"Climate Economics and Finance" has risen to prominence as a crucial field, encompassing three primary dimensions: Climate Economics, Climate Finance, and the Intersection of Climate Change and Financial Markets. The adverse externalities arising from climate change, exemplifying a classic instance of "market failure" within market economic frameworks, have garnered global attention. Subsequently, we delve into the literature across three dimensions: the interplay between climate change and macroeconomics, the nexus of climate change and financial markets, and economic or financial resilience. In conclusion, we outline various promising avenues for prospective research in the realm of climate economics and finance.

The performance of ETFs in Hong Kong that apply environmental, social and governance (ESG) criteria to make their investment decisions is examined in this study. The performance of these ETFs is assessed against the performance of competitive non-ESG ETFs. The study period spans from 1/12/2022 to 29/2/2024. From a methodological perspective, raw returns, tracking errors and risk-adjusted returns are computed. Raw returns are computed in percentage terms with daily close trade prices. Tracking error is calculated as the difference in daily returns between ETFs and Hang Seng Index, which is used as a proxy for the entire stock market of Hong Kong. Risk-adjusted returns include Sharpe, Treyor, Modigliani & Modigliani, and Information Ratios. A simple regression model is applied too, via which the daily excess return of each ETF, that is the return above the risk-free rate, is regressed on the corresponding return of the market index. The empirical results indicate that the ESG ETFs clearly underperform their non-ESG peers, also being a little riskier and more expensive than them. In particular, the average daily return of ESG ETFs is equal to -0.058%, while the respective return of non-ESG ETFs is slightly better at -0.033%. At the cumulative level, the average return of ESG ETFs is equal to -19.22%, while the respective return of the non-ESG ETFs amounts to -12.41%. When it comes to risk, the ESG group presents an average measure of 1.572%, whereas the non-ESG group has an average risk of 1.490%. In regard to expenses, the average management fee of the ESG ETFs is equal to 0.18%, while the average management fee of the non-ESG peers is 0.09%.

Carbon emissions trading is an important part of emission reduction policy tools, and manufacturing is the foundation of a strong country. This paper explores the impact of carbon emissions trading pilot on the high-quality development of manufacturing industry by using the double difference method. It is found that carbon emissions trading can significantly promote the high-quality development of manufacturing industry, in which the government's will of ecological environment governance, technological progress and industrial structure rationalization have significant intermediary effects. Heterogeneity analysis reveals that the impact of carbon emissions trading on the high-quality development of the manufacturing industry is most significant in the western region. Accordingly, the study proposes suggestions on how to further improve China's carbon emissions trading market and realize the high-quality development of the manufacturing industry.

The clean energy revolution is a global concern. Cross-border collaboration is crucial for sharing knowledge, pooling resources, and tackling complex challenges on a global scale. International partnerships can accelerate innovation by drawing on diverse knowledge and experience from different regions. Access to capital is a key driver of innovation and entrepreneurship in clean energy. Institutional investors and financial institutions increasingly recognize the potential for high returns from the clean energy sector. This research aimed to understand whether "dirty" energies, such as the Brent Crude Spot, WTI, FTSE 350 Oil, Gas & Coal, EURO STOXX Oil & Gas, influence the formation of sustainable energy prices, namely Geothermal Index, Solar Energy Index, NASDAQ OMX Bio Clean Fuels Index, Wind Energy Index, WilderHill Clean Energy Index, during the 2020 Covid-19 pandemic and the Russian invasion of Ukraine in 2022. When comparing the two sub-periods, the results show that the level of autocorrelation in price formation has increased, i.e., the mean rhoDCCA went from 32 to 45, the weak correlation coefficients without trend decreased from 30 to 19, and the anti-persistence has also decreased from 8 to 4. The strong rhoDCCA increased from 2 to 4; during the Tranquil period, the FTSE 350 / EURO STOXX Oil index pairs had a rhoDCCA of 0.76. While in the Stress subperiod, the NASDAQ OMX Bio / Solar Energy pairs had a slope of 0.70, and the FTSE 350 / EURO STOXX Oil indices had a rhoDCCA of 0.91. Evidence shows a notable dissociation between fossil energy prices and sustainable energy sources. This dissociation is characterized by various degrees of influence between fossil energy prices and sustainable energy indices, from low to moderate. This dissociation between fossil energy prices and sustainable energy prices suggests that investments in sustainable energy can offer diversification opportunities.