The capital shortage phenomenon : Its impact on the US mineral industries

After examining the concept of a capital shortage, the author analyses the impacts of sectoral shortages in the mineral industries. He analyses the future capital needs of certain segments of the mineral industries and the prospects open to them. Finally, the author discusses some policy proposals to stimulate investment. These include the reduction of corporate tax, increasing investment tax credit, changing depreciation allowances to allow for inflation, and changing the tax treatment of capital gains.     

碳排放交易体系的政策灵活性:国际经验及启示

在《联合国气候变化框架公约》和《京都议定书》的背景下,越来越多的国家开始关注全球气候变暖的问题。考虑到碳排放交易体系比碳税更具有政治可行性,不少国家或地区开始实施碳排放交易体系,以最低的减排成本来达到温室气体减排目标。然而,采用碳排放交易体系,其排放总量是固定的,而减排成本是不确定的,可能会出现由于政策或外部冲击而产生的配额价格异常波动的现象。因此,为确保碳排放交易体系的成本有效性,政策灵活性十分重要。在理想情况下,碳排放市场具有完全的时间灵活性(包括长期的履约期、自由的配额储存与预借)和空间灵活性(即建立全球碳市场),这将对增强市场流动性、降低减排成本、缓解价格波动起到重要的作用。然而,由于政策设计需要考虑更多因素,实际上理想状态很难达到。本文将对国外碳排放交易体系的政策灵活性设计进行较为系统的分析和比较,尤其关注履约期的长短、配额的跨期使用、配额的抵消、区域碳市场连接等方面的具体政策设计,这对我国在7个省市进行碳排放交易试点以及今后建立全国性的碳排放交易体系有较强的借鉴意义。     

Petroleum exploitation and contract terms in developing countries after the oil price collapse

In resource taxation the critical fiscal requirement is a scheme which performs the twin functions of ensuring that projects which are viable on a pre-tax basis remain so post-tax, and that the host government obtains a reasonable share of the economic rent. Royalty, income tax, production-sharing and the resource rent tax are examined in the light of their efficiency at meeting these two criteria. The resource rent tax is probably the most appropriate fiscal instrument because this tax permits a threshold rate of return to be earned before the tax becomes payable. One drawback is that during the early years of a project the host government may receive little or no revenue. An advance resource rent tax can be used to eliminate this shortcoming. A further problem is the disincentive to exploration which can be produced.     

Tax neutrality and the Saskatchewan Uranium Royalty

In their analysis of the Saskatchewan Uranium Royalty (SUR) scheme Anderson and Barnett (1983) conclude that the scheme is effective in that, together with the other levies on the uranium industry, it succeeds in appropriating 75–80% of available economic rent under reasonable assumptions about uranium price and production costs. While collecting a substantial proportion of economic rent was a major provincial government objective in designing the tax structure, provincial tax planners may also have been concerned to ensure that marginal production decisions be affected as little as possible by the tax. Because their model of the Key Lake mine considers only the extraction plan adopted by the firm, Anderson and Barnett are unable to conclude whether a different plan would have been adopted in the absence of the tax. In other words, the nature of their model confines their investigation to the question of effectiveness, as defined above. The purpose of the present article is to examine the question of whether the SUR is likely to be neutral with respect to the extraction plan and to assess the effects of any tax-induced distortion.     

Policy Integration as a Success Factor for Emissions Trading

Emissions trading will not be able to become the single instrument of a national climate policy because of costs for monitoring of greenhouse gases and transfers of allowances. Thus, it is important to assess optimal ways of integrating emissions trading into national climate policy mixes, thus leading to a more efficient policy, especially by allowing the use of transboundary transactions. The implemented trading systems of the UK and Denmark, the agreed EU one, and the planned ones of Norway are used as case studies. In the UK, the introduction of an energy tax on industry was the catalyst that led to the development of emissions trading, voluntary agreements, and two subsidy programs. However, in Denmark trading was limited in scope and not integrated with the successful emission tax. The EU and Norwegian trading schemes both have a large scope and integrate international transfers; the former is integrated with other instruments to avoid free riding. Policy integration will thus enhance the efficiency improvements that emissions trading can introduce.     

Barriers to investment in third world mineral industries

This article looks at some of the barriers that have distorted the global flow of capital in the mining industry. The perceived threat of nationalization is discussed and Chile's expropriation of US copper mining companies in 1971 is examined. Political instability, leading not only expropriation but to loss of title, altered tax laws, and voided contracts, is also cited as a factor affecting investor confidence. Finally, inadequate infrastructure is regarded as a further barrier to development of Third World mineral industries.     

“碳税问题”的国内研究现状

从碳税的内涵、理论渊源、碳税的影响、碳税税制设计问题与实施框架四方面入手,对国内学术界关于我国碳税问题的研究文献进行系统整理与分析,从而了解国内学术界关于碳税问题的主要研究成果,并在此基础上进行评述。研究认为：碳税开征将从宏观经济与微观经济两个层面对我国经济体系产生影响,这种影响既有正面也有负面。这就要求我国政府在碳税税制设计和实施路线上积极协调．从而达到节能减排与经济发展之间的平衡。     

People matter: The importance of social capital in the co-management of natural resources

Co‐management involves the shared administration of natural resources by two or more parties. This study examines the role of social capital in the process of developing co‐management in three river corridors in Canada. Qualitative analysis reveals that social capital acts as a catalyst helping groups to progress through the stages of the co‐management process. Forms of social capital (bridging and bonding) are identified that advance and/or inhibit the development of co‐management. The article reaffirms the need to expand the institutional basis for natural resource management and provides empirical evidence that social capital plays a fundamental role in developing co‐management. In conclusion, the article suggests that resource agencies need to recognize the value of social capital and the necessity for government representatives to be informed of and practiced in these skills, if they are to engage meaningfully with the civilian population.     

CAN STATE AND LOCAL GOVERNMENTS ASSUME MORE OF THE COSTS OF WATER DEVELOPMENT?1

ABSTRACT As availability of funds in the federal budget for water development has decreased recently, pressure has increased for state and local governments to pay a larger share of the costs. In this situation a difficult question immediately arises-what is the capability of state and local governments to pay a larger share? Of course, there is no easy answer. Expenditures of public funds are policy outcomes of a government's political process in which political, economic, legal and other factors are involved in complex relationships. The traditional sources of capital funds for state and local governments include bond proceeds, tax revenues, and federal financial aid (state aid is also a major source of local government funds). The issuing of bonds is hampered by a variety of legal debt limitations, but there are means for circumventing the limitations. State and local governments vary widely in amounts of taxable resources available and in the extent to which these resources have been tapped. More effective use of revenue resources could be made in some cases. New sources of capital funds for water development ought to be considered-a fee on the use of water per se, for example. Costs associated with water use currently are imposed to cover development costs, but a state might impose additional use fees earmarked for a state water development fund.     

Unveiling the liaison between human capital,trade openness,and environmental sustainability for BRICS economies: Robust panel-data estimation

Global warming and greenhouse gas emissions pose severe threats to environmental sustainability. A sustainable environment is a prerequisite for long-term socioeconomic growth and human survival. Green technology is brought about by a country's economic and financial openness, and education provides knowledge to the public and labor, contributing to environmental sustainability. Thus, this research aims to unveil the liaison between human capital, trade openness, and environmental quality for Russia, Brazil, India, China, and South Africa (BRICS) countries from 1998 to 2018. Several econometric methods, including the Driscoll–Kraay standard errors and the Dumitrescu–Hurlin causality approaches, reveal long-run and causal relationships among the modelled indicators. The Driscoll–Kraay standard error results show that human capital is negatively related to carbon dioxide emissions (CO₂ emissions). Imposing high tariffs and excise duties, changing tax structures, discouraging the inflow of polluted commodities, and encouraging green trade can help BRICS combat high environmental pollution. The results show that a one-point increase in human capital in models 1 and 2 can reduce CO₂ emissions by 1.5279 and 0.1538 points, respectively. In contrast, a 1% growth in trade can lead to a rise in CO₂ emissions of 0.3731% and 0.2384%, respectively. Similarly, financial development and energy consumption result in high CO₂ emissions in the long run. Moreover, a feedback effect of the human capital index on CO₂ emissions is discovered. As a result of the findings, the government and responsible authorities should provide financial support and encourage investments in the region's energy-resourceful and sustainable green projects.     

Challenges and political solutions for steel recycling in China

The circular economy is an essential component of China's sustainable development. To promote the recycling of end-of-life products, the government has adopted various policies. Steel scrap is an important resource for steelmaking. Yet, the Chinese iron and steel industry uses less scrap to produce new steel compared to other large steelmaking countries. This article examines the reasons, why steel recycling is still relatively weak in China and what measures the government takes to improve the situation. We found that limited availability of scrap, high scrap prices, inadequate steelmaking capacities, industry fragmentation and unclear responsibilities for manufacturers are the main obstacles for steel recycling in China. The government is trying to improve steel recycling through tax incentives, import facilitation, support for supply, industry reorganization, and recycling parks, but with modest results.     

基于环境保护的机动车税优化建议

当前区域性大气污染问题突出,机动车使用造成的污染问题不可忽视。为解决区域性的大气污染问题,机动车税费的污染减排调控功能日益被政府和学者重视。研究围绕"如何使机动车税更好发挥环境保护的效果"的问题,比较了中日机动车税的结构和性质,分析了在购买、保有和使用等不同环节的机动车税的特点以及环保效果,并基于问卷调查分析中国私家车主不同环节机动车税的负担情况。研究表明,在机动车使用环节征收的成品油消费税污染调控效果要优于其他环节的税收;对商业用途的机动车使用征税仅有收入功能没有调控功能,建议将机动车相关税的作用重心从购买环节转移到使用环节上,并对商业用途和私人用途的机动车实施差别税率。     

基于边际成本的地方环境保护税税率制定研究

我国自2018年1月1日起开征环境保护税,《中华人民共和国环境保护税法》授予地方政府适用税额和应税污染物项目数的调整权限。为推动地方环境保护税政策制定和出台,本文在对工业企业生产运营、污染物排放、污染治理设施运行数据调查分析的基础上,构建了一套"边际治理成本+调整系数"的地方环境保护税税政制定方法,用该方法计算了某地区水污染物环境保护税适用税额,并对环境保护税应税污染物项目数增加的必要性展开了探讨。计算结果显示,该地区工业企业水污染物边际治理成本为2.36元/污染当量,可制定水污染物环境保护税额为2.8元/污染当量,应税污染物项目数按照一类水污染物前五项、二类水污染物前三项征收为宜。     

Environmental investment recovery practices and opportunities: Lessons from project RENEWAL

In the Autumn 1994 issue of Total Quality Environmental Management you learned about Project RENEWAL, a cooperative business project to investigate and promote the linkages between ecology, technology, and business economics. Project RENEWAL stands for Resource Efficiency Network to Eliminate Waste and Liability. This collaborative effort focused on equipment and inventory assets, exploring how better capital asset management can benefit profitability and improve environmental protection. Participants in the project included representatives from industry, consulting, local and state government, environmental agencies, trade groups, and academia. This article describes three specific activities conducted by the RENEWAL participants and suggests ways to improve the success of future projects looking to improve the investment recovery of “impaired” capital assets.     

Establishing an effective production sharing type regime for petroleum

The primary reason for developing a nation's petroleum resources for export is to generate government revenues. The goal of most governments is to maximize the net present value of their petroleum revenues subject to efficient exploration and production practices and depletion considerations. This paper seeks to provide a basis for the determination of an effective tax regime that will achieve this goal. The analysis focuses on 12 standard production sharing contract options applied to four hypothetical exploration environments. A relatively recent Resource Rent Tax option is also examined as an add-on to production sharing contracts or other tax regimes. The results highlight the need for governments to understand and to use: (1) appropriate profit criteria, (2) an understanding of multi-national petroleum corporation behaviour, and (3) a priori geologic information in establishing effective tax regimes for petroleum.     

Enhanced recycling through a materials tax

This article attempts to evaluate whether an appropriate consumption-based tax is likely to be successful in reducing demand for certain exhaustible resources, thereby curtailing their rate of depletion and increasing the demand for, and utilization of, secondary materials. The nature of such a tax and anticipated effects (including environmental impact) of its imposition on certain primary materials are considered, concentrating here on one metal, aluminium. The study concludes that a tax based on the exhaustible resources and energy used in the production of a good is likely to create more savings for fossil fuels than for other exhaustible resources.     

Community reactions to tourism development: how does governmental fairness work?

Based on the elements of social exchange and organizational justice theories, a conceptual model and associated hypotheses were formulated to examine the relationship among community residents and their perceptions of governmental fairness (i.e., distributive, procedural, interpersonal, and informational dimensions), social capital (i.e., cognitive and structural dimensions), and support for government and environmental development. Data were collected from 496 residents in four Korean cities: Busan, Gyeongju, Pohang, and Ulsan. Empirical testing resulted in support for multiple hypotheses. More specifically, cognitive social capital was significantly influenced by distributive, interpersonal, and informational fairness. Structural social capital was significantly affected by distributive and informational fairness. Subsequently, two dimensions of social capital positively influenced two types of support. Overall, the results suggest that the interplay of governmental fairness and social capital is important in influencing residents’ support for government and environmental development.     

Recent developments in small-scale mining

Artisanal mining is to be viewed not only as an issue requiring mining expertise, but also as a socio-economic issue in the context of poverty, requiring multi-sectoral attention. This article traces global employment estimates in small-scale mining, outlining the extent and economic impact of small-scale mining in selected countries in Africa, Asia and Latin America. New approaches and developments are analyzed with special focus on the interrelated roles of government, the private sector, non-governmental organizations, lending institutions and the local communities. The flow of foreign capital, the creation of joint ventures, and the contribution of women are also discussed, as are strategies that have been implemented as well as recent developments including developments in the areas of health and safety.     

Values and the state in natural resource management: The Mt Wellington skyway dispute, Hobart, Tasmania

This article presents a study of land-use politics at the local level in Hobart, capital of the small island state of Tasmania. It is concerned with the politics of local place in the Mt Wellington Skyway cable car dispute and the tactics employed by the state government, in contravention of sustainability principles, to prioritise development over public concern for a local environment. The dispute is reviewed in terms of ideological contention, planning and decision making, and the role of the state in facilitating development. It is found to be characteristically Tasmanian in terms of state legislative support for the project and attitudes in the local community and local government polarised firmly against it. The management of the Mt Wellington Range itself is found to have been hindered by a history of non-decision making and neglect of intrinsic natural values, and the management of the Skyway approval process to have been expediently driven by utilitarian concerns. The article closely scrutinises the type of local environmental issue that Rainbow (1993) suggests has catalysed green politics at the state level in Tasmania. But more generally, it also presents a classic study of the ideological contention that continues to inspire natural resource conflict wherever communities face the degradation of local places defined by significant natural areas.     

加快推进重大政策和重大项目落地,确保生态环境质量总体改善——《“十三五”生态环境保护规划》解读

当前我国环境形势仍十分严峻,"十三五"期间要实现生态环境质量总体改善,需要"硬制度""硬项目"和"硬投入"。文章结合《"十三五"生态环境保护规划》,对其中的重大改革制度政策创新和重大工程项目安排以及资金投入渠道等进行了深入分析解读,提出为确保生态环境质量总体改善,必须积极推动重大改革政策的实施,加快推进重大项目的落地,加大环保资金的投入,优化环保资金渠道。