Date of Submission
Environmental and Urban Studies
Project Advisor 1
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.
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Esposito, Katherine R., "An Exploratory Analysis of Sustainability Signaling and the Environmental Performance of U.S. Green Bond Issuing Electric Utility Companies" (2021). Senior Projects Spring 2021. 44.
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