A systematic review of emerging environmental markets: Potential pathways to creating shared value for communities

Article


Mittahalli Byrareddy, Vivekananda M, Islam, Md Aminul, Nguyen-Huy, Thong and Slaughter, Geoff. 2023. "A systematic review of emerging environmental markets: Potential pathways to creating shared value for communities ." Heliyon. 9 (9). https://doi.org/10.1016/j.heliyon.2023.e19754
Article Title

A systematic review of emerging environmental markets: Potential pathways to creating shared value for communities

ERA Journal ID212685
Article CategoryArticle
AuthorsMittahalli Byrareddy, Vivekananda M, Islam, Md Aminul, Nguyen-Huy, Thong and Slaughter, Geoff
Journal TitleHeliyon
Journal Citation9 (9)
Article Numbere19754
Number of Pages10
Year2023
PublisherElsevier
Place of PublicationUnited Kingdom
ISSN2405-8440
Digital Object Identifier (DOI)https://doi.org/10.1016/j.heliyon.2023.e19754
Web Address (URL)https://www.sciencedirect.com/science/article/pii/S2405844023069621
Abstract

The emerging environmental markets have been adopted by various sectors and industries worldwide, with regulations being implemented to make it compulsory to protect against environmental degradation through emission reduction. Thus, understanding the framework of environmental markets and their implications in mitigating climate change and addressing challenges is crucial. Following the updated PRISMA guidelines, a systematic review was conducted to provide important insights into environmental labels and their values in reducing greenhouse gas emissions. Their potential for investments in emerging business opportunities was also explored. The literature search was limited to the past 20 years and focused on peer-reviewed journal articles in the agricultural sector, using databases such as CAB Abstract, Business Sources Ultimate, Scopus, and ProQuest between March and May 2022. It is worth noting that this study did not use other popular databases (e.g. Web of Science), which might result in the omission of some relevant studies in the environmental market domain, potentially introducing some imprecisions to the findings. Based on the inclusion and exclusion criteria, 51 articles were finally selected for the study. Thematic content analysis was conducted using Nvivo software, and the results were synthesized and presented in different themes. The findings indicate that carbon, environmental, and eco-labels are among the seven identified labels, wherein environmental and carbon markets, among the four identified markets, were found in new emerging and popular markets in most countries. There has been substantial growth in the value of environmental goods and services due to increasing demand from different stakeholders seeking environmental protection, as mandated by regulations. Overall, consumers have a positive response to the willingness to pay (WTP) premium prices, particularly for environmentally friendly labels and products (eco-label and environmental labels) than conventional ones (carbon and organic labels). Further, there is huge potential for investments in the newly emerging environmental markets, e.g., the carbon market through carbon/greenhouse gas emission reduction and carbon offset/credit market by soil carbon sequestration and carbon neutral products. This study contributes to the understanding of the market structure, the main drivers influencing new environmental markets, its advantages, and co-benefits for the various stakeholders in the value chain. Overall, the adoption of environmental strategies and practices can contribute to the socio-economic and environmental benefits, as well as lead to environment-friendly sustainable production.

ANZSRC Field of Research 2020410404. Environmental management
Byline AffiliationsFuture Drought Fund Hub (Research)
Institute for Resilient Regions
Centre for Applied Climate Sciences
School of Business
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Islam, Md Aminul, de Bruyn, Lisa Lobry, Warwick, Nigel W. M. and Koech, Richard. 2019. "Farmers’ Perceptions of Salinity for Ensuring Food Security: Evidence from Coastal Rice-Growing Areas of Bangladesh." International Tropical Agriculture Conference 2019 (TropAg 2019). Brisbane, Australia 11 - 13 Nov 2019 Switzerland. https://doi.org/10.3390/proceedings2019036015
Application of CSM-CROPGRO-Cotton model for cultivars and optimum planting dates: Evaluation in changing semi-arid climate
Rahman, Muhammad Habib ur, Ahmad, Ashfaq, Wajid, Aftab, Hussain, Manzoor, Rasul, Fahd, Ishaque, Wajid, Islam, Aminul, Shelia, Vakhtang, Awais, Muhammad, Ullah, Asmat, Wahid, Abdul, Sultana, Syeda Refat, Saud, Shah, Khan, Shahbaz, Fahad, Shah, Hussain, Manzoor, Hussain, Saddam and Nasim, Wajid. 2019. "Application of CSM-CROPGRO-Cotton model for cultivars and optimum planting dates: Evaluation in changing semi-arid climate." Field Crops Research. 238, pp. 139-152. https://doi.org/10.1016/j.fcr.2017.07.007
Artificial intelligence approach for the prediction of Robusta coffee yield using soil fertility properties
Kouadio, Louis, Deo, Ravinesh C., Byrareddy, Vivekananda, Adamowski, Jan F., Mushtaq, Shahbaz and Nguyen, Van Phuong. 2018. "Artificial intelligence approach for the prediction of Robusta coffee yield using soil fertility properties." Computers and Electronics in Agriculture. 155, pp. 324-338. https://doi.org/10.1016/j.compag.2018.10.014
Copula-based agricultural conditional value-at-risk modelling for geographical diversifications in wheat farming portfolio management
Nguyen-Huy, Thong, Deo, Ravinesh C., Mushtaq, Shahbaz, Kath, Jarrod and Khan, Shahjahan. 2018. "Copula-based agricultural conditional value-at-risk modelling for geographical diversifications in wheat farming portfolio management." Weather and Climate Extremes. 21, pp. 76-89. https://doi.org/10.1016/j.wace.2018.07.002
Modeling the joint influence of multiple synoptic-scale, climate mode indices on Australian wheat yield using a vine copula-based approach
Nguyen-Huy, Thong, Deo, Ravinesh C., Mushtaq, Shahbaz, An-Vo, Duc-Anh and Khan, Shahjahan. 2018. "Modeling the joint influence of multiple synoptic-scale, climate mode indices on Australian wheat yield using a vine copula-based approach." European Journal of Agronomy. 98, pp. 65-81. https://doi.org/10.1016/j.eja.2018.05.006
Copula-statistical precipitation forecasting model in Australia’s agro-ecological zones
Nguyen-Huy, Thong, Deo, Ravinesh C., An-Vo, Duc-Anh, Mushtaq, Shahbaz and Khan, Shahjahan. 2017. "Copula-statistical precipitation forecasting model in Australia’s agro-ecological zones." Agricultural Water Management. 191, pp. 153-172. https://doi.org/10.1016/j.agwat.2017.06.010
Theoretical background of supply chain management and potential supply chain of north Queensland timber industry
Keane, Rasheda H., Herbohn, John and Slaughter, Geoff. 2003. "Theoretical background of supply chain management and potential supply chain of north Queensland timber industry." Suh, J., Smorfitt, S. R. and Herbohn, J. L. (ed.) 2003 Forestry Symposium. St Lucia, Australia 18 Jun 2003 Brisbane, Australia.
Factors influencing levels of corporate social responsibility disclosure Libyan firms: a mixed study
Bayoud, Nagib Salem, Kavanagh, Marie and Slaughter, Geoff. 2012. "Factors influencing levels of corporate social responsibility disclosure Libyan firms: a mixed study ." International Journal of Economics and Finance. 4 (4), pp. 13-29. https://doi.org/10.5539/ijef.v4n4p13
Benchmarking report: The Australian macadamia industry 2009-2014 seasons
Mulo, Shane, O'Hare, Paul, Jenkins, Ingrid, Bignall, Grant, Slaughter, Geoff, Noble, Chris, Bright, Jeremy and Commens, Robbie. 2015. Benchmarking report: The Australian macadamia industry 2009-2014 seasons. Sydney. Horticulture Australia Ltd..
Australian farm business performance insights from effective farm business managers
Slaughter, Geoff, Glass, Rod, Noble, Chris and Beattie, Claire. 2015. Australian farm business performance insights from effective farm business managers. Canberra, Australia. Rural Industries Research and Development Corporation.
The income statement: content and use
Cunningham, Billie M., Nikolai, Loren A., Bazley, John D., Kavanagh, Marie, Slaughter, Geoff and Simmons, Sharelle. 2012. "The income statement: content and use." Skelly, M. and Studdert, G. (ed.) Accounting: Information for Business Decisions. Melbourne, Australia. Cengage Learning Australia. pp. 261-304
Accounting: information for business decisions
Cunningham, Billie M., Nikolai, Loren A., Bazley, John D., Kavanagh, Marie, Slaughter, Geoff and Simmons, Sharelle. 2012. Accounting: information for business decisions. South Melbourne, Australia. Cengage Learning Australia.
Strategies for investment in the Australian macadamia industry: Development and evaluation of an objective investment appraisal software model
Slaughter, G. J. and Mulo, S.. 2012. "Strategies for investment in the Australian macadamia industry: Development and evaluation of an objective investment appraisal software model." AFBM Journal (Agricultural Business Management and Farming Systems). 9 (2), pp. 57-69.
An empirical study of the relationship between corporate social responsibility disclosure and organizational performance: evidence from Libya
Bayoud, Nagib Salem, Kavanagh, Marie and Slaughter, Geoff. 2012. "An empirical study of the relationship between corporate social responsibility disclosure and organizational performance: evidence from Libya." International Journal of Management and Marketing Research. 5 (3), pp. 69-82.
Corporate social responsibility disclosure and corporate reputation in developing countries: the case of Libya
Bayoud, Nagib Salem, Kavanagh, Marie and Slaughter, Geoff. 2012. "Corporate social responsibility disclosure and corporate reputation in developing countries: the case of Libya." Journal of Business and Policy Research. 7 (1), pp. 131-160.
Grazing as a post-mining land use: a conceptual model of the risk factors
Maczkowiack, R. I., Smith, C. S., Slaughter, G. J., Mulligan, D. R. and Cameron, D. C.. 2012. "Grazing as a post-mining land use: a conceptual model of the risk factors." Agricultural Systems. 109 (1), pp. 76-89. https://doi.org/10.1016/j.agsy.2012.03.002
Corporate social responsibility disclosure and employee commitment: evidence from Libya
Bayoud, Nagib Salem, Kavanagh, Marie and Slaughter, Geoff. 2012. "Corporate social responsibility disclosure and employee commitment: evidence from Libya." International Journal of Economics and Finance. 4 (5), pp. 37-50. https://doi.org/10.5539/ijef.v4n5p37
Aligning operational and corporate goals: a case study in cultivating a whole-of-business approach using a supply chain simulation game
Bryceson, K. P. and Slaughter, G. J.. 2011. "Aligning operational and corporate goals: a case study in cultivating a whole-of-business approach using a supply chain simulation game." Extension Farming Systems Journal. 7 (2), pp. 7-16.
Economic and environmental analysis of fodder harvesting practices associated with mulga (Acacia aneura) and fire management practices in the mulga lands of south western Queensland
Page, Manda, Witt, G. Bradd, Noel, Michelle, Slaughter, Geoff and Beeton, R. J. S.. 2008. Economic and environmental analysis of fodder harvesting practices associated with mulga (Acacia aneura) and fire management practices in the mulga lands of south western Queensland. Brisbane, Australia. University of Queensland.
Alignment of performance metrics in a multi-enterprise agribusiness: a case of integrated autonomy?
Bryceson, Kim P. and Slaughter, Geoff. 2010. "Alignment of performance metrics in a multi-enterprise agribusiness: a case of integrated autonomy?" International Journal of Productivity and Performance Management. 59 (4), pp. 325-350. https://doi.org/10.1108/17410401011038892
Information flow perspective for capturing the impact of corporate environmental performance on the cost of debt
Xu, Yinshuo, Slaughter, Geoff and Al-Hakim, Latif. 2009. "Information flow perspective for capturing the impact of corporate environmental performance on the cost of debt." Peng, Jie, Al-Hakim, Latif and Chen, Guoqing (ed.) COINFO 2009: 4th International Conference on Cooperation and Promotion of Information Resources in Science and Technology. Beijing, China 21 - 23 Nov 2009 Beijing, China. https://doi.org/10.1109/COINFO.2009.18
Assessing risks of returning mined land to grazing in the Bowen Basin of central Queensland, Australia
Maczkowiack, R. I., Smith, C. S., Slaughter, G. J., Mulligan, D. R. and Cameron, D. C.. 2009. "Assessing risks of returning mined land to grazing in the Bowen Basin of central Queensland, Australia." Fourie, A. B. and Tibbett, M. (ed.) 4th International Conference on Mine Closure (MC 2009): Mine Closure. Perth, Australia 09 - 11 Sep 2009 Nedlands, Australia.
Integrated autonomy: a modelling-based investigation of agrifood supply chain performance
Bryceson, Kim P. and Slaughter, Geoff. 2009. "Integrated autonomy: a modelling-based investigation of agrifood supply chain performance." 11th International Conference on Computer Modelling and Simulation (UKSim 2009). Cambridge, England 25 - 27 Mar 2009 United Kingdom. https://doi.org/10.1109/UKSIM.2009.42
On-farm economic analysis in the Australian macadamia industry, interim final report, MC03023
O'Hare, Paul, Slaughter, Geoff, Mulo, Shane and Quinlan, Kevin. 2008. On-farm economic analysis in the Australian macadamia industry, interim final report, MC03023. Sydney, Australia. Horticulture Australia Ltd..
Adoption of quality management systems in macadamia, final report, MC03008
Quinlan, K., Treverrow, N., O'Hare, P., Slaughter, Geoff, Mason, R. and Wallace, H. M.. 2008. Adoption of quality management systems in macadamia, final report, MC03008 . Sydney, Australia. Horticulture Australia Ltd..