3,149
Views
1
CrossRef citations to date
0
Altmetric
Research Synthesis

Climate-related prudential regulation tools in the context of sustainable and responsible investment: a systematic review

ORCID Icon, ORCID Icon & ORCID Icon
Pages 704-721 | Received 22 Mar 2022, Accepted 07 Feb 2023, Published online: 28 Feb 2023

References

  • Akomea-Frimpong, I., Adeabah, D., Ofosu, D., & Tenakwah, E. J. (2022). A review of studies on green finance of banks, research gaps and future directions. Journal of Sustainable Finance & Investment, 12, 1241–1264. https://doi.org/10.1080/20430795.2020.1870202
  • Alessi, L., Ossola, E., & Panzica, R. (2021). What greenium matters in the stock market? The role of greenhouse gas emissions and environmental disclosures. Journal of Financial Stability, 54, 100869. https://doi.org/10.1016/j.jfs.2021.100869
  • Ameli, N., Drummond, P., Bisaro, A., Grubb, M., & Chenet, H. (2020). Climate finance and disclosure for institutional investors: Why transparency is not enough. Climatic Change, 160(4), 565–589. https://doi.org/10.1007/s10584-019-02542-2
  • Anbumozhi, V., Kimura, F., & Kalirajan, K. (2018). Unlocking the potentials of private financing for accelerated low-carbon energy transition: An overview. In Financing for Low-carbon Energy Transition: Unlocking the Potential of Private Capital. https://doi.org/10.1007/978-981-10-8582-6_1
  • Andersson, M., Bolton, P., & Samama, F. (2016). Hedging climate risk. Financial Analysts Journal, 72(3), 13–32. https://doi.org/10.2469/faj.v72.n3.4
  • Andreeva, O. V., Vovchenko, N. G., Ivanova, O. B., & Kostoglodova, E. D. (2018). Green finance: Trends and financial regulation prospects. In Contemporary Studies in Economic and Financial Analysis (Vol. 100). https://doi.org/10.1108/S1569-375920180000100003
  • Baer, M., Campiglio, E., & Deyris, J. (2021). It takes two to dance: Institutional dynamics and climate-related financial policies. Ecological Economics, 190, 107210. https://doi.org/10.1016/j.ecolecon.2021.107210
  • Battiston, S., Dafermos, Y., & Monasterolo, I. (2021). Climate risks and financial stability. Journal of Financial Stability, 54, 100867. https://doi.org/10.1016/j.jfs.2021.100867
  • Battiston, S., Mandel, A., Monasterolo, I., Schütze, F., & Visentin, G. (2017). A climate stress-test of the financial system. Nature Climate Change, 7(4), 283–288. https://doi.org/10.1038/nclimate3255
  • Battiston, S., & Martinez-Jaramillo, S. (2018). Financial networks and stress testing: Challenges and new research avenues for systemic risk analysis and financial stability implications. Journal of Financial Stability, 35, 6–16. https://doi.org/10.1016/j.jfs.2018.03.010
  • Bhandary, R. R., Gallagher, K. S., & Zhang, F. (2021). Climate finance policy in practice: A review of the evidence. Climate Policy, 21(4), 529–545. https://doi.org/10.1080/14693062.2020.1871313
  • Biden, J. (2021). Remarks by President Biden at the Virtual Leaders Summit on Climate Opening Session. https://www.whitehouse.gov/briefing-room/speeches-remarks/2021/04/22/remarks-by-president-biden-at-the-virtual-leaders-summit-on-climate-opening-session/
  • Bimha, A., & Nhamo, G. (2013). Conceptual framework for carbon footprinting in the South African banking sector. Banks and Bank Systems, 8(4), 19–33. http://businessperspectives.org/journals_free/bbs/2013/BBS_en_2013_04_Bimha.pdf
  • Bingler, J. A., & Colesanti Senni, C. (2022). Taming the green swan: A criteria-based analysis to improve the understanding of climate-related financial risk assessment tools. Climate Policy, 22(3), 356–370. https://doi.org/10.1080/14693062.2022.2032569
  • Breitenstein, M., Nguyen, D. K., & Walther, T. (2021). Environmental hazards and risk management in the financial sector: A systematic literature review. Journal of Economic Surveys, 35(2), 512–538. https://doi.org/10.1111/joes.12411
  • Bryman, A. (2016). Social research methods (5th Edition). Oxford University Press.
  • Burnett, A., & Schellhorn, C. (2016). Leadership performance of financial firms on climate change action. Banks and Bank Systems, 11(2), 103–109. https://doi.org/10.21511/bbs.11(2).2016.10
  • Business Roundtable. (2019). Statement on the Purpose of a Corporation. https://s3.amazonaws.com/brt.org/BRT-StatementonthePurposeofaCorporationOctober2020.pdf
  • Caldecott, B., Harnett, E., Cojoianu, T., Kok, I., & Pfeiffer, A. (2016). Stranded Assets: A Climate Risk Challenge. https://lpdd.org/wp-content/uploads/2020/03/Stranded-Assets-A-Climate-Risk-Challenge.pdf
  • Campiglio, E. (2016). Beyond carbon pricing: The role of banking and monetary policy in financing the transition to a low-carbon economy. Ecological Economics, 121, 220–230. https://doi.org/10.1016/j.ecolecon.2015.03.020
  • Campiglio, E., Dafermos, Y., Monnin, P., Ryan-Collins, J., Schotten, G., & Tanaka, M. (2018). Climate change challenges for central banks and financial regulators. Nature Climate Change, 8(6), 462–468. https://doi.org/10.1038/s41558-018-0175-0
  • Capasso, G., Gianfrate, G., & Spinelli, M. (2020). Climate change and credit risk. Journal of Cleaner Production, 266, 121634. https://doi.org/10.1016/j.jclepro.2020.121634
  • Capelle-Blancard, G., & Monjon, S. (2012). Trends in the literature on socially responsible investment: Looking for the keys under the lamppost. Business Ethics: A European Review, 21(3), 239–250. https://doi.org/10.1111/j.1467-8608.2012.01658.x
  • Carney, M. (2015). Breaking the tragedy of the horizon - climate change and financial stability - speech by Mark Carney. https://www.bankofengland.co.uk/speech/2015/breaking-the-tragedy-of-the-horizon-climate-change-and-financial-stability
  • Chenet, H., Ryan-Collins, J., & van Lerven, F. (2021). Finance, climate-change and radical uncertainty: Towards a precautionary approach to financial policy. Ecological Economics, 183, 106957. https://doi.org/10.1016/j.ecolecon.2021.106957
  • Codina, L. (2018). Revisiones bibliográficas sistematizadas: procedimientos generales y Framework para ciencias humanas y sociales. Universitat Pompeu Fabra.
  • Cui, L., & Huang, Y. (2018). Exploring the schemes for green climate fund financing: International lessons. World Development, 101, 173–187. https://doi.org/10.1016/j.worlddev.2017.08.009
  • Cullen, J. (2018). After ‘HLEG’: EU banks, climate change abatement and the precautionary principle. Cambridge Yearbook of European Legal Studies, 20, 61–87. https://doi.org/10.1017/cel.2018.7
  • Dafermos, Y., & Nikolaidi, M. (2021). How can green differentiated capital requirements affect climate risks? A dynamic macrofinancial analysis. Journal of Financial Stability, 54, 100871. https://doi.org/10.1016/j.jfs.2021.100871
  • Dafermos, Y., Gabor, D., & Michell, J. (2021). The Wall Street Consensus in pandemic times: what does it mean for climate-aligned development? Canadian Journal of Development Studies, 42(1-2), 238–251. https://doi.org/10.1080/02255189.2020.1865137
  • Daugaard, D. (2020). Emerging new themes in environmental, social and governance investing: A systematic literature review. Accounting & Finance, 60(2), 1501–1530. https://doi.org/10.1111/acfi.12479
  • de Bruin, K., Hubert, R., Evain, J., Clapp, C., Dahl, M. S., Bolt, J., & Sillmann, J. (2020). Climate change management. In Climate Change Management, 135–156. https://doi.org/10.1007/978-3-030-36875-3_8
  • Delina, L. L. (2011). Asian development bank’s support for clean energy. Climate Policy, 11(6), 1350–1366. https://doi.org/10.1080/14693062.2011.579288
  • Dietz, S., Bowen, A., Dixon, C., & Gradwell, P. (2016). ‘Climate value at risk’ of global financial assets. Nature Climate Change, 6(7), 676–679. https://doi.org/10.1038/nclimate2972
  • Dikau, S., & Volz, U. (2018). ADBI Working Paper Series Central banking, climate change and green finance. Asian Development Bank Institute. https://www.adb.org/publications/central-banking-climate-change-and-green-
  • Dikau, S., & Volz, U. (2021). Central bank mandates, sustainability objectives and the promotion of green finance. Ecological Economics, 184, 107022. https://doi.org/10.1016/j.ecolecon.2021.107022
  • Diluiso, F., Annicchiarico, B., Kalkuhl, M., & Minx, J. C. (2021). Climate actions and macro-financial stability: The role of central banks. Journal of Environmental Economics and Management, 110, 102548. https://doi.org/10.1016/j.jeem.2021.102548
  • D’Orazio, P. (2021). Towards a post-pandemic policy framework to manage climate-related financial risks and resilience. Climate Policy, 21(10), 1368–1382. https://doi.org/10.1080/14693062.2021.1975623
  • D’Orazio, P., & Löwenstein, P. (2022). Mobilising investments in renewable energy in Germany: Which role for public investment banks? Journal of Sustainable Finance & Investment, 12, 451–474. https://doi.org/10.1080/20430795.2020.1777062
  • D’Orazio, P., & Popoyan, L. (2019). Fostering green investments and tackling climate-related financial risks: Which role for macroprudential policies? Ecological Economics, 160, 25–37. https://doi.org/10.1016/j.ecolecon.2019.01.029
  • D’orazio, P., & Popoyan, L. (2020). Taking up the climate change challenge: a new perspective on central banking. https://www.econstor.eu/handle/10419/228158
  • Dunz, N., Naqvi, A., & Monasterolo, I. (2021). Climate sentiments, transition risk, and financial stability in a stock-flow consistent model. Journal of Financial Stability, 54, 100872. https://doi.org/10.1016/j.jfs.2021.100872
  • Durrani, A., Rosmin, M., & Volz, U. (2020). The role of central banks in scaling up sustainable finance – what do monetary authorities in the Asia-pacific region think? Journal of Sustainable Finance & Investment, 10(2), 92–112. https://doi.org/10.1080/20430795.2020.1715095
  • Dusík, J., & Bond, A. (2022). Environmental assessments and sustainable finance frameworks: will the EU Taxonomy change the mindset over the contribution of EIA to sustainable development? Impact Assessment and Project Appraisal, 40(2), 90–98. https://doi.org/10.1080/14615517.2022.2027609
  • Ellegaard, O., & Wallin, J. A. (2015). The bibliometric analysis of scholarly production: How great is the impact? Scientometrics, 105(3), 1809–1831. https://doi.org/10.1007/s11192-015-1645-z
  • Espagne, E., & Aglietta, M. (2016). Financing energy and low-carbon investment in Europe: Public guarantees and the ECB. In Handbook of Research on Green Economic Development Initiatives and Strategies. https://doi.org/10.4018/978-1-5225-0440-5.ch007
  • Esposito, L., Mastromatteo, G., & Molocchi, A. (2019). Environment – risk-weighted assets: Allowing banking supervision and green economy to meet for good. Journal of Sustainable Finance & Investment, 9(1), 68–86. https://doi.org/10.1080/20430795.2018.1540171
  • Esposito, L., Mastromatteo, G., & Molocchi, A. (2021). Extending ‘environment-risk weighted assets’: EU taxonomy and banking supervision. Journal of Sustainable Finance & Investment, 11, 214–232. https://doi.org/10.1080/20430795.2020.1724863
  • Esposito, L., Mastromatteo, G., Molocchi, A., Brambilla, P. C., Carvalho, M. L., Girardi, P., Marmiroli, B., & Mela, G. (2022). Green mortgages, EU taxonomy and environment risk weighted assets: A Key link for the transition. Sustainability, 14, 1633. https://doi.org/10.3390/su14031633
  • EU Parliament. (2018). Directiva (UE) 2018/410.
  • European Commission. (2019). The European Green Deal. https://eur-lex.europa.eu/resource.html?uri = cellar:b828d165-1c22-11ea-8c1f-01aa75ed71a1.0002.02/DOC_1&format = PDF
  • Faiella, I., & Lavecchia, L. (2022). The carbon content of Italian loans. Journal of Sustainable Finance & Investment, 12, 939–957. https://doi.org/10.1080/20430795.2020.1814076
  • Feridun, M., & Güngör, H. (2020). Climate-related prudential risks in the banking sector: A review of the emerging regulatory and supervisory practices. Sustainability, 12, 5325. https://doi.org/10.3390/su12135325
  • Ferrero-Ferrero, I., Fernández-Izquierdo, M., & Muñoz-Torres, M. J. (2016). The effect of environmental, social and governance consistency on economic results. Sustainability, 8(10), 1005. https://doi.org/10.3390/su8101005
  • Financial Stability Board. (2020). The Implications of Climate Change for Financial Stability. https://www.fsb.org/wp-content/uploads/P231120.pdf
  • Fink, L. (2018). A Sense of Purpose. https://corpgov.law.harvard.edu/2018/01/17/a-sense-of-purpose/
  • Friedman, M. (1970). The social responsibility of business is to increase its profits. New York Times Magazine. https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html
  • Galaz, V., Crona, B., Dauriach, A., Scholtens, B., & Steffen, W. (2018). Finance and the Earth system – exploring the links between financial actors and non-linear changes in the climate system. Global Environmental Change, 53, 296–302. https://doi.org/10.1016/j.gloenvcha.2018.09.008
  • Geddes, A., Schmidt, T. S., & Steffen, B. (2018). The multiple roles of state investment banks in low-carbon energy finance: An analysis of Australia, the UK and Germany. Energy Policy, 115, 158–170. https://doi.org/10.1016/j.enpol.2018.01.009
  • Georgopoulou, E., Mirasgedis, S., Sarafidis, Y., Hontou, V., Gakis, N., Lalas, D., Xenoyianni, F., Kakavoulis, N., Dimopoulos, D., & Zavras, V. (2015). A methodological framework and tool for assessing the climate change related risks in the banking sector. Journal of Environmental Planning and Management, 58(5), 874–897. https://doi.org/10.1080/09640568.2014.899489
  • Giamporcaro, S., & Pretorius, L. (2012). Sustainable and responsible investment (SRI) in South Africa: A limited adoption of environmental criteria. Investment Analysts Journal, 41(1), 1–19. https://doi.org/10.1080/10293523.2012.11082541
  • Gibon, T., Popescu, I-Ş, Hitaj, C., Petucco, C., & Benetto, E. (2020). Shades of green: Life cycle assessment of renewable energy projects financed through green bonds. Environmental Research Letters, 15, 104045. https://doi.org/10.1088/1748-9326/abaa0c
  • Global Sustainable Investment Alliance. (2021). Global Sustainable Investment Review 2020. https://www.gsi-alliance.org/wp-content/uploads/2021/08/GSIR-20201.pdf
  • Gourdel, R., Monasterolo, I., Dunz, N., Mazzocchetti, A., & Parisi, L. (2021). Assessing the double materiality of climate risks in the EU economy and banking sector. SSRN Electronic Journal, https://doi.org/10.2139/ssrn.3939895
  • Grant, M. J., & Booth, A. (2009). A typology of reviews: An analysis of 14 review types and associated methodologies. Health Information & Libraries Journal, 26(2), 91–108. https://doi.org/10.1111/j.1471-1842.2009.00848.x
  • Gunningham, N. (2020). A quiet revolution: Central banks, financial regulators, and climate finance. Sustainability, 12(22), 9596–9522. https://doi.org/10.3390/su12229596
  • Hayne, M., Ralite, S., Thomä, J., & Koopman, D. (2019). Factoring transition risks into regulatory stress-tests: The case for a standardized framework for climate stress testing and measuring impact tolerance to abrupt late and sudden economic decarbonization. ACRN Journal of Finance and Risk Perspectives, 8(1), 206–222. https://doi.org/10.35944/jofrp.2019.8.1.013
  • Hill, J. (2020). Environmental, Social, and Governance (ESG) investing. In J. Hill (Ed.), Elsevier.
  • Hourcade, J.-C., & Shukla, P. (2013). Triggering the low-carbon transition in the aftermath of the global financial crisis. Climate Policy, 13(SUPPL.1), 22–35. https://doi.org/10.1080/14693062.2012.751687
  • Hourcade, J. C. (2015). Harnessing the animal spirits of finance for a low-carbon transition. Geneva Reports on the World Economy, 2015-Novem, 497–514.
  • Howlett, M. (2014). From the ‘old’ to the ‘new’ policy design: Design thinking beyond markets and collaborative governance. Policy Sciences, 47(3), 187–207. https://doi.org/10.1007/s11077-014-9199-0
  • Jinping, X. (2020). Statement by H.E. Xi Jinping President of the People’s Republic of China At the General Debate of the 75th Session of The United Nations General Assembly. https://www.fmprc.gov.cn/mfa_eng/zxxx_662805/t1817098.shtml
  • Kaium Masud, M. A., Mi Bae, S., & Kim, J. D. (2017). Analysis of environmental accounting and reporting practices of listed banking companies in Bangladesh. Sustainability, 9, 1717. https://doi.org/10.3390/su9101717
  • Keshminder, J. S., Abdullah, M. S., & Mardi, M. (2022). Green sukuk – Malaysia surviving the bumpy road: Performance, challenges and reconciled issuance framework. Qualitative Research in Financial Markets, 14(1), 76–94. https://doi.org/10.1108/QRFM-04-2021-0049
  • Kılıç, M., & Kuzey, C. (2019). Determinants of climate change disclosures in the Turkish banking industry. International Journal of Bank Marketing, 37(3), 901–926. https://doi.org/10.1108/IJBM-08-2018-0206
  • Komarnicka, A., & Komarnicki, M. (2022). Challenges in the EU Banking Sector as Exemplified by Poland in View of Legislative Changes Related to Climate Crisis.
  • Lamperti, F., Bosetti, V., Roventini, A., & Tavoni, M. (2019). The public costs of climate-induced financial instability. Nature Climate Change, 9(11), 829–833. https://doi.org/10.1038/s41558-019-0607-5
  • Lee, K.-H., Cin, B. C., & Lee, E. Y. (2016). Environmental responsibility and firm performance: The application of an environmental, social and governance model. Business Strategy and the Environment, 25(1), 40–53. https://doi.org/10.1002/bse.1855
  • Le Quang, G., & Scialom, L. (2022). Better safe than sorry: Macroprudential policy, COVID 19 and climate change. International Economics, 172, 403–413. https://doi.org/10.1016/j.inteco.2021.07.002
  • Li, W., & Hu, M. (2014). An overview of the environmental finance policies in China: Retrofitting an integrated mechanism for environmental management. Frontiers of Environmental Science & Engineering, 8(3), 316–328. https://doi.org/10.1007/s11783-014-0625-5
  • Mejia-Escobar, J. C., González-Ruiz, J. D., & Duque-Grisales, E. (2020). Sustainable financial products in the Latin America banking industry: Current status and insights. Sustainability, 12(14), 5648. https://doi.org/10.3390/su12145648
  • Monasterolo, I. (2020). Climate change and the financial system. Annual Review of Resource Economics, 12(1), 299–320. https://doi.org/10.1146/annurev-resource-110119-031134
  • Monasterolo, I., Zheng, J. I., & Battiston, S. (2018). Climate transition risk and development finance: A carbon risk assessment of China’s overseas energy portfolios. China & World Economy, 26(6), 116–142. https://doi.org/10.1111/cwe.12264
  • Morningstar. (2018). Sustainable funds U.S. landscape report. Morningstar Research. https://www.morningstar.com/lp/sustainable-funds-landscape-report1
  • Nájera-Sánchez, J. J. (2020). A systematic review of sustainable banking through a co-word analysis. Sustainability, 12, 278. https://doi.org/10.3390/su12010278
  • Neisen, M., Bruhn, B., & Lienland, D. (2022). ESG rating as input for a sustainability capital buffer. Journal of Risk Management in Financial Institutions, 15(1), 72–84. https://www.eticanews.it/wp-content/uploads/2022/03/Paper-PWC-Pillar-1.pdf
  • NGFS. (2019). A call for action Climate change as a source of financial risk. https://www.banque-france.fr/sites/default/files/media/2019/04/17/ngfs_first_comprehensive_report_-_17042019_0.pdf
  • Nieto, M. J. (2019). Banks, climate risk and financial stability. Journal of Financial Regulation and Compliance, 27(2), 243–262. https://doi.org/10.1108/JFRC-03-2018-0043
  • Nwani, C., & Omoke, P. C. (2020). Does bank credit to the private sector promote low-carbon development in Brazil? An extended STIRPAT analysis using dynamic ARDL simulations. Environmental Science and Pollution Research, 27(25), 31408–31426. https://doi.org/10.1007/s11356-020-09415-7
  • Odeku, K. O. (2017). The intrinsic role of the banks in decarbonizing the economy. Banks and Bank Systems, 12(4), 44–55. https://doi.org/10.21511/bbs.12(4).2017.04
  • O’Dwyer, B., & Unerman, J. (2020). Shifting the focus of sustainability accounting from impacts to risks and dependencies: Researching the transformative potential of TCFD reporting. Accounting, Auditing & Accountability Journal, 33(5), 1113–1141. https://doi.org/10.1108/AAAJ-02-2020-4445
  • Palm-Steyerberg, I. (2019). Climate change and fit and proper-testing in the Dutch financial sector. Law and Financial Markets Review, 13(1), 17–29. https://doi.org/10.1080/17521440.2019.1565127
  • Peake, S., & Ekins, P. (2017). Exploring the financial and investment implications of the Paris Agreement. Climate Policy, 17(7), 832–852. https://doi.org/10.1080/14693062.2016.1258633
  • Polzin, F. (2017). Mobilizing private finance for low-carbon innovation – A systematic review of barriers and solutions. Renewable and Sustainable Energy Reviews, 77, 525–535. https://doi.org/10.1016/j.rser.2017.04.007
  • Purkayastha, D., & Sarkar, R. (2021). Getting financial markets to work for climate finance. The Journal of Structured Finance, 27(2), 27–41. https://doi.org/10.3905/jsf.2021.1.122
  • Ramlall, I. (2017). Internalizing CO 2 emissions via central banks’ financials: Evidence from the world. Renewable and Sustainable Energy Reviews, 72, 549–559. https://doi.org/10.1016/j.rser.2017.01.083
  • Rezende, C., Amorim Sobreiro, V., Kimura, H., & Luiz de Moraes Barboza, F. (2016). A systematic review of literature about finance and sustainability. Journal of Sustainable Finance & Investment, 6(2), 112–147. https://doi.org/10.1080/20430795.2016.1177438
  • Rockström, J., Steffen, W., Noone, K., Persson, Å, Chapin, F. S., Lambin, E. F., Lenton, T. M., Scheffer, M., Folke, C., Schellnhuber, H. J., Crutzen, P., & Foley, J. A. (2009). A safe operating space for humanity. Nature, 461(7263), 472–475. https://doi.org/10.1038/461472a
  • Roncoroni, A., Battiston, S., Escobar-Farfán, L. O. L., & Martinez-Jaramillo, S. (2021). Climate risk and financial stability in the network of banks and investment funds. Journal of Financial Stability, 54, 100870. https://doi.org/10.1016/j.jfs.2021.100870
  • Rozenberg, J., Hallegatte, S., Perrissin-Fabert, B., & Hourcade, J.-C. (2013). Funding low-carbon investments in the absence of a carbon tax. Climate Policy, 13(1), 134–141. https://doi.org/10.1080/14693062.2012.691222
  • Sartzetakis, E. S. (2021). Green bonds as an instrument to finance low carbon transition. Economic Change and Restructuring, 54, 755–779. https://doi.org/10.1007/s10644-020-09266-9
  • Sawyer, M. (2020). Financialisation, industrial strategy and the challenges of climate change and environmental degradation. International Review of Applied Economics, https://doi.org/10.4324/9780429425547
  • Schmidt, T. S., & Sewerin, S. (2019). Measuring the temporal dynamics of policy mixes – An empirical analysis of renewable energy policy mixes’ balance and design features in nine countries. Research Policy, 48, 103557. https://doi.org/10.1016/j.respol.2018.03.012
  • Schoenmaker, D., & Van Tilburg, R. (2016). What role for financial supervisors in addressing environmental risks? Comparative Economic Studies, 58(3), 317–334. https://doi.org/10.1057/ces.2016.11
  • Scott Cato, M., & Fletcher, C. (2020). Introducing sell-by dates for stranded assets: Ensuring an orderly transition to a sustainable economy. Journal of Sustainable Finance & Investment, 10(4), 335–348. https://doi.org/10.1080/20430795.2019.1687206
  • Semieniuk, G., Campiglio, E., Mercure, J.-F., Volz, U., & Edwards, N. R. (2021). Low-carbon transition risks for finance. WIRES Climate Change, 12(1), https://doi.org/10.1002/wcc.678
  • Skinner, C. P. (2021). Central banks and climate change. Vanderbilt Law Review, 74(5), 1301–1364. https://vanderbiltlawreview.org/lawreview/category/volumes/vol-74/vol-74-5-2/
  • Svartzman, R., Bolton, P., Despres, M., Pereira Da Silva, L. A., & Samama, F. (2021). Central banks, financial stability and policy coordination in the age of climate uncertainty: A three-layered analytical and operational framework. Climate Policy, 21(4), 563–580. https://doi.org/10.1080/14693062.2020.1862743
  • Talan, G., & Sharma, G. D. (2019). Doing well by doing good: A systematic review and research agenda for sustainable investment. Sustainability, 11, 353. https://doi.org/10.3390/su11020353
  • TCFD. (2017). Final Report. Recommendations of the Task Force on Climate-Related Financial Disclosures. https://assets.bbhub.io/company/sites/60/2020/10/FINAL-2017-TCFD-Report-11052018.pdf
  • Thomas, J., & Harden, A. (2008). Methods for the thematic synthesis of qualitative research in systematic reviews. BMC Medical Research Methodology, 8(1). https://doi.org/10.1186/1471-2288-8-45
  • Thomä, J., Dupré, S., & Hayne, M. (2018). A taxonomy of climate accounting principles for financial portfolios. Sustainability, 10(2), 328. https://doi.org/10.3390/su10020328
  • Thomä, J., & Gibhardt, K. (2019). Quantifying the potential impact of a green supporting factor or brown penalty on European banks and lending. Journal of Financial Regulation and Compliance, 27(3), 380–394. https://doi.org/10.1108/JFRC-03-2018-0038
  • Trabacchi, C., Buchner, B., Smallridge, D., Netto, M., Gomes, J. J., & Serra, L. (2015). The role of national development banks in catalyzing international climate finance: Empirical evidences from Latin America. In Handbook of Climate Change Adaptation, 657–683. https://doi.org/10.1007/978-3-642-38670-1_61
  • Tu, C. A., Rasoulinezhad, E., & Sarker, T. (2020). Investigating solutions for the development of a green bond market: Evidence from analytic hierarchy process. Finance Research Letters, 34, 101457. https://doi.org/10.1016/j.frl.2020.101457
  • Turnbull, S. M., & Habahbeh, L. (2020). A framework to analyze the financial effects of climate change. The Journal of Risk, 23(2), 105–146. https://doi.org/10.21314/JOR.2020.448
  • UNEP. (2021). Making Peace with Nature: A scientific blueprint to tackle the climate, biodiversity and pollution emergencies. https://www.unep.org/resources/making-peace-nature
  • United Nations. (2015). Paris Agreement. https://unfccc.int/sites/default/files/english_paris_agreement.pdf
  • van Eck, N. J., & Waltman, L. (2010). Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics, 84(2), 523–538. https://doi.org/10.1007/s11192-009-0146-3
  • Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169–178. https://doi.org/10.1108/JGR-11-2016-0029
  • Vermeulen, R., Schets, E., Lohuis, M., Kölbl, B., Jansen, D.-J., & Heeringa, W. (2021). The heat is on: A framework for measuring financial stress under disruptive energy transition scenarios. Ecological Economics, 190, 107205. https://doi.org/10.1016/j.ecolecon.2021.107205
  • Victoria, M., Zhu, K., Brown, T., Andresen, G. B., & Greiner, M. (2020). Early decarbonisation of the European energy system pays off. Nature Communications, 11(1), https://doi.org/10.1038/s41467-020-20015-4
  • Wang, Y., Lei, X., Long, R., & Zhao, J. (2020). Green credit, financial constraint, and capital investment: Evidence from China’s energy-intensive enterprises. Environmental Management, 66(6), 1059–1071. https://doi.org/10.1007/s00267-020-01346-w
  • Weizig, F., Kuepper, B., van Gelder, J., & van Tilburg, R. (2014). The Price of Doing Too Little Too Late. The impact of the carbon bubble on the EU financial system. https://gef.eu/wp-content/uploads/2017/01/The_Price_of_Doing_Too_Little_Too_Late_.pdf
  • Widyawati, L. (2020). A systematic literature review of socially responsible investment and environmental social governance metrics. Business Strategy and the Environment, 29(2), 619–637. https://doi.org/10.1002/bse.2393
  • Wong, C. M. L. (2021). Temporality and systemic risk: The case of green bonds. Journal of Risk Research, 24(1), 110–120. https://doi.org/10.1080/13669877.2020.1843067
  • World Bank Group. (2020). Transformative Climate Finance: a new approach for climate finance to achieve low-carbon resilient development in developing countries. https://openknowledge.worldbank.org/bitstream/handle/10986/33917/149752.pdf
  • Yuan, F., & Gallagher, K. P. (2018). Greening development lending in the Americas: Trends and determinants. Ecological Economics, 154, 189–200. https://doi.org/10.1016/j.ecolecon.2018.07.009