Handbook of Environmental and Sustainable Finance

Editor: Ramiah, Vikash
Publication Year: 2016
Publisher: Elsevier Science & Technology

Single-User Purchase Price: $119.94
Unlimited-User Purchase Price: $179.91
ISBN: 978-0-12-803615-0
Category: Business, Finance & Economics - Economics
Image Count: 48
Book Status: Available
Table of Contents

Delivers a comprehensive portrait of environmental finance, from presentations of empirical examples to explorations of theoretical and regulatory issues.

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Table of Contents

  • List of Contributors
  • Editors' Biography
  • Contributors' Biography
  • Acknowledgments
  • Section 1: Environmental Regulations Post the Kyoto Protocol on Climate Change
  • 1. Climate Change and Kyoto Protocol An Overview
  • 1.1 Introduction
  • 1.2 Global Warming
  • 1.2.1 Current Evidence of Climate Change
  • 1.2.2 Future Effects
  • 1.2.3 Measures Required
  • 1.3 United Nations Framework Convention on Climate Change
  • 1.3.1 Objectives of UNFCCC
  • 1.3.2 UNFCCC—Secretariat
  • 1.3.3 Bodies of UNFCCC
  • 1.4 Kyoto Protocol
  • 1.4.1 Mechanisms of Kyoto Protocol
  • 1.5 CDM: Project Eligibility, Project Cycle, and Executive Board
  • 1.5.1 CDM Project Eligibility
  • 1.5.2 CDM Project Cycle
  • 1.5.3 CDM Executive Board
  • 1.6 Carbon Finance and Types of Emission Reduction Credits
  • 1.7 Climate Finance
  • 1.8 National Level Emission Trading Systems
  • 1.8.1 European Union: EUETS
  • 1.8.2 Switzerland: Swiss ETS
  • 1.8.3 New Zealand: NZ ETS
  • 1.8.4 Australia: Australian ETS
  • 1.8.5 Kazakhstan: ETS
  • 1.8.6 China: Pilot Carbon Trading System
  • 1.8.7 South Korea: Korean ETS
  • 1.8.8 India: PAT Scheme
  • 1.9 Kyoto Protocol: Journey and Current Developments
  • 1.10 Conclusion
  • References
  • 2. Environmental Policies Post the Kyoto Protocol on Climate Change Evidence from the US and Japan
  • 2.1 Introduction
  • 2.2 Acid Rain
  • 2.3 Asbestos
  • 2.4 Agriculture
  • 2.5 Electric Utilities
  • 2.6 Climate Change
  • 2.7 Oil and Gas Extraction Sector
  • 2.8 Toxic Release Inventory
  • 2.9 Construction Sector
  • 2.10 Transportation Sector
  • 2.11 Oil Spills and Hazardous Substance Releases
  • 2.12 Risk Management Plan Rule
  • 2.13 Water
  • 2.14 Japanese Environmental Policies (MoE Environmental Policy)
  • 2.14.1 Basic Environment Plan
  • 2.14.2 Environment and Economy
  • 2.14.3 Environment and Taxation
  • 2.14.4 Environment Assessment
  • 2.14.5 Environment and Education for Sustainable Development
  • 2.14.6 Environment and Research and Technology
  • 2.15 Global Environment
  • 2.16 Waste and Recycling
  • 2.17 Air and Transportation
  • 2.18 Water, Soil, and the Ground Environment
  • 2.19 Health and Chemicals
  • 2.20 Nature and Parks
  • 2.21 Conclusion
  • References
  • 3. Efficiency of U.S. State EPA Emission Rate Goals for 2030 A Data Envelopment Analysis Approach
  • 3.1 Introduction
  • 3.2 Literature Review
  • 3.3 Methodology
  • 3.3.1 Envelopment Model
  • 3.3.2 Cross Efficiency
  • 3.3.3 Super Efficiency
  • 3.4 Data
  • 3.5 Results
  • 3.6 Conclusion
  • Acknowledgment
  • References
  • Section 2: Environmental Economics
  • 4. Environmental Water Governance in the Murray-Darling Basin of Australia The Movement from Regulation and Engineering to Economic-Based Instruments
  • 4.1 Introduction
  • 4.2 Water Management Governance Tools
  • 4.2.1 Demand and Supply Water Management Strategies
  • 4.3 The Murray-Darling Basin
  • 4.4 Phases in Australia's Water Management in the MDB
  • 4.4.1 The Establishment and Exploration Phase
  • 4.4.2 The Development and Supply Phase
  • 4.4.3 The Scarcity Phase and Factors Contributing to the Introduction of Economic Instruments
  • 4.4.3.1 The Rising Cost of Supply Management
  • 4.4.3.2 Environmental Concern
  • 4.4.3.3 Macroeconomic Factors
  • 4.5 The Development and Extension of Economic Instruments in the MDB
  • 4.5.1 Overview of Twenty-First Century MDB Water Reform
  • 4.5.2 Development of Water Markets in the MDB
  • 4.5.3 COAG Reforms and the “Cap”
  • 4.5.4 The National Water Initiative (2004)
  • 4.5.4.1 Unbundling of Water Rights
  • 4.5.4.2 The Living Murray Program
  • 4.5.5 The Water Act and Institutional Change (2007)
  • 4.5.6 Water for the Future Initiative (2010)
  • 4.5.7 The Basin Plan (2012)
  • 4.6 Future Policy Directions
  • 4.7 Conclusion
  • Appendix A: List of Abbreviations
  • References
  • 5. Damages Evaluation, Periodic Floods, and Local Sea Level Rise The Case of Venice, Italy
  • 5.1 Introduction
  • 5.2 Data and Methods
  • 5.3 Results
  • 5.4 Conclusion
  • Acknowledgments
  • References
  • 6. Corporate Social Responsibility and Macroeconomic Uncertainty
  • 6.1 Introduction
  • 6.2 CSR and Macroeconomic Uncertainty
  • 6.3 Data
  • 6.3.1 Events Data
  • 6.3.2 Cumulative Abnormal Return
  • 6.3.2.1 Conditional Volatility of CAR (Vol)
  • 6.3.3 Capturing Market Conditions
  • 6.3.4 Summary Statistics
  • 6.4 Empirical Findings
  • 6.4.1 Main Findings
  • 6.4.2 Robustness Checks
  • 6.5 Conclusion
  • Acknowledgments
  • References
  • 7. Public Value of Environmental Investments A Conceptual Outlook on the Management of Normatively Determined Risks
  • 7.1 Introduction
  • 7.2 The Rise of Environmental Investments
  • 7.3 Historical Backgrounds
  • 7.4 Public Value Theory and Normative Value Creation
  • 7.5 Empirical Evidence on Public Value Measurement: The Public Value Atlas
  • 7.6 Public Value and Reputational Risks
  • 7.7 Hedging Normative Risks by Buying a Put-on Public Value
  • 7.8 Conclusion
  • References
  • 8. What Holds Back Eco-innovations? A “Green Growth Diagnostics” Approach
  • 8.1 Introduction
  • 8.2 Eco-innovation for Greening Growth
  • 8.2.1 Innovations as Enabler for Greening Growth
  • 8.2.2 The Concept of Eco-innovation
  • 8.3 What Holds Back Eco-innovations?
  • 8.3.1 A Conceptual Frame
  • 8.3.2 Low Appropriability
  • 8.3.2.1 Market Failures
  • 8.3.2.2 Governance Failures
  • 8.3.3 Low Economic Returns
  • 8.4 Identifying and Prioritizing Barriers to Eco-innovation
  • 8.4.1 Prioritizing Policies toward Eco-innovation
  • 8.4.2 Green Growth Diagnostics: A Useful Tool for Prioritizing?
  • 8.5 Conclusion
  • References
  • Appendix 1
  • 9. Trade Openness and CO2 Emission Evidence from a SIDS
  • 9.1 Introduction
  • 9.2 Literature Review
  • 9.2.1 Theoretical Review
  • 9.2.2 Empirical Review
  • 9.3 Methodology and Analysis
  • 9.3.1 The Econometric Model
  • 9.3.2 Estimation Results of the ARDL
  • 9.4 Conclusion
  • References
  • 10. Will TAFTA Be Good or Bad for the Environment?
  • 10.1 Introduction
  • 10.2 Literature Review
  • 10.3 Data Sources
  • 10.4 Four Estimating Equations
  • Model 10.2: Adding Income Inequality and GE
  • Model 10.3: Adding the Capital to Labor Ratio
  • Model 10.4: Adding the Trade Variables
  • 10.5 Empirical Methodology
  • 10.6 Empirical Results
  • 10.7 Conclusion
  • References
  • 11. Feminism, Environmental Economics, and Accountability
  • 11.1 Introduction
  • 11.2 Impact of Feminism in Economics
  • 11.3 Female Economists' Contributions in Environmental Economics
  • 11.3.1 Esther Duflo
  • 11.3.1.1 Duffy's Work and Accountability for the Environment
  • 11.3.2 (The Late) Professor Elinor Ostrom (1933–2012)
  • 11.3.2.1 Accountability and Ostrom
  • 11.3.3 Anny Ratnawati
  • 11.3.4 Professor Armida Salsiah Alisjahbana
  • 11.3.5 Dr Shamshad Akhtar
  • 11.3.5.1 United Nations ESCAP
  • 11.3.5.2 Contributions of Dr Shamshad Akhtar, Summary
  • 11.3.6 Upcoming Female Environmental Economists
  • 11.3.6.1 Dr Phoebe Koundouri
  • 11.3.6.2 Dr Celine Nauges
  • 11.3.6.3 Associate Professor Sarah Wheeler
  • 11.4 Concluding Comments
  • References
  • Section 3: Environmental/Sustainable Finance
  • 12. Does National Culture Affect Attitudes toward Environment Friendly Practices?
  • 12.1 Introduction
  • 12.2 Literature Review
  • 12.3 Methodology and Data
  • 12.4 Empirical Results
  • 12.5 Conclusion
  • References
  • 13. The Economic and Financial Effects of Environmental Regulation
  • 13.1 Introduction
  • 13.2 The Costs of Production
  • 13.3 Plant Location
  • 13.4 Productivity at the Firm and Sectoral Level
  • 13.5 Stock Prices, Returns, and Risk
  • 13.6 Employment
  • 13.7 Net Exports
  • 13.8 Competitiveness
  • 13.9 Economic Growth, Environmental Degradation, and Regulation
  • 13.10 Aggregate Productivity
  • 13.11 Conclusion
  • References
  • 14. Environmental Challenges and Financial Market Opportunities
  • 14.1 Introduction
  • 14.2 Theory and Experiences with Cap-and-Trade
  • 14.3 The Kyoto Protocol and Global Participation
  • 14.4 Expected Future Emissions and Caps
  • 14.5 The Size and Extent of Environmental Securitization
  • 14.6 Conclusions
  • References
  • 15. Environmental Finance
  • 15.1 Introduction
  • 15.2 Green Bonds
  • 15.2.1 Definition of Green Bonds
  • 15.2.2 Origins
  • 15.2.3 Green Bond Funds
  • 15.2.4 Indexes
  • 15.2.5 Projects Financed Using Green Bonds
  • 15.2.6 Environmental Investing
  • 15.2.7 REDD/REDD+ Financing
  • 15.2.8 Debt-for-Nature Swaps
  • 15.3 Conclusion
  • References
  • 16. The Relationship between Screening Intensity and Performance of Socially Responsible Investment Funds
  • 16.1 Introduction
  • 16.2 Background, Literature Review, and Research Questions
  • 16.3 Data and Methods
  • 16.3.1 Data
  • 16.3.2 Time-Series Analysis
  • 16.3.3 Cross-sectional Analysis
  • 16.4 Results
  • 16.4.1 Descriptive Statistics
  • 16.4.2 Performance Analysis
  • 16.4.3 Analysis of Types of Companies
  • 16.5 Conclusion
  • References
  • 17. Using CO2 Emission Allowances in Equity Portfolios
  • 17.1 Introduction
  • 17.2 Carbon Allowances and Literature Review
  • 17.3 Data and Methodology
  • 17.3.1 Data
  • 17.3.2 Methodology
  • 17.4 Results
  • 17.5 Conclusion
  • References
  • 18. The Returns from Investing in Water Markets in Australia
  • 18.1 Introduction
  • 18.2 Background of Water Markets in Australia
  • 18.3 Water Investment Literature Review
  • 18.4 Data
  • 18.4.1 Case Study Information
  • 18.4.2 Basic GMID Water Market Statistics
  • 18.5 Methodology
  • 18.5.1 Discounted Cash Flow Analysis
  • 18.5.2 Comparative Advantage of Water Market Investments
  • 18.6 Discussion and Conclusions
  • Acknowledgment
  • References
  • 19. Product Market Competition and Corporate Environmental Performance
  • 19.1 Introduction
  • 19.2 Literature Review
  • 19.3 Data and Methodology
  • 19.3.1 Environment Sustainability Index
  • 19.3.2 Product Market Competition
  • 19.3.2.1 Sales HHI
  • 19.3.2.2 Asset Concentration
  • 19.3.2.3 Number of Employees
  • 19.3.2.4 Number of Companies
  • 19.3.3 Industry Classification
  • 19.3.4 Control Variables
  • 19.4 Empirical Results
  • 19.4.1 Sample Characteristics and Distribution
  • 19.4.2 Regression Results
  • 19.5 Conclusion
  • References
  • Section 4: Funding and Accounting Systems
  • 20. The Costs and Benefits of Cost–Benefit Analysis as Applied to Environmental Regulation
  • 20.1 Introduction
  • 20.2 Identifying and Measuring Costs
  • 20.3 Identifying and Measuring Benefits
  • 20.4 Calculating the Present Value of Net Benefits
  • 20.5 The CBA Controversy
  • 20.6 A Discussion of Controversial Issues
  • 20.7 Conclusion
  • References
  • 21. The Crowdfunding of Renewable Energy Projects
  • 21.1 Introduction
  • 21.2 Crowdfunding: Facts and Figures
  • 21.3 Review of the Literature
  • 21.4 The Sample
  • 21.5 The Determinants of the Campaign Success
  • 21.6 Conclusion
  • References
  • 22. Management Accounting and Biodiversity The Cultural Circuit of Capitalism and the Social Construction of a Perfect Market?
  • 22.1 Introduction
  • 22.2 FCA in Managerial Decision Making
  • 22.3 The Cultural Circuit of Capitalism: Management Accounting and Control
  • 22.4 The Deafening Noise: Biodiversity Crisis Shocks Functioning Markets?
  • 22.5 The Sellers: Municipal Council Operating in a WHS
  • 22.6 The Buyers Multinational Coal Mining
  • 22.7 Conclusion: The Biodiversity Market and FCA
  • Acknowledgments
  • References
  • Appendix 22.1: Ecosystem Credits—Determining the Current Site Value Score for a Vegetation Zone at the Development or Biobank Site