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Improving the resilience of wastewater treatment facilities (WWTFs) has never been more important with rising risks of disasters under climate change. Beyond physical damages, non-physical shocks induced by disasters warrant attention. Human mobility is a vital mediator in transferring the stresses from extreme events into tangible challenges for urban sewage systems by reshaping influent characteristics. However, the impact path remains inadequately explored. Leveraging the stay-at-home orders during the COVID-19 pandemic as a natural experiment, this study aims to quantify and interpret the heterogeneous impacts of mobility reduction on the influent characteristics of WWTFs with different socio-economic, infrastructural, and climatic conditions. To achieve this goal, we developed a research framework integrating causal inference and interpretable machine learning techniques. Based on the empirical data from China, we find that 79.1% of the studied WWTFs, typically located in cities with well-developed drainage infrastructures and low per capita water usage, exhibited resilience against drastic mobility reduction. In contrast, 20.9% of the studied WWTFs displayed significant variations in influent characteristics. Large-capacity WWTFs in subtropical regions encountered challenges with low-load operations, and small-capacity facilities in suburban areas grappled with nutrient imbalances. This study provides valuable insights to equip WWTFs in anticipating and adapting potential variations in influent characteristics triggered by mobility reduction., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (Copyright © 2024 Elsevier Ltd. All rights reserved.)

The digital economy (DIE), a new economic form with digitalization at its core, has become an important driving force for promoting regional economy development. In the context of the COVID-19 pandemic, exploring the impact path of the DIE on carbon emission efficiency (CEE) is conducive to giving full play to the "carbon-reduction-and-efficiency-enhancement" role of the DIE, and to promoting the realization the "dual carbon" goal of carbon peak and carbon neutrality. In this paper, the Yellow River Basin (YRB) and the Yangtze River Economic Belt (YREB) are taken as study areas, the panel Tobit model is used to explore the impact of the DIE on CEE, and the intermediary-effect model and threshold-effect model are constructed to test the intermediary and threshold effects of technological innovation, respectively. The results show that the DIE has a U-shaped nonlinear impact on CEE in both the YRB and the YREB and that the impact has regional heterogeneity. Technological innovation can play a mediating effect between the DIE and CEE, whereas the mediating effect in the YRB is stronger than that in the YREB. Technological innovation has a threshold effect on the DIE to improve CEE, while the threshold value in the YREB is higher than that in the YRB. Furthermore, this paper proposes some suggestions to guide regional low-carbon and sustainable development., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (Copyright © 2024 Elsevier Ltd. All rights reserved.)

The impact investing literature largely focuses on private equity investing and overlooks the investments made through debt financing that actually dominate the market. To address this research gap, this paper investigates whether impact financing is associated with financial benefits. By using COVID-19 as an exogenous shock to China's stock market, this paper applies fixed effects panel data analysis with a difference-in-differences research design to provide robust empirical outcomes. The results reveal those financial institutions that better integrated environmental impacts into their financing process experienced positive stock return changes in response to the shock. This study answers the question of how well an impact scales. The findings suggest that impact financing is an effective model, as the impacts incorporated in the debt can be scaled up compared to impact investing funds with low volumes. Impact financing has enormous potential for financial institutions to engage in the green transition since they can derive pecuniary utility while delivering environmental impacts. The revelation of financial benefits also contributes to overcoming the lack of knowledge about impact financing and helps to remove the barriers that advance industry growth. • This paper studies whether impact financing is associated with financial benefits. • Financial firms that better integrate environmental impact in financing have positive stock return changes during COVID-19. • Financial firms can derive pecuniary utility from pursuing impact financing. • The findings suggest that impact financing can be an effective model to bring impact to a substantial scale. [ABSTRACT FROM AUTHOR]