The impacts of carbon emissions and voluntary carbon disclosure on firm value

Investors and other stakeholders are starting to pay attention to firms’ carbon emissions and carbon disclosure. This study investigated the effects of voluntary carbon disclosure information and carbon emissions on firm value from listed companies in the Shanghai and Shenzhen 300 (CSI 300) Index. We also apply the Probit model to predict the probability of voluntary carbon disclosure information. The results indicate that the increase in carbon emissions has a negative impact on firm value. The action that companies select to disclose carbon emissions has a positive impact on firm value. The effect of leverage ratio on VCDI is increasing year by year. What is more, the probability of the average size firm carbon disclosure was 30.73% in 2020. Company management needs to pay attention to the risks caused by carbon emissions and ensure the quality of carbon disclosure information, especially the authenticity and reliability of the information.

     

Green finance and corporate environmental responsibility: evidence from heavily polluting listed enterprises in China

Green finance is not just a global trend, but it has become an important channel for industrialized countries to achieve sustainable growth. However, few studies have discussed the environmental governance effects of green finance from the micro-firm level. Based on the data of Chinese A-share listed firms in heavily polluting industries, we, combining with property rights and environmental regulation, empirically research the influence of green finance on corporate environmental responsibility (CER) performance. Results indicate that green finance has a significant negative effect on the environmental responsibility of heavily polluting firms. The result remains after a series of robustness tests. In addition, property rights and environmental regulation play a moderating role in the above relationship. The negative impact of green finance on CER is stronger in private firms and firms in areas with low environmental regulation intensity. Moreover, we observe that green finance decreases the CER performance of heavily polluting firms by increasing financing constraints, reducing environmental investment, and diminishing technological innovation. This study identifies the external factors that influence CER and also provides implications and theoretical support for the government to improve the setting and the implementation of green finance policy in the future.

     

Retailer-driven carbon emission reduction: contract design in the presence of information asymmetry and cap-and-trade

This study considers a supply chain consisting of a dominant brand-name retailer and a manufacturer in the presence of a cap-and-trade mechanism and consumers’ low-carbon preference. The retailer exerts advertising efforts, while lacks of the manufacturer’s private carbon emission reduction effort cost information. We construct the benchmark model with information symmetry and asymmetry respectively. We obtain all members’ equilibrium solutions and analytically examine the impact of the manufacturer’s carbon emission reduction effort cost, the retailer’s advertising effort cost, and consumers’ low-carbon preference on the supply chain members’ decisions. And then, we systematically compare two scenarios to obtain the condition in which the manufacturer would be willing to share the private information. With the aim of improving the manufacturer’s carbon emission reduction effort level and all members’ economic performance, we further propose a two-part tariff contract for information symmetry and asymmetry, respectively.

     

Consultant Guide/1974

The Journal of the Air Pollution Control Association presents its fifth directory of air pollution control consultants. This 12-page guide lists individual consultants and firms who have indicated a capability in this field by responding to a questionnaire published in three consecutive issues of the Journal. The listing gives corporate names, addresses and phone numbers alphabetically within five broad geographic areas which are shown below.

Other profile information includes coded, voluntary expressions of competence submitted by the consultants, as well as any certifications granted by the American Academy of Environmental Engineers (AAEE), American Board of Industrial Hygiene (ABIH) and the Board for Certified Consulting Meteorologists (BCCM).

The Air Pollution Control Association makes no representation regarding the competence of the consultants listed nor does it accept any responsibility for their performance as consultants.     

Consultant Guide/1975

The Journal of the Air Pollution Control Association presents its sixth directory of air pollution control consultants. This 9-page guide lists individual consultants and firms who have indicated a capability in this field by responding to a questionnaire published in three consecutive issues of the Journal. The listing gives corporate names, addresses and phone numbers alphabetically within five broad geographic areas which are shown below.

Other profile information includes coded, voluntary expressions of competence submitted by the consultants, as well as any certifications granted by the American Academy of Environmental Engineers (AAEE), American Board of Industrial Hygiene (ABIH) and the Board for Certified Consulting Meteorologists (BCCM).

The Air Pollution Control Association makes no representation regarding the competence of the consultants listed nor does it accept any responsibility for their performance as consultants.     

Conjunctive Use of Models to Design Cost-Effective Ozone Control Strategies

Abstract

The management of tropospheric ozone (O₃) is particularly difficult. The formulation of emission control strategies requires considerable information including: (1) emission inventories, (2) available control technologies, (3) meteorological data for critical design episodes, and (4) computer models that simulate atmospheric transport and chemistry. The simultaneous consideration of this information during control strategy design can be exceedingly difficult for a decision-maker. Traditional management approaches do not explicitly address cost minimization. This study presents a new approach for designing air quality management strategies; a simple air quality model is used conjunctively with a complex air quality model to obtain low-cost management strategies. A simple air quality model is used to identify potentially good solutions, and two heuristic methods are used to identify cost-effective control strategies using only a small number of simple air quality model simulations. Subsequently, the resulting strategies are verified and refined using a complex air quality model. The use of this approach may greatly reduce the number of complex air quality model runs that are required. An important component of this heuristic design framework is the use of the simple air quality model as a screening and exploratory tool. To achieve similar results with the simple and complex air quality models, it may be necessary to “tweak” or calibrate the simple model. A genetic algorithm-based optimization procedure is used to automate this tweaking process. These methods are demonstrated to be computationally practical using two realistic case studies, which are based on data from a metropolitan region in the United States.     

Ozone Air Quality Models

Abstract

The field of ozone air quality modeling, or as it is commonly referred to, photochemical air quality modeling, has undergone rapid change in recent years. Improvements in model components, as well as in methods of interpreting model performance, have contributed to this change. Attendant with this rapid change has been a growing need for those developing and using air quality models and policy makers to have a common understanding of the use and role of models in the decision making process. This Critical Review highlights recent advances and continuing problem areas in photochemical air quality modeling. Emphasis is placed on the components and input data for such models, model performance evaluation, and the implications for their use in regulatory decisions.     

Intellectual capital,financial resources,and green supply chain management as predictors of financial and environmental performance

This research examines the influence of intellectual capital on financial and environmental performance with a mediating role of green supply chain management and a moderating role of financial resources. Structural model estimation was conducted on the data set of 324 Pakistani manufacturing SMEs and showed that intellectual capital significantly encourages green supply chain management as well as significantly contributes to financial and environmental performance. Green supply chain management partially mediates the relationship between intellectual capital and performance both the financial and environmental. Financial resources significantly strengthen the relationship between intellectual capital and green supply chain management. In light of the results, we suggest that firms should encourage intellectuality among their managers and employees to adopt green practices that can improve their financial and environmental performance. In addition, it is also suggested for managers and CEOs to effectively manage financial resources that are necessary for green practices.

     

APCA Financial Statements for 1975-1976

Abstract

A wind tunnel study was completed to determine the effects the presence of a parapet and raised intake configurations have on the dilution of a pollutant between a rooftop stack and building intake. This study was the first to address the effects of building parapets and varying intake configurations. A study of this kind is desirable because it is common practice for architects to attempt to hide stacks with the use of a parapet in order to make industrial buildings more aesthetically pleasing. This is done with no thought to the effect it may have on the intended function of the stacks, which is dispersing gases away from the building to avoid contamination of ventilation air.

Three parapet configurations (no parapet and two different parapet heights) and two intake configurations (flush and raised) were investigated. The relative effects of the parapets and the raised intake configurations were also compared and contrasted for five stack heights, two stack locations, and four intake locations.

The parapets were found to produce a cavity zone that extends above the building's roof by as much as two times the physical height of the parapet; increasing stack height had little effect on dispersion until the stack extended beyond this cavity region. The independent use of the parapets and raised intake configuration decreased the number of dilutions occurring between stack and intake when compared to the no parapet and flush intake configurations in all cases. Also substantiated in this study is the widely accepted view that the effect of the parapet addition is to decrease the effective stack height by the parapet height itself.

The results of this investigation were then compared to existing wind tunnel-derived empirical models. The models tested were not able to predict the effects of varying stack height and of varying the relative distance between stack and intake on the dilution of a pollutant between stack and intake under the tested configurations.     

A review on comparative study of Savonius wind turbine rotor performance parameters

One approach for reducing the level of environmental contamination threats around the world is to use renewable energy-harvesting equipment. Wind is a potential environmental resource that has become a desirable aspect of urban use due to advances in wind turbine design technology. Other variants have been developed based on the classic vertical-axis Savonius rotor model, which, according to experimental test findings and computational calculations, show higher operational characteristics performance. Generated power and shaft torque operational results are obtained by providing specific rotor blade shapes in these models, one of the most common designs, among small-scale rotor which uses a drag-based vertical axis whereas Savonius turbines having large-scale rotors not developed yet. This kind of rotor has the advantages of being simple to design, affordable, performing well at low speeds, and turns to flow direction independently. However, it was discovered that the Savonius rotor suffers through high quantity of negative torques created by the returning blade after a number of examinations into its performance. Many studies on various rotor types have been conducted to resolve the Savonius turbine’s performance constraints. The research showed and analyzed the difficulties and modification in design parameters of rotor, as well as their major impact on rotor performance.

     

A Comparison of Model Performance between AERMOD and AUSTAL2000

ABSTRACT

In this study the performance of the American Meteorological Society and U.S. Environmental Protection Agency Regulatory Model (AERMOD), a Gaussian plume model, is compared in five test cases with the German Dispersion Model according to the Technical Instructions on Air Quality Control (Ausbreitungsmodell gemäβ der Technischen Anleitung zur Reinhaltung der Luft) (AUSTAL2000), a Lagrangian model. The test cases include different source types, rural and urban conditions, flat and complex terrain. The predicted concentrations are analyzed and compared with field data. For evaluation, quantile-quantile plots were used. Further, a performance measure is applied that refers to the upper end of concentration levels because this is the concentration range of utmost importance and interest for regulatory purposes. AERMOD generally predicted concentrations closer to the field observations. AERMOD and AUSTAL2000 performed considerably better when they included the emitting power plant building, indicating that the downwash effect near a source is an important factor. Although AERMOD handled mountainous terrain well, AUSTAL2000 significantly underestimated the concentrations under these conditions. In the urban test case AUSTAL2000 did not perform satisfactorily. This may be because AUSTAL2000, in contrast to AERMOD, does not use any algorithm for nightly turbulence as caused by the urban heat island effect. Both models performed acceptable for a nonbuoyant volume source. AUSTAL2000 had difficulties in stable conditions, resulting in severe underpredictions. This analysis indicates that AERMOD is the stronger model compared with AUSTAL2000 in cases with complex and urban terrain. The reasons for that seem to be AUSTAL2000's simplification of the meteorological input parameters and imprecision because of rounding errors.

IMPLICATIONS This study contributes to the understanding of dispersion modeling and demonstrates the advantage of detailed meteorological data. It also helps air quality regulators and planners to identify the most appropriate model to use. It is indicated that AERMOD is more suitable for air quality planning and regulation, when all required meteorological information is available, because its predictions are mostly closer to field observations. Furthermore AUSTAL2000 predicted concentrations that showed a narrow range and triggered far less impacts from the source.     

Recommendations on statistics and benchmarks to assess photochemical model performance

Photochemical grid models are addressing an increasing variety of air quality related issues, yet procedures and metrics used to evaluate their performance remain inconsistent. This impacts the ability to place results in quantitative context relative to other models and applications, and to inform the user and affected community of model uncertainties and weaknesses. More consistent evaluations can serve to drive improvements in the modeling process as major weaknesses are identified and addressed. The large number of North American photochemical modeling studies published in the peer-reviewed literature over the past decade affords a rich data set from which to update previously established quantitative performance “benchmarks” for ozone and particulate matter (PM) concentrations. Here we exploit this information to develop new ozone and PM benchmarks (goals and criteria) for three well-established statistical metrics over spatial scales ranging from urban to regional and over temporal scales ranging from episodic to seasonal. We also recommend additional evaluation procedures, statistical metrics, and graphical methods for good practice. While we primarily address modeling and regulatory settings in the United States, these recommendations are relevant to any such applications of state-of-the-science photochemical models. Our primary objective is to promote quantitatively consistent evaluations across different applications, scales, models, model inputs, and configurations. The purpose of benchmarks is to understand how good or poor the results are relative to historical model applications of similar nature and to guide model performance improvements prior to using results for policy assessments. To that end, it also remains critical to evaluate all aspects of the model via diagnostic and dynamic methods. A second objective is to establish a means to assess model performance changes in the future. Statistical metrics and benchmarks need to be revisited periodically as model performance and the characteristics of air quality change in the future.

Implications: We address inconsistent procedures and metrics used to evaluate photochemical model performance, recommend a specific set of statistical metrics, and develop updated quantitative performance benchmarks for those metrics. We promote quantitatively consistent evaluations across different applications, scales, models, inputs, and configurations, thereby (1) improving the user’s ability to quantitatively place results in context and guide model improvements, and (2) better informing users, regulators, and stakeholders of model uncertainties and weaknesses prior to using results for policy assessments. While we primarily address U.S. modeling and regulatory settings, these recommendations are relevant to any such applications of state-of-the-science photochemical models.     

CALPUFF and AERMOD Model Validation Study in the Near Field: Martins Creek Revisited

ABSTRACT

This paper describes a near-field validation study involving the steady-state, U.S. Environmental Protection Agency (EPA) guideline model AERMOD and the nonsteady-state puff model CALPUFF. Relative model performance is compared with field measurements collected near Martins Creek, PA—a rural, hilly area along the Pennsylvania-New Jersey border. The principal emission sources in the study were two coal-fired power plants with tall stacks and buoyant plumes. Over 1 yr of sulfur dioxide measurements were collected at eight monitors located at or above the two power plants' stack tops. Concurrent meteorological data were available at two sites. Both sites collected data 10 m above the ground. One of the sites also collected sonic detection and ranging measurements up to 420 m above ground. The ability of the two models to predict monitored sulfur dioxide concentrations was assessed in a four-part model validation. Each part of the validation applied different criteria and statistics to provide a comprehensive evaluation of model performance. Because of their importance in regulatory applications, an emphasis was placed on statistics that demonstrate the model's ability to reproduce the upper end of the concentration distribution. On the basis of the combined results of the four-part validation (i.e., weight of evidence), the performance of CALPUFF was judged to be superior to that of AERMOD.

IMPLICATIONS Use of the nonsteady-state CALPUFF model in the near field (<50 km) for regulatory applications has been limited because of the lack of appropriate model validation studies. Considered an alternative model by EPA, use of CALPUFF for regulatory purposes in the near field must be supported by a relevant performance evaluation using measured air quality data. This validation study should help address the lack of information on the performance of CALPUFF in near-field applications. The potential problem with the use of the robust high concentration as a metric in model validations is also examined.     

Improved economic and environmental outcomes from targeted fertilizer policy

The overuse of nitrogen (N) fertilizer for wheat is a serious problem in China, and previous studies seldom distinguish between the use of basal and topdressing N fertilizer. Data from 225 households in Jiangsu Province, China (a wheat planting area), were collected through face-to-face interviews with each head of the household. Regression models were used to study factors affecting farmers’ application of basal and topdressing N fertilizers separately. Fertilizer retailers proposed fertilizer application levels that were in opposition to their concern for the environment. Farmers’ concern for the environment only affected their application of topdressing N fertilizer and had no significant influence for use of total N fertilizer. The farmland area and amount of experience planting wheat had negative effects on basal N fertilizer use, but not on topdressing fertilizer. In the study area, the optimal strategy for decreasing N fertilizer application is designing policies to rent more farmlands to farmers with the most experience first. These farmers with their higher farm income would decrease basal N fertilizer use and the basal-topdressing ratio to improve N fertilizer use efficiency and then decrease the N fertilizer leaching into the environment.

     

Consultant Guide/1971

The Journal of the Air Pollution Control Association presents itssecond directory of air pollution control consultants. This 8-pageguide lists individual consultants and firms who have indicated acapability in this field by responding to a questionnaire publishedin four consecutive issues of the Journal. The listing gives corp-orate names and addresses alphabetically within five broad geo-graphic areas which are shown below.

The Air Pollution Control Association makes no representationregarding the coded, voluntary expressions of competence sub-mitted by the consultants, nor does it accept any responsibility fortheir performance as consultants. However, profile informationon each consultant is filed at APCA headquarters. This includesany certifications granted by the American Academy of Environ-mental Engineers and the American Academy of IndustrialHygiene. Such information is available to inquirers who wantto further assess the qualifications of a listed consultant.     

Principal Plume Dispersion Models: TVA Power Plants

The body of information presented in this paper is directed to those individuals who may be concerned with principal plume dispersion models at coal-burning power plants. About 20 years of comprehensive field surveillance and documentation of dispersion of power plant emissions for a varied range of unit sizes, stack heights, and meteorological conditions have determined the Tennessee Valley Authority’s interpretation of principal plume dispersion models. TVA’s experience indicates that as unit sizes are increased and taller stacks are constructed, the plume dispersion model associated with maximum surface concentrations changes. Maximum surface concentrations for principal plume dispersion models were approximately equal for the early small plants. However, the coning model was considered the critical plume dispersion model because the frequency of recurrence of surface concentrations from this model was appreciably greater than other models.

There were progressive changes because of an increase in unit sizes and stack heights; the magnitude of maximum surface concentrations from the coning model decreased, and the magnitude (relative to the coning model) of concentrations from the inversion breakup model increased. However, with plumes from newer and larger units with higher stacks, the trapping dispersion model became prominent. Finally, by the time unit size had increased to 900 mw and stack height to about 245 meters, as at Bull Run Power Plant, the magnitude of surface concentrations associated with trapping had increased to such a degree that it became the critical dispersion model identified with power plants of this size.     

Green logistics,economic growth,and environmental quality: evidence from one belt and road initiative economies

The significance of global green logistics in improving green economic activities is a critically considered and debatable research topic in the context of economic growth and environment. This study aims to analyze the growth and environmental effects of green logistics performance for One Belt and Road Initiative (OBRI) countries over the period 2007–2019. The study used panel data two-stage least squares (2SLS) and generalized method of moments (GMM) estimators with robust inferences. The findings have revealed that green logistics performance improves the economic growth in OBRI, Europe, and MENA economies. While green logistics performance enhances the environmental pollution in OBRI, Central Asia, and MENA economies, it significantly improves the environmental quality in Europe and East and Southeast Asia regions. The control variables have also importance in economic growth and environment in policy implication in OBRI and five sub-regions of OBRI economies. Based on these findings, we can conduct some robust green logistics policies in OBRI.

     

Assessing the perceived impact of exploration and production of hydrocarbons on households perspective of environmental regulation in Ghana

This paper seeks to critically study the perceived impacts of the exploration of hydrocarbons in selected coastal communities in the Western region, the oil and gas industry benefits to local communities, and to determine whether hydrocarbon development is a means for sustainable development. The study uses both quantitative and qualitative approaches using a questionnaire survey, key informant interview, and focus group discussion tools to understand the impact of oil and gas exploration and production in selected affected communities along the coast of Ghana. The activities of oil production and exploration impact negatively on communities; it also leads to a sharp increase in food prices thereby increasing their costs of living. The activity has also caused a decline in fish catch levels which happens to be the main economic activity as a result of exclusion zones created by oil companies which limited the extent fishermen can go fishing. In terms of infrastructure, the three communities are lacking, 77% of respondents from Princess Town hold the view that there is no motorable road linking their community in the next town and 60% from Aketakyi also hold the same view. Infrastructure such as roads, schools, water provision, and clinics are woefully provided in these communities.

     

Measuring the integrated risk of China’s carbon financial market based on the copula model

Measuring the risks of the carbon financial market is of great significance for investment decision-making, risk supervision, and the healthy development of the carbon trading market. Different from previous studies based on traditional VaR (value at risk), this study measures the integrated risk of China’s carbon market based on the Copula-EVT (Extreme Value Theory) -VaR model which can explore the unique strength of the copula and EVT-VaR models, of which the copula model is applied to capture the dependence between the different risk factors of carbon price volatility and macroeconomic fluctuation, while the EVT-VaR is used to explore the risk value. The empirical results show that the traditional VaR that only considers a single risk factor from carbon price volatility is likely to overestimate the risk. In addition, compared with other methods that do not consider the interdependence between risk factors, using the copula function to measure the carbon market integration risk is more effective, and backtesting also confirms this conclusion. This paper provides a specific reference for carbon emission companies to participate in the carbon market. It provides a theoretical basis for the supervision of the risk management of the carbon market.

     

Consultant Guide

This guide identifies consulting and service firms serving the fields of air and waste management. It enables the reader to select a firm based on the firm's area of expertise and geographical proximity.

To use this guide:

(1) identify the service you need from those listed immediately below (2) identify the firms that provide that service in the 'List of Companies by service' (3) check the geographical listings for the firms nearest you (4) get the firm's address and phone numbers from the alphabetical listing beginning on page 1699.