A review of innovative bond instruments for sustainable development in Asia

Purpose Advancing the economies in Asia toward meeting sustainable development goals (SDGs) needs an unprecedented investment in people, processes and the planet. The participation of the private sector is necessary to bridge the financing gap to attain this objective. Engaging the private sector can contribute significantly to attaining the 2030 agenda for SD. However, the financial markets in Asian economies are yet to realize this potential. In this context, this paper aims to discuss the state of finance for SD in Asia and identifies innovative financial instruments for attracting private investments for SDs in these economies. Design/methodology/approach This study relies on published articles, reports and policy documents on financing mechanisms for SD. The literature review covered journal data sources, reports from global institutions such as the UN, World Bank, International Monetary Fund and think-tanks operating in the field of climate change policies. Though the topic was specific to financial market instruments, a broader search was conducted to understand the different sources of sustainable finance available, particularly in Asia. Findings The investments that are required for meeting the SDGs remain underfunded. Though interest in sustainability is growing in the Asian economies, the financial markets are yet to transition to tap the growing interest in sustainable investing among global investors. This paper concludes that to raise capital from private investors the Asian economies should ensure information availability, reduce distortions and unblock regulatory obstacles. It would also need designing policies and introducing blended financing instruments combining private and public funds. Research limitations/implications Though the study has grouped Asian economies, the financing strategy for SDGs should be developed at the country-level considering the domestic financial markets, local developmental stage, fiscal capacity and nationally determined contributions. Further research can focus on developing country-specific strategies for using innovative financial instruments. Originality/value Mobilizing funds for implementing the 2030 Agenda for SD is a major challenge for Asian economies. The paper is addressed to national policymakers in Asian economies for developing strategies to raise capital for SD through private participation. It provides opportunities for revisiting national approaches to sustainable finance in these economies

Emissions-foreign trade nexus: establishing the need to harmonize environment and economics in RCEP

Purpose This article investigates the impact of foreign trade on carbon emissions of the member countries of the largest trade bloc, the Regional Comprehensive Economic Partnership (RCEP). Design/methodology/approach The aggregate bilateral trade with members of RCEP during the period 1991–2020 was considered for analysis. The study also examines the impact of foreign trade (between member countries) on economic development, represented by GDP per capita. Dumitrescu–Hurlin panel Granger causality test was conducted to understand the impact of foreign trade on GDP per capita and carbon emissions. Findings Results indicate that though foreign trade is heterogeneously Granger causing GDP per capita, it also aggravates carbon emissions in RCEP bloc. Originality/value The study is of significance to the policymakers in the member countries as it provides evidence to include climate impact in trade agreements. The wealthier RCEP member countries can support the green transition of low-income countries through transfer of eco-friendly technologies

Investigating the foreign trade-emission nexus in RCEP

Foreign trade is usually considered a culprit for rising emissions. In this article, the authors attempt to understand whether the creation of the regional comprehensive economic partnership (RCEP) will lead to more emissions from the region. To meet this objective, the study analyses the relationship between foreign trade and carbon emissions of the 15 RCEP constituents, using macroeconomic data for the period 1991-2016. The long-term causal relationship between foreign trade and emissions was tested using the ARDL bounds test. The results indicate a long-run causal relationship between the two variables. A fully modified OLS regression model confirms that the three variables considered – foreign trade, economic growth, and energy consumption – have a significant, positive impact on emissions on RCEP member countries. The analysis of individual countries also confirms the cointegration between foreign trade and carbon emissions. ECMs further show the correction happens from foreign trade to carbon emissions

Relationship between fixed capital formation and carbon emissions: Impact of trade liberalization in India

The liberalization of economies is aimed at boosting domestic growth through foreign investment and trade. The proponents of liberalization argue that opening up markets in developing economies provides access to capital to enhance production. However, proponents of the pollution haven hypothesis (PHH) argue that liberalization and trade agreements have led to the export of carbon-intensive production from wealthier countries to developing economies. The difference between the two outcomes lies in the nature of fixed assets built by developing countries. In this study, we examine the role of fixed capital formation on carbon emissions during two distinct periods of India’s economic development. India liberalized its economy with trade reforms in 1991, thereby providing two distinct time periods of closed and open trade policies. The economic data during 1971–2021 is divided into two parts—before (1971–1990) and after (1991–2021) liberalization. Gross fixed capital formation (GFCF) is used as a measure of capital formation while carbon emissions are used to represent environmental impact. Auto-regressive distributed lag (ARDL) model is used for analysis. Results indicate that GFCF had no significant relationship with carbon emission before liberalization, whereas, there was a significant, positive impact post-liberalization. The study is of significance to policymakers in developing countries as it suggests a change in the capital formation towards low carbon-intensive products and services. It also strengthens the argument for investing capital in cleaner energy and technologies

Occurrence of isopod parasites in clupeids off Chennai coast, India

The study was carried out to investigate the incidence of isopod parasites in clupeids, with special emphasis on the Indian pellona fish, Pellona ditchela . Two species of isopods, Joryma hilsae and Joryma sawayah were found infecting this fish. The isopods of the genus Joryma are typical Indo-Pacific genus, found infecting the gills of marine fishes. However, this is the first report of these two species in Indian pellona, P. ditchela along the Bay of Bengal off Chennai coast, India. The prevalence (%) of J. hilsae and J. sawayah in P. ditchela recorded during the present investigation were 17.7 and 32.3 respectively. Cymothoids are common isopod parasites of marine fishes and their infection can cause serious damages to the fishes

Blue ring Octopus, Hapalochlaena nierstraszi, from the Bay of Bengal along the Chennai Coast

On 12-08-2012, a rare occurrence of Blue ring octopus {Hapalochlaena nierstraszi (Adam 1938)), with a length of 82-165 mm and weight of 5.5-18 g was recorded for the first time at Kasimedu Fisheries Harbour , Chennai. It was caught by Trawl net gear at a depth of 20-30 m in Bay of Bengal along the Chennai Coast. There are about at least ten species of tiny blue-ringed octopus, which, ironically for their size, are the most deadly of ail cephalopods,but only four have been formally named. All these are inhabitants of Asian-pacific waters. These are; Greater Blue-ringed Octopus {Hapalochlaena lunulata), Lesser Blue-ringed Octopus or Southern Blue-ringed Octopus {Hapalochlaena maculosa), Blue-lined Octopus {Hapalochlaena fasciata) and Hapalochlneno nierstraszi. The common names come from the bright blue rings that appear when they are alarmed or attacked

Neuroimaging in contact sports: Determining brain fitness before and after a bout

Background: Professional boxing and mixed martial arts (MMA) are popular contact sports with high risk for both acute and chronic traumatic brain injury (TBI). Although rare, combatants have died in the ring/cage or soon after the completion of the bout. The cause of death in these cases is usually acute subdural hematoma, acute epidural hematoma, subarachnoid haemorrhage, intracranial haemorrhage, or second-impact syndrome (SIS). Neuroimaging or brain imaging is currently included in the process of registering for a license to fight in a combat sport in most states in the United States and around the world. However, the required imaging specifics and frequency vary.Discussion: Neuroimaging serves two distinct roles in the individualised care of a combatant, representing a step towards personalised medicine and individual risk stratification. Neuroimaging prior to licensure helps to identify and/or exclude coincidental or clinically suspected brain lesions which may pose a risk for rupture, bleeding or other catastrophic and important brain injury. Neuroimaging in the immediate aftermath of a bout primarily serves to rule out acute traumatic brain injury. Neuroimaging may also be carried out to assess for evidence of structural brain injury which may make a combatant more likely to express late-life neuropsychiatric sequelae of brain injury, such as chronic traumatic encephalopathy. As such, neuroimaging plays a prognostic role and aids in the determination of whether the combatant should be allowed to continue to participate in future bouts or not.Conclusion: Currently there are no established neuroimaging guidelines for contact sports. Standardising neuroimaging guidelines both for licensure as well as neuroimaging modality, and protocols to assess for both acute and chronic traumatic brain injury. This will assist in protecting the combatant’s health and safety, both in the ring/cage, and after their professional careers have ended. Some suggested guidelines are provided based on currently available medical literature. It is recommended that these guidelines be debated vigorously by the scientific community and that evidence-based guidelines be developed by the medical community in conjunction with professional boxing and MMA governing bodies.Keywords: boxing, MMA, traumatic brain injury, chronic traumatic encephalopath

Can We Detect the Anisotropic Shapes of Quasar HII Regions During Reionization Through The Small-Scale Redshifted 21cm Power Spectrum?

Light travel time delays distort the apparent shapes of HII regions surrounding bright quasars during early stages of cosmic reionization. Individual HII regions may remain undetectable in forthcoming redshifted 21 cm experiments. However, the systematic deformation along the line of sight may be detectable statistically, either by stacking tomographic 21cm images of quasars identified, for example, by JWST, or as small-scale anisotropy in the three-dimensional 21cm power spectrum. Here we consider the detectability of this effect. The anisotropy is largest when HII regions are large and expand rapidly, and we find that if bright quasars contributed to the early stages of reionization, then they can produce significant anisotropy, on scales comparable to the typical sizes of HII regions of the bright quasars (approx. 30 Mpc and below). The effect therefore cannot be ignored when analyzing future 21cm power spectra on small scales. If 10 percent of the volume of the IGM at redshift z=10 is ionized by quasars with typical ionizing luminosity of S= 5 x 10^{56} photons/second, the distortions can enhance by more than 10 percent the 21cm power spectrum in the radial (redshift) direction, relative to the transverse directions. The level of this anisotropy exceeds that due to redshift-space distortion, and has the opposite sign. We show that on-going experiments such as MWA should be able to detect this effect. A detection would reveal the presence of bright quasars, and shed light on the ionizing yield and age of the ionizing sources, and the distribution and small-scale clumping of neutral intergalactic gas in their vicinity.Comment: Version accepted by ApJ, with new fiducial model and improved discussio