A new economic instrument for financing accelerated landfill aftercare

The key aspects of landfill operation that remain unresolved are the extended timescale and uncertain funding of the post-closure period. This paper reviews the topic and proposes an economic instrument to resolve the unsustainable nature of the current situation. Unsustainability arises from the sluggish degradation of organic material and also the slow flushing of potential pollutants that is exacerbated by low-permeability capping. A landfill tax or aftercare provision rebate is proposed as an economic instrument to encourage operators to actively advance the stabilization of landfilled waste. The rebate could be accommodated within existing regulatory and tax regimes and would be paid for: (i) every tonne of nitrogen (or other agreed leachate marker) whose removal is advanced via the accelerated production and extraction of leachate; (ii) every tonne of non-commercially viable carbon removed via landfill gas collection and treatment. The rebates would be set at a level that would make it financially attractive to operators and would encourage measures such as leachate recirculation, in situ aeration, and enhanced flushing. Illustrative calculations suggest that a maximum rebate of up to ～€50/tonne MSW would provide an adequate incentive.     

The whole relationship between environmental variables and firm performance: Competitive advantage and firm resources as mediator variables

The examination of the possible direct link between environmental protection and firm performance in the literature has generally produced mixed results. The present paper contributes to the literature by using the resource-based view as a mediating process in this relationship. The study specifically tests whether or not the resource-based view of the firm mediates the positive relationships of proactive environmental management and improved environmental performance with competitive advantage, which also has consequences for financial performance. We also check the possible link between the adoption of a pioneering approach and good environmental management practices. Our findings support that early investment timing and intensity in environmental issues impact on the adoption of a proactive environmental management, which in turn helps to improve environmental performance. The findings also show that a firm's resources and competitive advantage act as mediator variables for a positive relationship between environmental protection and financial performance. This contribution is original because the present paper develops a comprehensive whole picture of this path process, which has previously only been partially discussed in the literature. In addition, this study clarifies a relevant point in the literature, namely that the effect of environmental protection on firm performance is not direct and can vary depending on the sector considered. Whereas competitive advantage in relation to costs influences financial performance in the IPPC law sector, the relevant influence in the hotel sector comes from competitive advantage through differentiation.     

Financial assurance and mine closure: Stakeholder expectations and effects on operating decisions

Financial assurance is increasingly seen as a means to ensure orderly, clean and lasting closure of mines. Broadly interpreted, “closure” requires leaving viable ecosystems on mining lands that are compatible with a healthy environment and with human activities, that have low hazard, and that encompass measures to prevent ongoing pollution from the site in the long-term. Financial assurance encompasses environmental surety instruments that protect the government and public in the event a mining company cannot meet its reclamation or rehabilitation obligations. As such, financial assurance is in essence the money available for closure of the mine in the case when the mine owner is not available to perform the work. A general trend towards greater environmental concern among social stakeholders in mining further serves to focus attention on policies and practices that can actually “assure” financial assurance.Financial assurance is also perceived as a means to address closure-related challenges that are increasing in number as well as diversity. Notably, current trends involve a shift towards a greater focus to the societal aspects of mine closure rather than just the ecological. The use of financial assurance, however, also raises some fundamental questions about how assurance mechanisms influence mining operations and the relationship between mining operations and their surroundings. This paper examines both the internal effect of a variety of financial assurance approaches on mining operations—in particular the manner in which environmental and social concerns are addressed by mining firms, and the almost inevitable tension between some form of financial provision for closure on the one hand, and governmental expectations of tax revenue on the other. As a major argument for supporting the conduct of mining is that state revenues from the extractive industries supply monies for the building of human and infrastructural capital, this second area of tension also has strong social and developmental overtones.     

ISO 14001 certification and financial performance: selection-effect versus treatment-effect

The paper explores the bi-directional relationship between ISO 14001 certification and financial performance with the aim of shedding light on whether better performance is due to the beneficial effects of ISO 14001 or due to selection-effects where better performance precedes accreditation. The study uses a five year longitudinal analysis to compare the financial performance of firms in Spain before and after certification. The results of a multivariate panel data analysis find that firms with better than average performance have a greater propensity to pursue accreditation but there is no evidence that improvements in performance follow certification. This suggests that the inference that environmental variables cause improved financial performance may be unwise in research studies that can only measure association.     

我国绿色金融体系构建及推进机制研究

重点围绕绿色金融机构和绿色金融产品,研究构建基于绿色银行、绿色信贷、绿色债券、绿色股票、绿色信托、绿色保险、绿色基金、绿色租赁的我国绿色金融体系。从监督管理、财税激励、社会责任、信息传导等方面入手,分析识别我国绿色金融体系推进机制,并从近期和远期两个时间维度提出绿色金融体系完善建议。     

Sustainable Development and the Role of the Financial World

The incapacity to finance sustainable development through philanthropic official assistance turned the Johannesburg Summit to business world and the financial industry. Pioneering financial institutions – including development banks and private banks – have developed a wide range of innovations that can support sustainable development. This article highlights a few innovative products and markets and focuses on the progress made by financial players on the level of standards, metrics and guidelines to improve sustainability management systems, reporting and accounting practices and the multi-stakeholder dynamic. The role of the socially responsible investing (SRI) community has been underexposed by the Summit. Through its voice and market success, SRI has moved from a green market niche to the mainstream, however not becoming mainstream. The invaluable levering effect of SRI has just been discovered by authorities and market regulators and is becoming instrumental. In order to show the business case of Corporate Social Responsibility and to prove the financial viability of the People, Planet, Prosperity investing approach, the SRI community should critically reflect on its own quality assurance systems, sound disclosure and verification practices.     

Costa Rican Environmental Service Payments: The Use of a Financial Instrument in Participatory Forest Management

The core element of the Costa Rican forestry policy is a financial instrument called the environmental service payment. This instrument rewards forest owners for the environmental services (the mitigation of greenhouse gases, the protection of watersheds and scenic beauty, and the development of biodiversity) their forests provide. In this article, the experiences with this new instrument are analyzed by focusing on the way interests are represented and access is granted, the openness of information exchange, whether social learning occurred, and whether decision-making authority is shared. The analysis is based on a survey conducted in the Huetar Norte Region and on in-depth interviews with the major stakeholders. The Costa Rican case indicates that financial instruments can be used to share responsibilities and that stakeholders can successfully cooperate on forest issues. It also shows that such a participatory approach is only promising if certain cultural, economic, organizational, and political conditions are met.     

信息不对称下的金融风险机理研究

利用信息不对称理论对市场交易中的道德风险和逆向选择进行了解释。对国家同商业银行及中介机构的信息不对称,商业银行同工商企业的信息不对称,国家金融机构信息获取方面存在的困难的原因进行了分析。研究了由于信息不对称利率、汇率、管理及决策在金融行业的风险,以及操作过程中,贷款对象选择,对中小企业贷款的风险。只要充分重视金融风险,采取得当的防范对策,风险是可以防范的。     

关于建立环保产业资金助动系统

说明缺乏强有力的资金支持系统是阻碍环保产业快速发展的根本问题，建议在资金筹划，分配及使用上引进市场机制，发挥市场在资金运作方面的调节作用，引导资金向环保产业流动。     

Current and Future Strategies for Water and Wastewater Management of Istanbul City

Istanbul has experienced rapid increases in population to more than 12 million people, which has created infrastructure problems of water supply and wastewater treatment and disposal. In this article, the achievements and approaches of the Istanbul Water and Sewerage Administration (ISKI) to solve the water shortage problem and to improve services are summarized. Istanbul had a very severe water shortage problem in 1994 because of ignorance of the implementation of the needed projects. After reviewing the reasons and causes of the problem, new priority criteria adopted after 1994 are given. Following the implementation of the projects determined according to the aforementioned criteria, water supplied has exceeded the water demand. The added capacity is equal to one to three times of the capacity built up to 1994 for water treatment, service reservoirs, pumping stations, transmission lines, and the water distribution network; water quality has been improved the meet local and international potable water standards. Unaccounted for water has been reduced from 60% to 27%. The percentage of treated wastewater has been increased from 10% to 90% in 8 years, resulting in drastic improvements and rehabilitation of the Golden Horn and coastal water quality. Through improved customer services, complaints were reduced from 33% in 1994 to 0.3%. Some of the main criteria and the approaches behind this success are summarized. Published online