Although several studies have explored the relationship between the Internet and elderly individuals, little is known about whether and how the Internet affects elderly individuals’ subjective well-being (SWB) from multiple perspectives. This study examines the effects of the Internet on physical satisfaction and life satisfaction and explores the potential mechanisms by which the Internet produces its effects on elderly individuals. Using nationally representative data from the China General Social Survey (CGSS), this study finds that the Internet has a significant positive impact on physical satisfaction and life satisfaction of the elderly in China. The mechanism analysis shows that the Internet can improve the level of health insurance participation, which we interpret as potential mechanisms through which the Internet positively affects physical satisfaction among elderly individuals. Correspondingly, the Internet affects life satisfaction of elderly individuals by influencing social networks. Further heterogeneity tests find that the effect is stronger for urban areas, male and high human capital samples. This study highlights the important micro effects of the Internet and provides a reference for exploring the mechanism of the Internet affecting SWB.
Carbon Capture, Utility and Storage (CCUS) is essential for achieving carbon neutrality and has great development potential in China. CCUS, as a long‐term new investment, can address global warming and has significant social and economic impacts. This paper assessed the socio‐economic effects of CCUS investment based on carbon neutrality in China by combining the dynamic GTAP model and the Input‐output method. The result indicates that: CCUS investment may accumulate US$ 67.09 billion and US$ 776.61 billion from 2026 to 2030 and 2056 to 2060, respectively, based on International Energy Agency (IEA) investment scenario. Moreover, the corresponding value may increase to 8.26 billion and 743.21 billion US dollars from 2026 to 2030 and 2056 to 2060, respectively, based on Asian Development Bank (ADB) investment scenario; CCUS investment may stimulate gross value‐added of US$ 1.2 billion and US$ 10.4 billion based on ADB and IEA investment scenarios, respectively. CCUS investment may mainly promote the machinery industry, metal manufacturing industry, other service industries, power equipment manufacturing industry, and light processing manufacturing industry; Furthermore, ADB and IEA investment scenarios showed that CCUS industrial investment may indirectly create about 12,796 and 103,886 jobs, respectively, and US$ 85 million and US$ 692 million of labor employment income, respectively, in 2030. The corresponding values may increase to 0.82 million and 0.85 million jobs, respectively, and US$ 5,168 and US$ 5,396 million employment income, respectively, in 2060.
Investors, hidden at the top of the global supply chain, are the key beneficiaries of the entire chain. However, they appear to generate only a small number of direct emissions which may obscure the reality that they should undertake more climate responsibility. No systematic accounting and disclosure of carbon emissions are incorporated in the financial institution assets. Here, we examine the embodied carbon emissions of the 380 leading global asset managers, using industrial equity portfolios as an example, and show that the embodied carbon emissions of these companies' industrial portfolios have reached 636.97–875.88 MtCO2-eq, and are expected to rising rapidly in 2019. Over 90% of the financed carbon emissions were embodied in the industrial equity portfolios of the top 20 asset managers in North America and Europe. Meanwhile, weighted average carbon intensity (WACI) and carbon emission to revenue (CETR), reflecting institutions' carbon exposure and efficiency, have not decline tremendously over the last decades, despite divestment only occurring in a few typical high carbon-intensive industries. Moreover, the leading investee companies in the emissions embodied in the industrial equity portfolio were highly contributed by the leading investee companies in high carbon-intensive sectors. In the study, we propose an accounting framework that integrates macro-sector emissions data with micro-financial data to attribute carbon emissions embodied in equity investment activities to investors, which can inform targeted and effective climate reporting and action. Some large asset managers, for instance, play a pivotal role in portfolio investments' carbon emissions and therefore bear more responsibility for decarbonization equity portfolios.
Under the dual carbon goals in China, the transition to a net-zero carbon economy demands massive amounts of capital, which must be provided and facilitated by financial institutions. Yet there are no accurate, annual, publicly available disclosures of the carbon emissions embodied in investments, leaving Chinese financial institutions facing significant carbon risks. To bridge this gap, this study looked at data from China’s 105 fund firms to measure the CO2 emissions embodied in their equity investments and carbon intensities from 2010 to 2020. The findings show that total financed emissions have been on a continuous upward trend since 2015, with large-sized fund firms contributing most. The overall trend for carbon intensity metrics shows a reduction in exposure to carbon-intensive assets and an increase in carbon efficiency. It is therefore crucial to identify the drivers of financed emissions and explore the potential for carbon reduction. Our findings suggest that some fund firms have already shifted their capital allocations to decarbonize their investment portfolios. Divesting from high-carbon assets and turning to high-tech sectors can help reduce carbon risk exposures and improve carbon efficiency, which is crucial if China’s institutional investors are to achieve a low-carbon transition and long-term sustainable development.
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