CLIMATE FINANCE & ACCOUNTABILITY

This book offers a comprehensive, practice-oriented examination of the emerging field of climate finance, with a particular focus on implementing the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. It explores how companies assess, manage, disclose, and respond to climate-related risks and opportunities. Through eight chapters, it provides an evidence-based analysis of disclosure practices, market pricing of climate risk, ESG integration strategies, and regulatory developments across various jurisdictions, drawing on international research and case studies.

The 2018 IPCC Special Report emphasized that limiting global warming to 1.5°C is vital to avoid irreversible environmental and economic impacts. Climate change risks, both physical and regulatory, pose significant threats to corporations, investors, and global financial stability. Extreme weather events disrupt supply chains and asset values, while carbon-intensive industries face business viability challenges.

In response, the TCFD issued recommendations in 2017 to guide firms in providing transparent climate-related financial information. While these have gained support from investors and regulators — such as Canada's TCFD-aligned disclosure under the LEEFF — adoption remains inconsistent, and integrating climate risk into financial decision-making is still evolving.

The book aims to enhance the quality and comparability of climate-related disclosures and support informed, sustainable investment decisions.

Contents:

• Economic Consequences of Carbon Disclosure: A Review of the Literature (Ben Amar Walid, Lamia Chourou, and Xin Ding)
• Climate Change-Related Disclosure Normalization: Does One Size Fit All? (Sondes Mbarek and Phu Dao-Le Flecher)
• ESG Funds: History, Performance, and Their Role in Achieving Environmental Sustainability (Koray Sayili)
• Climate-Related Risks and Energy Finance (Héla Mzoughi and Sonia Arsi)
• Sectoral GHG Emissions in the MENA Region: The Role of Financial Variables (Faten Moussa and Ezzeddine Delhoumi)
• Climate Finance and Corporate Social Responsibility (Fatma Mrad, Dorra Ellouze, and Mohamed Imen Gallali)
• Green Bonds and Cryptocurrency: The Investors' Advantage (Shaista Jaffer and Syrine Sassi)
• Time-Varying Connectedness Among Sustainable Financial Assets: Are There Diversification Opportunities? (Nourhaine Nefzi, Maroua Jerbi, and Hela Ayadi)
• Nonlinear Impact of ESG Practices on MENA Banks' Performance: Method of Moments Panel Quantile Regression Approach (Amal Zaghouani Chakroun, Dorra Hmaied, and Rahim Kallel)

Readership: Advanced undergraduate or graduate courses and academics in climate finance, corporate governance and business ethics; investors, academics, researchers, practitioners, policymakers, sustainable finance specialists in the field.