title: A thesis on green finance

authors: Xu, Danyang

subjects: Green finance

abstract: In recent years, green finance has received considerable attention as a key tool for addressing climate change and achieving global sustainable development. It plays a critical role in driving the global transition to a green economy, achieving carbon neutrality targets and advancing environmental governance. This thesis provides an in-depth exploration of the dynamic connectedness of green financial markets and their complex interactions with various types of risks, aiming to comprehensively understand their characteristics and behaviors under different market conditions. First, using advanced econometric techniques such as the Time-Varying Parameter Vector Autoregressive (TVP-VAR) model and wavelet analysis, the study reveals the relationships between green financial markets and key driving risks, including financial and climate risks, in the time and frequency domain. Second, the thesis investigates the connectedness mechanisms between green bond markets in the United States and China and other financial markets. The analyses also reveal the intrinsic nature of the two major green bond markets. Finally, the thesis examines the dynamic relationships between key environmental, social, and governance (ESG) markets and other sources of uncertainty. 
The findings reveal that financial risks are the primary drivers of connectedness in green financial markets, with significant impacts on long-term return connectedness, whereas climate risks, particularly physical climate risks, have pronounced short-term effects on volatility connectedness. Furthermore, this thesis highlights the different roles of US and Chinese green bonds in responding to financial crises and geopolitical conflicts (e.g., the COVID-19 pandemic and the Russia-Ukraine conflict). Green bonds in the US have demonstrated stable hedging capabilities, while Chinese green bonds have shown strong market resilience, driven by economic transition and policy support. The analysis of ESG investment markets shows that European markets dominate the global green financial system, characterized by high returns and strong risk mitigation capabilities, while ESG assets in emerging markets are more constrained by regional economic and policy environments. In addition, this thesis explores the potential of optimal portfolio strategies of green financial assets in risk diversification and asset allocation, with green bonds and ESG assets being particularly important in times of crisis. 
This work not only contributes to the theoretical understanding of the dynamic characteristics of green financial markets, but also provides practical insights for policymakers in designing effective green financial policies and for investors in optimizing asset allocation. By revealing the dynamic linkages of green financial markets, this study provides crucial empirical evidence and decision-making support for the sustainable development of global green financial markets. The findings of the thesis lay a solid foundation for future research on green finance and suggest novel solutions to address global climate change challenges and promote sustainable economic development.

text: A thesis on green finance In recent years, green finance has received considerable attention as a key tool for addressing climate change and achieving global sustainable development. It plays a critical role in driving the global transition to a green economy, achieving carbon neutrality targets and advancing environmental governance. This thesis provides an in-depth exploration of the dynamic connectedness of green financial markets and their complex interactions with various types of risks, aiming to comprehensively understand their characteristics and behaviors under different market conditions. First, using advanced econometric techniques such as the Time-Varying Parameter Vector Autoregressive (TVP-VAR) model and wavelet analysis, the study reveals the relationships between green financial markets and key driving risks, including financial and climate risks, in the time and frequency domain. Second, the thesis investigates the connectedness mechanisms between green bond markets in the United States and China and other financial markets. The analyses also reveal the intrinsic nature of the two major green bond markets. Finally, the thesis examines the dynamic relationships between key environmental, social, and governance (ESG) markets and other sources of uncertainty. 
The findings reveal that financial risks are the primary drivers of connectedness in green financial markets, with significant impacts on long-term return connectedness, whereas climate risks, particularly physical climate risks, have pronounced short-term effects on volatility connectedness. Furthermore, this thesis highlights the different roles of US and Chinese green bonds in responding to financial crises and geopolitical conflicts (e.g., the COVID-19 pandemic and the Russia-Ukraine conflict). Green bonds in the US have demonstrated stable hedging capabilities, while Chinese green bonds have shown strong market resilience, driven by economic transition and policy support. The analysis of ESG investment markets shows that European markets dominate the global green financial system, characterized by high returns and strong risk mitigation capabilities, while ESG assets in emerging markets are more constrained by regional economic and policy environments. In addition, this thesis explores the potential of optimal portfolio strategies of green financial assets in risk diversification and asset allocation, with green bonds and ESG assets being particularly important in times of crisis. 
This work not only contributes to the theoretical understanding of the dynamic characteristics of green financial markets, but also provides practical insights for policymakers in designing effective green financial policies and for investors in optimizing asset allocation. By revealing the dynamic linkages of green financial markets, this study provides crucial empirical evidence and decision-making support for the sustainable development of global green financial markets. The findings of the thesis lay a solid foundation for future research on green finance and suggest novel solutions to address global climate change challenges and promote sustainable economic development.

year: 2025-06-09

title: Quality of cellulose and biostimulant extracts from Oedogonium calcareum cultivated during primary wastewater treatment

authors: Jayasooriya, Nethmie

subjects: Biomass utilization

abstract: A practical two-product cascading biorefinery was developed to extract a biostimulant and cellulose from the freshwater filamentous macroalga Oedogonium calcareum grown while treating primary wastewater. Biostimulant production provides a valuable extract with production of disinfected residual biomass for further product development. Both Escherichia coli and F-specific RNA bacteriophage, indicators of human pathogens contamination, were absent from the residual biomass. The chemical composition of the biostimulant was complex, consisting of growth-promoting substances, free amino acids, and minerals. The O. calcareum cellulose fractions yielded between 9.5% and 10.1% (w/w) with purities from 84% to 90% and closely resembled microcrystalline cellulose. Biostimulant extraction improved cellulose quality by increasing crystallinity from 59% to 62%. Biomass condition, drying process, and biostimulant production influenced the crystallinity index. This study demonstrates a two-step process of biostimulant and cellulose extraction from wastewater-grown Oedogonium, simultaneously disinfecting biomass and isolating high-quality cellulose as a sustainable alternative to conventional extraction methods.

text: Quality of cellulose and biostimulant extracts from Oedogonium calcareum cultivated during primary wastewater treatment A practical two-product cascading biorefinery was developed to extract a biostimulant and cellulose from the freshwater filamentous macroalga Oedogonium calcareum grown while treating primary wastewater. Biostimulant production provides a valuable extract with production of disinfected residual biomass for further product development. Both Escherichia coli and F-specific RNA bacteriophage, indicators of human pathogens contamination, were absent from the residual biomass. The chemical composition of the biostimulant was complex, consisting of growth-promoting substances, free amino acids, and minerals. The O. calcareum cellulose fractions yielded between 9.5% and 10.1% (w/w) with purities from 84% to 90% and closely resembled microcrystalline cellulose. Biostimulant extraction improved cellulose quality by increasing crystallinity from 59% to 62%. Biomass condition, drying process, and biostimulant production influenced the crystallinity index. This study demonstrates a two-step process of biostimulant and cellulose extraction from wastewater-grown Oedogonium, simultaneously disinfecting biomass and isolating high-quality cellulose as a sustainable alternative to conventional extraction methods.

year: 2024-07-01

title: Culture, Courage and Change: The experiences of a Te Kotahitanga facilitation team

authors: Lamont, Robyn Elizabeth

subjects: culturally responsive pedagogy of relations

abstract: This thesis explores the experiences of the Te Kotahitanga facilitation team in one of the 12 Phase 3 Te Kotahitanga schools between 2003 and 2006. The collaborative story through which those experiences are shared includes the voices of the Lead facilitator, the two co-principals, and an RTLB/facilitator. This thesis begins by seeking to understand the historical impact of culturally located discourses of colonisation on the lives of the indigenous Māori people in New Zealand. From within a platform of Māori theorising it also considers Kaupapa Māori research methodologies and explores Māori people’s aspirations for self determination (tino rangatiratanga). It then considers the principles and practices of engaging as a bicultural partnership to improve educational outcomes for Māori students. Through a discussion of the facilitation team's experiences of learning about a culturally responsive pedagogy of relations through the development and support of culturally responsive contexts for learning, three important themes emerge: culture, courage and change. The impact of deficit theorising and pathologising practices on the culture of Maori students and their teachers is examined. The courage required of the Te Kotahitanga principals and facilitators to challenge and disrupt the assumptions that underpinned the historical status quo in this school and the importance of remaining steadfast in response to the dissonance and resistance that these change processes created is then discussed. Finally, this thesis highlights both the interdependent nature of the change required and the power of the collective in creating change; change within ourselves, within our classrooms and within our schools and communities for the benefit of Māori students, and of all students.

text: Culture, Courage and Change: The experiences of a Te Kotahitanga facilitation team This thesis explores the experiences of the Te Kotahitanga facilitation team in one of the 12 Phase 3 Te Kotahitanga schools between 2003 and 2006. The collaborative story through which those experiences are shared includes the voices of the Lead facilitator, the two co-principals, and an RTLB/facilitator. This thesis begins by seeking to understand the historical impact of culturally located discourses of colonisation on the lives of the indigenous Māori people in New Zealand. From within a platform of Māori theorising it also considers Kaupapa Māori research methodologies and explores Māori people’s aspirations for self determination (tino rangatiratanga). It then considers the principles and practices of engaging as a bicultural partnership to improve educational outcomes for Māori students. Through a discussion of the facilitation team's experiences of learning about a culturally responsive pedagogy of relations through the development and support of culturally responsive contexts for learning, three important themes emerge: culture, courage and change. The impact of deficit theorising and pathologising practices on the culture of Maori students and their teachers is examined. The courage required of the Te Kotahitanga principals and facilitators to challenge and disrupt the assumptions that underpinned the historical status quo in this school and the importance of remaining steadfast in response to the dissonance and resistance that these change processes created is then discussed. Finally, this thesis highlights both the interdependent nature of the change required and the power of the collective in creating change; change within ourselves, within our classrooms and within our schools and communities for the benefit of Māori students, and of all students.

year: 2011