Special Issue Guest Editor

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I am the Guest Editor for Discover Environment | Springer Nature Link [Indexed in DOAJ, ESCI, and Scopus]

Special Issue Collection From Local to Global Risks, Sovereign ESG Factors, and The Financial Economics of Climate Change | Springer Nature Link 

Submissions open on 01 March 2026. Submission deadline: 09 December 2027

Inevitably, stakeholders have increasingly cared about climate risks. Growing literature has documented the complex effects of climate risks on financial markets, institutions, and economic systems worldwide. Besides climate risks, our global economy has faced a diverse range of short and long-term global risks categories, including Economic, Environmental, Geopolitical, Societal, and Technological Risks. Therefore, corporate behaviors and the pricing of capital markets, as well as the global economy as a whole, are puzzling even further with the economic impacts of climate change under complex global and sovereign ESG factors. Therefore, quantifying the financial economics of climate change needs careful integration of a broad range of global and ESG risk factors across markets and groups of the economy. Going beyond endogenous factors that have been documented in prior studies, this collection calls for novel contributions to the fast-growing literature on the financial economics of climate change, focusing on global risks and sovereign ESG factors. Empirical studies that focus on detecting the roles of related risks that bring novel findings to prior studies are strongly welcome, explaining clearly endogeneity concerns with sound theoretical frameworks.

This Collection focuses on sovereign- and system-level transmission mechanisms linking climate risks, global exogenous shocks, and ESG governance structures. Submissions are required to identify at least one exogenous global risk shock (e.g., climate extremes, geopolitical events, technological disruptions) and to formally analyze its interaction with sovereign ESG structures, rather than treating ESG as a static control variable. Routine firm-level ESG or performance studies are out of scope unless they demonstrate clear macro-financial relevance, cross-border spillovers, or sovereign risk implications.

The Collection prioritizes comparative, multi-country, or panel-based designs. Single-country studies will be considered only where they exhibit strong methodological novelty, such as natural experiments, quasi-random climate shocks, or policy discontinuities with credible external validity. Authors must clearly distinguish physical climate risk, climate policy risk, and non-climate global risks, and articulate identification strategies that avoid conceptual conflation.

Example topics include (but are not limited to):

1. Economic phenomena, global risks, and development indicators.

2. Environmental risks, and the broad-based development of financial markets and institutions.

3. Geopolitical risks, climate concerns, and asset pricing studies.

4. Sovereign ESG perspectives, global risks, and corporate decisions.

5. Technological developments, climate risks, and asset pricing.

6. Commodity markets, climate risks, and corporate financial decisions.

7. Commodity markets, climate risks, and capital markets.

8. Sovereign ESG factors, growth factors, and corporate behaviors.

Contributions should be explicitly grounded in macro-financial, political economy, international finance, or environmental governance theory, moving beyond purely descriptive associations between ESG indicators and financial outcomes. Interdisciplinary work integrating climate science uncertainty, geopolitical risk indices, or technological disruption measures is welcome, provided these inputs are analytically embedded within economic or financial modeling frameworks. Positioned as complementary to existing climate finance literature, this Collection emphasizes global risk integration and sovereign governance dynamics rather than incremental extensions of established ESG–finance narratives.

This Collection supports and amplifies research related to SDG 4, SDG 9, and SDG 17

Keywords: Global Risk Shocks, Local Risks, Sovereign ESG Governance, Corporate Behaviors, (Non)Financial Markets, Asset Pricing, Corporate Finance, Corporate Sustainability, Broad-Based Financial Development, Climate Risk and Climate Policy Risk, Environmental Finance, Cross-Border Spillovers