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Although photographs in sustainability reports are useful in conveying complex messages, they may also be used to manipulate the presentation of disclosures to exploit the limited cognitive processing capacity of humans. Therefore, this paper aims to examine the features of photographs aimed at capturing individuals’ attention through visual structures and evoking specific emotions through carefully chosen content. Furthermore, it examines whether such framing practice is explained by incentives for legitimizing behaviours and influencing reputation.

The authors conduct a content analysis of photographs in 154 sustainability reports published by US companies. The authors captured the nature of photographs, the context in which they are being used, their themes and emotional content and layout and interaction features to understand how photographs are used for attribute framing to influence information processing. Furthermore, the authors statistically examine the framing practice between companies with different characteristics to identify any patterns for the impression management use of photographs in sustainability reports.

Photographs are often large with a horizontal orientation to capture attention and show content viewed at eye level and in either medium or close-up shots to engage viewers. Furthermore, photographs are emotionally loaded with different themes such as depictions of people, technology and nature. These themes are used to predominately evoke positive emotions of awe, nurturance, pride, amusement and attachment. This practice is often used by companies in environmentally sensitive areas that have close consumer relationships or are covered controversially in the media.

The authors reveal reporting practices and identify photographic features that attract attention and convey emotions that go beyond aesthetic qualities. This is important because emotions conveyed through photographs can be potentially misleading and influence judgements subconsciously.

Against the background of sustainable finance, this study aims to address whether global asset management firms started transforming toward more environmentally friendly investment policies according to the Agenda for Sustainable Development launched by the United Nations General Assembly in 2015.

The authors apply qualitative, explorative research methods through the development of the case study of BlackRock, Inc. (USA). Addressing sustainable finance, the authors compare the opposite to the editorial page (op-eds) communication strategy of BlackRock against real life for the period from 2015 until today.

The op-eds communication strategy by BlackRock is multi-faceted targeting to develop a leading sustainable reputation supported by fine-grained relationships to business and policy makers. This study empirically proves that there is a discrepancy between BlackRock’s op-eds communication contends concerning sustainable finance and the reality. Among others this study found that BlackRock still invests in fossils and increasingly launches passively managed funds with limited transparency standards in terms of sustainable finance.

This study contributes to the corporate social responsibility literature focusing on fossil energy and sustainable finance. As BlackRock did not reply to the authors’ requests for conducting interviews, the authors rely on a broad range of secondary sources including material provided by non-governmental organizations. This study proposes that research should be amplified by further empirical studies among various sustainable finance stakeholders based on the research propositions the authors have developed as a result of this study.

This research provides empirical evidence for business executives and policy decision-makers involved in the energy industry, corporate ethics and global financial asset management.

This study provides insights toward sustainable finance policies of BlackRock with corresponding outcomes related to global climate change and its impact on societies.

This study delivers empirical evidence on the energy transformation from fossils toward renewables against the background of sustainable finance strategies of large asset management enterprises such as BlackRock which is rare to find in the literature.

This paper aims to identify the factors that are constraining technological innovation to support the development of coalbed methane in China.

The analysis applies ideas relating to national and sector systems of innovation to explain why China’s strategies to support research and technological innovation have failed to stimulate the desired progress in coalbed methane production. It also provides a counter-example of the USA that implemented a number of measures in the 1970s that proved very effective.

The deficiencies of China’s research and development strategies in support of coalbed methane development reflect the national and sectoral systems of innovation. They are exacerbated by the structure of the national oil and gas industry. Key constraints include the excessively top-down management of the national R&D agenda, insufficient support for basic research, limited collaboration networks between companies, research institutes and universities and weak mechanisms for diffusion of knowledge. The success of the USA was based on entirely different systems for innovation and in quite a different industrial setting.

The originality of this analysis lies in placing the challenges facing research and innovation for China’s coalbed methane development in the context of the national and sectoral systems for innovation and comparing with the approach and success of the USA.