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[pt] RETORNOS E MITIGAÇÃO DE DESASTRES: EVIDÊNCIA DE CICLONES TROPICAIS / [en] RETURNS AND HAZARD MITIGATION: EVIDENCE FROM TROPICAL CYCLONESMARCELO COSTA MARQUES 18 August 2022 (has links)
[pt] Nesse artigo, fornecemos evidências de que as informações sobre a infraestrutura de mitigação de riscos nos Estados Unidos (EUA) durante uma
exposição indireta a ciclones tropicais e a própria exposição indireta a ciclones
tropicais geram anomalias nos retornos após considerar os 5 fatores FamaFrench e momentum. Formulamos duas hipóteses possíveis para explicar essas
anomalias: hipótese do investidor local e hipótese do investor geral. Ambas
as hipóteses assumem que os investimentos em mitigação de riscos são inferiores ao ideal. Sua diferença é baseada em como os investidores interpretam
os programas de mitigação de riscos. Na hipótese do investidor local, Nós nos
concentramos nas percepções dos investidores locais sobre os programas. Investimentos mais significativos nesses programas significam que mais investidores
locais irão reconhecê-los e conhecer suas falhas. Por outro lado, na hipótese
do investor geral, nos concentramos nas associações que os investidores gerais fazem entre o nível de investimento em mitigação de perigos e o risco de
desastres. No final, damos algumas evidências da hipótese dos investidores locais, mas não podemos garantir que essa seja a única explicação possível. A
questão toda depende de quanto os investidores sabem sobre os programas de
mitigação de riscos. Além disso, evidenciamos que um canal de informação é
o provável caminho pelo qual as anomalias são geradas. Assim, nesta dissertação, lançamos alguma luz sobre a incerteza gerada pelos desastres naturais
que precificam os ativos, um tema que recebe mais atenção em um mundo em
aquecimento. / [en] In this paper, we provide evidence that information about hazard mitigation infrastructure in the United States (U.S.) during an indirect exposure
to tropical cyclones and the indirect exposure to tropical cyclones per se generate anomalies in returns after considering the 5 Fama-French factors and
momentum. We formulate two possible hypotheses to explain these anomalies: local investor and general market hypotheses. Both hypotheses assume
that hazard mitigation investments are lower than the ideal. Their difference
is based on how investors interpret the hazard mitigation programs. We focus
on local investors perceptions about them in the local investor hypothesis.
More significant investments in these programs mean more local investors will
acknowledge them and their flaws. On the other hand, we focus on general investors associations between hazard mitigation investment level and disaster
risk in the general market hypothesis. In the end, we give some evidence of
the local investors hypothesis, but we cannot guarantee that this is the only
possible explanation. The whole point depends on how much investors know
about hazard mitigation programs. Beyond that, we give evidence that an information channel is the probable path in which the anomalies are generated.
Thus, in this dissertation, we shed some light on the uncertainty generated
by natural disasters that prices assets, a topic that gets more attention in a
warming world.
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From Compliance to Competitive Advantage : Private Equity in the Era of Climate FinanceBoström, Lukas, Hannes, Paul January 2024 (has links)
In a world of growing environmental concern, financial markets are increasingly investing their capital in the transition towards a more sustainable economy. Government initiatives, such as the 2019 European Green Deal, support this shift by aiming to further steer capital flows in this direction. This thesis explored what motivational factors drive the integration of environmental, social, and governance (ESG) concerns in private equity firms which implement a buyout strategy and operate in Sweden. Additionally, this thesis sought to highlight what influence the regulatory environment has on this integration. The data was collected by interviewing representatives from seven private equityfirms and utilising a secondary data analysis of their company reports. The results showed a high degree of sustainability integration in the private equity industry. The analysis further revealed that while intrinsic motivators, predominantly emerging from partners' beliefs, are the primary drivers for some private equity firms, the majority are influenced by extrinsic motivators, with investor demand being the predominant factor. Additionally, we could identify the emergence of industry standards through governmental and non-governmental frameworks. From a practical standpoint, the thesis highlights the necessity of integrating sustainability to maintain legitimacy in the market and secure continuous funding.
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L'eau, le soleil et le vent : des énergies pour le monde. Quels modes de financement "éthiques" ? / Water, sun and wind : Energies for the world. Which “ethical” modes of financing?Aassouli, Dalal 20 January 2017 (has links)
L’observation des défis économiques, sociaux et environnementaux qui préoccupent l’humanité aujourd’hui nous amène à revoir les modèles de croissance économiques adoptés, à reconnaitre leurs limites et à apporter un jugement critique sur la gouvernance de l’homme et sa manière d’exploiter le monde. La thèse cherche à démontrer comment l’épuisement des ressources naturelles et le recours aux principales énergies renouvelables, l’eau, le soleil et le vent, peuvent être utilisés pour approfondir la compréhension de la relation de l’homme vis-à-vis de l’environnement, le compromis nécessaire entre sa liberté et sa responsabilité et les principes moraux qui doivent informer sa conduite. Ces défis mettent en évidence l’urgence d’une réflexion critique sur l’activité financière aujourd’hui et sa contribution au développement réel et durable de l’économie. Ce travail propose, donc, d’explorer quelques possibilités de l’intégration contemporaine de principes « éthiques » dans les modes de financement de projets relatifs à l’utilisation de l’eau, du soleil et du vent. Nous donnons d’abord un état des lieux des modes de financement et d’investissement dits éthiques ou alternatifs. Nous considérons, en particulier, l’investissement socialement responsable, les marchés de capitaux durables, les institutions ayant pour mission l’inclusion financière, les banques multilatérales de développement et la finance participative. L’objectif est d’examiner comment des principes éthiques peuvent être intégrés dans les modes de financement modernes de projets verts et durables, c’est-à-dire comment l’expertise financière rejoint la préoccupation pour le changement climatique et les énergies renouvelables mondialement. Cette analyse démontre aussi l’intérêt croissant pour les questions de durabilité et de justice sociale, bien que sa concrétisation reste encore à questionner. / The observation of the economic, social and environmental challenges facing humanity today leads us to reconsider the models of economic growth pursued, to recognise their limitations and to give a critical assessment of human governance and his way of exploiting the world’s resources. The thesis seeks to demonstrate how the depletion of natural resources and the use of the main renewable energy sources, namely water, sun and wind can be used to deepen the understanding of man's relationship with the environment, the compromise between his freedom and responsibility and the moral principles that must govern his conduct. These challenges highlight the urgency of a critical thinking on the financial activity today and its contribution to the real and sustainable development of the economy. Thus, this work proposes to explore few examples of the contemporary integration of "ethical" principles in the financing modes of projects related to the use of water, sun and wind. We first give an assessment of the modes of financing and investment called ethical or alternative. We consider, in particular, socially responsible investing, sustainable capital markets, financial inclusion institutions, multilateral development banks and participatory finance. The objective is to examine how ethical principles can be integrated into the modern financing modes of green and sustainable projects, i.e. how the financial expertise integrates the concerns for climate change and renewable energies globally. This analysis also demonstrates the growing interest in issues related to sustainability and social justice, although their effective implementation can sometimes be questioned.
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An investigation of South Africa's policy response to climate change in the context of sustainable development goalsMthembu, Dumisani Emmanuel 01 1900 (has links)
Climate change is recognized as one of the environmental challenges with disastrous
consequences for the human well-being. Hence, there is no doubt that climate change
is not only a great environmental concern, but also a developmental challenge that
overlaps at many levels. Accordingly, the global community sees climate change and
sustainable development as two major challenges of the 21st century that require
urgent collective action. The aim of the study was to investigate and analyse South
Africa’s policy response in addressing climate change, also considering the added
dynamics and imperatives presented by the 2030 Agenda for Sustainable
Development (AfSD) that enshrines 17 interwoven Sustainable Development Goals
(SDGs) and 169 targets.
In order to fulfil this task, five research objectives were developed; namely: (i) to
determine the extent to which the South African government has been involved in
domesticating and localizing the SDGs agenda (in general) since its birth in January
2016, (ii) to identify policies and institutions dealing with climate change mitigation
(including sustainable consumption and production) and document the provisions of such policies, (iii) to determine policy coverage and institutional spread regarding the
addressing of climate change adaptation and adaptive capacity, (iv) to audit and
present an inventory of institutions and major financial arrangements existing as
means of implementing climate change policy in South Africa, and (v) to establish
measures in place to improve education, awareness-raising, and human and
institutional capacity development on climate mitigation and adaptation, impact
reduction and early warning.
A research methodology was adopted which took the form of evaluation research. This
research approach is mostly used in large bureaucratic organizations such as
government to determine the extent to which a programme or policy is effective. The
research design followed a Mixed-Methods Research (MMR), which combines
qualitative and quantitative approaches. Primary data was collected from purposefully
selected respondents, who participated in the online survey and face to face
interviews. The analysis of data entailed the reduction and display of data. Data reduction and
display made it possible to code, create themes and concepts; as well as enable the
study to make cogent inferences and rational conclusions. In addition, primary data
was complemented by document analysis that scrutinized relevant documents to
climate change and sustainable development.
The study concluded that South Africa has taken reasonable steps to achieve the
SDGs because the National Development Plan (NDP) which is aligned to the SDGs
was already being implemented. The study also showed that South Africa has put in
place institutional mechanisms to implement the SDGs, even though it took longer to
put them in place and have them operationalised. The study concluded that South
Africa has policies and strategies designed to respond to climate change mitigation
and adaptation. However, there are several challenges inherent in the policies and
strategies that make them ineffective, including policy implementation inertia. While
the study confirmed that there are institutions in place to implement climate change
policies and strategies; it emerged that capacity is concentrated at the national level, as opposed to the provincial and local government levels, and relies on few experts
which makes the system vulnerable and fragile.
Regarding funding for both climate change and the SDGs, it emerged that South Africa
does not budget enough money, and relies heavily on international donations. The
study further revealed that there is dissatisfaction with the public’s involvement in
climate change management in the country. It also highlighted the need to improve
early warning systems and preparedness to respond to extreme weather events.
Hence, the study suggests that there is a need for a serious introspection with regard
to the implementation model to ensure that the issues raised by the study are resolved. / Environmental Sciences / Ph. D. (Environmental Management)
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Experimentalist governance in climate finance: the case of REDD+ in Brazil / Governança experimentalista no financiamento do clima: o caso de REDD+ no BrasilPinsky, Vanessa Cuzziol 24 November 2017 (has links)
Climate change is a daunting problem that results in actions-interactions from a number of actors in complex global systems, which require multi-level governance and a myriad of national policies. Academics and policy makers alike have been grappling with how to devise effective strategies on the international coordination of climate change policies. It is challenging because climate change problems involve actors with different positions, interests and motivation to cooperate due to the risks involved, the uncertainty and the high costs of adaptation and mitigation. Deforestation is the second largest source of GHG emissions. Success in this area can have a large impact on mitigation. This study focuses on the case of REDD+, a large scale governance experiment in climate finance and a promising cost-effective mitigation mechanism to motivate developing countries to implement policy approaches to reducing emissions from deforestation and forest degradation. REDD+ is considered a breakthrough mechanism in international cooperation under the UNFCCC regime as it was designed to be performance-based. Brazil is the world\'s largest recipient and has the most important REDD+ experiment - the Amazon Fund. The lack of developed theory in this domain led to the use of grounded theory methodology to understand the REDD+ governance process in Brazil. The \'REDD+ Governance Theoretical Framework\' emerged from the data. It is a substantive theory formed by seven major categories (Governance, Strategy, Financing, Implementation, Participation of stakeholders, Joint action and Collective learning) that are related to each other and explain the phenomenon. This study suggests that the lack of institutional arrangements to stimulate collective learning and incorporate lessons learned from the ground experience has been a major constraint on improving its governance in Brazil. Improving the effectiveness of the policy cycle may depend upon the establishment of specific arrangements focused on peer review processes involving lower-level entities responsible for implementation and experts from civil society. The establishment of a recursive learning system could solve certain policy coordination problems and create new opportunities to improve the effectiveness of the REDD+ governance process and implementation. This theory adds to the limited body of literature in the field by extending the knowledge on climate finance, stimulating discussion, and creating opportunities for further research and theoretical advances. The theoretical framework and lessons learned in Brazil from success and failure can help other developing countries to implement a national REDD+ strategy, system or regime. The theory can contribute to the international debate on the principles of good governance in official development assistance and aid effectiveness. This study provides an opportunity for policy makers and practitioners to learn about the challenges and constraints faced by Brazil when implementing an unprecedented results-based mechanism focused on mitigation. / A mudança climática é um problema desafiador resultante de ações e interações entre diversos atores em sistemas globais complexos, o que demanda governança em vários níveis e uma miríade de políticas nacionais. Acadêmicos e policy makers vêm se desafiando sobre como elaborar estratégias eficazes na coordenação internacional das políticas em mudança climática. É desafiador porque os problemas relacionados à mudança do clima envolvem atores com diferentes posições, interesses e motivação para cooperar, já que existem riscos envolvidos, alto nível de incerteza e custos de adaptação e mitigação. O desmatamento é a segunda maior fonte de emissões de gases causadores do efeito estufa. Sucesso nesta área pode ter um grande impacto em mitigação. Este estudo enfoca no caso de REDD+, um experimento de governança no financiamento do clima e um promissor mecanismo de mitigação com baixo custo para incentivar os países em desenvolvimento a implementar abordagens políticas que reduzam emissões oriundas do desmatamento e da degradação florestal. O REDD + é considerado um mecanismo inovador em acordos de cooperação internacional sob o regime da UNFCCC, pois foi idealizado para ser baseado em desempenho. O Brasil é o maior receptor do mundo e tem o mais importante experimento de REDD+ - o Fundo Amazônia. A ausência de teorias desenvolvidas nessa área levou ao uso da metodologia grounded theory para compreender o processo de governança de REDD+ no Brasil. A partir dos dados primários foi desenvolvido o \'REDD+ Governance Theoretical Framework\'. Trata-se de uma teoria substantiva formada por sete categorias (Governança, Estratégia, Financiamento, Implementação, Participação de stakeholders, Ação coletiva e Aprendizagem coletiva) que se relacionam e explicam o fenômeno. Este estudo sugere que a ausência de arranjos institucionais para estimular a aprendizagem coletiva e incorporar as lições aprendidas durante a implementação tem sido um grande obstáculo para melhorar a governança de REDD+ no Brasil. Melhorar a efetividade do ciclo político pode depender do estabelecimento de arranjos específicos com foco em processos de revisão por pares que envolvam entidades responsáveis pela implementação e especialistas da sociedade civil. O estabelecimento de um sistema de aprendizagem recursiva poderia facilitar a resolução de alguns problemas de coordenação política e criar novas oportunidades para aprimorar o processo de governança de REDD+. Esta teoria contribui para a construção do conhecimento científico focado no financiamento do clima, estimula a discussão, sugere oportunidades para novas pesquisas e avanços teóricos. O framework teórico pode ajudar outros países em desenvolvimento a implementar estratégia, sistema ou regime nacional de REDD+. As lições aprendidas no Brasil, baseadas no sucesso e fracasso, podem ser absorvidas por outros países em desenvolvimento. A teoria contribui para o debate internacional sobre os princípios da boa governança nos acordos de cooperação internacional e na eficácia da ajuda financeira. Este estudo oferece uma oportunidade para que os policy makers e os profissionais aprendam sobre os desafios e obstáculos enfrentados pelo Brasil ao implementar um inovador mecanismo de financiamento do clima baseado em resultados.
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Experimentalist governance in climate finance: the case of REDD+ in Brazil / Governança experimentalista no financiamento do clima: o caso de REDD+ no BrasilVanessa Cuzziol Pinsky 24 November 2017 (has links)
Climate change is a daunting problem that results in actions-interactions from a number of actors in complex global systems, which require multi-level governance and a myriad of national policies. Academics and policy makers alike have been grappling with how to devise effective strategies on the international coordination of climate change policies. It is challenging because climate change problems involve actors with different positions, interests and motivation to cooperate due to the risks involved, the uncertainty and the high costs of adaptation and mitigation. Deforestation is the second largest source of GHG emissions. Success in this area can have a large impact on mitigation. This study focuses on the case of REDD+, a large scale governance experiment in climate finance and a promising cost-effective mitigation mechanism to motivate developing countries to implement policy approaches to reducing emissions from deforestation and forest degradation. REDD+ is considered a breakthrough mechanism in international cooperation under the UNFCCC regime as it was designed to be performance-based. Brazil is the world\'s largest recipient and has the most important REDD+ experiment - the Amazon Fund. The lack of developed theory in this domain led to the use of grounded theory methodology to understand the REDD+ governance process in Brazil. The \'REDD+ Governance Theoretical Framework\' emerged from the data. It is a substantive theory formed by seven major categories (Governance, Strategy, Financing, Implementation, Participation of stakeholders, Joint action and Collective learning) that are related to each other and explain the phenomenon. This study suggests that the lack of institutional arrangements to stimulate collective learning and incorporate lessons learned from the ground experience has been a major constraint on improving its governance in Brazil. Improving the effectiveness of the policy cycle may depend upon the establishment of specific arrangements focused on peer review processes involving lower-level entities responsible for implementation and experts from civil society. The establishment of a recursive learning system could solve certain policy coordination problems and create new opportunities to improve the effectiveness of the REDD+ governance process and implementation. This theory adds to the limited body of literature in the field by extending the knowledge on climate finance, stimulating discussion, and creating opportunities for further research and theoretical advances. The theoretical framework and lessons learned in Brazil from success and failure can help other developing countries to implement a national REDD+ strategy, system or regime. The theory can contribute to the international debate on the principles of good governance in official development assistance and aid effectiveness. This study provides an opportunity for policy makers and practitioners to learn about the challenges and constraints faced by Brazil when implementing an unprecedented results-based mechanism focused on mitigation. / A mudança climática é um problema desafiador resultante de ações e interações entre diversos atores em sistemas globais complexos, o que demanda governança em vários níveis e uma miríade de políticas nacionais. Acadêmicos e policy makers vêm se desafiando sobre como elaborar estratégias eficazes na coordenação internacional das políticas em mudança climática. É desafiador porque os problemas relacionados à mudança do clima envolvem atores com diferentes posições, interesses e motivação para cooperar, já que existem riscos envolvidos, alto nível de incerteza e custos de adaptação e mitigação. O desmatamento é a segunda maior fonte de emissões de gases causadores do efeito estufa. Sucesso nesta área pode ter um grande impacto em mitigação. Este estudo enfoca no caso de REDD+, um experimento de governança no financiamento do clima e um promissor mecanismo de mitigação com baixo custo para incentivar os países em desenvolvimento a implementar abordagens políticas que reduzam emissões oriundas do desmatamento e da degradação florestal. O REDD + é considerado um mecanismo inovador em acordos de cooperação internacional sob o regime da UNFCCC, pois foi idealizado para ser baseado em desempenho. O Brasil é o maior receptor do mundo e tem o mais importante experimento de REDD+ - o Fundo Amazônia. A ausência de teorias desenvolvidas nessa área levou ao uso da metodologia grounded theory para compreender o processo de governança de REDD+ no Brasil. A partir dos dados primários foi desenvolvido o \'REDD+ Governance Theoretical Framework\'. Trata-se de uma teoria substantiva formada por sete categorias (Governança, Estratégia, Financiamento, Implementação, Participação de stakeholders, Ação coletiva e Aprendizagem coletiva) que se relacionam e explicam o fenômeno. Este estudo sugere que a ausência de arranjos institucionais para estimular a aprendizagem coletiva e incorporar as lições aprendidas durante a implementação tem sido um grande obstáculo para melhorar a governança de REDD+ no Brasil. Melhorar a efetividade do ciclo político pode depender do estabelecimento de arranjos específicos com foco em processos de revisão por pares que envolvam entidades responsáveis pela implementação e especialistas da sociedade civil. O estabelecimento de um sistema de aprendizagem recursiva poderia facilitar a resolução de alguns problemas de coordenação política e criar novas oportunidades para aprimorar o processo de governança de REDD+. Esta teoria contribui para a construção do conhecimento científico focado no financiamento do clima, estimula a discussão, sugere oportunidades para novas pesquisas e avanços teóricos. O framework teórico pode ajudar outros países em desenvolvimento a implementar estratégia, sistema ou regime nacional de REDD+. As lições aprendidas no Brasil, baseadas no sucesso e fracasso, podem ser absorvidas por outros países em desenvolvimento. A teoria contribui para o debate internacional sobre os princípios da boa governança nos acordos de cooperação internacional e na eficácia da ajuda financeira. Este estudo oferece uma oportunidade para que os policy makers e os profissionais aprendam sobre os desafios e obstáculos enfrentados pelo Brasil ao implementar um inovador mecanismo de financiamento do clima baseado em resultados.
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Green Bonds and Climate Change: State of the Art or Artful Dodge?Queen, Irene T. 10 August 2016 (has links)
No description available.
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Linking Three Decades of International Conservation Funding with South America’s Major Deforestation AreasQin, Siyu 17 November 2023 (has links)
Internationale Geldgeber haben die Finanzierung für den Schutz tropischer Wälder erhöht, um der globalen Herausforderung von Klima, Biodiversität und Nachhaltigkeit zu begegnen. Allerdings fehlen subnationale Informationen darüber, wo und wie die Gelder verteilt werden, welche Faktoren die Finanzierung beeinflussen und wie sie mit der Dynamik der Wälder und geschützten Gebiete korrelieren. Diese Thesis beabsichtigt, diese Fragen zu beantworten, indem sie sich mit drei Jahrzehnten internationaler Naturschutzfinanzierung in den Hauptabholzungsgebieten Südamerikas auseinandersetzt. Mithilfe gemischter Methoden habe ich die Interessen der Geldgeber thematisch und geografisch kartiert, räumliche Determinanten der Mittelvergabe identifiziert und Schwankungen der Finanzierung über Standorte und Zeit hinweg mit der Dynamik der Waldbedeckung und geschützten Gebiete verknüpft. Die Ergebnisse zeigten, dass die internationale Naturschutzfinanzierung eine Mischung aus global relevanten Interessen und bilateralen Interessen darstellt, ermöglicht durch sozioökonomische und biophysikalische Verbindungen zwischen den spendenden und empfangenden Regionen. Trockenwaldökosysteme mit hoher Abholzungsrate waren besonders unterfinanziert und gefährdeten die Ökosysteme, Arten und die lokale Bevölkerung. Die Verknüpfung von Schutzgebieten und Finanzierung mit dem Konzept der Landnutzungsdynamik enthüllte weitere Nuancen und half, kontextspezifische Empfehlungen zu identifizieren. Diese Studie präsentierte die erste subnationale Analyse der internationalen Naturschutzfinanzierung auf kontinentaler Ebene, zeigte Übereinstimmungen und Diskrepanzen zwischen den zugeteilten Ressourcen und den Naturschutzbedürfnissen und beleuchtete die komplexe und dynamische Landschaft der Finanzierungsmöglichkeiten, mit der andere Akteure umgehen müssen. / International donors have increased funding for tropical forest conservation to address the global challenge of climate, biodiversity, and sustainability. However, subnational information on where and how funds are allocated, factors influencing funding, and its correlation with forest dynamics and protected areas is lacking. This thesis aims to answer these questions by delving into three decades of international conservation funding in South America’s major deforestation areas. Using mixed methods, I mapped donor interests thematically and geographically, identify spatial determinants of funding allocation, and link funding variations across locations and time with forest cover and protected areas dynamics. Results found that international conservation funding carried a mix of globally relevant interests and bilateral interests enabled by socio-economic and biophysical connections between the donating and receiving regions. Dry forest ecoregions with high deforestation rates have been particularly underfunded, threatening the ecosystems, species, and local people depending on them. Dedicated global biodiversity fund, raising attention to drier ecosystems, targeting highly threatened areas, and making funding more accessible to local actors for local conservation needs, may help address the gap. This study presented the first subnational level analysis of international conservation funding at the continental scale, revealed the matches and mismatches between the allocated resources and the conservation needs, and shed light on the complex and dynamic landscape of funding opportunities that other actors need to navigate in.
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