Environmental protection is a basic public service that the government must guarantee and is closely related to public health. An important driver of environmental pollution in China is the local government’s pursuit of a rapid economic development while ignoring environmental protection under the Chinese-style fiscal decentralization system. On the basis of the principal–agent theory between the central and local governments, this study analyzes the environmental deterioration caused by the distortion of local government behavior under fiscal decentralization. In addition, using China’s prefecture-level city data from 2014 to 2018, this study empirically estimates the impact of fiscal decentralization on environmental pollution. SO 2 emissions and PM 2.5 concentrations are used to measure the degree of environmental pollution. Results show that Chinese-style fiscal decentralization exacerbates environmental pollution and that the impact of fiscal decentralization on environmental pollution differs in regions with varying levels of economic development and cultural penetration. Moreover, fiscal decentralization does not significantly impact environmental pollution in eastern China and in those areas influenced by Confucian culture yet aggravates the environmental pollution in central and western China and in those areas that are not affected by Confucian culture. These results offer important policy implications. Clearly dividing the power and financial power between the central and local governments, establishing an environmental governance system compatible with economic incentives, and building an environmental public finance system can alleviate the impact of Chinese-style fiscal decentralization on environmental pollution.
Clean energy projects have difficulties accessing finance. The transition to clean energy and accelerating investments in green projects require a game-changing approach, groundbreaking infrastructure, and pioneering green financing strategies. This article discusses the potential of blockchain technology in filling the green investment gap. Use cases related to the application of blockchain in green projects are analyzed. Blockchain technology can provide security, transparency, auditability, and traceability and help fill the green finance gap.
Due to data limitations on bitcoin-related emissions, assessing the environmental impacts of bitcoin appear difficult. This data in brief article presents constructed daily frequency dataset on bitcoin annualised carbon footprint spanning July 7, 2010 to December 4, 2021 with 4,158 observations. The 12 data variables capture floor, ceiling, and optimal annualised carbon footprint from coal, oil, gas, and the average from the 3 sources. The constructed bitcoin carbon footprint data are measured in kgCO2 using emission factors for electricity generation from IEA World Energy Outlook. The data will benefit multidisciplinary research on cryptocurrency from environmental, energy, and economics disciplines.
This paper examines the diversification role of socially responsible investments (SRI) during the COVID-19 pandemic. To assess the contribution to risk diversification and improved financial performance of SRI we analyze the effect of including clean energy equities in portfolios of conventional equities and other assets commonly considered as safe havens. We construct minimum variance portfolios for different rebalancing frequencies and by considering or restricting short positions. Two approaches are applied: AR-GARCH models to fit the marginal distributions of individual assets and DCC skew Student copula specifications to model the conditional dependencies among pairs via the Kendall's tau correlation measure. We provide evidence of the important role that SRI have played in diversifying and improving the financial performance of portfolios based on different securities such as traditional equities, Treasury bonds, gold, crude oil and Bitcoin.
Yizhi Wang, Brian M. Lucey, Samuel A. Vigne, Larisa Yarovaya
Based on coverage of over 660m news stories from LexisNexis News & Business between 2015–2021, we provide two new indices around the growing area of Central Bank Digital Currency (CBDC): the CBDC Uncertainty Index (CBDCUI) and CBDC Attention Index (CBDCAI). We show that both indices spiked during news related to new developments in CBDC and in relation to digital currency news items. We demonstrate that CBDC indices have a significant negative relationship with the volatilities of the MSCI World Banks Index, USEPU, and the FTSE All-World Index, and positive with the volatilities of cryptocurrency markets, foreign exchange markets, bond markets, VIX, and gold. Our results suggest that financial markets are more sensitive to CBDC Uncertainty than CBDC Attention as proxy by these indices. These findings contain useful insights to individual and institutional investors, and can guide policymakers, regulators, and the media on how CBDC evolved as a barometer in the new digital-currency era.
Xuejia Sang, Xiaopeng Leng, Linfu Xue, Xiangjin Ran
The energy consumption and carbon footprint of cryptocurrencies have always been a popular topic. However, most of the existing studies only focus on one cryptocurrency, Bitcoin, and there is a lack of long-term monitoring studies that summarize all cryptocurrencies. By constructing a time series hash rate/power model, this research obtained the 10-year time series data on energy consumption dataset of global top-25 cryptocurrencies for the first time. Both the temporal coverage and the spatiotemporal resolution of the data exceed previous studies. The results show that Bitcoin’s power consumption only accounts for 58% of the top-25 cryptocurrencies. After China bans cryptocurrencies, the conservative change in global CO2 emissions from 2020 will be between −0.4% and 4.4%, and Central Asian countries such as Kazakhstan are likely to become areas of rapid growth in carbon emissions from cryptocurrencies.
Bu çalışmada temel piyasalar arasındaki volatilite yayılımları Diebold ve Yılmaz (2012) tekniğiyle araştırılmıştır. Temel piyasaları temsilen MSCI dünya endeksi, ABD 2 yıllık devlet tahvil faizi, dolar endeksi, ons altın, brent petrol ve bitcoin kullanılmıştır. Çalışmada 2 Ocak 2015 – 29 Haziran 2021 dönemine ait günlük verilerden elde edilen volatiliteler kullanılmıştır. Çalışmada, temel piyasalar arasındaki volatilite yayılım endeksinin %30,9 olduğu, faiz ve MSCI dünya endeksinin volatilite yayıcısı buna karşın dolar endeksi, altın, petrol ve bitcoinin volatilite alıcısı oldukları, faizin temel piyasalarda önemli volatilite yayıcısı olduğu, bitcoinin temel piyasalarla volatilite ilişkisinin zayıf olduğu ve temel piyasalar arasındaki volatilite yayılımlarının COVID-19 sürecinde yükseldiği belirlenmiştir. Elde edilen sonuçlar, portföy yönetimi, risk yönetimi, yatırımlar, ekonomi yönetimleri açısından kullanılabilirlik taşımaktadır.
Mohammed Hammam Mohammed Al-Madani, Yudi Fernando, Pua Wee Sin
This study aims to investigate literature findings on the current blockchain technology requirement. The obtained findings on blockchain technology requirements and limitations, helps to draw conclusions on the adoption of blockchain technology in energy consumption reporting. Blockchain technology offers transparency of energy consumption reports. Blockchain keeps all the transactional records and guarantees security, and decentralization between the blockchain network. Blockchain technology integration for energy consumption can promote transparency and integrity of energy management reporting. Among the reasons for companies’ reluctance to report energy consumption is non-transparency, the unnecessary cost for the report, and lack of regulation to release an energy consumption report or it is voluntary in best cases. This paper reviewed 121 papers related to the topic and conclusions drawn based on findings of previous literature. Blockchain can help to alleviate the issues of transparency and cost related to energy reporting. Decision and policymakers should offer incentives and include regulations on energy reporting requirements. The reporting should be requested through a blockchain network to guarantee transparency and integrity.
Mohammad Rashed Hasan Polas, Ahmed Imran Kabir, Abu Saleh Md. Sohel‐Uz‐Zaman, Ridoan Karim · 5 authors
Blockchain technology has been heralded as a game changer for addressing severe environmental and economic sustainability challenges. In response to rising environmental concerns, blockchain technology (BCT) is transforming green innovation, culminating in green economic practices and well-established business models. Recognizing this, we investigated the role of blockchain technology in green innovation practices and its impact on green economic sustainability, which has an impact on green environmental sustainability. Moreover, 184 small- and medium-sized enterprises (SMEs) were surveyed in Lima, Peru. Data for this cross-sectional study were gathered using stratified random sampling. The positivist approach was implemented using a statistical induction method. Prior studies’ research constructs were measured using validated measurement scales. For quantitative data analysis, using the partial least squares structural equation modeling (PLS-SEM) framework, this study provided two key findings. First, sustainability orientation and sustainability attitude have a positive and significant effect on the adoption of green innovation that employs green energy (solar) technology towards a sustainable green economy. Second, the intention to use blockchain technology mediates the relationship between sustainability orientation and social perception with the adoption of green innovation that employs green energy (solar) technology towards a sustainable green economy. We recommend that small- and medium-sized enterprises embrace green innovation and blockchain technology to protect the environment and boost community cohesiveness.
Vincent Tawiah, Abdulrasheed Zakari, Guo Li, Anthony Kyiu
Abstract This study examines the relationship between the adoption of blockchain technology and environmental efficiency by using a sample of US firms over the 2015–2019 period. Our results indicate that the adoption of blockchain technology is positively and significantly associated with environmental efficiency, suggesting that blockchain improves environmental sustainability. In further analyses, we determine that the relationship between blockchain and environmental efficiency is more pronounced for firms in financial and technological industries than for those in other industries. Our findings are also robust to other methods that control for endogeneity, including difference in difference regressions and propensity score matching. Overall, we provide empirical evidence to incentivize business leaders and policymakers to adopt innovative technologies, such as blockchain.
Felix Thalhammer, Pascal Schöttle, Matthias Janetschek, Christian Ploder
Based on the current measures, it is unlikely that the targets of the Paris Agreement on climate change are to be achieved within the given time. Therefore, new solutions are needed to get climate change under control. Emerging technologies like blockchain allow for new ways to approach climate change. The blockchain serves only as an enabling technology for cryptocurrencies but is a stand-alone tool applicable for various purposes. This paper aims to shed light on the overlap between the areas of blockchain and climate change. Research in this area was examined for potential blockchain use cases to support climate action using a systematic literature review. The found applications can be grouped into the main categories of Emissions Trading and Green Certificates, Sustainable Energy, Sustainable Mobility, and Green Financing. Within these applications, blockchains are being used as supporting technology. Especially transparency, traceability, and immutability are particularly beneficial in blockchain-based applications against climate change. As a downside of the technology, controversial aspects of the blockchain are considered as the energy consumption of the technology.
This paper features an analysis of cryptocurrencies and the impact of the COVID-19 pandemic on their effectiveness as a portfolio diversification tool and explores the correlations between the continuously compounded returns on Bitcoin, Ethereum and the S&P500 Index using a variety of parametric and non-parametric techniques. These methods include linear standard metrics such as the application of ordinary least squares regression (OLS) and the Pearson, Spearman and Kendall’s tau measures of association. In addition, non-linear, non-parametric measures such as the Generalised Measure of Correlation (GMC) and non-parametric copula estimates are applied. The results across this range of measures are consistent. The metrics suggest that, whilst the shock of the COVID-19 pandemic does not appear to have increased the correlations between the cryptocurrency series, it appears to have increased the correlations between the returns on cryptocurrencies and those on the S&P500 Index. This suggests that investments in cryptocurrencies are not likely to offer key diversification strategies in times of crisis, on the basis of evidence provided by this crisis.
Aamir Aijaz Syed, Farhan Ahmed, Muhammad Abdul Kamal, Assad Ullah · 5 authors
The environmental degradation and the concern for sustainable development have garnered extensive attention from researchers to evaluate the prospects of green bonds over other traditional assets. Against this backdrop, the current study measures the asymmetric relationship between green bonds, U.S. economic policy uncertainty (EPU), and bitcoins by employing the Nonlinear Autoregressive Distribution Lag (NARDL) estimation technique recently developed by Shin et al. The outcome of the empirical analysis confirms an asymmetric cointegration between EPU, bitcoins, the clean energy index, oil prices, and green bonds. The NARDL estimation substantiates that positive shock in EPU exerts a negative impact on green bonds, whereas a negative shock in EPU increases the performance of green bonds. It implies, in the long run, a 1 percent increase (decrease) in EPU decreases (increases) the performance of green bonds by 0.22 percent and 0.11 percent, respectively. Likewise, the study also confirms a bidirectional relationship between bitcoins and green bonds. A positive shock in bitcoin increases the performance of green bonds and vice versa. In addition, our study also reveals a direct co-movement between clean energy, oil prices, and green bonds. This outcome implies that green bonds are not a different asset class, and they mirror the performance of other asset classes, such as clean energy, oil prices, and bitcoins. The findings offer several implications to understand the hedging and diversification properties of bitcoins, and assist in understanding the role of U.S. economic policy uncertainty on green bonds.
Bu çalışmanın amacı COVID-19 pandemi döneminde kripto para fiyatlarında balon oluşup oluşmadığının araştırılmasıdır. Bu amaçla piyasa değeri en yüksek 3 kripto para olan Bitcoin (BTC), Ethereum (ETH) ve Binance Coin (BNB) fiyatlarına ilişkin, 10/03/2020-06/07/2021 tarihlerini kapsayan veri seti GSADF testiyle analiz edilmiştir. Yapılan analizler sonucunda incelenen her üç kripto paranın da fiyatlarında balon olduğu tespit edilmiştir. Buna ek olarak verileri analiz edilen kripto paralarda tespit edilen fiyat balonlarının dönemlerinin benzer olması, balon tespit edilen dönemlerde piyasanın tamamını etkileyen fiyat hareketleri olduğu yönünde güçlü kanıtlar sunmuştur. Çalışmanın düzenleyici otoriteler ve yatırımcılar açısından önemli sonuçlar ortaya koyduğu düşünülmektedir. COVID-19 pandemisi ya da piyasalar üzerinde benzer etkiler yapabilecek finansal kriz ortamlarında yatırımcılar oluşabilecek fiyat balonlarına dikkat etmeli ve yatırım kararlarında bu durumu göz önünde bulundurmalıdır. Son olarak finansal piyasaları düzenleyici taraflar söz konusu dönemlerde yatırımcıları oluşabilecek olumsuz durumlardan korumak adına gerekli adımları atmalıdırlar.
Kripto paralar artan dijitalleşme ve merkeziyetsiz finans düşüncesinin bir ürünü olarak ortaya çıkmış ve yeni projelerle birlikte büyümeye devam etmektedir. Kripto paralar, alım veya satım gibi her türlü işlemlerde kullanılmasının yanı sıra değişim aracı ve yatırım aracı olarak da kullanılabilmektedir. Ayrıca madencilik yoluyla söz konusu para birimi üretimi yapılabilmektedir. Kripto para denilince ilk olarak ortaya çıkan ve tüm kripto paraların öncüsü olarak kabul edilen Bitcoin, piyasa hacmi açısından da en yüksek kripto paradır. Bu bağlamda çalışmamızın amacı, piyasanın öncül parası olan Bitcoin ve kısaca “Altcoin” diye ifade ettiğimiz diğer kripto paralar arasındaki ilişkiyi incelemektir. İlişkiyi incelemek için zaman serisi analiz yöntemi kullanılarak 01.01.2018-31.12.2020 dönemi günlük veriler Trandingview ve Coinmarketcup aracılığıyla toplanmış ve Johansen eşbütünleşme testi, Vektör Hata Düzeltme Modeli (VECM) ve Granger nedensellik testi yapılmıştır. Johansen eşbütünleşme sonucuna göre ele alınan dönemlerde kullanılan değişkenler arasında uzun dönemli bir ilişki bulunmaktadır. Granger nedensellik sonucuna göre ise Cardona'dan Bitcoin'e, Bitcoin'den Etheryum'a ve Cardano'dan Binance Coin' doğru tek yönlü nedensellik tespit edilmiştir.
Joanna Gusc, Peter Bosma, Sławomir Jarka, Agnieszka Biernat-Jarka
The current energy prices do not include the environmental, social, and economic short and long-term external effects. There is a gap in the literature on the decision-making model for the energy transition. True Cost Accounting (TCA) is an accounting management model supporting the decision-making process. This study investigates the challenges and explores how big data, AI, or blockchain could ease the TCA calculation and indirectly contribute to the transition towards more sustainable energy production. The research question addressed is: How can IT help TCA applications in the energy sector in Europe? The study uses qualitative interpretive methodology and is performed in the Netherlands, Germany, and Poland. The findings indicate the technical feasibilities of a big data infrastructure to cope with TCA challenges. The study contributes to the literature by identifying the challenges in TCA application for energy production, showing the readiness potential for big data, AI, and blockchain to tackle them, revealing the need for cooperation between accounting and technical disciplines to enable the energy transition.
Logistics plays a major part in any country's or region's economic success. Logistics performance depends upon the trade between other countries and urbanization. Urbanization has major role in logistics performance. However, being a significant energy user, logistics has negative consequences. As the logistics performance increases, carbon emissions increase as well because of more transportation and urbanization. Logistics performance has positive effects related to trade openness which reduces carbon emissions. As a result, it is necessary to understand function of logistics from both economic and environmental standpoint. Logistics performance is affected by urbanization of any region. The dataset for this research is made up of 10 Asian nations with 550 observations from 2010 to 2018 and is based on the theoretical underpinnings of impact of population affluence and technology (IPAT) and stochastic impacts by regression on population affluence and technology (STIRPAT). After applying various tests like cointegration analysis, unit root test, cross-sectional dependence now long & short-term relation of variables is studied by Cross-sectionally augmented autoregressive distributed lag (CS-ARDL). As indicated by the discoveries, the logistic performance index (LPI) is basically effective on economic growth and carbon emissions, particularly when related to IPAT and STIRPAT. The findings are reviewed, and policy implications are offered, which say that current logistical infrastructure should be transformed to more environmentally friendly operations. Finally, the limits are acknowledged, as well as future research possibilities that should be pursued.
Abstract This paper analyses the return and realized volatility spillovers among Bitcoin, wilder hill clean energy index (ECO), S&P 500 as conventional stocks and West Texas Intermediate (WTI) from 11/11/2013 to 30/09/2021. We investigate the transmission mechanism with Time-Varying Parameter Vector Auto regression (TVP-VAR). Our findings indicate that stock markets such as clean energy and conventional transmit return shocks to Bitcoin and oil and receive volatility shocks from Bitcoin and oil. In addition, during non-crisis periods, Bitcoin and other financial markets are weakly related; but, during crisis periods, such as the great cryptocurrency crash in 2018 and the coronavirus pandemic in 2020, their connection increases significantly.
In 2021, the climate action roadmap took the first step towards ensuring further tokenization of the security of green finance assets. This means the sensitive data will be replaced by non-sensitive equivalents and data security can be ensured. Through the application of tokenization, there is the automation of trading activities and further deployment of climate awareness actions that are funded by green finance. Green finance refers to credit facilities that are meant to assure the sustainability and protection of the environment. In the blockchain system, the technology promotes the tracking of the financial resources which plays a role in ensuring that once the funds have been allocated, they are utilized most efficiently. This article will explore the possibility of applying blockchain technology to promote sustainable development and how it will empower green finance. It can be concluded that blockchain technology fosters the authenticity and verification of green bonds.