This study examines how stock market returns in emerging BRICS economies respond to growing physical and transition climate risks. To capture the physical climate risk, we use the frequency of natural disasters, the number of people affected by natural disasters, temperature anomaly, and precipitation anomaly. For transition risk, we included two climate-policy uncertainty measures. First, we conduct a panel-level analysis using a cross-sectionally augmented autoregressive distributed lag model. Second, for country-level analysis, we applied the augmented autoregressive distributed lag model to the monthly dataset from January-2000 to March-2023. The empirical results show that an increase in transition climate risk causes a significant and negative shock to stock returns, both in the short- and long-term in the panel and across each BRICS country. Second, we find that physical climate risk indicators have a significant and negative impact on stock returns in China, India, and South Africa, but not in Brazil or Russia. We conclude that the impact of physical climate risk on stock returns is country-specific, and that the impact of transition climate risk is widespread. These findings provide important insights for investors, regulators, hedgers, portfolio managers, and policymakers regarding policy formulation and future investment strategies.
Cadmium (Cd) pollution leads to soil degradation, decreases crop yield and affects human health through the food chain. Iron-modified woody peat (IMP) is an organic passivation material that significantly affects the migration of heavy metals in soil. Nitrification inhibitors are widely used to reduce greenhouse gas emissions. This study investigated the effects of the IMP and nitrification inhibitors dicyandiamide (DCD) and 3, 4-dimethylpyrazole phosphate on Cd content and form, crop yield, nitrous oxide (N2O) emission and bacterial communities in soil-lettuce systems. The simultaneous additions of IMP and DCD substantially reduced the soil available Cd content by 22.6 % and significantly promoted the lettuce yield by 42.9 %. Lettuce yield was significantly and negatively correlated with soil available Cd (correlation coefficient = -0.52). The simultaneous applications of IMP and nitrification inhibitors stimulated N2O emission risk by enhancing the soil NH4+-N contents and the relative abundances of Firmicutes, which could also decrease soil bacterial community stabilities. Therefore, tradeoffs among yield, Cd bioavailability, N2O emission and bacterial community stability should be comprehensively considered when evaluating the combined performances of IMP and nitrification inhibitors.