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The bioeconomy model provides an alternative view of global economic systems by putting sustainable practices combined with digital approaches at the forefront to tackle issues such as climate change. To address this new business trends, financial institutions began to set up the environmental, social, and governance (ESG) business units to evaluate their business strategies. This paper is aimed at examining the nonfinancial effect created by the digital transformation (DT) activities, highlighting the role of enterprise heterogeneity after the implementation of Environmental Protection Law (EPL) in China. We employ the panel data of A-share listed companies from 2010 to 2020, selecting DT and ESG indicators as the important representations of "Industry 5.0." Our empirical results demonstrate a positive impact of EPL on the ESG performance in sight of resource enterprises (REs), environmental enterprises (EEs), and polluting enterprises (PEs), but a negative impact of EPL on the DT indicators among those environmental related industries. Additional causal relationship regression reveals that enterprise DT has an intrinsic promoting effect on the ESG performance, emphasizing on the high risk of digitization process being the shock transmitters to enterprise nonfinancial indices. Notably, the connectedness of environmental policy illustrates dynamic patterns by parallel trend test and propensity score matching (PSM) DID regression. This paper is prone to benefit lawmakers, regulators, and firm executives responsible for analyzing and assessing enterprise digitization behavior by exploring the influence of macrolevel environmental policy. [ABSTRACT FROM AUTHOR]

Climate projections under the high-emission representative concentration pathway "RCP-8.5" scenario are used to show the effects of global warming on the energy production of two similar concentrated solar tower power plants in Spain and Chile from 2025 to 2060. Results show a reduction of the annual energy production of almost 1.8% for Chile and an increase of almost 6% in the Spanish plant, but an increase of 10% water consumption due to both the increase in dry- and wet-bulb temperatures and changes in the direct normal irradiation caused by climate change. When the effect of water restrictions is included in the model caused by the foreseen reduction in water availability in Spain, the increase of the annual energy production is only 2%. Finally, the levelized cost of energy (LCOE) calculated during the whole power plant lifetime (35 years) with respect to the LCOE obtained at the beginning of the project is increased by 1.1% in the Chilean plant, whereas in the Spanish plant, it can be reduced more than 2.5% if there are no water restrictions, while a reduction of 0.4% is expected in a scenario with water restrictions. Results show that careful consideration of climate projections should be considered to properly estimate the economic viability of solar tower plants. [ABSTRACT FROM AUTHOR]