A methodological framework and tool for assessing the climate change related risks in the banking sector

Although climate change risks have been studied for a number of economic sectors, banking has received relatively little attention. The paper proposes a methodology and an associated decision-support tool for quantifying, in monetary terms, the risks for banks from the exposure of their loan recipients and/or applicants to climate change. The framework and tool are applied to a case study based on input from a Greek bank; results indicate that climate change risks for banks are considerable, and thus decision makers need to estimate their magnitude and possibly consider these within the credit management process, and in environmental planning.     

Effects of attached data-logging devices on little penguins (Eudyptula minor)

Data-logging devices are commonly used to study the foraging behaviour of individual seabirds. Such studies need to examine the potential effects of using devices on instrumented individuals, not only for ethical reasons but also to ensure the validity of data gathered. We studied the effects of two types of device (time-depth recorder and global positioning system) on little penguins (Eudyptula minor) during the 2010 and 2011 breeding season at Oamaru, New Zealand. Mixed-effect models were used to test for effects of devices by comparing changes in body weight, chick growth and breeding performance between instrumented and control individuals. We found no detectable effects of the attached devices on body weight change, hatching success, fledging success, chick growth parameters or adult survival. We conclude that it is possible to attach data-logging devices to adult little penguins for extended periods during the breeding season with minimal impacts.     

A Decision-Aid Framework to Provide Guidance for the Enhanced Use of Best Available Techniques in Industry

Best Available Techniques (BATs) contribute significantly to the reduction of industrial environmental burdens with respect to air pollution, wastewater, and solid wastes. In Europe, the application of BATs is prescribed by Directive 96/61/EC, which, however, leaves the selection of specific BATs to plant operators. In making their choices, installations have to consider not only the environmental benefits of BATs, but also all relevant cost components. In assessing the economic attractiveness of potential BATs and their combinations, as well as incentives and disincentives to be instituted, the cost of environmental externalities, usually not reflected in market prices, should be taken into account. In this paper, a decision-aid framework combining an assessment of environmental externalities and the utilization of multicriteria methods and, more specifically, Multiobjective Mathematical Programming, capable of addressing all these issues in a comprehensive and coherent manner, is presented. This is illustrated by its application for the region of Attica in Greece, where over 50% of the industrial basis and Athens, with its 4 million inhabitants, are located. The implementation of the framework and its associated tools to 800 installations led to the identification of the specific BATs, alone or in combination, that provide the most cost-effective reductions of four air pollutants (PM10, SO₂, NO_x, VOC) and CO₂. The results also clearly demonstrate the increased pollution reductions that would result from the adoption of BATs made economically attractive by the inclusion of externalities. Estimates of investments and net present values with and without incentives/disincentives are also provided.     

Contrast in the importance of arrow squid as prey of male New Zealand sea lions and New Zealand fur seals at The Snares,subantarctic New Zealand

New Zealand sea lions (Phocarctos hookeri) are threatened by incidental bycatch in the trawl fishery for southern arrow squid (Nototodarus sloanii). An overlap between the fishery and foraging sea lions has previously been interpreted as one piece of evidence supporting resource competition for squid. However, there is currently no consensus about the importance of squid in the diet of New Zealand sea lions. Therefore, we investigated this importance independently of spatial and temporal differences in squid availability through a simultaneous study with sympatric New Zealand fur seals (Arctocephalus forsteri), a species known to target arrow squid. Diet sampling at The Snares (48°01′S 166°32′E), subantarctic New Zealand, in February 2012 coincided with peak annual catch in the nearby squid fishery. Diets were deduced by analyses of diagnostic prey remains from scats (faeces) and casts (regurgitations). The contribution of each prey species to the diet was quantified using the per cent index of relative importance (% IRI) that combined frequency of occurrence, mass and number of prey items. Arrow squid was a minor component in sea lion scats (2 % IRI), and none was found in their casts. In contrast, arrow squid was the major component in fur seal scats and casts (93 and 99 % IRI, respectively). This study found that New Zealand sea lions ate minimal squid at a time when squid was clearly available as evidenced by the diet of New Zealand fur seals; hence, there was no indication of resource competition between sea lions and the squid fishery.     

Economic Evaluation of Carbon Dioxide Emission Abatement Measures in the Greek Energy Sector

This paper outlines a methodological framework for the economic evaluation of carbon dioxide (CO 2 ) emission abatement policies and measures, formulating a basis for the selection of those options of climate change mitigation interventions that minimize economic cost and maximize social welfare. To this purpose, a cost-benefit analysis has been implemented in order to evaluate a variety of CO 2 emission abatement measures in the Greek energy sector on the basis of their social (i.e. the sum of the private and external) costs and benefits, and it is compared with a cost-effectiveness analysis, which takes into account only the net financial costs of the examined interventions. The analysis clearly reveals that a significant decrease in CO 2 emissions is possible without great cost to the economy. Moreover, the monetization of environmental benefits (e.g. the restriction of impacts on human health, agriculture and biodiversity, etc.) associated with the above-mentioned interventions represents a powerful tool for highlighting priority actions in the context of a climate change mitigation policy and for quantifying their overall economic and environmental effectiveness.