Integrate Sustainability Considerations Research Articles

The influence of corporate social responsibility, investment opportunities, and profitability on tax avoidance

The analysis conducted on the relationship between Corporate Social Responsibility (CSR), Investment Opportunity, Profitability, and Tax Avoidance in Energy Sector Companies listed on the Indonesia Stock Exchange between 2017 and 2021 has yielded significant insights. While the influence of CSR on Tax Avoidance was found to be insignificant, both Investment Opportunity and Profitability demonstrated notable effects, with the latter displaying a negative influence. Furthermore, the combined impact of CSR, Investment Opportunity, and Profitability on Tax Avoidance was found to be substantial, explaining 63% of the observed variance. These findings underscore the intricate relationship between corporate practices, financial performance, and tax management strategies, offering valuable implications for various stakeholders. In light of these conclusions, several recommendations can be drawn. Firstly, collaboration between tax authorities and relevant stakeholders is essential to refine tax policies, integrating sustainability considerations and ensuring transparency in corporate tax practices. Secondly, investors should adopt a comprehensive approach when assessing investment opportunities, taking into account factors beyond financial performance, including corporate social responsibility and tax management strategies. Additionally, companies are encouraged to enhance their disclosure practices concerning CSR activities, thereby promoting greater transparency and accountability. Finally, future research efforts should focus on expanding the scope of analysis across different sectors and incorporating additional variables to deepen our understanding of tax avoidance dynamics in the Indonesian context. By implementing these recommendations, policymakers, tax authorities, investors, and corporate entities can collectively contribute to fostering a more responsible and sustainable business environment.

STUDYING THE APPROACHES OF EUROPEAN COUNTRIES IN FORESIGHT STUDIES OF THE DEVELOPMENT OF SCIENCE AND GREEN TECHNOLOGIES FOR ADOPTING THEIR EXPERIENCE IN THE CONTEXT OF KAZAKHSTAN

This paper reviews the application of foresight methods in the field of science, especially in the development of green technologies in various European countries, with the aim of identifying the most suitable approaches for future use in Kazakhstan. The analysis shows that green technology forecasting promises to be an effective tool for managing sustainable development. Methods for forecasting green technologies are focused on a systematic approach and integrated solutions, taking into account the environment and social aspects. It is also important to consider both global and local environmental issues to gain a full understanding of future development trends. The article provides a comparison of the Dutch and Danish approaches. Green technology foresight research can play an important role at the national level, especially in integrating sustainability considerations into technology development and innovation processes. They also contribute to the development of more effective and sustainable development strategies for companies and government in Kazakhstan. These studies contribute to increasing environmental awareness and awareness in society regarding the importance of sustainable development. Technology forecasting values the use of Delphi surveys to provide a better understanding of possible future trends. The knowledge gained is the basis for developing strategic plans in the field of green technologies and ensuring sustainable development of the energy sector.

The Role of Actuaries in Sustainable Development Goals

Purpose: The general purpose of this study was to investigate the role of actuaries in Sustainable Development Goals.
 Methodology: The study adopted a desktop research methodology. Desk research refers to secondary data or that which can be collected without fieldwork. Desk research is basically involved in collecting data from existing resources hence it is often considered a low cost technique as compared to field research, as the main cost is involved in executive’s time, telephone charges and directories. Thus, the study relied on already published studies, reports and statistics. This secondary data was easily accessed through the online journals and library.
 Findings: The findings reveal that there exists a contextual and methodological gap relating to the role of actuaries in Sustainable Development Goals. The study underscored the indispensable role of actuaries in advancing sustainable development goals (SDGs) across multiple sectors. Actuaries contribute significantly to promoting environmental sustainability by assessing and managing risks associated with climate change, while also fostering social equity and inclusivity through the design of insurance and pension schemes. Moreover, they facilitate long-term investment and infrastructure development aligned with SDGs 8 and 9, and support health and well-being initiatives, particularly in healthcare financing and risk assessment. Overall, through their expertise in risk assessment, financial management, and strategic decision-making, actuaries play a critical role in driving transformative change towards a more sustainable, inclusive, and resilient future.
 Unique Contribution to Theory, Practice and Policy: The Stakeholder theory, Institutional theory and Systems theory may be used to anchor future studies on the role of actuaries in Sustainable Development Goals. The study provided recommendations aimed at enhancing the contributions of actuaries to sustainable development agendas. It advocated for increased awareness among actuaries about their role in supporting SDGs, fostering collaboration between stakeholders, integrating sustainability considerations into actuarial practices, and promoting transparency and accountability within the profession. These recommendations emphasized the importance of aligning actuarial efforts with sustainability goals, leveraging collective expertise, and ensuring ethical and responsible decision-making. By implementing these recommendations, actuaries could play a more proactive and impactful role in advancing sustainable development goals and addressing societal challenges.
 Keywords: Actuaries, Sustainable Development Goals, Contributions, Recommendations, Awareness, Collaboration, Sustainability Considerations, Transparency

Environment Social Governance Performance and Capital Structure: Evidence in Indonesia and Malaysia

Purpose: This research aims to investigate the relationship between Environmental, Social, and Governance (ESG) performance and capital structure, using Debt-to-Equity Ratio (DER) and Debt-to-Asset Ratio (DAR) proxies, in Indonesia and Malaysia. The study seeks to address the gap in the literature by exploring how ESG factors influence the capital structure decisions of both financial and non-financial companies in these countries. Additionally, the research analyzes the impact of ESG performance on the cost of equity and cost of debt. Methods: The research utilizes secondary data extracted from annual reports and sustainability reports spanning from 2015 to 2020. A total of 102 companies, comprising 59 Indonesian companies and 52 Malaysian companies registered on CSRHub, are included in the analysis. ESG performance is assessed based on community, environmental, social, and governance indicators. Capital structure is measured using DER and DAR proxies. Statistical analysis techniques are employed to examine the relationship between ESG performance and capital structure, as well as its impact on the cost of equity and cost of debt. Results and Discussion: The research findings indicate that community, environmental, social, and governance performance exhibit a negative effect on the cost of equity, suggesting that companies with stronger ESG performance experience lower costs of equity financing. However, these ESG factors do not significantly affect the cost of debt. This implies that while ESG performance may influence equity holders' perceptions of risk and return, it may not have a direct impact on the cost of debt financing for companies in Indonesia and Malaysia. Implications of the Research: The results of this research have important implications for companies, investors, and policymakers interested in understanding the relationship between ESG performance, capital structure decisions, and financing costs. By demonstrating the impact of ESG factors on the cost of equity, the findings underscore the importance of integrating sustainability considerations into financial decision-making processes. Moreover, the research highlights the need for further investigation into the mechanisms through which ESG performance influences capital structure and financing costs. Originality/Value: This study contributes to the literature by offering novel insights into the relationship between ESG performance and capital structure in Indonesia and Malaysia. By examining the impact of ESG factors on both equity and debt financing costs, the research expands our understanding of how sustainability considerations influence corporate financial decisions. The findings provide valuable guidance for companies seeking to enhance their ESG performance and optimize their capital structure, ultimately contributing to more sustainable and responsible business practices in emerging markets.

Linking sustainable leadership with sustainable project performance: mediating role of knowledge integration and moderating role of top management knowledge values

Purpose The purpose of this study is to investigate the relationship between sustainable leadership and sustainable project performance. Specifically, the study aims to examine the mediating role of knowledge integration, examining how knowledge integration within an organization influences project outcomes. In addition, the study seeks to explore the moderating role of top management knowledge values, examining how the values and beliefs of top management influence the relationship between sustainable leadership and project performance. Design/methodology/approach A three-wave survey of 392 employees working in construction sector projects in Pakistan used both hierarchical regression analysis and Hayes’ PROCESS macro method to evaluate the hypotheses. Findings The study results show that sustainable leadership positively relates to sustainable project performance and knowledge integration mediating this relationship. In addition, the top management knowledge value moderates the indirect effect of sustainable leadership on sustainable project performance via knowledge integration. Research limitations/implications Although the model was tested using three-wave data, it is important to note that the data were obtained from a single source. Therefore, it is possible that common method bias may have influenced the results, and this cannot be disregarded. Practical implications Organizations seek to prioritize sustainability and integrate sustainability considerations into their project management processes. Organizations can achieve improved sustainable project performance by investing in sustainable leadership development, fostering a culture of knowledge sharing and learning, prioritizing top management support for sustainable performance and integrating sustainable considerations into project management processes. Originality/value The study’s grounding on organizational learning theory adds an original and valuable perspective to the relationship between sustainable leadership and sustainable project performance. This investigation is original, as it combines sustainable leadership, knowledge integration and the moderating role of top management knowledge value to understand their impact on sustainable project performance. This unique approach contributes to the literature by providing new insights into these relationships and mechanisms in the construction industry.

Multi-objective sustainability tourist trip design: An innovative approach for balancing tourists' preferences with key sustainability considerations

This study introduces an innovative approach to sustainable tourist trip planning that aligns tourists’ preferences with vital sustainability factors. Traditional methods often prioritize singular objectives, such as minimizing travel time or cost, thereby overlooking the broader sustainability implications associated with travel. To bridge this gap, we propose a multi-objective sustainability tourist trip design model that optimizes travel itineraries across various dimensions, including CO2 emissions, environmental impacts, and socio-economic benefits. To address this problem, we developed a mixed-integer programming model. Subsequently, a novel Artificial Multiple Intelligence System (AMIS) was employed. The AMIS integrates multiple intelligence systems and employs meticulously designed and effective improvement methods facilitated by adaptive heuristic learning selection procedures. We subjected the model to rigorous testing using real-world data, and our analysis underscored the superiority of our approach. It resulted in a noteworthy 22.46%–27.95% reduction in CO2 costs and a substantial 14.20% reduction in waste generation, along with a noteworthy 6.46% increase in community ownership and a 7.07% increase in cultural heritage value, compared to existing models and methods based on differential evolution algorithms, ant colony optimization, and genetic algorithms. This study contributes significantly to enhancing our understanding of the challenges and prospects inherent in integrating sustainability considerations into the design of travel itineraries.

Green drives greenbacks: The impact of sustainable innovation on corporate cash holdings in BRICS nations

This study delves into the impact of sustainable innovation on corporate liquidity, specifically examining its influence on cash holdings among companies listed in BRICS nations. The study also explores the impact of green innovation on cash holdings before and after COVID-spread. Utilizing the system GMM regression technique on data spanning 2010 to 2022, we scrutinize the relationship between green innovation and cash reserves. Our findings reveal a significant correlation, showcasing that companies actively engaged in sustainable practices maintain lower levels of cash. This suggests a tangible reduction in the necessity for large cash reserves among businesses prioritizing green innovation. Notably, this effect persists even in the post-COVID landscape, highlighting the resilience of sustainability efforts on financial strategies. The influence of green innovation on cash holdings remains robust with diverse firm-specific and macroeconomic variables. The implications underscore the dual benefits of sustainable innovation, contributing not only to environmental sustainability but also enhancing financial efficiency by minimizing excess cash holdings. This study accentuates the imperative of integrating sustainability considerations into financial decision-making, offering practical insights for firms seeking to align sustainability goals with effective financial management. It provides valuable insights for policymakers and investors interested in promoting and supporting green initiatives. This study contributes to the evolving discourse on sustainability and corporate finance by shedding light on a relatively unexplored aspect of the association between green innovation and financial strategies.

Household Sustainability During COVID-19: Investigating Shifts in Food, Water and Energy Consumption Behaviours in Bayelsa State, Nigeria

This comprehensive study investigates the impact of the COVID-19 pandemic on pro-environmental behaviours within Nigerian households. It extensively reviews literature exploring various models and theories, including Chernovich’s model and the Protection Motivation Theory (PMT), to understand the intricate factors influencing household eco-friendly conduct. Employing a correlational study design, the research utilized both probability and non probability sampling techniques to gather data through self-administered questionnaires from households in Yenagoa city, Nigeria. Findings revealed a significant increase in pro-environmental behaviors during the pandemic-induced lock down. Statistical analysis highlighted a notable rise in actions such as conserving energy, minimizing water usage, and reducing food waste. The study observed heightened household efforts in shutting off electrical appliances, adopting water-saving measures, and practicing better food management during the lock down period. Analysis of Household Conservative Behaviors (HCB) before and during the lock down showed a marked increase in eco-friendly actions, signifying the pandemic’s positive influence on environmental consciousness. Recommendations stemming from this research include advocating for awareness campaigns, financial incentives, community engagement, educational integration, policy advocacy, and continuous research to sustain and enhance pro-environmental behaviors. The study underscores the importance of crisis-preparedness strategies integrating sustainability considerations and tailoring interventions to diverse cultural contexts. These efforts aim to foster a culture of sustainability, promote awareness, and encourage proactive engagement in eco-friendly practices among Nigerian households, particularly during crises like the COVID-19 pandemic and in everyday life.

Exploring network-based dependencies between country-level sustainability and business risks

The concept of sustainability has gained prominence in the global discourse, with increasing recognition of its impact on business risk. By integrating sustainability considerations into their strategies and operations, national policymakers and businesses can mitigate business risks and contribute to national sustainability goals. The objective of this study is to explore dependencies among the risks associated with the 17 Sustainable Development Goals (SDGs), introduced by the United Nations in 2015, and country-level business risk. In particular, this study aims to identify critical SDGs that can influence business risk based on the two extreme performance states (i.e., best and worst scenarios) of individual SDGs. A data-driven Bayesian Belief Network model is developed using two datasets on country-level sustainability performance and business risk assessment. On the one hand, ‘quality education’, ‘no poverty’, ‘affordable and clean energy’ and ‘sustainable cities and communities’ are identified as the most critical SDGs based on the negative impact of their associated risks on business risk. On the other hand, low risk (high performance) associated with the ‘peace, justice and strong institutions’, ‘life on land’ and ‘industry, innovation and infrastructure’ SDGs can reduce business risk. Strong dependencies are found between individual SDG risks and business risk, implying policymakers need to consider the implications of their sustainability initiatives on the risks and uncertainties surrounding their country's business environment.

SUSTAINABILITY PERFORMANCE INDICATORS

Sustainable Balanced Scorecard (SBSC), Organizational Sustainability Performance Index (OSPI), and Corporate Sustainability Index (ISE) are all tools that help organizations measure and manage their sustainability performance. SBSC integrates sustainability considerations into traditional performance management systems, while OSPI and ISE provide sustainability performance benchmarks for organizations to assess their sustainability performance and identify areas for improvement. These indicators reflect a growing emphasis on measuring and managing sustainability performance in organizations and are likely to become increasingly important as stakeholders demand more transparency and accountability in sustainability reporting. Sustainable Management System (SMS), Environmental Management Accounting (EMA), Sustainability Management Accounting (SMA), and the Composite Index of Sustainable Development (ICSD) are all indicators that reflect the growing emphasis on sustainable practices and accounting frameworks in today’s business and economic. SMS helps organizations integrate sustainability considerations into their operations, while EMA and SMA provide tools for identifying and measuring the environmental and social costs and benefits of business activities. ICSD measures a country’s progress towards sustainable development based on various economic, social, and environmental indicators. These indicators suggest a growing recognition of the importance of sustainability in economic development and decision-making processes, and are likely to become increasingly important as organizations and governments continue to prioritize sustainability.

Empathy Is Not the Way, Critical and Creative Thinking for Design for Sustainability Transitions

Empathy Is Not the Way, Critical and Creative Thinking for Design for Sustainability Transitions

The Environmental Impacts of AI and Digital Technologies

This study aims to investigate the environmental impacts of AI and digital technologies, identify potential mitigation strategies, and assess the role of policy, regulation, and public awareness in fostering sustainable practices within this domain. Employing a qualitative research methodology, this study collected data through semi-structured interviews with 27 professionals across the technology sector, environmental research, policy-making, and academia. Thematic analysis was used to analyze the interview transcripts, allowing for the identification of main themes and categories related to the environmental impacts of AI and digital technologies and the exploration of potential mitigation strategies. Five main themes emerged from the analysis: Direct Environmental Impact, Mitigation Strategies, Technological Innovations, Policy and Regulation, and Public Awareness and Engagement. Each theme encompasses various categories and concepts, such as Energy Consumption, E-Waste, Renewable Energy Adoption, Sustainable Design, Energy-Efficient Hardware, Legislation and Standards, Educational Campaigns, and Digital Literacy. The findings highlight the complex and multifaceted nature of AI and digital technologies' environmental impacts, along with the crucial role of innovative mitigation strategies and comprehensive policy frameworks in addressing these challenges. The study concludes that while AI and digital technologies offer tremendous potential for advancing sustainable development, their deployment must be carefully managed to minimize negative environmental impacts. It underscores the importance of integrating sustainability considerations into the development and deployment of these technologies, alongside fostering robust policy and regulatory frameworks and enhancing public awareness and engagement to achieve a sustainable digital future.

How digitalization supports a sustainable business model: A literature review

New digital technologies are becoming widespread and have radically redefined business processes and practices. Simultaneously, numerous companies are implementing sustainable business models (SBMs), expecting to integrate sustainability considerations and increase competitive advantage. These two megatrends—digitalization and sustainability—are radically changing firms. However, the relationship between digitalization and the implementation of SBMs is yet to be investigated in detail. This is a key issue, as digital tools could assist companies in transforming their current business models toward sustainability. Through a literature review, we explore the link between digitalization and SBMs, illustrating the main potential impacts of digitalization for each block of SBM and propose a list of the potential benefits that digitalized SBMs can bring. We identify these potential benefits and elaborate on them considering their economic, social, and environmental impacts. Moreover, our study identifies a potential virtuous circle generated by digitalization, while highlighting the necessary alignment of digital tools and key business factors to attain economic, social, and environmental value.

An Approach for Integrating and Analyzing Sustainability in Food-Based Dietary Guidelines

International organizations, governments, researchers, and activists have proposed the need for deeper integration of sustainability considerations in national food-based dietary guidelines (FBDGs). Yet, as recent scholarship advances the conversation, questions remain around how to effectively frame and address the interconnectedness of multiple sustainability domains. Little systematic analysis has evaluated how current FBDGs have integrated complex messages about socially, environmentally, and economically sustainable consumption practices with nutrition and health messages. This study had two nested objectives: (i) to examine the validity of an existing sustainable diets framework by assessing how sustainability concepts have been framed and included in national FBDGs available from 2011 to 2019 and (ii) to describe a novel analysis approach that augments an existing framework which integrates sustainability domains and can be adapted for use by future FBDGs. A qualitative content analysis was used to examine sustainability concepts found in 12 FBDGs and supporting documents available in English that were developed for use in 16 countries across Europe, North and South America, and Asia as of 2019—from a global review of those published prior to 2016 and gray literature review of publications between 2016 and 2019. Health domains were the primary frame found across the FBDGs examined, but documents also commonly incorporated agricultural, sociocultural, and economic sustainability principles. Analyzed documents were used to adapt an existing policy analysis framework into a “Sustainability in FBDGs Framework.” This proposed framework contributes a novel analysis approach and has five core domains that are interconnected: health and nutrition, food security and agriculture, markets and value chains, sociocultural and political, and environment and ecosystems. This study adds to the growing body of literature related to sustainable food systems and dietary guidelines by presenting how sustainability framing in FBDGs can be used to further develop a comprehensive framework for integrating sustainability domains. While this project helps to validate previous work, further analyses of FBDGs which have emerged since this study and those not available in English are needed to improve the guidance approach described here and for assessing the incorporation of sustainability domains in future FBDGs. This work is useful in informing processes for policy developers to integrate sustainability considerations into their national FBDGs.

Four Options for a Greener Competition Law

This paper examines the need for reconsidering the role of competition law in regulating private sustainability initiatives. It Canvasses four options for integrating sustainability considerations in EU Competition Law. It explores procedural pathways by which these options may be implemented.

Integrating Sustainability Considerations into Product Variety and Portfolio Management

Customers today desire more individualized products and services. As a consequence, the market must deal with a significant increase in a variety of offerings to satisfy this changing customer demands. This rapidly increasing variety affects operations complexity of manufacturers and subsequently costs and environmental impact. Consequently, companies need to better understand and find innovative ways to unleash a variety of benefits as well as driving down costs and environmental impacts. This paper reports on a research conducted within the Thomas Jefferson project SUSTAIN aiming to innovatively integrate environmental sustainability in practitioners’ decisions, on a win-win basis. More specifically, a general framework is shaped in a view to support the integration of sustainability considerations into the management of product variety and portfolio. The framework development relies on variety and portfolio management, and product configurators. Relevant background literature has been analyzed and the framework is described and discussed.

Towards a Preservation–Sustainability Nexus: Applying LCA to Reduce the Environmental Footprint of Modern Built Heritage

There is a deep and often impassioned postulation that preservation is virtuous for societal well-being, collective identity and for the environment. This idea is an important paradigm to guide rehabilitation strategies for historic buildings. However, there is a need for data and research in order to validate the contribution of preservation to environmental and cultural sustainability. These research results will support preservation-related decision-making, in which tensions and conflicts with sustainability goals are a routine. Nowadays, there is a strong belief that historic buildings of the 20th century also need to be preserved to create the identities of neighborhoods and cities and suitable strategies need to be applied to extend their lifespan in an environmentally friendly and sustainable way. This research, based on the assumption that integrating sustainability considerations in historic buildings needs a quantifiable approach, selected eight refugee block apartment flats dating back to the interwar period—endowed with architectural, aesthetical and urban history-related values and acknowledged as exceptional examples of Bauhaus architecture in Greece—for an experimental procedure based on life cycle analysis (LCA). Taking into account the deteriorated state of conservation of the buildings, different preservation interventions were analyzed, focusing on the conservation of the initial architectural form of the buildings and critical issues such as the increase in energy efficiency after restoration. The research concludes that this type of assessment can inform urban strategies, making a nexus between preservation and the environmental component of sustainability.

Greater Transparency and Better Policy for Climate Finance

Many developing countries face substantial challenges from climate change and need significant financial resources to fund essential mitigation and adaptation efforts. Mobilizing more private sector resources requires balancing economic incentives and policy choices to encourage long-term investment in a financial system that prices the physical and transition risks from climate change adequately and allocates capital efficiently. Such a practice of finance would focus on strategic fundamentals and fully integrate sustainability considerations into its operations, including the full costing of positive and negative externalities under comprehensive disclosure. In this context, funding reliable, low-carbon infrastructure is an essential step toward addressing climate risks at scale and building resilient societies in developing countries to generate sustainable, long-term growth. This article explores how the World Bank Group supports the development of climate risk management and funding mechanisms through its own market operations (as financial institution) and client country engagements (via capacity building and infrastructure projects) to green the financial system against the background of an evolving climate finance paradigm.

Incorporation of sustainability in process control of hydraulic fracturing in unconventional reservoirs

Typically, the term shale oil refers to natural oil trapped in rock of low porosity and ultra-low permeability. What has made the recovery of shale oil and gas economically viable is the extensive use of hydraulic fracturing and horizontal drilling. Research on the relationship between the distribution of propping agent, called proppant, and shale well performance indicates that uniformity of proppant bank height and suspended proppant concentration across the fracture at the end of pumping determines the productivity of produced wells. However, it is important to note that traditional fracturing fluid pumping schedules have not considered the environmental and economic impacts of the post-fracturing process such as treatment and reuse of flowback water from fractured wells. Motivated by this consideration, a control framework is proposed to integrate sustainability considerations of the post-fracturing process into the hydraulic fracturing process. In this regard, a dynamic model is developed to describe the flow rate and the concentration of total dissolved solids (TDS) in flowback water from fractured wells. Thermal membrane distillation is considered for the removal of TDS. An optimization problem is formulated to find the optimal process that consists of hydraulic fracturing, storage, transportation, and water treatment, through minimizing annualized cost and water footprint of the process. The capabilities of the proposed approach are illustrated through the simulation results of different scenarios that are performed to examine effects of water availability on the productivity of stimulated wells. Finally, the environmental impact of flowback water treatment is evaluated using TRACI, a tool for the reduction and assessment of chemical and other environmental impacts.

Sustainable Finance & China's Green Credit Reforms: A Test Case for Bank Monitoring of Environmental Risk

As financial institutions and policymakers worldwide are considering how to integrate sustainability considerations throughout financial systems, a critical question is whether banks can effectively assess and monitor borrowers’ environmental credit risk. China’s green credit reforms, part of sweeping “green finance” policies adopted by the Chinese government over the past decade, require banks to do exactly that. China’s green credit reforms offer an opportunity to test current theories of the role of creditors in corporate governance and the potential role of banks in driving sustainable finance across global capital markets. This study uses data from the 21 Chinese banks that are at the forefront of China’s green finance initiatives, as well as insights from fieldwork conducted in 2016 and 2017, to examine banks’ ability to monitor and price environmental credit risk. This investigation shows that leading Chinese banks are strengthening their ability to integrate environmental criteria into credit risk assessment but that key barriers to efficient pricing and monitoring of environmental credit risk remain. This article concludes with lessons from the Chinese context for sustainable finance reform elsewhere.