Date of Submission

Spring 2021

Academic Program

Environmental and Urban Studies

Project Advisor 1

Robyn Smyth

Abstract/Artist's Statement

This exploratory study examines five U.S. electric utility firms that issue green bonds and observes what measures they take to signal their commitment to sustainability/ESG, using both internal (e.g. adhering to sustainability reporting frameworks and having a net-zero goal) and external signals (e.g. being a member of an environmental alliance or having a green certification). While observing signals, it also examines firms’ environmental performances in comparison to an identified peer non-green bond issuing U.S. electric utility firm. Using publicly available data, I found that the green bond issuing electric utility companies collectively signal slightly more than their non-issuing peers. Also, through information disclosed publicly, I determined with three environmental performance measures, carbon price intensity, carbon energy intensity and net energy generation sourcing, that sometimes more signaling leads to better environmental performance by firms.

Open Access Agreement

On-Campus only

Creative Commons License

Creative Commons License
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