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Dr Dongna Zhang

Assistant Professor

School: Newcastle Business School

I hold a Ph.D. in Economics from the University of York, UK. My research sits at the intersection of financial economics, energy economics, sustainable finance, green finance, climate finance, inclusive finance, climate resilience, and net-zero transitions. My work combines insights from macro-finance, empirical asset pricing, corporate finance, and socio-economic systems to address some of the most pressing challenges associated with sustainable economic development, climate change mitigation, and the transition to low-carbon economies.

My research examines a wide range of topics, including firm investment, intangibles, climate risk, ESG integration in investment decisions, green finance, industrial strategy, and the financing of clean energy and climate technologies. I am particularly interested in understanding how financial markets, firms, policymakers, and communities interact to shape investment outcomes, technology adoption, and long-term economic resilience.

With a strong quantitative and interdisciplinary background, I employ rigorous empirical methods to investigate market behaviour, asset pricing dynamics, investment decision-making, efficiency and productivity performance, and the relationships between financial, economic, environmental, and societal outcomes. My research has contributed to understanding key issues such as the UK under-investment puzzle, climate risk, green finance, and industrial strategy, generating evidence-based insights with practical policy implications.

I actively contribute to interdisciplinary research projects and funding bids, bringing expertise in socio-technical systems, stakeholder engagement, business and financing models, policy impact, and the broader economic and societal dimensions of innovation and sustainability transitions. My work also focuses on understanding and addressing the non-technical barriers that influence the successful deployment, adoption, and scaling of low-carbon and climate technologies. Through collaborative research, I seek to support evidence-based policymaking, sustainable investment, and equitable pathways towards climate resilience and net-zero objectives.

Dongna Zhang

My research encompasses financial economics, energy economics, macro-finance, empirical asset pricing, corporate finance, sustainable finance, green finance, climate finance, inclusive finance, climate resilience, and net-zero transitions. Through my research, I aim to deepen understanding of financial systems, energy markets, technological innovation, and sustainability transitions, providing insights that inform strategic decision-making, policy development, and sustainable economic growth.

My areas of expertise include:

  • Financial economics, corporate finance, macro-finance, and empirical asset pricing.
  • Sustainable finance, green finance, climate finance, ESG investing, and climate risk assessment.
  • Firm investment, intangible assets, productivity, industrial strategy, and economic development.
  • Developing and evaluating business and financing models for emerging technologies, including hydrogen systems, circular economy solutions, carbon mitigation technologies, and other clean energy innovations.
  • Assessing investment risks, financing mechanisms, and pathways for mobilising public and private capital to support climate resilience and net-zero transitions.
  • Analysing the economic, societal, and stakeholder dimensions of climate and energy technologies, including public engagement, stakeholder participation, co-design, and co-production approaches.
  • Investigating societal and community acceptance of climate and energy technologies, public perceptions of climate innovations, and engagement strategies that support a just transition to net zero.
  • Supporting policy development, evaluation, and impact pathways that facilitate technology uptake, innovation diffusion, and wider societal benefits.
  • Designing and undertaking feasibility studies, economic appraisals, cost-benefit analysis, and cost-effectiveness analysis of projects, policies, and technologies.
  • Applying efficiency and productivity assessment techniques, including Data Envelopment Analysis (DEA), to evaluate the performance of organisations, projects, sectors, and socio-technical systems.
  • Conducting input-output life-cycle assessment (LCA) and broader sustainability evaluations to assess environmental, economic, and social impacts.
  • Examining the interactions between financial variables, real-world economic outcomes, environmental performance, and sustainability objectives.

My research contributes to advancing knowledge on sustainable investment, climate and energy transitions, green innovation, and inclusive economic development, while generating practical recommendations for policymakers, industry stakeholders, investors, and communities.

  • Babar Ahmad Climate Transition Risk and Banking; The Prudential Effect in the United states and United Kingdom Start Date: 01/10/2023
  • Babar Ahmad Climate Transition Risk and Banking; The Prudential Effect in the United states and United Kingdom Start Date: 01/10/2023 End Date: 17/10/2025
Economics PhD

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