再发2009新书：INVESTING IN A SUSTAINABLE WORLD
Why GREEN Is the New Color of Money on Wall Street
MATTHEW J. KIERNAN, PH.D.
This publication is designed to provide accurate and authoritative information in regard to the subject
matter covered. It is sold with the understanding that the publisher is not engaged in rendering
legal, accounting, or other professional service. If legal advice or other expert assistance is required,
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Library of Congress Cataloging-in-Publication Data
Kiernan, Matthew J.
Investing in a sustainable world : why GREEN is the new color of money on Wall Street /
Matthew J. Kiernan.
p. cm.
Includes index.
ISBN 978-0-8144-1092-9
1. Investments—Envioronmental aspects. 2. Investments—Social aspects. 3. Green
movement. 4. Social responsibility of business. 5. Investment analysis. I. Title. II. Title:
GREEN is the new color of money on Wall Street.
HF451.K54 2009
332.6—dc22 2008030023
© 2009 Matthew J. Kiernan
All rights reserved.
Printed in the United States of America.
Contents
Changing Finance and Financing Change:
The Genesis of This Book xi
Acknowledgments xx
1 Welcome to the Sustainable Investment Revolution! 1
2 What’s Taken Us So Long?: The Power of Intellectual and
Organizational Inertia 19
3 Perverse Outcomes and Lost Opportunities 37
4 But What Does the Evidence Really Say? 61
5 Toward a New Post modern, Sustainable Portfolio Theory 73
6 Why Does it All Matter, Anyway?: The State of the World 97
7 Sustainability and Competitive Advantage: The New
Corporate Imperative—and Some Success Stories 123
8 The Game-Changers. Part I: Collective Initiatives 155
9 The Game-Changers. Part II: The Individual Owners
of Capital 175
10 The Game-Changers. Part III: The Service Providers 201
11 Making It Happen 221
12 Some Final Thoughts 239
Appendices: How It’s Actually Done
Appendix 1 "Intangible Value Assessment" of Petro China 251
Appendix 2 Carbon Beta Profile of Arcelor SA 257
Appendix 3 The “Global 100” Most Sustainable
Companies 259
Appendix 4 Top 20 Independent Sustainability Research
Providers (Thomson Extel) 263
Notes 265
References 283
Index 287