A terrible theory. Business owners can increase profits by X% by polluting more, and they can just live in the clean air areas that have higher property values and make the poor live in the polluted areas. Weather patterns move pollution in specific directions.
Don't believe me? Look at industrial cities like Cleveland where the poor areas are concentrated phyiscally downwind of the factories, and the wealthy areas are either upstream on the West side or further away on the East side, where they built a private train for themselves that allowed them to be further from the city while keeping commuting distance. This line is now the RTA Blue/Green line, and if you do a street view of the line in Shaker Heights you'll see that it runs straight down a boulevard of period mansions.
The wealthy can avoid almost every negative externality they create:
Underfunded public transit in NYC? Just take a helicopter to work.
Too many people are poor and crime is high? Hire private security and live in a gated community.
The poor are mad at you every time you go out in public and have their pitchforks at the ready? Fly private, have your assistant pick up your coffee, dine out in a private room, spend time in places the poor can't afford to go like your yacht or Monaco.
In Science Fiction, they go as far as moving off-planet, like in Elysium.
If things that were good for society were profitable we'd be living in a Star Trek utopia by now.