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*“Green and Climate Finance: Responses and Challenges in Finance**” *

*Special Issues of International Review of Financial Analysis and Finance
Research Letters*

*Guest Editors:*

Professor Shunsuke Managi (Kyushu University, Japan)

Professor David Broadstock (Hong Kong Polytechnic)

Professor Jeffrey Wurgler (NYU Stern School)

*Overview of the Special Issues*

Green finance can be defined as comprising *"all forms of investment or
lending that consider environmental effect[s] and enhance environmental
sustainability"* It combines the world of ‘traditional’ finance and
business with socially responsible and environmentally friendly behaviors.
It plays an increasingly important role in mobilizing capital towards
investments that help to fulfill commitments under the Paris agreement for
climate change, or underpin efforts in achieving the UN Sustainable
Development Goals (SDGs). It is an emerging arena for many participants,
including individual investors, financial institutions and institutional
investors, credit market participants, as well as other economic agents
such as major energy producers and consumers – each of which harbor
questions on how best to adopt it. Yet rapid growth in sub-fields of green
finance, such as green bonds, stands testament to the appetite among both
investors and users of capital, to embrace a new class of financial
instruments that offers a different combination of financial and social

Against the backdrop of a pressing global vulnerability to increasingly
severe climatic change and the immediate need to reduce carbon emissions,
huge investments are needed in green and climate-resilient infrastructure
across the globe. According to the Global Environment Facility, an
estimated $400-600 billion per annum is needed to finance the conservation
of land, forests and water, and more than $350 billion of incremental
capital to fund projects in renewable energy and energy efficiency.
However, there’s a large gap between the required capital and the actual
capital flows: the latest accounting of climate finance suggests the
financing gap to be in the region of $70 billion*, while anecdotal evidence
and views among practitioners suggest this may be a conservative estimate.

Green finance can be connected to the majority of the SDGs, and successes
in achieving the SDGs may hinge on well implemented green finance solutions
by firms, while simultaneously delivering co-benefits that enhance general
business sustainability and reflect positively on firms environmental,
social and governance performance metrics. Research regarding green finance
is of critical importance to underpin sustainable development capable of
benefiting the full spectrum of stakeholders and participants in domestic
and global economies and international financial systems. The financial
system has a unique ability to rapidly and continuously adjust and develop
innovative mechanisms that direct finance to meet the development needs of
an economy, allocating financial resources fairly and effectively while
maintaining vigil over the need for financial efficiency. In order to
mobilize required resources further research is needed to bridge an
apparent knowledge gap, and make progress to answering the question: how to
close the green-finance gap?

In a recent report the Inter-Governmental Panel on Climate Change
identified the mobilization of climate finance as critical to limiting
global warming to 1.5◦C, and preventing catastrophic climate change.
Climate finance is a rapidly emerging area of finance (at least into the
mainstream) that takes as its aim the promulgation of investments targeted
towards reducing vulnerability, and generally increasing the level of
preparedness and/or resilience of human and ecological systems, to the
negative impacts of climate change. Examples of projects that constitute
climate finance include those that reduce emissions, enhance efforts to
capture and store (sink) greenhouse gases, investment in renewable energy
systems, smart cities etc.

Mobilizing investments to the level necessary to reach the ‘1.5◦C pathway’
requires a major shift in investment patterns of both public and private
financing, from regional, national, and international entities. Such a
shift should be accompanied by enhanced rules, regulations, fiscal
incentives and the creation of effective markets at the international,
national, and sub-national levels to shift current and projected
“business-as-usual” investments on to a different trajectory. Thus,
advancing our understanding of the required enabling environment, and
investigating the efficiency and effectiveness of various mechanisms and
channels of climate finance are of critical importance for mobilizing and
allocating financial resources reasonably and effectively to achieve
global, national, and local climate change mitigation and adaptation goals.

The Special Issues of International Review of Financial Analysis and
Finance Research Letters will directly address issues in this dynamic area
of research and welcome a wide range of empirical methodologies and
theoretical orientations addressing issues of material importance to future
adoption of climate finance.

Toward these goals, the editors seek manuscripts that address research
questions including, but not limited to:

·       Advantages and disadvantages of climate finance under different
institutional and environmental contexts

·       Enabling environment for mobilizing climate finance – including
dimensions of liquidity and secondary markets

·       Explorations of the role of governments in promoting green finance

·       Green investments and products and their interaction with
traditional asset classes

·       Identification of the advantages and disadvantages of green finance
under different institutional and environmental contexts

·       Investor demand for climate finance opportunities

·       The efficiency and effectiveness of climate finance

·       The interactions/associations between international fragmentation
and domestic politics of green finance

·       The overlap/conflicts between international fragmentation (on
investment opportunities) and domestic politics behind climate finance

·       The role of governments in promoting climate finance and/or
attracting investors

·       Theoretical and applied contributions on sustainability-growth
nexus in the sector

·       Uncovering of the effectiveness of green investments and financial

·       Understandings of the nature and norms of green finance as a
financial phenomenon

United Nations Framework Convention on Climate Change (UNFCCC). 2014. 2014
Biennial assessment and overview of climate finance flows report. UNFCCC,

Volz, U., Bohnke, L., Kneierim, Richert, K., Rober, G-M., and Eidt, V.
(2015) Financing the Green Transformation: How to Make Green Finance Work
in Indonesia, Basingstoke: Palgrave Macmillan.

Krushelnytska, O. (2017) Introduction to green finance. Global Environment
Facility (GEF). Washington, D.C.: World Bank Group.

*Submission deadlines*

The project will progress on an expedited timeline, adhering to the fixed
deadlines set out below. Please format and reference your paper according
to the requirements of the journal to whom you are submitting. Note that
Elsevier journals work on a “online first” publication model, so as and
when papers are accepted they are available online, with full citeable
articles available when the SI’s are published.

*Key* *dates:*

(1) August 15th 2019 – Submission system open for submission of article
(2) May 30th 2020 – Deadline for submission of articles
(3) September 2020 – Special issue publication

*About the Editors*

*Shunsuke Managi* is the Distinguished Professor of Technology and Policy &
Director of the Urban Institute at the Kyushu University, Japan. He has
been awarded several national research grants on topics such as
urbanization, transportation, energy, climate change, sustainability, and
population change. He was a lead author for the Intergovernmental Panel on
Climate Change (IPCC), a coordinating lead author for the Intergovernmental
Platform on Biodiversity and Ecosystem Services (IPBES), and director for
the Inclusive Wealth Report 2018 (IWR 2018). He is chief-editor of
“Economics of Disasters and Climate Change” and “Environmental Economics
and Policy Studies”, and co-editor of “Resource and Energy Economics”. He
is co-chair of the Scientific Committee for the 2018 World Congress of
Environmental and Resource Economists.

*David Broadstock* is Deputy Director for the Center for Economic
Sustainability and Entrepreneurial Finance in the School of Accounting and
Finance at The Hong Kong Polytechnic University. David’s research interests
cover various aspects of the empirical economics of energy and the
environment, with special interests in consumer behaviour and energy
finance. David is currently Editor for The Energy Journal, and an Editorial
Board Member of the British Journal of Management.

*Jeffrey Wurgler* is the Nomura Professor of Finance at New York University
Stern School of Business. His research and teaching interests include
corporate finance and behavioral finance. Before joining Stern in 2001,
Professor Wurgler was the Robert B. and Candice J. Haas Assistant Professor
of Corporate Finance at Yale School of Management. He has also been a
Visiting Fellow at the University of Oxford Said Business School.Professor
Wurgler received a Bachelor of Arts and Sciences degree from Stanford
University and a PhD in Business Economics from Harvard University.

Professor Brian M Lucey, B.A. (Dubl.), M.A. (NUI), Ph.D (Stirling),
F.T.C.D. (
Editor, International Review of Financial Analysis
Editor, International Review of Economics and Finance
Director of Research, Trinity Business School, Dublin
Cell: +353 87 9739076
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