The Impact of Uncertainty on Banking Behavior: Evidence from the US Sulfur Dioxide Emissions Allowance Trading Program

In this paper, we study empirically whether uncertainty has an influence on trade in the US sulfur dioxide allowances market. In particular, we investigate the role of uncertainty on banking behavior. To do this, we introduce a tractable, structural model of trading permits under uncertainty. The model establishes a relation between banking behavior and risk preferences, especially prudence in the Kimball (1990) sense. We then test this model using data on allowances, for utilities submitted to the US Environmental Protection Agency’s Acid Rain Program, carried over from one year to the next. Evidence is found of imprudence, namely, utilities bank permits in order to favor higher profits. Another finding is that larger utilities do not adopt behavior significantly different from that of smaller ones. This paper was presented at the “International Workshop on Uncertainty in Greenhouse Gas Inventories: Verification, Compliance & Trading” in Warsaw, Poland, September 2004, under the title “Portfolio Management of Emissions Permits and Prudence Behavior.”     

Methodological approach towards the definition of new storage conditions for inert wastes

In 1997, the French Ministry of Environment launched studies aiming to define a specific regulation concerning inert waste disposal in order to limit potential impact of such facilities on the environment by fixing minimum requirements. A model (chemical model/hydrodynamic model) was developed to determine dumping conditions. This model was then applied on two defined scenarios (landfill surface, effective rainfalls...) in order to study the sulphate concentrations in aquifer system immediately downstream from the storage facility. Results allow us to determine in which conditions the sulphates concentrations are compatibles with the potentially drinkable character of the groundwater. They more specifically concern the nature of the waste disposed of, the efficient rainfalls and the landfill area.     

Anaerobic biodegradation of cellulosic material: Batch experiments and modelling based on isotopic data and focusing on aceticlastic and non-aceticlastic methanogenesis

Utilizing stable carbon isotope data to account for aceticlastic and non-aceticlastic pathways of methane generation, a model was created to describe laboratory batch anaerobic decomposition of cellulosic materials (office paper and cardboard). The total organic and inorganic carbon concentrations, methane production volume, and methane and CO₂ partial pressure values were used for the model calibration and validation. According to the fluorescent in situ hybridization observations, three groups of methanogens including strictly hydrogenotrophic methanogens, strictly aceticlastic methanogens (Methanosaeta sp.) and Methanosarcina sp., consuming both acetate and H₂/H₂CO₃ as well as acetate-oxidizing syntrophs, were considered. It was shown that temporary inhibition of aceticlastic methanogens by non-ionized volatile fatty acids or acidic pH was responsible for two-step methane production from office paper at 35 °C where during the first and second steps methane was generated mostly from H₂/H₂CO₃ and acetate, respectively. Water saturated and unsaturated cases were tested. According to the model, at the intermediate moisture (150%), much lower methane production occurred because of full-time inhibition of aceticlastic methanogens. At the lowest moisture, methane production was very low because most likely hydrolysis was seriously inhibited. Simulations showed that during cardboard and office paper biodegradation at 55 °C, non-aceticlastic syntrophic oxidation by acetate-oxidizing syntrophs and hydrogenotrophic methanogens were the dominant methanogenic pathways.     

Fluxes of NO3-, NH4+, NO,NO2, and N2O in an Old Danish Beech Forest

The fluxes of the major nitrogen compounds havebeen investigated in many ecosystem studies over the world.However, only in few studies has attention been drawn to theimportance of the fluxes of minor gaseous nitrogen compoundsto complete the nitrogen cycle. In Denmark a detailed study onthe nitrogen cycle in an old beech forest has been implementedin 1997 at Gyrstinge near Sorø, Zealand. The study includesthe fluxes of the gases NO, N₂O and water mediatedtransport of NO₃ ^- and NH₄ ⁺. Measurementsof the fluxes of the gaseous compounds are performed withmicro-meteorological methods (eddy-correlation and gradient)and with chambers. Water mediated fluxes encompass rain,throughfall, stem-flow and leaching from the root zone. Thehydrological model is verified by TDR measurements. The findings show that the total water mediated N input tothe forest floor with throughfall and stemflow was 25.6 kg Nha^-1 yr ^-1, and open field wet deposition withprecipitation was 19.0 kg N ha^-1 yr ^-1. The internalcycling of N in the ecosystem measured as turnover oflitterfall and plant uptake was 100 kg N ha^-1 yr ^-1and 14 kg N ha^-1 yr ^-1, respectively. The fluxes ofthe gaseous N compounds NO and N₂O were of minorimportance for the total N turnover in the forest, NO_xemission being <1 kg N ha^-1 yr ^-1 and N₂Oemission from the soil being 0.5 kg N ha^-1 yr ^-1 withno significant difference between wet and dry soils.Concentrations of NO₃ ^- and NH₄ ⁺ in thesoil solution beneath the rooting zone are very small andconsequently the N leaching is almost negligible. It isconcluded that the nitrogen mass balance of this old beechforest ecosystem mainly is controlled by the input by dry andwet deposition and a large internal N cycle with a fast litterturnover. The nitrogen input tothe forest ecosystem which currently exceeds the critical loadby 5 kg N ha^-1 yr ^-1is mainly accumulated in the soil and no significant nitrateleaching is occurring.     

Bioremediation of Chromate by Sulfate-Reducing Bacteria, Cytochromes c3 and hydrogenases

The treatment of soils and ground waters polluted by heavy metals is of economical and environmental interest. Reduction of Cr(VI) to the less toxic Cr(III) associated to its precipitation is a potentially useful process for bioremediation. In order to develop ecological processes using micro-organisms, we have compared various sulfate-reducing bacteria for enzymatic reduction of chromate. The best Cr(VI) reductase activity was obtained with Desulfomicrobium norvegicum. Despite morphological changes induced by the presence of chromate, this strain can grow in the presence of up to 500 M Cr(VI) and can decontaminate waters polluted by Cr(VI) when seeded in bioreactors. We have demonstrated the ability of several metalloenzymes (cytochromes c ₃ and hydrogenases) to reduce chromate. Biophysical investigations of the chromate/protein interaction in order to get further informations on the mechanism of metal reduction by cytochromes c ₃ are under the way.     

Printed wiring boards for mobile phones: characterization and recycling of copper

The popularization of mobile phones, combined with a technological evolution, means a large number of scrap and obsolete equipment are discarded every year, thereby causing economic losses and environmental pollution. In the present study, the printed wiring boards scrap of mobile phones were characterized in order to recycle some of the device components, using techniques of mechanical processing, hydrometallurgy and electrometallurgy. The use of the techniques of mechanical processing (milling, particle size classification, magnetic and electrostatic separation) was an efficient alternative to obtain a concentrated fraction (mainly iron in the magnetic fraction and copper in the conductive fraction) and another fraction containing polymers and ceramics. At the end of mechanical processing, a concentrated fraction of metals could be obtained with an average concentration of 60% copper. This concentrated fraction in metals was dissolved in aqua regia and sent to electrowinning to recover 92% of the dissolved copper. The obtained cathodes have a copper content above 95%, which demonstrates the technical feasibility of recovery of copper using the techniques of mechanical processing, hydrometallurgy and electrometallurgy.     

Correlation analysis between sulphate content and leaching of sulphates in recycled aggregates from construction and demolition wastes

In some recycled aggregates applications, such as component of new concrete or roads, the total content of soluble sulphates should be measured and controlled. Restrictions are usually motivated by the resistance or stability of the new structure, and in most cases, structural concerns can be remedied by the use of techniques such as sulphur-resistant cements. However, environmental risk assessment from recycling and reuse construction products is often forgotten. The purpose of this study is to analyse the content of soluble sulphate on eleven recycled aggregates and six samples prepared in laboratory by the addition of different gypsum percentages. As points of reference, two natural aggregates were tested. An analysis of the content of the leachable amount of heavy metals regulated by European regulation was included. As a result, the correlation between solubility and leachability data allow suggest a limiting gypsum amount of 4.4% on recycled aggregates. This limit satisfies EU Landfill Directive criteria, which is currently used as reference by public Spanish Government for recycled aggregates in construction works.     

Collection and recycling of electronic scrap: a worldwide overview and comparison with the Brazilian situation

Recycling and the related issue of sustainable development are increasing in importance around the world. In Brazil, the new National Policy on Solid Wastes has prompted discussion on the future of electronic waste (e-waste). Over the last 10 years, different e-waste collection systems and recycling processes have been applied globally. This paper presents the systems used in different countries and compares the world situation to the current Brazilian reality. To establish a recycling process, it is necessary to organize efficient collection management. The main difficulty associated with the implementation of e-waste recycling processes in Brazil is the collection system, as its efficiency depends not only on the education and cooperation of the people but also on cooperation among industrial waste generators, distributors and the government. Over half a million waste pickers have been reported in Brazil and they are responsible for the success of metal scrap collection in the country. The country also has close to 2400 companies and cooperatives involved in recycling and scrap trading. On the other hand, the collection and recycling of e-waste is still incipient because e-wastes are not seen as valuable in the informal sector. The Brazilian challenge is therefore to organize a system of e-waste management including the informal sector without neglecting environmentally sound management principles.     

Comparative Sustainability Assessment of Starch Nanocrystals

Fossil energy depletion and growing environmental concerns have brought up increasing interest in bio-based eco-efficient and high technology materials. Among them, starch nanocrystals (SNC) consist of crystalline nano-platelets produced from the hydrolysis of starch and mainly used as nano-fillers in polymeric matrix. New applications have brought up the need for scaling-up the SNC preparation process. However, for this new bio-based nano-material to be sustainable, its preparation and processing should have limited impacts on the environment. Thus, together with analyzing and making recommendations for the scaling-up of SNC production process, it is worth identifying “environmentally sensitive” steps using life cycle analysis (LCA). To that purpose, different scenarios have been proposed and compared according to different environmental impacts. Also, a comparison to its main competitor, i.e. organically modified nanoclay (OMMT), is proposed. From a LCA point of view, SNC preparation requires less energy than OMMT extraction, but global warming and acidification indicators were higher than for OMMT. However, SNC have the added advantages to be renewable and biodegradable contrary to OMMT which contribute to non-renewable energy and mineral depletion. Thus, used as filler, SNC have a positive impact on the end of life of the filled material. From these observations, recommendations for the scaling-up of the SNC preparation process are made and deal mainly with the use of land and water.     

Evaluation of landfill leachate treatment by advanced oxidative process by Fenton’s reagent combined with membrane separation system

A high content of refractory organic matter, ammonia and toxic compounds is characteristic of landfill leachate. Advanced oxidative processes (AOPs) are an attractive alternative for landfill leachate treatment. However, when applied as a unique process treatment, they do not provide a complete solution for the effluent treatment. Combining AOP with a membrane separation process (MSP) presents a number of benefits and provides an adequate solution for this problem. With this in mind, the present work aims to evaluate, using a bench scale, leachate treatability through AOP by Fenton’s reagent (AOP/Fenton) combined with microfiltration (MF) and nanofiltration (NF). A high efficient removal of COD (63%), true color (76%) and humic substances (50%) was observed during AOP/Fenton under optimized conditions (1.7 g H₂O₂/g COD_{raw leachate}; FeSO₄·7H₂O:H₂O₂ = 1:5.3; pH = 3.8; reaction conditions = 115 rpm/28 min). According to the evaluated parameters, MSP presented an efficient complementary treatment, in which the integrity of the stages was sufficient for reaching regulatory levels in the effluent (Deliberação Normativa Conjunta COPAM/CERH-MG N^o. 1, May 5, 2008).