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Thesis Manuel Siegrist Bond University DOCTORAL THESIS Embedding Environment and Sustainability into Corporate Financial Decision-Making: The Business Case for a Novel Carbon Capture Technology. Siegrist, Manuel Award date: 2020 Link to publication General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. • Users may download and print one copy of any publication from the public portal for the purpose of private study or research. • You may not further distribute the material or use it for any profit-making activity or commercial gain • You may freely distribute the URL identifying the publication in the public portal. Embedding Environment and Sustainability into Corporate Financial Decision-Making: The Business Case for a Novel Carbon Capture Technology Manuel Siegrist Submitted in total fulfilment of the requirements for the degree of Doctor of Philosophy (PhD) June 2019 Bond Business School Associate Professor Colette Southam and Associate Professor Gary Bowman This research was funded by an Australian Government Research Training Scholarship Program i ABSTRACT This thesis is comprised of two main parts. The first part investigates the potential of a novel CO2 sequestration method, carbon mineralisation, which utilises mineral waste from mine sites, namely mafic and ultramafic rocks. The idea is to utilise this method, seeing that the pledges made under the Paris Agreement force countries around the globe to search for pathways that help reduce the impact their economies have on climate change through their greenhouse gas emissions. Chapter 3 looks at the potential of carbon mineralisation from an Australian perspective. Australia has a long history as a mining country and is one of the top worldwide producers of nickel. Furthermore, utilising feedstock from mining companies is ideal due to the granulated rocks which facilitate the chemical reactions. The mining feedstock potential from both abandoned and currently operational mine sites, as well as estimates from future reserves, are taken into account. The gathered data is then crossed with a CO2 sequestration table, which identifies sub-types of mafic and ultramafic feedstock and their inherent potential for CO2 absorption. It was found that a total of 2,171 Mt of CO2 could be absorbed from nickel mine feedstock. Australia, with annual CO2 emissions of approximately 500 Mt of CO2, aims to reduce their output by twenty-six to twenty-eight percent by 2030. Using carbon mineralisation could serve as a contributor to decarbonise the Australian economy as part of an array of solutions. Chapter 4 expands the search for ideal mine sites from Australian to a global scope and also includes kimberlite rocks, which host diamonds, due to their similar reactivity with CO2. Here, a total of seventeen countries and 145 mine sites are assessed for their potential feedstock to facilitate the carbon mineralisation method. In addition, future estimates of nickel and diamonds are taken into consideration in order to give a more accurate estimate. Furthermore, a net present value (NPV) model with simple underlying assumptions is deployed in order to gauge the economic potential of this method. The global potential is estimated at 7,254 Mt of CO2. Furthermore, the NPV model estimates a present value of approximately US$13.3 billion, assuming a price on carbon of US$20, with a break-even of US$7.311. Chapter 5 consists of the second part of this thesis and looks into reasons and obstacles that prevent firms from adopting methods such as carbon mineralisation. ii Building on insights gained from the literature review, a model is developed that aims at overcoming said obstacles and enable firms to take a long-term view. Having adequate executive compensation systems, moving away from quarterly reports as well as utilising adjusted decision-making models, would enable the firm to embed sustainability. It is recognised that in the absence of clear, governmentally mandated rules and regulations, it is the informal institutions that become more relevant, manifested through individuals that push firms to become industry leaders. iii KEYWORDS CO2, Carbon Mineralisation, Corporate Social Responsibility, CSR, Carbon Markets, Carbon Capture and Sequestration, CCS, Sustainability, Decision-making, Short-termism. JEL CODES G18, G31, H41, L72, P28, Q01, Q15, Q28, Q51, Q54, Q55, Q57 iv DECLARATION BY AUTHOR This thesis is submitted to Bond University in fulfilment of the requirements of the degree of Doctor of Philosophy. This thesis represents my original work towards this research degree and contains no material that has previously been submitted for a degree or diploma at this university or any other institution, except where due acknowledgement is made. Manuel Robin Siegrist Date: 17 June 2019 v RESEARCH OUTPUT DURING CANDIDATURE Published Refereed Journal Articles Publication co-authored Statement of contribution Siegrist, M., Southam, C., Bowman, G., Mervine E. MS: 55% (2018) Embedding Environment and Sustainability into Corporate CS: 30% Financial Decision-making. Accounting & Finance. GB: 10% EM: 5% Siegrist, M., Southam, C., Bowman, G., Wilson, S. A. & Southam, MS: 60% G. (2017) Analysis of the potential for negative CO2 emission mine CS: 15% sites through bacteria-mediated carbon mineralisation: Evidence GB: 15% from Australia. Energy Procedia, 114, 6124-6132. SW: 5% https://doi.org/10.1016/j.egypro.2017.03.1749. GS: 5% Under a CC BY-NC-ND license Conference Proceeding: Refereed Siegrist, M., Southam, & Southam, G. (2017). An Economic Analysis of the Worldwide Potential for CO2 Sequestration Through Bacteria-Mediated Carbon Mineralisation at Nickel Mine Sites, Australasian Finance and Banking Conference, 18- 22 December, Sydney, Australia. Conference Presentation Siegrist, M., Southam, C., Bowman, G. (2018). Embedding sustainability into corporate financial decision-making. 2nd International Conference in Environmental Finance, 8-9 November 2018, Adelaide, Australia. Siegrist, M., Southam, C., Bowman, G., Wilson, S.A., & Southam, G. (2016). Analysis of the potential for negative CO2 emission mine sites through bacteria- mediated carbon mineralisation: Evidence from Australia. 13th International Conference on Greenhouse Gas Control Technologies, GHGT-13, 14-18 November 2016, Lausanne, Switzerland. vi ACKNOWLEDGEMENTS First, I would like to thank my principal supervisor Dr Colette Southam for her patience, understanding, and guidance throughout my research. She was always helpful in all matters concerning my thesis, as well as anything else. Furthermore, I would like to thank my secondary supervisor, Dr Gary Bowman, for his diligence and support throughout my thesis work. I was wonderfully lucky to have such a strong team of supervisors. Prof. Gordon Southam deserves special thanks for his scientific contributions from day one. Coming from a business administration background and not knowing much about geology, biology, and chemistry, Gordon was always keen to explain everything in simple terms as well as helping me come up with feasible solutions. My gratitude extends to Dr Sasha Wilson as well as Dr Gregory Dipple. Furthermore, I thank Dr Simon Jowitt and Dr Gavin Mudd for supplying nickel mine data from across the globe. I would like to thank all staff of the Bond Business School for being so supportive during my candidature. Emma Hunt, with her assistance in all administrative tasks, was a tremendous help and was always willing to lend an open ear in times of distress. Tiffany Mitchell, our wonderful librarian, was of great help with all topics surrounding research and resources. Furthermore, I would like to acknowledge De Beers Group for their kind research assistant support. The Body Dynamics community deserves a special acknowledgement, seeing that they provide marvellous support in shaping my physical abilities, parts of which helped me to stay focused for the entire duration of my thesis. Thank you to all my friends, near or far, that stood by me during all these years. My mother always had my back me from far away in Switzerland, listening compassionately and supporting my initial decision to move to Australia and pursue this degree. I am very proud to call myself your son. vii TABLE OF CONTENTS Abstract ............................................................................................................... ii Keywords ........................................................................................................... iv JEL Codes ......................................................................................................... iv Declaration by author .......................................................................................... v Research Output during Candidature ................................................................ vi Acknowledgements ........................................................................................... vii Table of Contents ............................................................................................. viii List of Tables...................................................................................................... xi List of Figures ................................................................................................... xii Abbreviations ..................................................................................................
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