Global tourism, climate change and energy sustainability: assessing carbon reduction mitigating measures from the aviation industry.

As many business activities-especially those associated with the energy-intensive industries-continue to be major sources of greenhouse gas emissions, and hence significantly contributing to global warming, there is a perceived need to identify ways to make business activities eventually carbon neutral. This paper explores the implications of a changing climate for the global tourism business and its intertwining global aviation industry that operates in a self-regulatory environment. Adopting a bibliometric analysis of the literature in the domain of global tourism and climate change (772 articles), the paper reveals the underlying sustainability issues that entail unsustainable energy consumption. The aviation industry as a significant source of carbon emission within the sector is then examined by analyzing the top 20 largest commercial airlines in the world with respect to its ongoing mitigating measures in meeting the Paris Agreement targets. While self-regulatory initiatives are taken to adopt Sustainable Aviation Fuels (SAF) as alternative fuel production and consumption for drastically reducing carbon emission, voluntary alignment and commitment to long-term targets remain inconsistent. A concerted strategic approach to building up complementary sustainable infrastructures among the global network of airports based in various international tourist destination cities to enable a measurable reduction in carbon emission is necessary to achieve a transformational adaptation of a business sector that is of essence to the recovery of the global economy while attempting to tackle climate change in a post-COVID-19 era.

Enforcing Double Materiality in Global Sustainability Reporting for Developing Economies: Reflection on Ghana’s Oil Exploration and Mining Sectors

While the development of globally accepted sustainability reporting standards initiated by the IFRS Foundation has largely engaged stakeholders in developed economies, the stakes for developing economies could be compromised without an explicit consideration of their sustainability issues within this standard-setting framework. This paper examines the need to develop global sustainability reporting standards based on the principle of double materiality to warrant that both the target towards carbon net-zero by 2050 under the Paris Agreement and the subsequent promise to accelerate under COP26 are achieved with efficacy. Adopting a multiple-case study approach, this paper reveals the limitations of existing sustainability reporting in the absence of double materiality in a developing economy. Specifically, the analyses reveal limited climate-related disclosures among selected cases in Ghana. Available disclosures connote increasing GHG emissions over the period under consideration. This study also shows weak disclosure comparability across the companies following similar reporting standards. Overall, it argues that enforcement of double materiality to embrace sustainability issues impacting both developed and developing economies is necessary for an effective transformation towards a low-carbon global economy. It contributes to the existing body of knowledge by elucidating double materiality as a pertinent interdisciplinary concept and devising a holistic framework for the emerging global sustainability reporting system to underscore governance accountability for external costs to the environment. Global sustainability reporting standards with a myopic focus on conventional financial matters in the absence of double materiality remain a disclosure system with implausible impact on climate change.

Scaling up Renewable Energy Assets: Issuing Green Bond via Structured Public-Private Collaboration for Managing Risk in an Emerging Economy

Green bonds have increasingly been utilized around the world as a source of financing for renewable energy development, designed with compliance requirements and measurable economic returns to investors, while mitigating climate change. However, the efficacy of green bond arranged in the emerging economies for financing renewable energy assets and how the underlying risks are managed have remained to be explored. The paper aims to examine the evolving green financial system sponsored by both public and private institutions in managing such risks within China’s emerging economy. A case study of green financing for a bundle of wind power assets led by a state-owned enterprise (SOE) reveals an alternative approach by structuring public–private collaboration while stipulating market-based financial incentives to institutional stakeholders under a political economy. This institutional consortium is composed of a state development bank, a commercial bank, credit rating agencies, institutional and private investors, regional power purchasers, and carbon trading entities. Financial stakeholders’ risk in such emerging sustainable investment is moderated by these participating institutions and structured “upsides” from carbon trading aligned with the framework of green finance and standards for green bond development. The results reveal the potentials of scaling up the development of renewable energy by adequately managing and sharing key risks, while allocating substantial funding into renewable energy projects under such a green financial system that is to be complementary with a scalable post COVID-19 economic recovery.