Academy of Interdisciplinary Studies Division of Environment and Sustainability 207 Game-theoretic Analysis of Markets Supervisor: CHAN Keith / ENVR Student: WONG Sze Wa / SGFN WU, Yuk Hei / SGFN Course: UROP 1000, Summer We studied the phenomenon of greenwashing in the corporate ESG bond market and analyzed the investors’ reactions to the behavior. We examined different ESG variables of companies that issued green bonds in 2016-2024 and investigated the oversight variable of environmental expenditure as an indicator to determine whether greenwashing behavior exists. Moreover, we studied how investors, especially institutional investors and private equity and venture capital investors, reacted to greenwashing behaviors of the companies listed in international markets. We limited our exploration to whether investors penalize ESG bonds issuing companies with underperforming environmental expenditures as those companies’ intentions and efforts fall short of their commitments in ESG. Game-theoretic Analysis of Markets Supervisor: CHAN Keith / ENVR Student: YAN Hiu Tung / QFIN Course: UROP 1100, Fall Rising geopolitical tensions and building up of nuclear arsenals have raised the risk of nuclear wars. Since the use of nuclear weapons would cause large-scale destructions and casualties, it is imperative to study factors affecting a country’s nuclear decision. Investigating the strategic interactions under the existing nuclear policy could help us understand the motives and behaviors of the involved parties. This article will first introduce several game theoretical models that could be used for analyzing the nuclear arms race, followed by discussions on the Treaty on the Non-Proliferation of Nuclear Weapons (NPT). Lastly, this article will shed light on the possibility of strategic obfuscation by enforcers to prevent second-order reactive violations. Exploring Private-led Adaptation Financing Opportunities in Hong Kong Supervisor: DELINA Laurence Laurencio / ENVR Student: LAU Tsz Kee / EVMT Course: UROP 1000, Summer This UROP explores the role of Hong Kong as a centre for private-led adaptation finance. This project, thus, addresses a crucial missing piece in green finance as current finance mechanisms focus on mitigation efforts. While mitigation is essential to stabilise greenhouse gas levels and avoid further significant human interference with the Earth’s climate, adaptation is critical in reducing vulnerability to climate change impacts. Notably, neighbouring ASEAN countries, like Indonesia, Malaysia, Philippines and Thailand, are developing countries with major coastal cities that, just like Hong Kong’s coastal geography, could be severely affected by climate change. This UROP aims to introduce potential mechanisms for supporting overseas adaptation finance and the challenges these mechanisms could face. This interim report presents current findings, with opinions and reflections.
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