Is the convenience yield a good indicator of a commodity's supply risk?

A strong increase in the demand for some commodities over the last decade will have a major impact on their future supply situation. Of increasing importance, therefore, is an assessment of a commodity's criticality, and especially its supply risk, by appropriate indicators. The literature has proposed numerous indicators of the supply risk. Here, we use the convenience yield of commodity futures as a supply risk indicator to address some of the major shortcomings of existing indicators, especially regarding their predictive power. This paper aims to test the applicability of the convenience yield as an indicator of a commodity's future supply risk. Therefore, we calculate historical convenience yields for 3-, 15-, and 27-month futures contracts for five major industrial metals (aluminum, copper, lead, nickel, and zinc) during the period 1999 to 2011. We compare the convenience yields at the beginning of the contract period to known indicators at maturity to find that the convenience yield has generally predictive power for the static stock lifetime (i.e., inventory volume/turnover) and future spot prices. Furthermore, we find that, with some restrictions, the convenience yield is an applicable indicator of a commodity's supply risk.     

Environmental cross-compliance mitigates nitrogen and phosphorus pollution from Swiss agriculture

In 1993 the Swiss agricultural policy was revised with – amongst other goals – the objective of improving the environmental performance of agriculture. A voluntary agri-environmental scheme to promote integrated production (IP) was introduced. In 1999 the IP standards were integrated in cross compliance requirements and termed Proof of Ecological Performance (PEP). We evaluated the effectiveness of this policy in terms of reducing diffuse nitrogen (N) and phosphorus (P) pollution of ground and surface water. We combined monitoring schemes covering the reference period from before the introduction of IP/PEP (1990–1992) with the evaluation of cause/effect relationships in selected case-study areas. The evaluation showed an overall reduction of diffuse N and P pollution from agriculture even though some goals were not reached. Nitrate leaching declined, but only a 3–4 mg L⁻¹ reduction was observed rather than the intended decrease of 5 mg L⁻¹. The P pollution of surface waters from agriculture decreased by only 10–30% instead of 50%. The intended reduction of the nitrogen surplus of Swiss agriculture by 33% was not attained, but the P surplus of Swiss agriculture was more than halved. IP/PEP practices that improved N and P management included reduced N and P fertiliser inputs and pig and poultry feedstuffs with reduced N and P contents, both of which are a consequence of the requirement of equilibrated farm nutrient balances, as well as increased use of cover cropping and of conservation tillage systems.     

New separation protocol reveals spray painting as a neglected source of microplastics in soils

Environmental Chemistry Letters - Microplastics are recently discovered contaminants, yet knowledge on their sources and analysis is limited. For instance, paint microplastics are poorly known...     

Effects of Stocking Rate on the Variability of Peak Standing Crop in a Desert Steppe of Eurasia Grassland

Proper grazing management practices can generate corresponding compensatory effects on plant community production, which may reduce inter-annual variability of productivity in some grassland ecosystems. However, it remains unclear how grazing influences plant community attributes and the variability of standing crop. We examined the effects of sheep grazing at four stocking rate treatments [control, 0 sheep ha^?1 month^?1; light (LG), 0.15 sheep ha^?1 month^?1; moderate (MG), 0.30 sheep ha^?1 month^?1; and heavy (HG), 0.45 sheep ha^?1 month^?1] on standing crop at the community level and partitioned by species and functional groups, in the desert steppe of Inner Mongolia, China. The treatments were arranged in a completely randomized block design over a 9-year period. Standing crop was measured every August from 2004 to 2012. Peak standing crop decreased (P < 0.05) with increasing stocking rate; peak standing crop in the HG treatment decreased 40 % compared to the control. May–July precipitation explained at least 76 % of the variation in peak standing crop. MG and HG treatments resulted in a decrease (P < 0.05) in shrubs, semi-shrubs, and perennials forbs, and an increase (P < 0.05) in perennial bunchgrasses compared to the control. The coefficients of variation at plant functional group and species level in the LG and MG treatments were lower (P < 0.05) than in the control and HG treatments. Peak standing crop variability of the control and HG community were greatest, which suggested that LG and MG have greater ecosystem stability.     

Fungal inoculum properties: extracellular enzyme expression and pentachlorophenol removal by New Zealand trametes species in contaminated field soils

This study was conducted to improve the ability of indigenous New Zealand white-rot fungi to remove pentachlorophenol (PCP) from contaminated field soil. The effects of different bioaugmentation conditions on PCP removal and extracellular enzyme expression were measured in the laboratory. The conditions were fungal growth substrate and co-substrate composition, culture age, and Tween 80 addition to the contaminated soil. The fungi used were Trametes versicolor isolate HR131 and Trametes sp. isolate HR577. Maximum PCP removal was 70% after 7 wk from a 1043 mg kg(-1) PCP-contaminated soil inoculated with an 11-d-old fungal culture of T. versicolor isolate HR131. There was minimal production of undesirable pentachloroanisole by the fungi. Tween 80 addition had no affect on PCP removal. Poplar sawdust was more suitable as a fungal growth substrate and a co-substrate amendment for PCP removal and extracellular enzyme expression than the locally available pine and fir sawdust. Pentachlorophenol removal was not necessarily correlated with extracellular enzyme expression. The research results demonstrate that PCP biodegradation was affected by inoculum culture age, by the presence of a co-substrate amendment, and by growth substrate composition after white-rot fungal bioaugmentation into PCP-contaminated field soils.     

The age of E-mail Submission has passed — The Age of ESS Submission has arrived

Preface

The age of E-mail Submission has passed — The Age of ESS Submission has arrived     

Substituting pollution taxation for general taxation: Some implications for efficiency in pollutions taxation

Earlier papers have recognized that nonenvironmental benefits will be realized if pollution taxes are substituted for other taxes which impose efficiency losses on society. The purpose of this paper is to investigate the importance of these nonenvironmental benefits for the design of an efficient pollution tax. It is found that the efficient tax may be higher or lower than that conventionally defined as optimal, and that the net benefit from unrestrained pollution can have important implications for the size of the tax.     

Heavy metal speciation and phytotoxic effects of three representative sewage sludges for agricultural uses

The environmental impact of sewage sludges depends on the availability and phytotoxicity of their heavy metal. The influence of representative sludges (dewatered anaerobic, pelletization, and composted sludge) on the availability of heavy metals, and their effects on seed germination were compared. The total heavy metal concentrations were below the maximum permitted for land-applied waste and the differences among them were small. The DTPA-extracted metal concentrations were rather different. The sequential extraction of the compost showed a slight increase in Cd and Cu availability, and a decrease in the availability of Fe, Mn, Ni and Zn. Pelletization increased the availability of Ni and slightly reduced that of Cr. The dewatering sludge led to greater availability of Cr and Mn but reduced the concentration of Cd. The three different sludges also affected seed germination and root elongation in different ways. The most serious adverse effects were caused by the dewatered sludge extract.     

Evaluating the impact of water conservation on fate of outdoor water use: a study in an arid region

In this research, the impact of several water conservation policies and return flow credits on the fate of water used outdoors in an arid region is evaluated using system dynamics modeling approach. Return flow credits is a strategy where flow credits are obtained for treated wastewater returned to a water body, allowing for the withdrawal of additional water equal to the amount returned as treated wastewater. In the return credit strategy, treated wastewater becomes a resource. This strategy creates a conundrum in which conservation may lead to an apparent decrease in water supply because less wastewater is generated and returned to water body. The water system of the arid Las Vegas Valley in Nevada, USA is used as basis for the dynamic model. The model explores various conservation scenarios to attain the daily per capita demand target of 752 l by 2035: (i) status quo situation where conservation is not implemented, (ii) conserving water only on the outdoor side, (iii) conserving water 67% outdoor and 33% indoor, (iv) conserving equal water both in the indoor and outdoor use (v) conserving water only on the indoor side. The model is validated on data from 1993 to 2008 and future simulations are carried out up to 2035. The results show that a substantial portion of the water used outdoor either evapo-transpires (ET) or infiltrates to shallow groundwater (SGW). Sensitivity analysis indicated that seepage to groundwater is more susceptible to ET compared to any other variable. The all outdoor conservation scenario resulted in the highest return flow credits and the least ET and SGW. A major contribution of this paper is in addressing the water management issues that arise when wastewater is considered as a resource and developing appropriate conservation policies in this backdrop. The results obtained can be a guide in developing outdoor water conservation policies in arid regions.