Green bonds have gained significant attention in supporting sustainable development goals for achieving sustainability. During the issuance of green bonds, there are a few concerns such as standardization, greenwashing, and lack of benefits that can be gained with green bonds. However, blockchain technology is a promising solution for green bond issuance because it has already shown its impact on different finance activities. This study aims to address and analyze the role and significance of green bond issuance for meeting sustainability with blockchain technology and also suggested recommendations for future research. Decentralized application based on the Algorand blockchain and high-level architecture proposed for the issuance of green bonds is at the primary level. There is no discussion regarding standardizing the environmental data, and the number of benefits gained by the green bond is not addressed in the previously published literature. From the analysis, it has been identified that a similar framework of blockchain cannot be implemented as the geographical and environmental parameters are quite different for every nation. So, every nation needs to customize the framework according to the nation's requirements. This study is the first attempt to combine information from previously published research about green bond issuance and integration of blockchain for green bond issuance, enlightening the disruption caused in the issuance of green.
Meeting on the second anniversary of the Paris Agreement signing, the United Nations Climate Change Secretariat founded the Climate Chain Coalition (CCC) in 2017. Backed by a number of multi-stakeholder groups like the Blockchain for Climate Foundation, the Ottawa-based CCC promotes the use of this emergent technology as a pathway to achieving the goals of the Paris Agreement. What kind of âcoolerâ world are blockchain-based climate projects conjuring? This article scrutinizes the shared visions materializing in particular across climate finance experiments, locating them as extensions of existing imaginaries of how financial markets can address planetary concerns. The imaginaries identified underpin these âcoolâ technological feats yet provide only incremental improvements to existing modes of market-led climate governance that are far from the scale required to actually conjure a cooler planet.
The subject of the study is to minimize the risks of strengthening international financial sanctions on economic entities by building a decentralized mechanism for direct financing of budget recipients without the participation of the Federal Treasury in Russia, while ensuring that the payer fulfills its obligations and control over the targeted use of funds. The relevance of the study is to consider this mechanism in the context of international sanctions and as an alternative to a one-time collection from large businesses (windfall tax or tax on excessive profits of past years). The actuality is also confirmed by the use of the principle of âuberizationâ of relations between public finance entities, while the effectiveness and the need of âuberizationâ has already been confirmed in business practice. It is established that the financing of part of government spendings through such an alternative mechanism as âUberâ will reduce the sanctions risks for representatives of the business community. In the course of the study, specific examples of projects funded from the federal budget were analyzed, and these projects could first of all be transferred to the proposed new budget pilot financing mechanism. The conclusion is made about the efficiency of the proposed concept and the need for its further elaboration within the increased number 1) of enterprises and organizations directly financing the budget system expenditures on this electronic platform, and 2) of social, cultural and scientific projects financed with its help, gradually âuberizingâ an increasing segment of budget financing.
Abstract 157 This article discusses the regulatory definition of collective investment undertakings (CIUs) as provided for by Article 4 (1) (a) AIFMD and Article 1 (1) UCITSD in the context of traditional family offices, holding companies, and joint ventures, and distinguishes them from more recently observed digital asset pools such as digitally managed accounts, crypto lending, crypto staking, and decentralized autonomous organizations.Testing the legal definition of CIUs in the context of traditional and digital pooled investments allows not only for the delineation of the scope of AIFMD (and to a lesser extent, UCITSD), but also provides insights on the desirable content of Level 2 regulation under MiCA. While ESMA guidance based on many years of supervisory experience sets the limits on traditional use cases, the digital boundaries of collective investment schemes are largely untested and to some extent uncertain, resulting in high costs for legal advice, as demonstrated by our brief look into MiCA set out in this article. To address these matters, we argue in favor of broad default rules on pooled finance, paired with exemptive powers from individual or all rules where a disparity exists between the purpose of regulation and the regulated activities. If paired with carve-outs for applications below EUR 5 million (where retail investors are present) and EUR 100 million (sophisticated clients only), these default rules would assist supervisory authorities in setting adequate boundaries for investment fund regulation of innovative financial products. After the introduction (Pt. I), Pt. II outlines the legal definition(s) of CIUs; Pt. III discusses the regulatory limits in the context of traditional use cases; Pt. IV analyzes the limits for digitally managed accounts, decentralized autonomous organizations (DAOs), and decentralized finance as a whole (referred to collectively as âdigital limitsâ); Pt. V presents our policy considerations; and Pt. VI concludes.
A K Das, Aryan Ramachandran, Ayush Thombare, Swarali Ghangurde
This paper examines the relationship between green bonds and cryptocurrencies that specifically follow the Proof-of-Stake consensus mechanism. A lot has been discussed about the positive bi-directional and asymmetric relationship between green bonds and bitcoins, the most widely known proof-of-work cryptocurrency and the ineffectiveness of green bonds as hedging instrument for bitcoins. In this study, the author has tried to check whether there is a relationship between green bonds and Proof-of-stake cryptocurrencies using the Vector Error Correction Model (VECM). The secondary data under consideration is the daily data of the S&P Green Bond Index (SPGB) to track the performance of relevant green bonds and the daily data of Solana and Cardano to track the performance of Proof-of-stake cryptocurrencies. It is found that there exists a negative long-term relationship between green bonds and the selected cryptocurrencies. The author also conducts a portfolio analysis to demonstrate how green bonds function as a useful risk-diversification tool in conjunction with cryptocurrencies that follow the proof-of-stake consensus mechanism.
This paper examines the dynamic linkages of green bond with the energy and crypto market. The S&P green bond index (RSPGB) is used as a proxy for the green bond market; S&P global clean energy index and ISE global wind energy (RIGW) are used as proxies for the renewable energy market, and; Bitcoin and Ethereum (RETHER) are used as the proxies of the crypto market. The daily prices of these constituent series are collected using Bloomberg from October 3, 2016 to February 23, 2021. We undertake an empirical analysis through the application of three key tests, namely: dynamic conditional correlation (DCC), Diebold and Yilmaz (Int J Forecast 28(1):57-66, 2012. 10.1016/j.ijforecast.2011.02.006), BarunĂk and KĹehlĂk (J Financ Econom 16(2):271-296, 2018. 10.1093/jjfinec/nby001) model. The DCC reveals no dynamic linkages of volatility from the green bond to the energy and crypto market in the short run. Referring to Diebold and Yilmaz (2012), it dictates that the green bond (RSPGB) is a net receiver while the energy market (RIGW) and cryptocurrency (RETHER) are the largest and least contributors to the transmission of the volatility. Additionally, the BarunĂk and KĹehlĂk (2018) model confirmed that the magnitude of the total spillover is high in more prolonged than shorter periods, suggesting reduced diversification opportunities. Overall, the present study exemplifies the significance of the green bond market as protection against risk.
This final chapter will show that we have no option but to master sustainability by deploying technology and finance effectively. The shift from physical to digital is on its way, and technology is accelerating manufacturing from global to local, dematerialisation, and sharing towards a circular economy. Digital is a prerequisite to green electrification, but we still have a long way to go. Finance powers innovation, but this also transforms finance. Financial technologies are used to automate investments, insurance, trading, banking services, and risk management. Finance is going digital, and distributed ledger technologies will transform financial markets. Greenwashing is likely to diminish due to increased transparency (supported by technology) and mandatory ESG reporting, although geopolitical ESG risk showed its ugly face in the war against Ukraine. It is time to rethink how markets integrate ESG towards a healthy planet and a prosocial society that makes our children proud.
The present study is a novel attempt to unravel the connectedness of the green bond with energy, crypto, and carbon markets using the S&P green bond index (RSPGB). We consider MAC global solar energy index (RMGS) and ISE global wind energy index (RIGW) as proxies of the energy market and use bitcoin and the European energy exchange carbon index (REEX) for the cryptocurrency and carbon market. Employing the Diebold and Yilmaz (2012), BarunĂk and KrehlĂk (2018), and wavelet coherence econometric techniques, we find that the energy market (RMGS) has the highest connectedness derived from other asset classes, and bitcoin (RBTC) has the least connectedness. Concurrently, we find that the risk transmission is heterogeneous in different scales as the short period has less connectedness than the medium and long run. We conclude that the overall diversification opportunity among green bonds, energy stock, bitcoin, and the carbon market is more in the short-run than in the medium and long-run. In summary, our findings on the green bond market will provide investors, portfolio managers, and policymakers with critical insight into ensuring a sustainable financial market.
Inzamam Ul Haq, Apichit Maneengam, Supat Chupradit, Chunhui Huo
This article aims to explore the co-movement of daily returns among S&P green bonds (GB/GBs), the top five sustainable cryptocurrencies, Bitcoin, the Dow Jones Sustainability World Index (DJSWI) and the Dow Jones Sustainability Emerging Market Index (DJSEMI) to determine whether GBs, Bitcoin and sustainable cryptocurrencies are truly sustainable; in addition, it investigates hedging and diversification opportunities. Using a partial wavelet coherence framework to capture the bivariate co-movement, our findings show strong (weak) positive co-movements among GB (sustainable cryptocurrencies) and DJSWI returns, where GBs (sustainable cryptocurrencies) have a heterogeneous leading role in the short-term and long-term horizons. Results indicate moderate positive (negative) co-movement among GBs and sustainable cryptocurrencies (Bitcoin) and DJSWI in the short run (long run). Overall, the results show GB (sustainable cryptocurrencies) acts as a diversifier for Bitcoin and sustainable cryptocurrencies in most cases (DJSWI). However, increasing Bitcoin returns adversely impacts the DJSWI in the long run. Findings are equally imperative for green investors, crypto traders and policymakers, where investors and traders can earn financial and social returns, and policy-makers can deploy suitable policies for the development of sustainable cryptocurrency mining processes. The role of Bitcoin is alarming for the United Nations Sustainable Development Goals and global greener economy.
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.
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.
This study uses a novel perspective to examine the causal connectedness between green bonds and other conventional assets, including clean energy, price of CO2 emission allowances, Bitcoin, and the S&P 500 stock market covering from January 2013 to March 2019. We apply the Multilayer Perceptron Neural Network Non-linear Granger causality and Transfer Entropy to detect possible changes in the causal direction between green bonds and other considered variables. We find a bidirectional relationship between green bonds, S&P 500, and Bitcoin markets, while green bonds have a unidirectional connection with the price of CO2 emission allowances.
Abstract This article consists of a critical review of the conceptual scholarship on the governance of climate finance and includes an overview of the institutional arrangements and governance logics that provide climate finance. New decentralized, polycentric structures allow for climate finance to more effectively reach the subâ and nonâstate actors most directly implementing climate change governance. However, the expansion of climate finance into marketâinflected forms of blended finance, as well as debtâbased financing, express a neoliberal logic that shifts power to market actors. This may challenge the efficacy of climate finance. We suggest that further research is needed on polycentric systems in climate finance, since an apparent expansion in the diversity of providers is also accompanied by a counterâintuitive concentration of decisionâmaking power with financial fund managers. We join others in suggesting that the weight of scholarship advocates for a strong return to public authored finance and governance, under the auspices of Green New Deal programs and more widely. This article is categorized under: Policy and Governance > Multilevel and Transnational Climate Change Governance
Verlinda Attipoe, Ezinne C Chukwuma-Eke, Comfort Iyabode Lawal, Solomon Christopher Friday ¡ 6 authors
The transition to clean energy is a critical global priority, yet small and medium enterprises (SMEs) face significant financial barriers that hinder their adoption of sustainable energy solutions. This study explores the development of a data-driven sustainable finance model as a strategic pathway for SMEs to access affordable capital, mitigate investment risks, and enhance financial inclusion in the clean energy sector. Grounded in stakeholder theory and sustainable development theory, the study examines how financial technology (FinTech), big data analytics, artificial intelligence (AI), blockchain, and alternative investment structures can optimize capital allocation and improve credit accessibility for SMEs. The findings reveal that while traditional financing mechanisms often exclude SMEs due to perceived risks and limited credit histories, data-driven credit scoring, blended finance, and sustainability-linked instruments can bridge financing gaps and promote investment in clean energy. However, technological limitations, regulatory inconsistencies, and financial constraints persist. The study proposes policy recommendations, including the harmonization of green finance regulations, public-private partnerships, and international cooperation, to create an enabling environment for SME participation in sustainable finance. Future research should explore the role of decentralized finance and AI-driven investment strategies in scaling clean energy transitions. This study contributes to the ongoing discourse on sustainable finance, emphasizing the importance of financial innovation in achieving global climate goals.
In enhancing the role of innovative techniques which involve the use of distributed ledger technology platforms, consequences or implications of such techniques could initially focus on more obvious risks â such as those risks associated with financial stability, inadequate governance and control mechanisms in place, or cybercrime. However, consideration of climate risk related factors have increasingly made the aim of focus towards a sustainable future, a more popular and increasingly justified topic.
In a recent report by the European Environmental Agency, it was highlighted that â in comparison with alternative payment methods, Bitcoin was claimed to be 20,000 times more energy intensive than Visa â with an energy consumption for each Bitcoin transaction increasing to 635 kWh â an equivalent of electricity that could power approximately 21 US households for 1 day, based on 2019 estimates according to some analysts.â
However there are also potential benefits to be derived from blockchain technology - one of which includes environmental protection, as further highlighted in the report. Notwithstanding, efforts and endeavors will still be required to address climate related impacts of engaging the use of such technologies.
This paper will focus on other risks â as well as benefits to be derived through the use of innovative techniques such as smart contracts and decentralized finance in a rapidly evolving financial landscape. It will also highlight why central bankers and financial regulation have to adapt and evolve rapidly in engaging the use of supervisory techniques which will not only enhance the efficiency of the use of such innovative techniques but also facilitate an adequate and well balanced approached to regulation â one which whilst not overly regulating technology, seeks to ensure that the abuse or misuse of such technologies are appropriately regulated.
Rafael LealâArcas, Michalis Kanakakis, George Thanos, Gemma Kate Fearnley
Achieving greater renewable energy usage, energy efficiency, and energy security are practically universal goals today. This Article introduces business models to illustrate the roles of multiple actors in a decentralized smart grid system. It identifies interactions between the various players, the tools they will manage, the added value in using the functionalities of such a system, and ways to maximize profits for those involved. The Article also examines the United Kingdom (UK) as a case study. It explores where the UK stands in terms of introducing tools and technologies for decentralization, including electric vehicles, smart grids, and demand response mechanisms. It also examines regulation in the UK to assess how conducive it is for decentralized energy. In addition, the Article identifies specific concerns related to data protection stemming from smart metering and analyses relevant regulation in this regard.
The rapid development of digital technologies such as blockchain and distributed ledger-based systems holds transformative potential for the financial sector. Promising applications include asset management as well as peer-to-peer networks for the transparent exchange of data and information. International climate finance stands to benefit in particular ways from these new opportunities in financial technology. Distributed ledger technologies could be leveraged to support climate action, for example by facilitating transparent and standardized transactions, or by enabling more efficient monitoring and accreditation processes. In view of these promising opportunities, we focus our inquiry on the case of the Green Climate Fund to explore how distributed ledger technologies can be used for innovative climate finance. Based on our analysis of different digital system models and potential use cases, we then discuss some of the technical and political challenges that may arise, for example with regard to standards and safeguards, governance processes, country ownership, and further capitalization. Our findings show that distributed ledger-based systems could benefit the work of the fund in key areas such as multi-stakeholder coordination and impact assessment. However, our analysis also points to the concrete limitations of technology driven solutions. Digital technologies are not a standalone solution to persistent resource allocation and governance challenges in international climate finance, especially because the design and deployment of these digital systems is inherently political.
This Article examines the role of the global financial markets in promoting sustainability and the governance challenges arising from this phenomenon. A growing range of financial instruments and strategies catalyze the desire of investors and corporations to support environmentally and socially sustainable commercial activity. This Article focuses on green bonds, a form of debt financing whose proceeds are specifically dedicated to environmentally-friendly âgreenâ projects, assets, and business activities. Having emerged in the past three years, green bonds are expected to play an integral role in responding to the existential threat and enormous costs posed by climate change. Largely missing from the still-nascent green bond market are government regulators. Instead, its governance is decentralized and primarily shaped by private governance regimes (such as investment standards, certification schemes, ratings, and third-party assessment), which compete or collaborate with each other for market adoption. In comparison to public regulation, private governance is often faster to implement and more responsive to the needs of market participants but may suffer from a lack of legitimacy, accountability, and consistency and be susceptible to greenwashing. To address these deficits, this Article identifies and analyzes governance gaps in the green bond market and outlines a public-private hybrid regulatory framework to optimize the interests of investors and stakeholders.
The consequences of climate change have rapidly become one of the most important issues of the global agenda. Along with the consequences of global warming, the current course of climate change is directly related to a series of environmental impacts such as: the rising of sea levels, increased frequency of extreme weather events, the shifting patterns of rainfall, increased risks for the wildlife, economic instability (especially in the agricultural sector), to name a few. The dimension of the expected impacts, combined with the speed of the climatic events, poses a significant challenge not only to countries, but to the international community as a whole, in designing a set of actions to adapt to and to mitigate those consequences.
B. Balamurugan, T. Poongodi, M. R. Manu, S. Karthikeyan ¡ 5 authors
The moving image archive of the US Agency for International Development (USAID) includes a copy of the film The Double Day (1975), cataloged in the series Moving Images Relating to International Development Programs and Activities, 1979â1991, a collection of more than eight hundred titles âcreated to provide information on assistance programs supported by the Agency for International Development (AID).â1 Yet, The Double Day does not, in fact, directly depict or engage with any specific development or aid initiative. Instead, the filmâdirected by US-based Brazilian filmmaker Helena Solberg as part of the International Womenâs Film Project collective and described as âthe first Latin American feminist documentaryââexamines the gendered dynamics of paid and unpaid labor through the testimonies of women from Argentina, Bolivia, Venezuela, and Mexico.2 Its presence in the USAID archive is likely a consequence of its funding history, having received support from the Inter-American Foundation, a USAID-affiliated entity; the development agencies of Denmark, Norway, and Sweden; the United Nations Development Program; and US philanthropist Calvin Cafritz.3These transnational funding structures not only enabled the filmâs production but also determined its archival destination, which renders legible its place within the history of international development.4 The Double Dayâs institutional trajectory reflects the shifting configurations of aid, gender, and media during a historic moment when women were being repositioned at the center of what Arturo Escobar has described as developmentâs âregimes of visuality.â5 Especially relevant to The Double Dayâs production and exhibition was the international institutional framework of Women in Development (WID). Emerging in the early 1970s and culminating in United Nationsâ proclamation of 1975 as International Womenâs Year, WID emphasized womenâs participation in the global economy as both an index and mechanism of development. Indeed, The Double Day premiered at the World Conference of the International Womenâs Year, held in Mexico City.6 Within this context, the film forms part of a broader trajectory of media use by international organizations that intensified during the 1970sâas best exemplified by Media Habitat, a collection of 236 documentary films commissioned by the United Nations to represent urban and rural development initiatives for the 1976 Habitat Conference on Human Settlements in Vancouver. As a policy-shaping initiative, Media Habitat primarily featured films from the Global South intended not only to illustrate but also to help codify standardized audiovisual markers of âunderdevelopmentâ that determined access to the emerging global economic order and to international aid.7Framed in relation to these international institutions and their operations, The Double Day could similarly be considered âdevelopment mediaââexemplifying the type of nonfiction media produced and distributed outside of the commercial film circuits whose aspects and subcategories have been variously described in scholarship as nontheatrical, useful, sponsored, institutional, industrial, educational, or nonprofessional/amateur.8 Scholars working in this area have emphasized the institutional contexts of such mediaâs production and exhibition infrastructures as shaping its instrumentalized effects. From a feminist perspective, such an approach is crucial to grappling with the broader question of how âgender impacts [these worksâ] shape, content, and trajectories.â9 Yet we also argue that, taken in isolation, the institutional and infrastructural contexts are insufficient to account for the complex relationship between media and development, potentially not only limiting our understanding of the reach and impact of development but also distorting our interpretive conclusions. For example, to categorize The Double Day as âdevelopment mediaâ is to overlook the filmâs place within Solbergâs directorial oeuvre, as well as within the histories of both transnational womenâs filmmaking and radical Latin American documentary cinema to which it simultaneously belongs. Such exclusive framing is especially limiting given that women globally were disproportionately engaged in nonfiction production throughout the twentieth centuryâsometimes by political choice but more often due to structural exclusions from fiction filmmaking. Even in nonfiction historiography, however, institutional media has remained particularly marginal, reinforcing hierarchies that separate such works from the aesthetic and authorial frameworks through which film history has been constructed.10 This marginalization not only tends to erase womenâs contributions but also presumes a âweakâ or derivative authorship, rendering these films unworthy of the interpretive attention needed to apprehend their aesthetic and political complexity.11 The same dynamic is likely to structure assumptions about âdevelopment mediaâ as well.Categorizing The Double Day exclusively within this category would further prompt us to assume top-down institutional analyses that have been characteristic of both institutional media methodologies and the scholarship on development at large. This, in turn, would risk obscuring this filmâs radical Marxist approach to womenâs labor as well as its concrete contribution to activism and its attendant grassroot structures. In Mexico City, The Double Day became a catalyst for feminist solidarity in practice when one of the filmâs protagonists, Bolivian activist and trade unionist Domitila Barrios de Chungara, was invited to participate in the Tribune of Non-Governmental Organizations held alongside the official UN conference.12 There, Barrios de Chungara challenged Western feminist priorities by reframing the debate around labor, class, and imperialism, helping to articulate a shared Third World feminist agenda that significantly departed from the developmentalist vision of the United Nations and USAID.13 Seen through the lens of activist media, The Double Day helped forge transnational solidarity networks by enabling information exchange across the diverse voices that shaped its makingâfrom the women featured in the film to the activists who circulated itârevealing a considerably more dynamic interplay between institutional and grassroots or contingent media practices.Moreover, the filmâs Latin American contextâreflected in Solbergâs formation in Brazil as the only woman in Cinema Novo, its focus on women from across the region, and its premiere and key reception in Mexico Cityârequires grappling with the regional specificities of the very notion of development in its multiple iterations.14 Far from being an epistemological and political framework imposed solely by the Global North, both the practices of development and the theoretical foundations of developmentalism (understood as a broad and polysemic set of discourses) were shaped through the active participation of Latin American economists.15 Within this iteration, underdevelopment, as a constitutive notion of developmentalism, became central to a distinctly critical strand, which by the late 1960s became known as the dependency theory.16 This same approach is reflected in some of the best-known Latin American radical film manifestos of the time, arising precisely from the same milieus to which Solberg belonged.17These various considerations of the filmâs history illustrate the methodological challenges confronting feminist scholars seeking to assess the impact of development on media projects, theories, and practices. To disregard the developmentalist context of such works by emphasizing their political aesthetics and affects risks reproducing a romanticized narrative of heroic resistance (albeit from a feminist perspective). Yet to engage exclusively with their institutional and material infrastructures risks naturalizing developmentalismâs political and epistemological foundations at the expense of the goals and beliefs of the many women who participated in these projects. The contradictions and ambivalences that animate such histories call for feminist frameworks capable of holding both institutional complicity and radical possibility in view.This challenge resonates with ongoing debates about the politics of the archive and what Allyson Field has termed âthe practice of informed speculation.â18 As she reminds us, feminist, queer, and decolonial methodologies have long taught us to âpress at the limitsâ of the archive to âinoculate our scholarship against our evidenceâs afflictions.â19 The concern that the evidence we draw on in our analysis reproduces the very structures and blind spots of the dominant ideology and therefore shapes and delimits our interpretation becomes particularly urgent when engaging the developmentalist media corpus. Informed speculation offers an alternative by inviting the experimental, creative, and speculative rewriting of history, mobilizing the archive âin a project that runs counter to the original purpose, or the imperative to preserve, or the conditions that led to erasure.â20 Yet, as Field cautions, such speculative gestures must remain grounded in a deep and âintimate familiarity with the archiveâ that we are working with and against. Building on this imperative, we suggest that the developmentalist archive, in particular, demands expansion and critical reconsideration in ways that unsettle the very disciplinary frameworks through which it has been studied as well as the larger institutional contexts for such knowledge production.Our focus on The Double Day in the opening of this introduction thus foregrounds the entanglements of institutional and grassroots forces, local and international contexts, structural and interpersonal relations, and creative and economic factors that have shaped not only this film but the broader ecosystem of development media projectsâand their preservationâover time. Addressing such a constellation involves transgressing methodologically entrenched divisions between political economy and aesthetics, between material infrastructures and affective regimes; reckoning with divergent periodizations across film history and world economics; and situating these within the local specificities of womenâs movements and international institutional programs. It also demands attentiveness to the coexistence of multiple, and sometimes competing, understandings of developmentâeach historically, geographically, and ideologically situated.We imagine this special issue as an opening toward a critical dialogue, not only about how such an approach might be enacted in practice but also about the far-reaching ways development paradigms have shaped both our objects of study and the contours of the field itself. The decision to center institutionally sponsored films across all the essays in this issue is deliberate and enables us to highlight institutional critique as a vital methodological imperative within our analytical framework. Created within the frameworks of international organizations, state agencies, or NGOs, these filmsâ histories make legible the institutional logics that underwrite their production. Yet our critique does not stop at these specific entities. Rather, we argue for a broader interrogation of the political conditions and institutional infrastructures that shape media and knowledge production more generally. This includes contemporary corporations embedded in the digital platform economy, from streaming services to the rapid expansion of AI. Equally critical is a reflexive examination of academia itself, where departments of economics, political science, and centers for development have played a formative role in producing and legitimizing developmentalist theories and policy frameworks. While the humanities and arts have at times offered critical alternatives, they have also frequently mirrored and reinforced many of the same developmentalist assumptions. A feminist analysis of the nexus between development and media must therefore unsettle not only dominant archives but also the institutional and disciplinary foundations of our own scholarly practices.As scholars, we share the complex position of navigating the same tensions between institutional complicity and emancipatory aspiration as many of the media-makers whose work we study. Mirroring our subjects is also the transnational, collective mode of this special issueâs own production as it emerges from an ongoing informal working group we have sustained over several years. While relying on institutional and disciplinary affordancesâsuch as university funding for conferences or access to academic publishing platformsâwe have been working toward creating a community that exceeds, and often resists, the prevailing logics of our academic institutions. Our aim has been to create a space for shared inquiry and mutual support that pushes back against disciplinary siloing and technocratic neoliberal assessment modes of both labor and knowledge productionâand this certainly extends to our experience collaborating with the journal editors throughout the publication process. Our goal has been to examine both the persistence and variability of developmentalism, understood as what Gustavo Esteva calls a âpowerful but fragile semantic constellation,â as a conceptual formation that has historically inspired, legitimized, and mobilized media projects across Asia, Africa, and Latin America.21 And gendered biopolitics, from population control to gender mainstreaming, have remained integral to development policies and media practices, recurring across formats from institutional newsreels to film festivals.We share the conviction that, far beyond the history of nonfiction institutional media, development (as both a broad ideological project and a network of material and institutional practices) and developmentalism (as a set of discourses and theoretical models associated with development) have exerted a far-reaching influence on film and media cultures at large. As such, they must be treated as a major force in shaping global film and media systems and also the many ongoing assumptions behind their critical discourses. The discipline of communication studies was founded on modernization theory governed by Cold War goals of dissemination of Western liberal democracy around the world, while âan area studies framework allowed compartmentalizing Western and non-Western outcomes of technologies that were always claimed to be universal.â22 Despite critique from postcolonial and critical race studies, many of these frameworks have remained foundational for media theory.23 In historical scholarship, as we increasingly move beyond âmodernityâ as a dominant conceptual anchor, engaging with practices and discourses of development opens more precise analytical pathways. These film and mediaâs entanglements with the logics of and economic and the associated with as well as their conceptual underdevelopment, and impact in as diverse as and of media aesthetic and paradigms in film and film and funding are developmentalist assumptions to the they to underwrite the narrative and logics of and global media from the structure of the film to the cultures of argue that a examination of the historical entanglements between film and developmentalist aesthetics, modes of as well as infrastructures and critical the and that our contemporary media is a of the historical contours of development as a field of inquiry embedded within a of some of the methodologies by the featured in this special a of this complex history, to the larger at in media, development, and gender all its development a it as an of be with practices as divergent as and in In as we work on this the of the of the USAID the ideological that have the history of international the and of this on the global its a from development as a global practice and as an institutional and which over the has as a with its own media Yet or does not erase the historical impact of these the contradictions they have reflected and over the as the of development several crucial to the economic theories of development initiatives to and through the of the development an international policy framework at from the Global to the of the Global the by the political role of and the of the International the on was challenged by dependency theory and at development as global structural the neoliberal of the the Programs by the and World imposed and as conditions for and forms of assistance became known as the major markers for international development development has moving beyond economic to such as the Human Development and the Development and from international organizations such as the United Nations to a broader network of These frameworks increasingly of and liberal of and with what in many ways to various while the of the to developmentâs epistemological more scholarship has toward a of its and material the field has to a of and critical by and scholars, which development as a dynamic of conceptual and political to these the studies in this special issue call for sustained analysis in place of In we draw from a of and that in of of gender and to this special issue engage that and from Mexico to contemporary specific local historical of global distinctly feminist methodologies as well as attention to studies that this issue a in the global history of development on and documentary work in Mexico how early women infrastructures as of while US films an early of state and transnational on a outside the Global as the of developmentalist both the and markers of development media, its to the and Latin central grounded in archival also womenâs in transnational and the methodological of archives on study of the series to a a digital media not by but by women not as but as subjects and within circuits of neoliberal and the aesthetics and of how developmentâs has models of to contemporary neoliberal paradigms of and analysis how digital and gender and practices, discourses on and their of these essays the of some of the historical of developmentalist as the question of the role of the state within such on a notion of economic as a and the dominant of development that the state as the for and through infrastructural projects. This understanding of development was shared across both of the as well as in the Third The United and the increasingly mobilized international in the of the modes of international at the postcolonial of policy and ideological These programs were at the expansion of their and of while with the and decolonial of The conceptual between modernization and development that the Cold in of and hierarchies of that long and As an of postcolonial their role as of international aid concern about the of Western development projects. In alternative across the Global South that to structural between and through policies of and In many they were further the global structures. In Latin for example, this approach was through organizations such as the United Nations for Latin and the both developmentalist projects and their have taken many forms historically, and they have and they have been to a of projects, and postcolonial and development has been and in ways and with frequently political While many of these alternative frameworks the embedded in dominant Western they often technocratic and assumptions. gender and gender as for the of to be shaped by This becomes particularly in the media that of development where women frequently a crucial associated with and women were as both the subjects and of their participation in the and labor often as the index of In this study of from the 1970s how women were as of this as these about womenâs urban and recurring and of a within the own of and critique that official examination of archives and enables a feminist interrogation of their mobilizing a of the in the of contribution to this issue similarly the of a dynamic within as well as across ideological the of womenâs and the media of the and as active in labor and as integral to the technocratic women became of as their labor remained a of and analysis and archival with attention to the specific of and It also transnational that as a and affective a nexus of and practices through which gender, media, and developmentalism one film not as a but as part of the of alongside and work a broader concern of this special media as a of developmentalist projects. The debates the World and which international such as the United Nations and a critical historical for such primarily by postcolonial and of the for the of media and communication infrastructures in as to counter Western The a between and economic how systems of media and reinforced global hierarchies of and in an agenda that supported and alternative media infrastructures across postcolonial contexts, the framework gender as an analytical This âgender in the 1970s by of the Women in Development in relation to The Double its political critique of with its broader to center women in development policy through and This was also in of media, which was shaped by its international reach and audiovisual production and and and Yet, as WID institutional it also to the and of the womenâs development programs often by in These were by a of studies, and on and the to of womenâs presence and through the of their economic and In this on the filmmaker this history directly by the and of for women by the WID framework during the with and agencies the of and against Women in at the of the neoliberal turn, when institutional media often the only to access and support to projects. The an by this dynamic as of the from the Global South are to engage with the developmentalist assumptions funding models that their similarly the as a in developmentalist media history by the of and centers on the Film a between of and the attention toward the and labor by and work was foundational the of and the of audiovisual aid, as both a of development projects and a critical for their the in this issue argue for a with media, gender, and developmentalism as an field of that is and shaped by feminist and methodologies and that challenge the entanglements between academic knowledge production and and technocratic development And while methodological these dynamics at the structural the of feminist in media and cinema by this the very a