a climate change adaptation option in fisher communities of Zimbabwe." Master's thesis, University of Cape Town, 2017. http://hdl.handle.net/11427/26940.

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Due to climate change, fisher households who depend on fishing for their livelihood are faced with a number of challenges that include low productivity. There is now an acknowledgement internationally that fishers cannot depend on hunting fish when all other food producing sectors have adapted. How economic and feasible is it for fishers to consider aquaculture in the face of climate change? This dissertation investigates the economic viability of aquaculture as a climate change adaptation option in rural fisher communities of Zimbabwe. The southern lowveld district of Mwenezi was used as a case study in the economic evaluation of pond culture and cage culture as a climate change adaptation strategy from a baseline position. Data was obtained from secondary sources which include the private sector involved in aquaculture, civil society organisations and the fishers practising aquaculture in both Mwenezi and another district, Kariba. The cost benefit analysis method of economic evaluation was used to assess the economic viability of pond and cage culture forms of aquaculture. The net present value, internal rate of return and benefit cost ratio were used as the decision criteria. Two scenarios were considered depending on the type of funding for the initial investment - scenario one was built on donor funding support while scenario two relied on a bank loan with interest for financing. A sensitivity analysis was also performed to determine the extent to which different factors affect the economic viability of both pond and cage culture. Both pond and cage culture were found to be economically viable as climate change adaptation options in fisher communities of Zimbabwe. Cage culture was found to have a higher net present value under both scenarios when compared to pond culture. However, under scenario two, pond culture was found to have a higher internal rate of return and benefit cost ratio. The inconsistencies were due to the variations in the scale of upfront investments between pond and cage culture where the latter requires a higher initial investment. Key factors that affect the viability of aquaculture as an adaptation strategy in Zimbabwe include the market price of fish, the cost of fish feeds and the price of fingerlings. While these factors are primarily economic, there are other factors which may affect the viability such as the increasing frequency of natural disasters.

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Carrettin, Eleonora <1999&gt. "Climate Change, Monetary policies and Financial (In)Stability." Master's Degree Thesis, Università Ca' Foscari Venezia, 2022. http://hdl.handle.net/10579/21833.

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This thesis will be focused on climate changes, how central banks deal with them and the impact of the economy. The first chapter will focus in the following subjects: (1) An introduction about climate change (2) The climate change risks and the impact on the economy (3) Climate change risks, focusing mainly on transition risks and why it's a problem for central banks (4) The tragedy of horizon. In the second chapter the following subjects will be discussed: (1) The climate change influence and problem in different central banks (2) Different worldwide regulations for the future (3) The main risks for the central banks and what they can do (4) Central banks mandate and the goals of climate change (5) Monetary authority and Fiscal authority roles in climate change. The third chapter will focus on the European Central Bank: (1) Introduction on the ECB and programmes available to fight climate change (2) The ECB mandate (3) The monetary authority and the fiscal authority problems in Europe.

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Santos, Mario Roberto dos. "Rela????o entre clima organizacional e desempenho financeiro de empresas : um estudo no contexto brasileiro." FECAP - Faculdade Escola de Com??rcio ??lvares Penteado, 2008. http://132.0.0.61:8080/tede/handle/tede/408.

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Made available in DSpace on 2015-12-03T18:34:59Z (GMT). No. of bitstreams: 1 Mario_Roberto_dos_Santos.pdf: 606915 bytes, checksum: 6ecd7f1542e69fb658c7141f046f4d46 (MD5) Previous issue date: 2008-04-29
The relation between the organizational climate and the financial performance has been studied by several researchers who have emphasized that there could be reciprocity between the organizational climate and the enterprise performance. The purpose of this study is to investigate if the Brazilian enterprises that reached the highest rates of work satisfaction, demonstrated by theirs employees and expressed by their organizational climate, have also demonstrated the best indicators of financial performance. In order to accomplish this purpose, a research was made about the financial indicators of the enterprises that have presented the highest indices of organizational climate in the years of 2004, 2005 and 2006 and were classified by the Guide VOC?? S/A - EXAME, published by EDITORA ABRIL. This research has only included the enterprises that are mentioned in that magazine list as well as in the list "Melhores e Maiores da Revista EXAME", which present the best and the biggest Brazilian enterprises, according to this magazine. In this context, forty enterprises were selected from which twenty were classified by the Guide VOC?? S/A-EXAME, being among the first ten enterprises in the years 2004, 2005 e 2006 and they were compared with twenty other enterprises which were part of that guide. An study was done to determine if the enterprise participation in that magazine list, showing a high value index would result in a better financial performance. For this purpose, the following indicators were used: Rate of Return on Total Assets, Return on Equity, Net Margin, Operating Margin, Sales Growth, Asset Turnover and the Active Sales per Employee. These index values were obtained from the database " Melhores e Maiores da FIPECAFI". The statistical tests of Shapiro Wilks were applied firstly. Afterwards, the Mann-Whitney??s or the test "t" and the multidimensional scaling were also applied. Then it was concluded that there was no strong relationship between the organizational climate and the financial performance
A rela????o entre clima organizacional e desempenho financeiro tem sido examinada por v??rios pesquisadores, enfatizando-se que poderia haver reciprocidade entre clima organizacional e desempenho empresarial. O objetivo deste estudo foi analisar se entre as empresas brasileiras que possuem os maiores ??ndices de satisfa????o no trabalho pelos empregados, expresso atrav??s do clima organizacional, tamb??m apresentaram melhores indicadores de desempenho financeiro. Foi realizada uma pesquisa dos indicadores financeiros das empresas que est??o classificadas pelo Guia VOC?? S/A-EXAME da Editora ABRIL com os maiores ??ndices de clima organizacional nos anos de 2004, 2005 e 2006. A pesquisa foi limitada ??s empresas que est??o presentes na lista da revista e que tamb??m fazem parte da rela????o das Melhores e Maiores da revista EXAME e, nesse contexto, foram selecionadas quarenta companhias, isto ??, vinte empresas classificadas entre as dez primeiras do Guia VOCE S/A-EXAME nos anos 2004, 2005 e 2006 e comparadas com outras vinte empresas e que tamb??m fazem parte do Guia. Foi verificado se a participa????o na lista da revista com um valor alto no ??ndice acarreta um melhor desempenho financeiro da empresa. Para tanto foram utilizados os indicadores: Taxa de Retorno sobre o Ativo Total, Retorno sobre o Patrim??nio L??quido, Margem l??quida, Margem Operacional, Crescimento de Vendas, Giro do Ativo e Vendas por Empregado. Os valores dos indicadores foram obtidos em pesquisa na base de dados Melhores e Maiores da FIPECAFI. Foram utilizados os testes estat??sticos de Shapiro Wilks, teste t ou Mann-Whitney e posteriormente o escalonamento multidimensional. Chegou-se a conclus??o que n??o h?? uma forte rela????o entre clima organizacional e desempenho financeiro.

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Lejdfelt, Lucas, and Felix Sandquist. "Framtiden för gröna obligationer : En studie kring investerares perspektiv och produktens betydelse för en hållbar omställning." Thesis, KTH, Fastigheter och byggande, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-276699.

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I takt med att klimatrelaterade problem blivit allt mer påtagliga har ett flertal internationella samarbeten och handlingsplaner presenterats, däribland Parisavtalet och EU kommissionens handlingsplan för finansiering av hållbar tillväxt. Studier i ämnet har visat att finans- och fastighetsmarknaden utgör en betydande roll i att uppnå den hållbara omställning som eftersträvas i dessa initiativ. För att möjliggöra detta anses gröna obligationer vara ett centralt verktyg i vägen framåt, men produkten bedöms bristfällig och kräver förändringar för att uppnå dess fulla potential. Gröna obligationer introducerades 2008 och med grund i produktens jämförelsevis korta existens, föreligger en viss oro kring marknadens transparens och legitimitet. Genom att analysera perspektivet hos dagens investerare och undersöka effekten av externa granskningar, syftar denna studie till att identifiera otillräckliga marknadssegment där vidare utveckling kan bidra till att attrahera fler investerare. Denna studie har genomförts med en kvalitativ metod bestående av såväl litteraturstudier som semistrukturerade intervjuer med svenska bolag som investerar i gröna obligationer. Resultaten visade att investerare inte skiljer på avkastningskraven för gröna och konventionella obligationer. Majoriteten av respondenterna ansåg också att marknaden har stor utvecklingspotential där ökad transparens och tydligare definitioner urskilde sig. Genom att studera effekten av externa granskningar har denna studie även identifierat intressekonflikter hos tredjepartsverifierare. Med hjälp av striktare regleringar kan externa verifieringar bidra till ökad legitimitet och således attrahera ett större antal investerare, vilket i förlängningen kan bli avgörande för att uppnå Parisavtalets klimatmål.
As the number of problems regarding climate change has surged, many initiatives have taken place on international level. The Paris Agreement and the European Commission action plan for financing sustainable growth comprise the key endeavors in achieving international climate objectives. Studies have shown that financial and real estate markets will play a significant role in transitioning the world economy towards a sustainable future. In order to do so, green bonds have been identified as a key mechanism, but the product requires substantial development to unlock its full potential. Green bonds are defined, similarly to conventional bonds, as a interest bearing debt instrument, but with the requirement that the use of proceeds contribute to a climate positive project. Because of its recent introduction in 2008, some investors are concerned whether the market is legitimate or not. By analyzing the current investor perspective and examining the effect of external verifications, this study aims to identify insufficient market elements which can be improved and thereby attract more investors. This study has been carried out using a qualitative method consisting of literature studies as well as semi structured interviews with Swedish corporations which invest in the green bond market. The results showed that investors do not differentiate green and conventional bonds regarding yield requirements. The majority also expressed that green bonds have great potential for improvement where increased transparency and distinct definitions stood out. Furthermore, by studying external verifications, this study has identified issues of interest conflict in Third Party Verifiers which improvement is concluded to be pivotal in boosting investor reliance and accessing further investments.

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Trabacchi, Maria Chiara <1980&gt. "Driving private investments in climate-resilient development : the role of the public sector." Doctoral thesis, Università Ca' Foscari Venezia, 2014. http://hdl.handle.net/10579/5592.

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Significant investments are required to set developing countries on climate-resilient development pathways. Private sector action towards this end is critical and increasingly emphasized in international political debates. Yet, empirical evidence on current levels of international investments in adaptation measures – “adaptation finance” – and on private engagement is lacking. To advance knowledge on these topics this thesis uses a multi-method approach to: - Map and characterize relevant investment flows, identifying possible avenues through which public intervention can encourage private investments (Chapter 1) - Quantify and evaluate international adaptation finance (Chapter 2) - Provide empirical evidence on the funding strategies that the public sector can use to stimulate private action (Chapter 3 & 4) - Asses the role of Development Finance Institutions in supporting the private sector to identify climate change risks and response measures. The thesis‘ overarching conclusion is that while public finance institutions can have a catalyzing role, national enabling environment are key to create the market conditions for private adaptation.

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Paliampelou, Ifigeneia <1993&gt. "Constructing a climate change bank risk (CCBRω) index for the Italian banking system." Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/16528.

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Climate change is emerging as systemic risk with domino effects throughout the global banking system and economy. This study formulates a climate-change bank risk index (CCBRω) for the Italian banking system, with a probability-like mathematical framework limited to a range of 0 to 1, where 0% is no risk and 100% is certain risk. This index calculates climate-change transitional risk for a selected financial intermediary (SFI) by incorporating three types of factors: (i) the sum of green equities (Sgreen), (ii) the sum of brown equities (Sbrown) of a SFI in green and/or a brown company, (iii) and a mean default probability for green (GRCSω) and brown (BRCSω) companies inferred to a SFI with interval (0,1) and p ̅κ the mean probability of a set of twelve climate change risk factors (CCRF) κ, with interval (0,1). Financial data extracted from Bureau Van Dijk Orbis database for the year 2018 have been imported into a database management system (DBMS) to calculate the CCBRω index. This study concludes as follows for a banking transitional risk of a sample of 268 SFI with threshold at 5% to differentiate between Ho (ω-nth SFI without risk of default) and H1 (ω-nth SFI without risk of default): all top 30 SFI out of 268 SFI have a CCBRω index value above 5% varying with range CCBRω=7.12-15.68% and bottom 30 SFI out of 268 SFI have a CCBRω index value below 5% with range CCBRω = 0.55-3.38%. The biggest seven Italian banks of the 268 SFI sample have a CCBRω index value below 5%, apart from INTESA SANPAOLO with CCBRω=12.48%. Furthermore, the green and brown classification of results concludes that the CCBRω index for 30 SFI most exposed to the green sector with range CCBRω=15.68-4.13% indicates low risk, as nine SFI have CCBRω index below 5%. However, the CCBRω index for the 30 SFI most exposed to the brown sector with range CCBRω=14.35-5.61%, indicates high risk as all SFI indicate a CCBRω index above 5%. The 30 SFI most exposed to the green sector are all financial companies apart from one Italian commercial bank, while nine out of the 30 SFI most exposed to the brown sector are Italian commercial banks. Finally, the CCBRω index indicates higher risk for the 30 SFI least exposed to the green sector with range CCBRω = 0.7%-4.13%, and considerably lower risk for the 30 SFI least exposed to the brown sector with range CCBRω = 0.55-3.38%, which reflects that SFI have more appetite for a minimum green risk exposure than a minimum brown risk exposure. The 30 SFI least exposed to the green sector are all financial companies apart from one of the biggest Italian banks BANCA MONTE DEI PASCHI DI SIENA SPA with CCBRω =3.85%. Conversely, eight out of the 30 SFI least exposed to the brown sector are commercial banks including two of the biggest Italian banks UNICREDIT SPA and FINECOBANK BANCA FINECO SPA with CCBRω =0.71%.

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Queen, Irene T. "Green Bonds and Climate Change: State of the Art or Artful Dodge?" Miami University / OhioLINK, 2016. http://rave.ohiolink.edu/etdc/view?acc_num=miami1470352085.

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Rousset, Nathalie. "Economie du changement climatique : des politiques d'atténuation aux politiques d'adaptation." Phd thesis, Université de Grenoble, 2012. http://tel.archives-ouvertes.fr/tel-00768342.

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Cette thèse a pour objet les politiques d'adaptation au changement climatique. Il est montré que la Convention-cadre sur le changement climatique (1992), ainsi que la construction des stratégies de réponse, sont caractéristiques d'une approche pollutioniste. Cette approche a conduit à appréhender la question du changement climatique comme un problème classique de pollution et d'environnement. Il en est résulté un double biais en défaveur de l'adaptation par rapport aux politiques d'atténuation : l'adaptation a été confinée dans un rôle secondaire et marginal dans la structuration des politiques, avec un cadre conceptuel et méthodologique inopérationnel pour sa mise en oeuvre. La thèse propose une déconstruction de cette conception du changement climatique ; les limites majeures qui caractérisent les politiques d'atténuation remettant par ailleurs en cause la prépondérance qui leur a été accordée. La déconstruction de cette approche pollutioniste permet tout d'abord de montrer que la définition et l'opérationnalisation de stratégies d'adaptation efficaces nécessitent de dépasser (i) le cadre analytique standard des politiques climatiques et, (ii) la conception du changement climatique comme une question de pollution classique et de gestion de l'environnement. Il est alors soutenu que l'adaptation doit être inscrite dans la promotion du développement, c'est-à-dire qu'elle doit être appréhendée non plus dans une problématique de gestion ad hoc des effets d'une pollution mais dans une problématique de développement. Que ce soit dans le contexte propre aux politiques d'adaptation, ou plus largement dans celui des politiques climatiques, la thèse laisse cependant ouverte les questions relatives à la viabilité et aux modalités d'organisation et de financement d'un régime climat inscrit dans la promotion du développement.

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Chirambo, Dumisani [Verfasser], Eike [Gutachter] Albrecht, and Bachar [Gutachter] Ibrahim. "Enhancing renewable energy deployment in Malawi through climate finance instruments: policy challenges and prospects / Dumisani Chirambo ; Gutachter: Eike Albrecht, Bachar Ibrahim." Cottbus : BTU Cottbus - Senftenberg, 2017. http://d-nb.info/1150705531/34.

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Chirambo, Dumisani Verfasser], Eike [Gutachter] [Albrecht, and Bachar [Gutachter] Ibrahim. "Enhancing renewable energy deployment in Malawi through climate finance instruments: policy challenges and prospects / Dumisani Chirambo ; Gutachter: Eike Albrecht, Bachar Ibrahim." Cottbus : BTU Cottbus - Senftenberg, 2017. http://nbn-resolving.de/urn:nbn:de:kobv:co1-opus4-43952.

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Colusso, Alberto <1995&gt. "Climate change : analisi e gestione del rischio climatico per le imprese venete." Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/16649.

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L’obiettivo della tesi è affrontare il tema del cambiamento climatico e gli effetti finanziari che ne derivano, analizzando la percezione e la gestione del rischio delle imprese collocate nelle zone più vulnerabili ad eventi atmosferici di natura straordinaria. In una prima parte teorica verranno descritti i principali rischi climatici. Lo studio si baserà sull’utilizzo degli indicatori di clima, attraverso una loro analisi verranno esposte le variazioni, le anomalie ed il trend registrato nell’ultimo trentennio a livello nazionale. Successivamente verranno illustrati i rischi per le imprese correlati al verificarsi di fenomeni naturali estremi. La classificazione si suddivide in due tipologie di rischio: rischio fisico e rischio di transizione. Il primo, legato alla diretta conseguenza dell’evento atmosferico, dato ad esempio dal danneggiamento dei capitali, dall’indebitamento ed il peggioramento della situazione finanziaria. Il secondo invece è relativo ad un rischio indiretto che viene assunto nel momento in cui l’impresa intraprende scelte atte a mitigare e ridurre l’effetto dei cambiamenti, ad esempio l’adozione di best practise per la riduzione di emissioni di anidride carbonica. Nella seconda parte verrà analizzata come area di interesse la Regione Veneto mediante uno studio del territorio, delle principali criticità legate al rischio idrogeologico e agli impatti che esso genera sulla rete economica. Verranno esposti due casi di eventi di natura straordinari accaduti nella Regione: • L’alluvione del Veneto (2010) • Tempesta Vaja (2018) L’obiettivo dello scrivente è, attraverso un test empirico con l’elaborazione di un questionario, intervistare una selezione di aziende collocate in zone vulnerabili della Regione, effettuando una analisi sia di carattere qualitativo che quantitativo, al fine di dimostrare l’effettiva validità e i migliori strumenti di copertura per il rischio climatico. L’analisi qualitativa si baserà su percezione e sensibilità al rischio, conoscenza e disponibilità ad adottare forme di copertura. L’analisi quantitativa, invece, attraverso i dati raccolti, esporrà un confronto, per dimostrare le principali differenze in termini di indebitamento e crescita (analisi flussi) tra imprese che adoperano coperture ed aziende totalmente esposte. In ultima parte verranno illustrati e commentati i risultati ottenuti, discutendo la convenienza e le problematiche legate all’utilizzo di strumenti di copertura per eventi catastrofici indicando possibili alternative per incentivare ad aggiungere il rischio climatico all’interno dei sistemi di gestione del rischio aziendali.

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Rossitto, Nicolo' <1995&gt. "Green Bonds: an alternative source of financing in the Era of Climate Change." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/18879.

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Climate change is one of the greatest challenges of modern society. From the first studies at the end of the 19th century up to the consequences of the Covid-19 pandemic, it has been increasingly clear that global warming will influence our way of life from a social, economic and financial point of view. The studies carried out during the recent years clearly demonstrate the dangers and costs of a possible lack of action to limit CO2 emissions into the atmosphere and, in the same way, show the benefits that would result, in the long term, from the halving of emissions. In this context, the Paris Agreement appears to be the cornerstone of the fight against climate change, with which the signatory States set the objective of limiting the increase of 1.5 °C in global temperature, compared to pre-industrial levels. In order to achieve this objective, the investments and the financial markets play a key role. The necessary investments will have to be increasingly substantial and the creation of new financial instruments to stimulate the energy transaction is a concrete way of combating global warming. This is what climate finance is about, defined by UNFCCC (United Nations Framework Convention on Climate Change) as “local, national, or transnational financing - drawn from public, private, and alternative sources of financing - that seeks to support mitigation and adaptation actions that will address climate change.” Therefore, the role of the actors of the climate finance – from the public actors that must necessarily be the guide against climate change, to the private actors that must be encouraged to invest in “green” projects making sustainable not only the environment around us but also the financial markets – is fundamental. A global sustainable future is closely linked to the future of the energy sector, which will be studied in this thesis in a deeper way than other sectors. The transition from the use of high-carbon energy sources to the energy production from renewable sources, such as photovoltaic, wind and hydroelectric, is a first step towards a sustainable future. In such a context, climate finance may play a key role, proposing innovative financial instruments that foster investments in a "green" direction. In particular, the Green Bonds represent an alternative financing instrument to the classic sources of financing. Initially issued by supranational financial institutions, in recent years there has been an exponential growth in the use of this instrument, driven by climate agreements and by the increasing sensitivity of international organizations to the environmental sustainability issue. In lights of this, the aim of this thesis is to study climate change and climate finance, analyzing the Green Bonds as an alternative financial instrument with respect to more classical methods. In particular how, in the field of renewable energy, the issue of a Green Bond can be a valid alternative to Project Financing, an instrument certainly better known and more used in the last decades. The thesis begins by describing the risks of climate change (Chapter 1) and then focuses on the role of climate finance, studying in depth the public and private actors and the tools used to combat climate change (Chapter 2). Green Bonds will be then analyzed, from the first issues to the exponential growth in recent years, studying the risks and benefits of this innovative tool (Chapter 3). The last part (Chapter 4) will be dedicated to the comparison between the issuance of Green Bonds and Project Finance. To pursue this goal, a case study will be proposed, where it will be analyzed, with a financial model, how the issue of a Green Bond could be a valid alternative in the renewable energy sector in the Italian market.

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Ng'ombe, Chikondi Dalitso. "Analysis and management of risks in a foreign investment climate : foreign companies operating in Malawi." Thesis, Stellenbosch : University of Stellenbosch, 2009. http://hdl.handle.net/10019.1/1029.

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Thesis (MDF (Business Management))--University of Stellenbosch, 2009.
ENGLISH ABSTRACT: The risk of operating in a foreign investment climate is a subject of interest to most investors looking for opportunities to expand their international footprint. There are many organisations that provide risk assessments of the levels of threat of specific risks in foreign countries. However, most focus on political or what is commonly known as country risk or they provide a summary of ranking providing a comparison of different countries’ investment climate attractiveness. The make-up of the variables used in coming up with the ranking or a view on a particular country do not usually provide a level of detail that allows an analyst to understand the qualitative issues that give a country a particular rating assessment or ranking. This research has tried to address this gap by coming up with a detailed qualitative model that provides understanding of the key sources of information required for each major category of risk. The research also attempts to integrate as many aspects of the business environment that could affect a country. A particular case of Malawi has been chosen to demonstrate the level detail and understanding the investors need to reach before making a decision on whether to invest in a country. The research focuses on three major areas. The first is to provide a good understanding of what is currently available for analysts to use in determining risk factors of a particular environment or risk category. The second is to illustrate the uses and limitations of the options available in the form of assessment reports or assessment models. The third is to develop a model and demonstrate its use in the context of Malawi’s investment climate.
AFRIKAANSE OPSOMMING: Die meeste van die beleggers op soek na geleenthede om hul internasionale voetspoor uit te brei, stel ook in die risiko belang wat besigheid in ’n buitelandse beleggingsklimaat inhou. Talle organisasies verskaf risiko-assesserings van die bedreigingsvlakke van spesifieke risiko’s in die buiteland. Die meeste van hulle kyk egter na politieke of landspesifieke risiko’s of hulle verskaf ’n opsomming waarin die ranglysposisies van die aanloklikheid van verskillende lande se beleggingsklimate vergelyk word. Die samestelling van die veranderlikes in hierdie ranglysposisies of oorsig van ’n spesifieke land verskaf gewoonlik nie voldoende detail aan die ontleder om die kwalitatiewe kwessies te verstaan wat aan ’n land ’n spesifieke assessering of ranglysposisie gee nie. Hierdie navorsing fokus op hierdie gaping deur ’n breedvoerige kwalitatiewe model te verskaf vir ’n beter begrip van die vernaamste inligtingsbronne wat vir elke groot risikokategorie vereis word. Hierdie navorsing poog ook om soveel aspekte van die sakeomgewing te integreer wat ’n land kan beïnvloed. Die spesifieke geval van Malawi is gekies om die vlak van detail en begrip te demonstreer wat beleggers nodig het voordat hulle ’n beleggingsbesluit ten opsigte van ’n land kan neem. Die navorsing lê op drie belangrike areas klem. Die eerste is om ’n goeie begrip te bied van die inligting wat tans aan ontleders beskikbaar is om die risikofaktore van ’n spesifieke omgewing of risikokategorie te bepaal. Die tweede is om die gebruike en beperkings te illustreer van die opsies wat in die vorm van assesseringsverslae of assesseringsmodelle beskikbaar is. Die derde is om ’n model te ontwikkel en die gebruik daarvan in die konteks van Malawi se beleggingsklimaat te demonstreer.

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Dissertations / Theses on the topic 'Finance Climat'

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