• Analysing the impact of renewables on Iberian wholesale electricity market prices using machine learning techniques

  Cristina Ballester; Dolores Furió (AIMS Press, 2024-06-01)

  The integration of renewable generation sources into wholesale electricity markets is expected to reduce day-ahead marginal prices. This effect has been widely evidenced by previous literature and is commonly referred to as the merit order effect. However, the factors influencing the components of final prices, other than the day-ahead market price, have not been subjected to as much study. Nevertheless, they may prove crucial in understanding the dynamics between the interrelated trading segments in the wholesale electricity market. Furthermore, in the context of the energy transition process, the penetration of intermittent renewable energy sources (mainly wind and solar photovoltaic) and the non-storability of electricity at a large scale may result in increased market balancing needs and costs. The objective of this study was to identify the primary drivers of final wholesale electricity prices in the Iberian electricity market, apart from the day-ahead market price, using machine learning techniques. The results indicate that the share of renewable generation in the day-ahead market is a significant factor influencing both the cost of managing technical constraints, which aims to address network capacity issues, and the cost of managing balancing processes and resolving adjustment issues by the TSO. However, both of these costs can be readily accommodated by the market, as they represent a minimal percentage of the final price. These findings are of interest to both practitioners and regulators, as they provide a better understanding of the functioning of the market and have implications for the restructuring of the market towards a more sustainable and competitive electricity system.
• Why corporate social responsibility should be recognized as an integral stream of international corporate governance

  Karen Paul (AIMS Press, 2024-06-01)

  This paper reviews the existing corporate social responsibility (CSR) content in the field of international corporate governance (ICG) and suggests specific lines of potential integration of existing theory and research on topics such as green finance, sustainability, and bottom-of-the-pyramid studies. The approach began with an extensive review of the literature in ICG culminating in a review by Aguilera et al. (2019) in which three streams of ICG research were identified. Examples of existing elements of CSR were subsumed in these dimensions, and an argument was made for more integration. CSR was not an important part of international business theory and research in the early days of the field. However, sufficient research exists now in CSR and of CSR topics in the field of international business to justify that CSR should be recognized as an important stream in ICG. This integration would be beneficial since calling attention to the development of theory and research and data availability in CSR can inform international business (IB) and ICG researchers and enable them to tackle previously under-researched issues from other disciplines and areas of the world.
• Pioneering paradigms: unraveling niche opportunities in green finance through bibliometric analysis of nation brands and brand culture

  Vitor Miguel Ribeiro (AIMS Press, 2024-06-01)

  This study reviews the literature focused on nation brands and brand culture through the innovative combination of latent Dirichlet allocation with a multinomial and unordered discrete choice analysis. Unlike a narrow perspective of bibliometric work, which confines itself to reviewing existing literature within a specific research domain, a broader viewpoint leverages bibliometric analysis to pinpoint potential research opportunities indicative of emerging trends in related fields. Adopting this comprehensive paradigm, the current study scrutinizes 60 articles spanning the timeframe from 1992 to 2021. The analysis discerns six prospective marketing strategies instrumental in propelling a country to global brand prominence: the synergistic integration of country-of-origin and city brands, consumption branding, materialistic branding, green branding, ideological branding, and scientific branding. Notably, environmental branding has assumed a pivotal global role post–2015, while ideological branding represents a more recent trend centered on diligent efforts to invigorate national identity systems. Empirical insights underscore the need of a multidisciplinary approach in the creation of nation brands, suggesting that distinct strategies need not be mutually exclusive. Quantitatively, it is found evidence that covering one additional environmental topic in a study increases (decreases) its likelihood of belonging to the consumption (ideology) cluster by 50.8 (50.6) percentage points, respectively. Strategic recommendations for future national endeavors emphasize the significance of becoming a Stackelberg leader in the race to generate added value. Collectively, these findings underscore that the bibliometric analysis employed to elucidate the evolution of nation brands and brand culture, typically associated with international marketing, unveils two promising niche areas for future research in green finance: green nation brands and green brand culture. The former pertains to asset allocations within green enterprises and environmental sectors, enhancing a country's symbolic commitment to the burgeoning green paradigm. Meanwhile, the later delves into the internalization of fintech development's growth and intermediary effects, fostering green innovation, energy efficiency, and green supply chains. This bottom-up approach is geared towards meeting community-based needs and presents valuable avenues for future exploration in the field of green finance.
• Green finance for mitigating greenhouse gases and promoting renewable energy development: Case study in Taiwan

  Wen-Tien Tsai (AIMS Press, 2024-05-01)

  In recent years, the tools of green finance have evolved to foster green economic growth like renewable energy and climate change mitigation. Taking a case study of Taiwan not yet reviewed in the literature, the present study aimed to conduct a preliminary analysis for exploring the amazing growth in renewable energy over the past fifteen years (2010–2023) in connection with the achievements of green finance promotion over the past five years (2018–2022). The updated database was accessed on the websites of Taiwan's competent authorities. This work was divided into the following main parts: Taiwan's carbon neutrality policy and sustainable development goals (SDGs) relevant to green finance, the regulatory promotion for green finance action plans in Taiwan, and the status of green finance measures and achievements in Taiwan. The findings supported the idea that the implications of green policies for unlocking green finance and green investment significantly enhanced a positive influence on green energy industry development in Taiwan. In this regard, it showed the amazing growth of renewable energy generation, particularly in solar photovoltaics (PV) power and offshore wind power, since 2010. These findings were similar to those in Asian countries like China and Japan. Responding to Taiwan's SDGs policy by 2030 and the net-zero emissions in 2050, aspects relevant to climate change mitigation and adaptation were investigated in order to focus on the use of green finance tools.
• The causation dilemma in ESG research

  Zach Williams; Heather Apollonio (AIMS Press, 2024-05-01)

  The ESG literature suggests that the relationship between a firm's environmental, social, and governance (ESG) performance and a firm's financial performance is positive, but the causal link between these two variables is ambiguous. The results in this study mirrored that sentiment of the ESG literature; thus, the purpose of this article is to frame the causal ambiguity in ESG research that accounts for ambiguous conclusions in ESG literature. This study found that firms with complete Bloomberg ESG ratings had higher abnormal returns than firms without complete ESG ratings, but the actual rating did not correlate with abnormal returns. Similarly, this study found that firms with higher ESG disclosure scores (regardless of whether the disclosures were good or bad) were associated with higher abnormal returns, which further illustrates the ambiguity and suggests transparency as a clarifying factor. While much of the literature notes challenges in ESG research, this study is one of the first that frames the confusing causal link between ESG performance and financial performance as the key conclusion of the study.
• The impact of ESG performance on the credit risk of listed companies in Shanghai and Shenzhen stock exchanges

  Mengze Wu; Dejun Xie (AIMS Press, 2024-04-01)

  A more precise and rigorous assessment of the impact of environmental, social, and governance (ESG) performance in business necessitates evaluating various firm characteristics. This study, focused on the ESG impact on enterprise credit risk, employed logistic models that incorporated the ESG rating index alongside other financial-related factors, including organizational structure, risk, and performance. The data were selected from all related listing companies in the Shanghai and Shenzhen stock exchanges. The results affirmed that (1) the risk of default decreased with improved ESG performance; (2) the return on assets, asset turnover ratio, leverage ratio, and operating income growth rate were the main financial factors affecting the default probability of enterprises; and (3) including ESG variables in the prediction model significantly improved the prediction accuracy of the model. The potential policy implications are presented in three perspectives. Businesses should prioritize developing good governance, fulfilling social obligations, and protecting the environment. Second, investors should integrate ESG ratings when making investment strategies. Third, the regulatory authorities are recommended to rapidly harmonize the ESG rating criteria and gradually develop the enterprise ESG information disclosure framework.
• A portfolio selection using the intuitionistic fuzzy analytic hierarchy process: A case study of the Tehran Stock Exchange

  Soheila Senfi; Reza Sheikh; Shib Sankar Sana (AIMS Press, 2024-04-01)

  In today's economic world, due to the growth of the capital market, the importance for people to invest has increased. The most important concern for investors is choosing the best portfolio for investment. For complex decisions in which the decision maker is ambiguous, such as portfolio selection, using the multi-criteria decision making (MCDM) technique to prioritize options and decide on the optimal choice is the best solution. In this research, a generalization of this method utilizing the intuitionistic fuzzy analytic hierarchy process (IFAHP) was discussed. Considering the importance of this topic in today's economy, the purpose of this research was to describe and apply the new integrated technique of IFAHP for ranking the portfolio of companies admitted to the Tehran Stock Exchange. For this purpose, using the statistics published by the Tehran Stock Exchange, six companies including Jabra Ben Hayyan, Kaghazsazi Kaveh, Laabiran, Daro Luqman, Pashme Shishe Iran, and Bourse Kala Iran were examined. These companies were the best options for investment according to the charts and indices of the stock exchange at the time of our research. Finally, using the technique mentioned above, we described the evaluation and ranking of portfolios for confident and efficient decision -making.
• Fiscal policy promotes corporate green credit: Experience from the construction of energy conservation and emission reduction demonstration cities in China

  Yangyang Cheng; Zhenhuan Xu (AIMS Press, 2024-01-01)

  Using a quasi-natural experiment of the staggered construction of energy conservation and emission reduction (ECER) demonstration cities in China, this paper explores the impact of fiscal policy on green credit (GC) for listed enterprises. The main findings are the following: (1) The ECER demonstration cities policy significantly improves enterprise GC. This conclusion remains robust after considering the heterogeneous treatment effects. (2) By extending the estimation period beyond the policy withdrawal, we use the difference-in-differences designs with multiple groups and periods (DIDM) estimator to compute the average treatment effect of policy switches. The results show that the intervention effect still exists after the policy withdrawal. (3) Direct cash subsidies, corporate green spending, and external financing constraints are the main mechanisms through which the ECER demonstration cities policy works. (4) The effects of the ECER demonstration cities policy are heterogeneous at the batch, urban, industry, and corporate levels. This paper explores the role of fiscal policy on enterprise green financing. The findings provide theoretical and empirical insights for leveraging fiscal tools to enhance environmental governance.
• FinTech in sustainable banking: An integrated systematic literature review and future research agenda with a TCCM framework

  Md. Shahinur Rahman; Iqbal Hossain Moral; Md. Abdul Kaium; Gertrude Arpa Sarker; Israt Zahan; Gazi Md. Shakhawat Hossain; Md Abdul Mannan Khan (AIMS Press, 2024-03-01)

  Academic interest in understanding the role of financial technology (FinTech) in sustainable development has grown exponentially in recent years. Many studies have highlighted the context, yet no reviews have explored the integration of FinTech and sustainability through the lens of the banking aspect. Therefore, this study sheds light on the literature trends associated with FinTech and sustainable banking using an integrated bibliometric and systematic literature review (SLR). The bibliometric analysis explored publication trends, keyword analysis, top publisher, and author analysis. With the SLR approach, we pondered the theory-context-characteristics-methods (TCCM) framework with 44 articles published from 2002 to 2023. The findings presented a substantial nexus between FinTech and sustainable banking, showing an incremental interest among global scholars. We also provided a comprehensive finding regarding the dominant theories (i.e., technology acceptance model and autoregressive distributed lag model), specific contexts (i.e., industries and countries), characteristics (i.e., independent, dependent, moderating, and mediating variables), and methods (i.e., research approaches and tools). This review is the first to identify the less explored tie between FinTech and sustainable banking. The findings may help policymakers, banking service providers, and academicians understand the necessity of FinTech in sustainable banking. The future research agenda of this review will also facilitate future researchers to explore the research domain to find new insights.
• A critical review of the impact of uncertainties on green bonds

  Samuel Asante Gyamerah; Clement Asare (AIMS Press, 2024-02-01)

  Green bonds are relatively new in the financial market compared to other financial securities but are useful in financing environmentally friendly projects. Just like other financial securities, green bonds are affected by various factors, such as economic policy uncertainty. Our aim of this paper was to conduct a systematic literature review of the impact of economic policy uncertainty on green bonds. We sought to do a thorough analysis of the existing literature on the assessment of the impact of economic policy uncertainty on green bonds and the techniques used in assessing the impact. Our findings showed that economic policy uncertainty had a strong impact on the green bond, with its intensity varying by location. This impact tended to be more pronounced in periods of heightened uncertainty. Also, our findings highlighted that the assessment of the impact of economic policy uncertainty on green bonds gained popularity in 2019, with China emerging as a prominent contributor. However, other countries, such as Finland, even though they had few published papers, their citations signified the production of quality papers in this field. Additionally, we found that the application of the quantile analysis method was utilized by many recent studies, which signified its importance in this field. Our findings highlighted the importance of considering appropriate techniques in assessing the impact of economic policy uncertainty on green bonds while taking into account the paper quality.
• The corporate entrepreneurial and innovation processes for business sustainability: A critical overview and conceptual process model development

  Olli Tammekivi; Tõnis Mets; Mervi Raudsaar (AIMS Press, 2024-02-01)

  Entrepreneurship is a process that transpires over time. Every entrepreneurial journey is a unique process that is difficult to replicate in the exact way it happened. Entrepreneurial activities in an existing organization can, over time, form a specific staged process that allows a more structured way from generation to implementation of new ideas. Through its supporting structure, corporate entrepreneurship channels ideas through a process that helps people stay focused, systematic, and efficient in value creation. Entrepreneurship and innovation activities in this process are undeniably linked; however, the two disciplines do not address them uniformly. Therefore, the research describing the corporate entrepreneurial and innovation processes is not aligned. In this study, we aimed to analyze entrepreneurship and innovation process approaches comparatively in an existing business context and to propose the triple-bottom-line corporate entrepreneurial (conceptual) process model for innovation and business sustainability. We provided insight into the dynamics of the entrepreneurial process in the existing business over time: A roadmap to evaluate the enablers and the critical elements for the innovation to transform and sustain. We proposed a harmonized stage model of the corporate entrepreneurial innovation process, where stage output artifacts mark the progression of the process, making it measurable. We provided conclusions from the literature review, a generalized model, and propositions on critical aspects of the entrepreneurial innovation process to happen, transform, and sustain.
• Sustainable Development Goals (SDGs) practices and firms' financial performance: Moderating role of country governance

  Sabuj Saha; Ahmed Rizvan Hasan; Kazi Rezwanul Islam; Md Asraful Islam Priom (AIMS Press, 2024-03-01)

  It is becoming increasingly apparent that businesses must consider the impact they have on the environment and society while pursuing profit maximization. As a result, there is a growing need to incorporate sustainable frameworks into business decision-making. By focusing on sustainable performance at the firm level, we addressed a significant gap in understanding how environmental and social Sustainable Development Goals (SDGs) impact bottom-line performance and the crucial role that effective country governance plays in implementing sustainability at the organization level. In 2015, the United Nations established Sustainable Development Goals (SDGs), where firms are encouraged to practice in the strategic operation of their businesses. In addition, country governance can play a significant role in adopting sustainable practices and policies that can impact bottom-line performance. In this study, we examined the relationship between environmental and social Sustainable Development Goals (SDGs) practices, country governance, and firms' financial performance from 2017 to 2021. The sample data set consisted of top-listed firms in the finance, manufacturing, and technology industries of 100 companies from 17 countries in developed and developing and emerging economies. We utilized content analysis to account for the qualitative aspects of how firms implement social and environmental SDGs. Ten environmental SDGs and eight social SDGs were incorporated in this study as a means of measuring sustainable development goals' impact on a firm's financial performance. We adopted return on assets (ROA) to measure the firm's financial performance. We adopted government effectiveness and regulatory quality to moderate the relationship between social and environmental sustainability practices and firm performance. The panel regression method was exercised to find out the relationship between environmental and social SDGs' impact on financial performance. In addition, we measured the interaction effect between environmental and social SDGs and country governance on firms' performance. We also deployed two-stage least squares (2SLS) regression estimation to mitigate endogeneity concerns. We found that environmental SDGs had a positive and significant impact on firms' financial performance. The coefficient of social SDGs on firm performance was negative and statistically significant. We observed that the coefficient of interaction terms between environmental SDGs and country governance was positive and statistically significant. Moreover, the coefficient interaction terms between social SDGs and country governance were positive and statistically significant, lessening the negative impact of social SDGs on firm financial performance. Finally, we also performed a robustness test on our analysis based on the firm's average capital and average assets. The findings almost held the same.
• Research on the relationship between ESG disclosure quality and stock liquidity of Chinese listed companies

  Xinda Cao; Tianshen Mei; Shenglan Li (AIMS Press, 2024-01-01)

  In this article, we aim to verify the relationship between ESG disclosure quality and stock liquidity of listed companies and to provide a detailed analysis of its mechanisms. Based on the theories of information asymmetry, signal transmission, reputation, and stakeholder, we summarize and analyze the theoretical and logical framework of how ESG information disclosure can impact stock liquidity. Following the fixed effect (considering individual, year, and industry), panel model was applied to empirically test the relationship between ESG disclosure score and stock liquidity with data ranging from 2012 to 2021. The research findings indicate that improving the quality of ESG disclosure by companies can significantly enhance the level of stock liquidity. Furthermore, we analyze and verify through mechanism tests that ESG disclosure can influence stock liquidity by increasing analyst attention and media coverage (information effect) and enhancing reputation (reputation effect). From a theoretical perspective, the paper enriches the research related to the economic impact of ESG information disclosure and factors affecting stock liquidity. Also, we validate theories connected to information and reputation. From a practical perspective, the research has specific reference value for policymakers, enterprise managers, and investors.
• A closed-loop green supply chain with retailers' competition and product recycling in the green environment under the cap-and-trade policy

  Brojeswar Pal; Anindya Mandal (AIMS Press, 2024-03-01)

  Nowadays, product recycling has become an effective strategy for manufacturing industries to achieve sustainable development due to the scarcity of natural resources, waste management, and greenhouse gas emissions. This study considered an imperfect production-based competitive supply chain model for product recycling in an emission-reduction environment under a cap-and-trade scheme. The manufacturer invests in green technology to restrict carbon emissions during production. The recycler collects used items at a recovery rate depending on the buy-back price and environmental awareness effort. The rival retailers compete against each other for the retail price and promotional effort. The linear type of market demand depends on the retail price, promotional effort, and green level of the product. The proposed model was analyzed analytically and numerically under one centralized system, five decentralized systems, three Stackelberg, and two Nash game structures. Numerical examples and sensitivity analysis of the key parameters were studied to justify the feasibility of the proposed model. The present study revealed that the centralized scenario is mostly preferable for supply chain profit. The manufacturer-Stackelberg 1 scenario is most profitable for the manufacturer, whereas the two retailers collect maximum individual profit in the vertical Nash 2 model, where they jointly play the game. Moreover, retail price plays a crucial role in optimizing individual retailers' profits in the competitive market. In connection with the environmental aspects, the government should offer lower carbon caps to curtail excessive emissions and restrict the selling of excess carbon quotas.
• Sustainable production model with stochastic machine breakdown using smart manufacturing under circular economy

  Neha Saxena; Jitendra Kumar; Shib Sankar Sana (AIMS Press, 2023-10-01)

  Machine breakdown usually implies unexpected physical damage to machinery due to any reason which requires fixing or replacement to continue the process. This article presentsan investigation of a sustainable model with stochastic machine breakdown. To reduce the risk of disruption,a smart manufacturing system is used. Considering the environmental issues faced by people,the model is developed under a circular economy through end-of-life treatment to recapture the value of the product,labor and resources. The used buyback products are collected,out of which items in good condition are remanufactured and sold in another market while the rest are salvaged. As the production process is not perfectly reliable,the serviceable products go through an automated inspection process,and imperfect items are reworked. A mathematical model is developed for deterioration of items to analyze the optimal replenishment policies,and the results have been illustrated with numerical verification. Based on the analysis,some managerial insights have been provided for decision-makers.
• The impact of organizational compliance culture and green culture on environmental behavior: The moderating effect of environmental commitment

  Joseph F. Hair; Juan José García-Machado; Minerva Martínez-Avila (AIMS Press, 2023-12-01)

  In this research, we aim to examine the moderating effect of environmental commitment on the relationships between organizational compliance culture and green culture on environmental behavior, under the theoretical stream of the Resource Based Theory (RBT) of the firm, and the Value-Belief-Norm theory (VBN). The research used a quantitative research approach, with a non-experimental transactional design. The sample consisted of 148 Mexican companies with a corporate value system that has implemented environmental sustainability practices, most of them incorporating the GRI guidelines, the SDGs and the Ten Principles of the UN Global Compact into their strategies, policies, procedures, and initiatives. This study contributes to the literature in the field of environmental sustainability, with a first theoretical PLS-SEM model that studies moderating and control variables, through organizational compliance on environmental behavior. Our proposed PLS model is a complex hierarchical component model that brings together and simultaneously maps a higher-order construct combined with three lower-order constructs, with moderation effects, multi-group analysis and predictive performance assessment. The major research findings are both the positive impacts between the proposed higher-order construct, organizational compliance culture, and green culture, on environmental behavior, and the moderating effect of environmental commitment on the relationship between green culture and environmental behavior. The insights obtained enhance the understanding of the factors that determine the environmental behavior through organizational compliance culture and green culture, with the moderating effect of environmental commitment, and help senior management in making strategic decisions to align their environmental objectives in compliance with the 2030 agenda in the area of environmental sustainability. This study highlights the need for companies to strengthen the role of environmental commitment to improve the environmental sustainability and it mentions practical implications both for managers of organizations that are responsible for meeting the objectives of sustainable development, specifically in the environmental field, and for policymakers and authorities that guide environmental policies.
• Financial asset allocation and green innovation

  Jun Duan; Tingting Liu; Xiaoran Yang; Hua Yang; Yunwei Gao (AIMS Press, 2023-10-01)

  Sustainable development is a key issue of global concern, and countries around the world are striving to promote green development. From the perspective of financial asset allocation motivation, this paper explores the impact of financial asset allocation on green innovation based on the data of A-share listed non-financial companies from 2011 to 2021. First, there is an inverted U-shaped relationship between the proportion of financial asset allocation and the green innovation of physical enterprises, that is, as the proportion of financial asset allocation increases, the green innovation output of enterprises first increases and then decreases. After robustness testing, the conclusion still holds. Second, further testing of the intermediary mechanism shows that the moderate holding of short-term financial assets by real enterprises can increase the output of green innovation by alleviating financing constraints, which is manifested as the "reservoir" effect. The "crowding out" effect plays a leading role when overallocation of financial assets reduces liquidity supply and capital expenditure, which in turn reduces green innovation output. Third, in the test of financial asset allocation preference, it is found that the short-term financial assets held by enterprises mainly play a "reservoir" effect, that is, they tend to be "preventive" motives. Holding long-term financial assets mainly exerts a "crowding out" effect, that is, tends to "seek profits" motives. Finally, there are differences in the impact of financial asset allocation on green innovation output among enterprises with different property rights, different monetary policies and different social responsibilities.
• Can Central Bank Digital Currencies be green and sustainable?

  Sergio Luis Náñez Alonso (AIMS Press, 2023-12-01)

  Within digital finance, CBDCs are booming. As there are currently four operational CBDCs and as many as ninety-four central banks, jurisdictions or currency areas are testing or investigating the launch of a retail CBDC. The study was based on a sample of 34 countries or currency areas, which were classified into three groups. This research aimed to answer the following research questions: 1. Can CBDCs be considered green and sustainable? 2. How can we determine whether a CBDC is green and sustainable? 3. Which countries are closest to having green CBDCs? It has been calculated the total and the percentage of CBDCs that could be considered green or sustainable according to each country or currency area; in this model, it has been considered one monetary unit issued in a green/sustainable CBDC format for each point that a country obtains in this model that is adjusted according to four variables: Electricity prices for households and for businesses, renewable electricity production and CO2 emissions. The countries that could launch a higher percentage of green/sustainable CBDCs in circulation would be the countries in the Eurozone and the United Kingdom, with these countries exceeding 70%. This was followed by Sweden (60%), Australia (58%) and the Bahamas (close to 54%). Only the Bahamas has its CBDC already launched and operational. Jamaica is also in the top ten and has its CBDC up and running. Japan closes the top 10 with just over 51%. Those countries with cleaner sources of power generation will be able to keep their CBDCs operating more sustainably. The environmental impact, however, will vary depending on the design choices of a CBDC and the country where it operates, according to the variables of this model.
• Wind energy sustainability in Europe—A review of knowledge gaps, opportunities and circular strategies

  Ana Ramos; Filipa Magalhães; Diogo Neves; Nelson Gonçalves; António Baptista; Teresa Mata; Nuno Correia (AIMS Press, 2023-11-01)

  Wind energy has become a very interesting option regarding the replacement of fossil-based energy sources by renewable options. Despite its eco-friendly character, some challenges remain across the whole lifecycle of wind turbines. These are mainly related to the use of more sustainable materials and processes in the construction phase, to lifetime extension for the structures currently installed and to waste management at the end-of-life phase, the disassembly or decommissioning phase. Following worldwide concerns about sustainability, the circular economy and decarbonization, several projects have been addressing the themes identified, proposing alternatives that are more suitable and contribute to the body of knowledge in the sector towards enhanced environmental and technical performance.
 
 This work presents the state of the art of the European wind energy sector, reflecting on the main drivers, barriers and challenges for circularity, while identifying knowledge gaps and strategic opportunities to develop new potential approaches. A compilation of key projects and main wind energy sites in Europe is shown, as well as a collection of lifecycle extension strategies and reported environmental impacts. Approaches to sustainability are highlighted, such as recyclability, eco-design and eco-efficiency of the turbine blades. Furthermore, the associated potential environmental, economic and societal impacts are put forward to support the implementation of more circular solutions, which can also contribute to reducing EU energy dependency and more integration of renewable sources. The key goal is to give an overview of the main challenges in the sector, namely, in what relates to potential circular solutions and strategies towards a higher level of sustainability.
• Measurement of spillover effect between green bond market and traditional bond market in China

  Gang Peng; Jie Ding; Zehang Zhou; Li Zhu (AIMS Press, 2023-11-01)

  With the aim of effectively preventing and controlling systemic risk, by stimulating the advancement of the green bond market, it is significant and imperative to help investors and policymakers adopt more effective measures, which will ensure them to maximize profit. We construct VAR, DCC-GARCH and Copula-CoVaR models, and study the spillover effect between the green bond market and traditional bond market from the three perspectives of mean spillover, volatility spillover and extreme risk spillover using the data on daily closing prices of green bond market and traditional bond market indices. The research findings of this paper are as follows: (1) There are three spillover effects of mean value, volatility and extreme risk among the green bond market, corporate bond market, enterprise bond market and conventional bond market. (2) From the perspective of mean spillover between markets, only the mean spillover between the conventional bond market and the green bond market is bidirectional, and there is the profoundest impact of spillover from the green bond market to the conventional bond market. (3) As far as the volatility spillover between markets is concerned, the volatility spillover between the three traditional bond market and the green bond markets are all positive. The volatility spillover between the conventional bond market and the green bond market is the largest, which is particularly obvious in the first half of 2018 and the first half of 2020. (4) In terms of inter-market extreme risk spillover, the risk spillover between the green bond market and the traditional bond market is positive. The green bond market contributes more to the risk spillover of the enterprise bond market, and it has a time-varying risk spillover effect on the traditional bond market.

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