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"The speed with which the various economies recover from the Covid-19 pandemic will significantly determine the economic pressure placed on the environment in the medium to long-term. Furthermore, the pandemic has highlighted the strong interrelations between natural and societal systems, with societal resilience depending on a resilient environmental support system. In this context, this book argues that the pandemic represents a wake-up call for financial systems to be better prepared for the climate crisis and social risk and has provided a stimulus to scale down the reliance of the global economy on fossil fuels. The first part of the book provides a deep and creative discussion between leading international researchers and experts on the policy options and financial instruments which can help to catalyze the green finance transition in the post Covid-19 era. The contributions here show that sustainable finance is emerging as a powerful tool to catalyze the transition towards a more environmentally and socially sustainable economic model. Instruments such as sovereign green bonds, green securities, and other sustainability-related securities can play a significant role in the post Covid-19 world to fund economic stimulus and to lead the way to new and more sustainable future. The second part of the book supports the debate by highlighting a number of selected case studies on financing transitions in different regional contexts including Africa, Asia, Europe , and Latin America. This book marks a significant contribution to the literature on environmental economics and finance, climate change and sustainability transitions"--

PurposeThe paper aims at addressing the following research questions: does institutional quality improve countries' environmental efficiency? And which pillars of institutional quality improve countries' environmental efficiency?Design/methodology/approachBy specifying a directional distance function in the context of stochastic frontier method where GHG emissions are considered as the bad output and the GDP is referred as the desirable one, the work computes the environmental efficiency into the appraisal of a production function for the European countries over three decades.FindingsAccording to the countries' performance, the findings confirm that high and upper middle-income countries have higher environmental efficiency compared to low middle-income countries. In this environmental context, the role of institutional quality turns out to be really important in improving the environmental efficiency for high income countries.Originality/valueThis article attempts to analyze the role of different dimensions of institutional quality in different European countries' performance – in terms of mitigating GHGs (undesirable output) – while trying to raise their economic performance through their GDP (desirable output).HighlightsThe paper aims at addressing the following research question: does institutional quality improve countries' environmental efficiency?We adopt a directional distance function in the context of stochastic frontier method, considering 40 European economies over a 30-year time interval.The findings confirm that high and upper middle-income countries have higher environmental efficiency compared to low middle-income countries.The role of institutional quality turns out to be really important in improving the environmental efficiency for high income countries, while the performance decreases for the low middle-income countries.

PurposeThis paper sets out to investigate investors' sustainable preferences under different market conditions. Specifically, the authors examine the existence of a positive sustainable asset pricing gap, and whether it is influenced by the socioeconomic and financial sentiments. The increase of uncertainty rises investors' skepticism whether sustainable companies are under-performing the traditional counterparts, causing larger increasing gap. Conversely, if sustainable assets are overperforming, the increase of market uncertainty raises investors' sustainable preferences.Design/methodology/approachThe authors examine the existence of a positive sustainable asset pricing gap, and whether it is influenced by the socioeconomic and financial sentiments. Through a quantile regression, the authors remark the variability of sustainable preferences where market participants, although recognizing the present and future value added of sustainable investing, also show skepticism (i.e. asymmetric tail behavior). However, the analysis of the total change of sustainable investments returns over time demonstrates the emergence of positive viewpoints incentivized by economic and market uncertainty.FindingsThe market-driven social responsibility exalts the positive insights regarding the future of sustainable developments. As the authors discuss along the paper, investors are gaining awareness about the environmental and social goals pursued by socially responsible companies. Hence, the authors consider how economic instability might stimulate the assessment of the social and environmental impact of the unsustainable production systems, switching investments toward virtuous sustainable companies. This could generate a series of positive externalities that might improve the welfare conditions of the whole society.Originality/valueThe authors conduct an original empirical exercise, combining different techniques (i.e. quantile regressions and wavelet analysis). To the best of the authors' knowledge, this is the first paper trying to evidence a systematic connection between market uncertainty and sustainable preferences accounting for different market states (thanks to quantile regressions).

The European Commission supports the production of renewable biological resources and their conversion into value added products and bio-energy. A new bioeconomy strategy aimed at promoting a sustainable Europe was launched in October 2018. However, little work has been done to monitor, model and appraise the impacts and developmental trajectories of bioeconomy sectors. To gauge the current sustainability performance of individual European countries, the present study proposes a new indicator – the "socio-economic indicator for the bioeconomy" (SEIB) – to measure the socio-economic performance of bioeconomy sectors. Drawing on Eurostat data and the analytic hierarchy process, multi-criteria decision analysis is employed with the aim of providing a direct comparison between member states (MSs). However, bioeconomy involves a large number of sectors and, therefore, it is useful to propose two versions of this indicator in order also to single out the impact of most innovative sectors: the first version considers all bio-based sectors ("SEIB for overall sectors") while the second version excludes all primary sectors ("SEIB for manufacturing and bio-energy sectors"). The results identify three groups of MSs (virtuous, in-between and laggard) with reference to the European average. Ireland occupies the first position in the ranking, and only three other MSs (Denmark, Portugal and Austria) qualify as "virtuous" countries in both rankings.

Abstract Environmental crimes, if they are perceived as victimless, have not received the appropriate governmental response and have been frequently ranked low on the law enforcement priority list, punished with lenient or no administrative sanctions. This has contributed to an underestimation of the immediate consequences of environmental crimes, which can go undetected for lengthy periods. On the contrary, the mismanagement and illegal trafficking of waste in the Land of Fires, an area in the Campania region in the South of Italy, has been experienced as a 'victimful' crime. Using a political ecology of health approach, and integrating qualitative and quantitative methods, we investigate how the perception of being a victim of waste-related environmental crimes has been magnified by evidence of serious disease outcomes. Health concerns have become a central issue in the resurgence of grassroots movements against waste mismanagement in Campania. Keywords: Environmental crime, political ecology of health, waste conflict, Campania

AbstractInternational institutions are calling for a transition towards more sustainable systems of production and consumption. In this transition, sustainable innovations are expected to play an ever‐increasing role. In particular, the production of innovative bio‐based products—products wholly or partly derived from biological materials or from innovative production processes and/or innovative biomass such as food waste or forest residuals—will be part of this process. However, the sustainability of such products must be assured along their entire life cycle and across the three dimensions mentioned above. Against this background, our study aimed at identifying a social impact framework tailored to bio‐based products. It employed a two‐step methodological framework encompassing (a) identification of the relevant social impact categories, subcategories, and indicators and (b) validation of these factors, according to participatory stakeholder involvement. The validation exercise enabled us to consider a restricted number of social indicators so as to reduce the amount of data needed for assessing and decreasing related costs.

International institutions are calling for a transition towards more sustainable systems of production and consumption. In this transition, sustainable innovations are expected to play an ever‐increasing role. In particular, the production of innovative bio‐based products—products wholly or partly derived from biological materials or from innovative production processes and/or innovative biomass such as food waste or forest residuals—will be part of this process. However, the sustainability of such products must be assured along their entire life cycle and across the three dimensions mentioned above. Against this background, our study aimed at identifying a social impact framework tailored to bio‐based products. It employed a two‐step methodological framework encompassing (a) identification of the relevant social impact categories, subcategories, and indicators and (b) validation of these factors, according to participatory stakeholder involvement. The validation exercise enabled us to consider a restricted number of social indicators so as to reduce the amount of data needed for assessing and decreasing related costs ; The authors are very grateful to the STAR‐ProBio project (Sustainability Transition Assessment and Research of Bio‐based Products) for their financial support. The project is funded by the European Union's Horizon 2020 Research and Innovation Programme under Grant Agreement 727740, Work Programme BB‐01‐2016: Sustainability schemes for the bio‐based economy ; SI