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Waste paper disposed in landfills notably contributes to greenhouse gas (GHG) emissions and impedes more sustainable, circular alternatives, such as recycling. In Hong Kong, this unsustainable approach is currently dominant as 68% of waste paper products are treated in landfills in 2020. To contextualize the impact of local waste paper management and explore mitigation potentials of circular alternatives, this paper develops a quantitative assessment framework around GHG emissions development trajectories. Combining guidelines of the Intergovernmental Panel on Climate Change (IPCC), national GHG inventories, and local parameters from life cycle analysis, five GHG emissions projections were simulated along the Shared Socioeconomic Pathways (SSPs) until 2060. Most recent baselines indicate that Hong Kong's current waste paper treatment generated 638,360 tons CO 2 -eq in 2020, comprising 1,821,040 tons CO 2 -eq from landfill and 671,320 tons CO 2 -eq from recycling, and −1,854,000 tons CO 2 -eq from primary material replacement. Proceeding along a Business-as-Usual scenario under SSP5, GHG emissions will dramatically increase to a net 1,072,270 tons CO 2 -eq by 2060, whereas a recycling-intensive scenario will lead to a net saving of −4,323,190 tons CO 2 -eq. To complement the quantitative evidence on the benefits of waste paper recycling, field research was conducted to explore the feasibility of circular policy innovation from the perspective of recycling stakeholders. These empirical qualitative and quantitative findings from stakeholders' business routines and material transactions provide crucial indications for policy and institutional innovation: Essentially, for Hong Kong to improve waste paper recycling capacities and facilitate a circular economy (CE), local stakeholders require support via fiscal policy measures (financial subsidies or tax reductions) and infrastructure improvements (delivery access and material storage). In sum, this study employs a novel analytical framework combining original qualitative and quantitative evidence to provide policy innovation towards circular, GHG emission-saving waste paper management. [Display omitted] • A new framework assessing greenhouse gas emissions from waste paper treatment. • Exploring long-term carbon neutrality pathways for managing waste paper. • Using empirical evidence from recycling stakeholders for circular policy innovation. [ABSTRACT FROM AUTHOR]

This study delves into the strategies employed by small and medium-sized enterprises (SMEs) to embed digital technology into their business models, aiming to reach carbon neutrality. We offer a comprehensive analysis of five high technology SMEs, unveiling an evolutionary process model that highlights their journey toward integrating technology. The integration process is delineated into three progressive stages. Initially, digital technology is seen as an 'enabler' that promotes the birth of an innovative business model, essentially transforming the mechanisms of value creation, delivery, and capture. As SMEs evolve to an intermediate stage, digital technology becomes a 'disruptor', reshaping and reinventing the business model in terms of how value is created, delivered, and captured. Entering the maturity stage, digital technology is elevated to the role of 'expertise', leading to a sophisticated business model that refines and optimizes these aspects of value. The influence of these business model innovations on carbon neutrality is complex and varies distinctly with each stage, reflecting the dynamic interplay between digital technology and business model evolution. • This study explores the unique strategies SMEs implement to weave DT into their business model innovation (BMI) with an aim to achieve carbon neutrality. • The paper presents an evolutionary process model that sheds light on this integration journey, using an in-depth analysis of five high-tech SMEs. • The paper elaborates the relationship between DT and BMI, delving into the integration of DTs and the roles they perform - as enablers, disruptors, and areas of expertise. • The paper provides insights for businesses seeking to leverage digital technologies to drive innovation and growth. [ABSTRACT FROM AUTHOR]

The excessive use of fossil energy in industrialization has caused the frequent occurrence of global warming and environmental pollution issues, which seriously threaten the sustainable social and economic development of South Korea and other countries. In response to the international community's call to effectively address climate change, South Korea has announced achieving carbon neutrality by 2050. In this context, this paper takes the carbon emission of South Korea from 2016 to 2021 as a sample an d focuses on using the GM(1,1) model to predict the carbon emission change trajectory of South Korea in the process of achieving carbon neutrality. The results show: first, in the process of carbon neutrality, South Korea's carbon emissions show a downward trend, with an average annual rate of 2.34%. Second, by 2030, carbon emissions will decline to 502.34 Mt CO 2 e, down about 26.79% from the 2018 peak. By 2050, South Korea's carbon emissions will decline to 312.65 Mt CO 2 e, down about 54.44% from the 2018 peak. Third, it is difficult for South Korea to achieve its carbon neutrality target by 2050 based solely on its forest carbon sink storage capacity. Therefore, this study is expected to provide a reference for improving the carbon neutrality promotion strategy in South Korea and strengthening the construction of relevant systems of carbon neutrality, and so can provide some reference for other countries, including China, to improve policy design to promote the green and low-carbon transformation of the global economy. • A GM(1,1) model is used. • By 2050, South Korea's carbon emission will drop to 312.65 MtCO2e. • South Korea will achieve the carbon neutrality target in 2050. [ABSTRACT FROM AUTHOR]

Process-related carbon emissions, which cannot be completely eliminated by the improvement of processes and energy structure, are recognized as an enormous challenge for in-depth decarbonization. To accelerate the achievement of carbon neutrality, the concept of 'artificial carbon cycle' is proposed based on the integrated system of process-related carbon emissions from high-emitting industries and CCU technology as a potential pathway towards a sustainable future. This paper conducts a systematic review on the integrated system with the case of China, which is the largest carbon-emitting and manufacturing country, to provide a clearer and more meaningful analysis. Multi-index assessment was used to organize the literature and draw the useful conclusion. Based on literature review, the high-quality carbon sources, reasonable carbon capture approaches and promising chemical products were identified and analyzed. Then the potential and practicability of the integrated system was further summarized and analyzed. Finally, key factors of future development including technology improvement, green hydrogen, clean energy and industrial cooperation were stressed to provide a theoretical reference for future researchers and policy makers. • Demonstration on the rationality and importance of applying CCU technology on process-based carbon emissions. • Multi-index assessment on adoptable carbon sources, possible pathways of carbon capture and carbon conversion. • Analysis on the potential and practicability of the integrated system to accelerate carbon neutrality. [ABSTRACT FROM AUTHOR]

With global climate change becoming increasingly serious, carbon neutrality, a key strategy to mitigate climate change, has attracted widespread attention. However, due to the multidisciplinary and complexity of carbon neutrality studies, as well as the diversification of research content, a comprehensive review and systematic synthesis of which is quite limited. In this paper, a bibliometric analysis on the topic of carbon neutrality is conducted to reveal the research progress from a quantitative and visual perspective and describe the evolution of research hotspots. The results show that carbon neutrality research is abundant at both the macro and micro levels. Low carbon development is the premise of carbon neutrality, and emission reduction and carbon sinks are the basis of carbon neutrality. The degree of research varies significantly in different countries, with China dominating in the number of publications, followed by the USA and the UK. The realization of carbon neutrality cannot be fully achieved by one single perspective and requires a comprehensive and systematic analysis of technology, economy, and society. Carbon neutrality is a technology-driven process guided by policy. Economically, carbon taxes and carbon markets are two important market mechanisms for reducing carbon emissions. Technically, researches of negative carbon technologies and renewable energy are growing rapidly. Carbon market, carbon negative technology, circular economy, and green energy will become the focus of future research. This paper helps scholars to understand the overall state of carbon neutrality research and provides a historical reference for future research. • The evolution of carbon neutrality research is identified by a bibliometric method. • Visualizes research status and outlines research foci, frontiers and prospects. • Retrieve 5271 articles published over 25 years in SCIE and SSCI databases. • Carbon neutrality is a technology-driven process guided by policy. • Circular economy and carbon markets are new areas of carbon neutrality research. [ABSTRACT FROM AUTHOR]

The carbon trading policy seeks to control carbon emissions by putting a price on carbon emissions and establishing a corresponding carbon market for trading. It is a significant move by China to address climate issues and achieve its Carbon Neutrality target. Therefore, assessing the policy effects of carbon trading is fundamental to its implementation nationwide. Based on the panel data of 30 provinces and cities in China from 2008 to 2018, this paper uses the Synthetic Control Method and Differences-in-Differences method to assess the effects of carbon trading policy on achieving Carbon Neutrality. By measuring the net carbon emissions, this research explores the level of Carbon Neutrality in each region. Based on the Five-sphere Integrated Plan (which covers the economy, politics, culture, social and ecological civilization), this research further verifies the impact paths of carbon trading policy on Carbon Neutrality. The results show that: First, carbon trading policy has a significant and sustainable effect on Carbon Neutrality. Second, from the perspective of the Five-sphere Integrated Plan, the carbon trading policy can help to reduce carbon sources and increase carbon sinks by adjusting the industrial structure, coordinating low-carbon policies, promoting cultural dissemination, increasing green space construction, and reducing energy intensity to achieve Carbon Neutrality. Third, cultural construction plays the most significant role in mediating carbon trading and Carbon Neutrality, followed by political construction. • This paper examines the effectiveness of carbon trading policy for Carbon Neutrality. • We use the Synthetic Control Method and Difference-in-Differences method. • The impact paths of carbon trading policy are examined from the Five-sphere Integrated Plan perspective. • Carbon Neutrality should be incorporated into the Five-sphere Integrated Plan. • A cross-perspective study of the Five-sphere Integrated Plan, carbon trading with Chinese characteristics has been formed. [ABSTRACT FROM AUTHOR]

This investigation explores whether sustainable finance and renewable energy could facilitate U.S. carbon neutrality. We perform the time-varying parameter-stochastic volatility-vector auto-regression (TVP-SV-VAR) model to obtain the changing relations among U.S. sustainable finance (SF), renewable energy (RE) and carbon dioxide emission (CO2). The empirical outcomes reveal a short-term negative effect from RE to CO2, indicating that renewable energy consumption could promote U.S. carbon neutrality. This effect is asymmetrical, and it could be observed that RE increase has a greater effect on CO2 than RE reduction. Also, the development of sustainable finance could facilitate U.S. carbon neutrality, and the direct impact is longer and more significant than RE, but the indirect effect of SF on CO2 by influencing RE is hysteretic. Besides, the asymmetric effect reveals that the negative direct impact of SF increase on CO2 is smaller than SF reduction, and the latter's indirect effect is more rapid than the former. Against the backdrop of global warming and frequent extreme weather, the above conclusions have meaningful practical applications for the U.S. to achieve carbon neutrality targets through developing sustainable finance and renewable energy. [Display omitted] • This paper explores the effects of SF and RE on U.S. carbon neutrality. • The facilitation of SF on U.S. carbon neutrality is more influential than that of RE. • There is a hysteretic indirect effect of SF on CO2 by influencing RE. • The negative effect of RE reduction on CO2 is smaller than that of RE increase. • The direct and indirect effects of SF on CO2 are asymmetric. [ABSTRACT FROM AUTHOR]

In the light of The Paris Agreement (COP 21), global leaders reached a consensus to curtail the increase in global temperature up to 2.0 °C ideally 1.5 °C pre-industrial level. Likewise, it has become a pathway to accomplish long-term goals of achieving carbon neutrality. In this regard, this paper aims to explore the role of green process innovation and environmental orientation toward environmental performance for achieving the long-term goal of carbon neutrality. In addition, this paper also discovers a mediating role of green competitive advantage in said context. Using data from a survey among managers of equipment manufacturing sector, the study employed structural equation modeling technique and found that green process innovation, environmental orientation and green competitive advantage significantly influence environmental performance. Subsequently, mediation analysis indicated that green competitive advantage partially mediates the relation from green process innovation and environmental orientation to environmental performance. In light of the carbon neutrality targets, the study highlight that improving environmental performance through green process innovation and environmental orientation can be a way-forward for manufacturing sector to play its role to achieve carbon neutrality. The study concludes with theoretical and practical implications. • This paper used data collected from managers. • Partial mediation of green competitive advantage has been found. • Green process innovation significantly improves environmental performance. • Environmental orientation considerably reinforces environmental performance. [ABSTRACT FROM AUTHOR]

The decarbonization and the transition pathways from fossil fuels to green energy technologies in the era of global climatic change, poses great challenges. An effective management tool of all parameters related to a just transition plan could minimize the effects on local communities and maximize the long-term benefits creating conditions for the enhancement of regional sustainable development. For this reason, this paper develops a conceptual model for the evaluation of crucial aspects related to decarbonization projects, through a questionnaire to survey a sample of locals from a coal dependent region. A methodology based on the Structural Equation Modeling (SEM) was used to investigate a set of ten hypotheses which describe possible relationships between the aspects of the conceptual model. Although, respondents agree with the need for a change in the current fossil fuel resource management system, they do not regard that the decarbonization will have a positive effect on the sustainability of the coal-dependent region. Also, respondents who support such changes they do not believe that the climate change has serious impacts on humanity and natural ecosystems. In general, the outcomes of the analysis highlight that a just coal transition is not an easy process and it might cause disruptions to the societies. A just transition plan should be a result of effective public dialogue with the active participation of all stakeholder groups, which will be directly or indirectly affected by the major changes of decarbonization. • Public participation is important to design energy transition projects. • Just transition policies might disrupt societies. • Public awareness about climate change is key factor for a just transition plan. • Negative correlation between the decarbonization and regional sustainability. • Positive correlation between climate change and decarbonization on sustainability. [ABSTRACT FROM AUTHOR]

In this paper, we identify the causal effects of the industrial transfer policy (ITP) on carbon emissions. Specifically, we treat the demonstration zones of undertaking industrial transfer in China as a quasi-natural experiment and evaluation its carbon mitigation effects using the difference-in-differences (DID) and matching DID strategies. Our findings suggest that the ITP exerts a significant negative impact on carbon emissions. In particular, both the DID and matching DID estimates indicate that the ITP leads to mitigate carbon emissions by approximately 4.9 and 4.7 million tons, respectively. We also investigate the heterogeneous carbon mitigation effects of the ITP. Moreover, various checks and falsification tests are also presented to confirm the causal effects, including the placebo test, concurrent events test, alternative measures of the ITP and carbon emissions, alternative estimation method and matching technique. The results indicate that our key conclusion, the carbon mitigation effect of the ITP is robust. These results indicate that policymakers should seize the carbon mitigation dividend of the ITP to achieve the goal of carbon neutrality. Policymakers should also reduce the regional development differences, improve the level of opening to the outside world, strengthen the construction of green demonstration zones for industrial transfer to mitigate carbon emissions. • The carbon mitigation effects of the demonstration zones of undertaking industrial transfer in China are investigated. • The industrial transfer policy leads to mitigate carbon emissions by approximately 4.7 million tons. • The heterogeneous carbon mitigation effects of the industrial transfer policy are examined. • The results are supported by robustness and falsification checks. [ABSTRACT FROM AUTHOR]

Our paper proposes a novel measure of global energy market uncertainty and studies its impact on oil prices. The current literature primarily relies on a single or small number of observable variables, or general macroeconomic uncertainty (JLN) and economic policy uncertainty (EPU) indices to reflect energy market uncertainty. Using a Factor Augmented Vector Autoregression model (FAVAR), we construct time-varying global energy market uncertainty in a data-rich environment. Our estimates show variations from JLN and EPU proxies. The results reveal that real oil prices respond strongly to our proposed aggregate energy market uncertainty shocks. We also find heterogeneous responses to different types and magnitudes of uncertainty shocks. The real price of oil is affected the most under unexpected strong demand for alternative energy sources scenario. • This study proposes new measures of global energy market uncertainty. • Our uncertainty estimates display important differences from other proxies. • The real price of oil responds negatively to energy market uncertainty shocks. • We find heterogenous responses to different types of energy market uncertainties. • Oil prices drop considerably under strong alternative demand uncertainty scenario. [ABSTRACT FROM AUTHOR]

The promotion of carbon-neutral investments is among the primary constituents of developing a carbon-neutral economy. This is even more important for emerging economies that have constrained financial markets. In this paper, using monthly data between 2011 and 2019, we study 6519 actively managed mutual funds in BRICS after sorting them into black, brown, and green categories based on their investment holdings. Our comparative performance shows that green funds outperform their counterparts for the entire sample and within-country assessment. We also document the volatility and market timing ability of green funds, mainly absent in high emission funds. The results remained robust for various definitions of performance. Our findings also indicate Chinese green funds perform better than those of other countries. This is attributed to the multiple ecologically friendly economic policies that China has adopted over the years. Based on the results, we propose various interventions that could foster the adaptability of a carbon-neutral investment landscape. [Display omitted] • We assess the performance of BRIC funds after segregating on carbon profiles. • The Green funds show better risk-adjusted performance than brown & black funds. • The low carbon funds exhibit market timing ability during the sample period. • We report strong evidence of volatility timing for green equity funds. • The results are encouraging for promoting a zero-carbon investment paradigm. [ABSTRACT FROM AUTHOR]

This paper examines the resistance to shocks (economic, political, outbreaks etc.) of the ecological footprint in EU-5 countries over the period 1961–2016. The aim of the study is to determine whether the ecological footprint tends to return to the average with advanced econometric analysis. Efforts to move towards carbon neutrality, which increased after the Paris Agreement, are important for the countries in our analysis. To achieve our aim, we primarily used traditional and one-break unit root tests, followed by the novel SOR unit root test, which considers both sharp and smooth breaks to achieve robust results. The econometric findings show that EF and its six components (i.e., carbon, cropland, grazing land, forest, built-up land and fishing grounds) all contain unit root except the built-up land footprint for Spain and the grazing land and forest footprint for the United Kingdom. Our study provides policymakers with important information for implementing policies to reduce environmental pollution and achieve the target of carbon neutrality. • This study applies SOR unit root test, which considers both sharp and smooth breaks. • The results confirm efforts to move towards carbon neutrality in EU-5 countries. • The study contemplates policy recommendations aimed to reach carbon neutrality. [ABSTRACT FROM AUTHOR]