ESG Investors and Local Greenness: Evidence from Infrastructure Deals
SSRN Electronic Journal
2022
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Article Description
This paper assesses the role of local greenness in attracting ESG capital into infrastructure deals in the US. Local greenness refers to state-level policies and incentives to increase energy efficiency, local capabilities to develop green assets, and local citizen’s green ideology. We identify ESG investors as infrastructure private equity (PE) fund management firms who have signed the United Nations Principles for Responsible Investment (UN PRI). We find that in states with higher greenness, ESG PE investors are more likely to be involved in an infrastructure deal. We show that green policies and incentives contribute to a boost in green capabilities and green ideology thus reducing political and regulatory risk for ESG investors interested in low-risk-low-return way of “greenifying” their portfolio.
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