Pollution and Capital Markets in Developing Countries

Dasgupta, Susmita; Laplante, Benoı̂t; Mamingi, Nlandu

doi:10.1006/jeem.2000.1161

Cited by 409 publications

(160 citation statements)

References 14 publications

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“…To mimic this behavior, the Environmental Kuznets Curve (EKC) theory is applied to derive changes in future emission coefficients (see e.g. Dasgupta et al 2001). Based on empirical observations, the EKC assumes first an increase in emissions (with increasing economic activities) followed by a decrease.…”

Section: Base Year Estimates and Environmental Legislationmentioning

confidence: 99%

“…Many EKC studies assume an income level between 5000 and 8000 $/cap as the turning point for the introduction of stringent environmental controls. Recent evidence, however, suggests that in many developing countries controls of air quality are introduced at faster rates than suggested by the experience of industrialized countries in the past (see Dasgupta et al 2001;Smith et al 2005). Increased environmental awareness and accelerated technological diffusion are major contributors to this trend.…”

Section: Base Year Estimates and Environmental Legislationmentioning

confidence: 99%

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RCP 8.5—A scenario of comparatively high greenhouse gas emissions

et al. 2011

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This paper summarizes the main characteristics of the RCP8.5 scenario. The RCP8.5 combines assumptions about high population and relatively slow income growth with modest rates of technological change and energy intensity improvements, leading in the long term to high energy demand and GHG emissions in absence of climate change policies. Compared to the total set of Representative Concentration Pathways (RCPs), RCP8.5 thus corresponds to the pathway with the highest greenhouse gas emissions. Using the IIASA Integrated Assessment Framework and the MESSAGE model for the development of the RCP8.5, we focus in this paper on two important extensions compared to earlier scenarios: 1) the development of spatially explicit air pollution projections, and 2) enhancements in the land-use and land-cover change projections. In addition, we explore scenario variants that use RCP8.5 as a baseline, and assume different degrees of greenhouse gas mitigation policies to reduce radiative forcing. Based on our modeling framework, we find it technically possible to limit forcing from RCP8.5 to lower levels comparable to the other RCPs (2.6 to 6 W/m 2 ). Our scenario analysis further indicates that climate policyinduced changes of global energy supply and demand may lead to significant co-benefits for other policy priorities, such as local air pollution.

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Section: Base Year Estimates and Environmental Legislationmentioning

confidence: 99%

Section: Base Year Estimates and Environmental Legislationmentioning

confidence: 99%

RCP 8.5—A scenario of comparatively high greenhouse gas emissions

et al. 2011

View full text Add to dashboard Cite

show abstract

“…3 E. g. Dasgupta et al (2001);Filbeck and Gorman (2004);Fisher-Vanden and Thorburn (1998); Gupta and Goldar (2005); Khanna et al (1998); Cohen (1997, 2001); Muoghalu et al (1995). the medium term.…”

Section: Introductionmentioning

confidence: 99%

Market Effects of Voluntary Climate Action by Firms: Evidence from the Chicago Climate Exchange

Gans¹,

Hintermann²

2013

Environ Resource Econ

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Why do for-profit firms take voluntary steps to improve the environment? Brand appeal to green consumers or investors, the ability to influence or avoid regulation, or the experience gained for future regulation, have all been suggested as possible reasons. The empirical evidence is decidedly mixed. This paper uses 19 years of monthly stock price returns to examine the profitability of participation in the world's largest voluntary greenhouse gas mitigation program: the Chicago Climate Exchange. After controlling for systemic market risk as well as industry-specific shocks, we find no statistically significant impact of announcing to join CCX on excess returns. However, the market appeared to be sensitive to changes in abatement costs implied by CCX membership. Most strikingly, the progress of proposed greenhouse gas legislation (the Waxman-Markey bill) had a positive impact on excess returns for CCX member firms, suggesting that the most profitable incentive for firms to join CCX is to prepare for future regulation. Our results imply that relying on voluntary approaches alone to combat climate change may not be enough. Terms of use: Documents inJEL-Code: Q530, Q540.

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“…Lanoie et al (1998) study the effects of the list of polluters published by the Ministry of Environment of British Columbia, Canada. Dasgupta et al (2001) show that stock markets in Argentina, Chile, Mexico, and the Philippines react to announcements of information on environmental events.…”

Section: Introductionmentioning

confidence: 99%

Public disclosure of industrial pollution: the PROPER approach for Indonesia?

López

Sterner

Afsah³

2007

Envir. Dev. Econ.

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This paper evaluates the effectiveness of the Program for Pollution Control Evaluation and Rating (PROPER) in Indonesia. PROPER, the first major public disclosure program in the developing world, was launched in June 1995; though it collapsed in 1998 with the Asian financial crisis, it is currently being revived. There have been claims of success for this pioneering scheme, yet little formal analysis has been undertaken. We analyze changes in emissions concentrations (mg/L) using panel data techniques with plant-level data for participating firms and a control group. The results show that there was indeed a positive response to PROPER, especially among firms with poor environmental compliance records. The response was immediate, and firms pursued further emissions reductions in the following months. The total estimated reductions in biochemical oxygen demand (BOD) and chemical oxygen demand (COD) were approximately 32%.

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Pollution and Capital Markets in Developing Countries

Cited by 409 publications

References 14 publications

RCP 8.5—A scenario of comparatively high greenhouse gas emissions

RCP 8.5—A scenario of comparatively high greenhouse gas emissions

Market Effects of Voluntary Climate Action by Firms: Evidence from the Chicago Climate Exchange

Public disclosure of industrial pollution: the PROPER approach for Indonesia?

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