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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]

This paper examines and projects the water use and wastewater generation during and after the SARS-CoV-2 (COVID-19) in China, and discussed the water use/wastewater generation pattern changes among different sectors. Existing studies on the impact of pandemic spread-prevention measures on water consumption and wastewater treatment during the pandemic are reviewed. The water use and wastewater discharge in China through the COVID-19 period are then projected and analyzed using Multivariate Linear Regression. The projection is carried out for years 2019–2023 and covers an (estimated) full process of pre-pandemic, pandemic outbreak, and recovery phase and provides essential information for determining the complete phase impact of the COVID-19. Two scenarios, i.e. the recovery scenario and the business as usual scenario, are set to investigate the water use and wastewater generation characteristics after the pandemic. The results imply that in both scenarios, the water use in China shows a V-shaped trend from 2019 to 2023 and reached a low point in 2020 of 5,813✕108 m3. The wastewater discharge shows an increasing trend throughout the COVID period in both scenarios. The results are also compared with the water consumption and wastewater generation during the SARS-CoV-1 period. The implication for policymakers is the possible increase of water use and wastewater discharge in the post COVID period and the necessity to ensure the water supply and control of water pollution and wastewater discharge. • The impact of the SARS-CoV-2 pandemic on the water sector are reviewed. • Water use and wastewater discharge throughout the COVID-19 period are projected. • Water use in China shows a V-shaped trend from 2019 to 2023. • Wastewater discharge shows an increasing trend throughout the COVID period. • Water use and wastewater discharge during the SARS and the COVID-19 are compared. [ABSTRACT FROM AUTHOR]