Green financing,interrupted. Potential directions for sustainable finance in Luxembourg

ABSTRACT

This paper has a quintessentially explorative character. It aims at identifying existing as well as potential (yet missing) links between the finance industry and local businesses that aspire to more sustainable economic practices. Building on the observation that green investments have been gaining weight in global investors’ strategies, we analyse how sustainable – in the most comprehensive sense of the word – green investments could ultimately be(come), when green assets are still managed according to the logic of “financialised finance”. This latter’s technologies of commodification, securitisation and derivatives-trading allegedly oppose alternative economic practices that pursue economic sustainability through social and environmental gains. In contrast, we investigate how the finance industry relates to alternative financial practices, products and organisations that offer sustainability-oriented financing services, – for example, regional banks, cooperatives and the like, – with a specific focus on green, social and solidarity businesses. Both approaches subscribe to apparently contradictory ideologies. We establish a beneficial dialogue between the opposing models of “green capitalism” and “alternative economies” so as to identify potential points of intersection. The context of Luxembourg’s local/regional economies provides a great opportunity to empirically access three levels of investigation: the private sector, the public sector and an international financial centre, a key facilitator for green finance, thus utilising insights from the concept of bricolage. Whilst supporters of Luxembourg’s emerging green finance profile recognise its positive impact on the small country’s national branding, in combination with economic stimuli, more critical commentators point to pure “green washing” effects.     

Fate and degradation of the chemical warfare agent soman on sands

Soman is one of the most toxic nerve agents of the known chemical warfare agents. There is actually few knowledge on the behavior of soman in the event of an environmental contamination. It is in particular unknown whether soman remains on a given surface, evaporates into air, or degrades. Here, we studied the evaporation of soman deposited on silica sand using a laboratory-sized wind tunnel, thermal desorption, and gas chromatography. We also investigated the degradation of soman on silica sand by ³¹phosphorus solid state magic angle spinning nuclear magnetic resonance and gas chromatography–mass spectrometry. Results show that a drop of soman on silica sand spreads laterally while evaporating. The maximum vapor concentration was found when the spreading of the soman drop was maximum on the surface. Simultaneously, soman was absorbed gradually into the pore of sand and degraded to O-pinacolyl-methylphosphonic acid following a pseudo-first-order rate reaction over weeks. To our best knowledge, this is the first report on the fate of soman in a sandy environment.     

Soil and plant biodegradation of chlorpyrifos in fields of cauliflower and brussels sprouts crops

For the protection of early and summer cauliflower and brussels sprouts crops against root fly, the insecticide chlorpyrifos was applied at planting onto soil around the stem of the plant, or in the planting line. In the soil, chlorpyrifos (1) was transformed into the insecticide metabolites oxon, 0,0‐diethyl‐0‐(3,5,6‐tri‐chloro‐2‐pyridinyl) phosphate (2), and 3,5,6‐trichloro‐2‐pyridinol (3). The soil half life time of chlorpyrifos could be 2.8 times greater (42 days relative to 15 days) when the field history as to cauliflower monoculture and insecticide treatments was short (1 year), than when it was long (8 years). Rains and season also had cumulative effects on the chlorpyrifos soil half life times. In the leaves of cabbage, chlorpyrifos and compound 3 were observed at concentrations which were higher, especially when their soil concentrations were high. Chlorpyrifos and compounds 2 and 3 however were not detected in the “flower” of cauliflower, nor in the brussels sprouts itself, the limit of sensitivity being 0.02 ppm of fresh weight.     

The bridge between diversity and adaptivity: Answering McIntosh and Jeffrey

SUMMARY

The emerging concept of industrial ecology (IE) has been applied in practice in few case studies on local/regional industrial recycling networks. Analogously to a natural ecosystem, the aim is to develop material cycles and energy cascades between local cooperative actors. An optimal resource basis of an industrial ecosystem is the sustainable use of local renewable natural resources. In this paper, we consider the region of North Karelia in Finland, with 19 municipalities, and hence somewhat expand the system boundaries of an industrial ecosystem case study. The current situation and two scenarios of municipal heating energy production are presented. The heating system consists of individual, district and electric heating. The heat production and related greenhouse gas emissions are considered. The current fuel use is based on imported oil and regional fuels (peat, wood wastes). Also, shares for co-production of heat and electricity (CHP) are shown. In scenario one, we assume the majority of the fuel basis in oil and absence of CHP. Scenario two illustrates nearly complete dependence on regional wood wastes and firewood with the current share of CHP. The North Karelia region provides the IE theory with a fruitful case study because the supply of waste fuels and local renewables is vast and waste utilisation technologies (CHP, fluidized bed burning) constitute a significant part of energy production. Implications of the applied scenario approach are discussed in the context of regional decision making and, in particular, for its implementation with the concepts of a regional environmental management system (EMS) and a regional industrial ecosystem management system (RIEMS).     

Marsh macrophyte responses to inundation anticipate impacts of sea-level rise and indicate ongoing drowning of North Carolina marshes

In situ persistence of coastal marsh habitat as sea level rises depends on whether macrophytes induce compensatory accretion of the marsh surface. Experimental planters in two North Carolina marshes served to expose two dominant macrophyte species to six different elevations spanning 0.75 m (inundation durations 0.4–99 %). Spartina alterniflora and Juncus roemerianus exhibited similar responses—with production in planters suggesting initial increases and then demonstrating subsequent steep declines with increasing inundation, conforming to a segment of the ecophysiological parabola. Projecting inundation levels experienced by macrophytes in the planters onto adjacent marsh platforms revealed that neither species occupied elevations associated with increasing production. Declining macrophyte production with rising seas reduces both bioaccumulation of roots below-ground and baffle-induced sedimentation above-ground. By occupying only descending portions of the parabola, macrophytes in central North Carolina marshes are responding to rising water levels by progressive declines in production, ultimately leading to marsh drowning.     

Temperature and salinity interactively impact early juvenile development: a bottleneck in barnacle ontogeny

When juvenile mortality or juvenile growth is impacted by temperature and salinity, these factors have a substantial effect on recruitment success and population dynamics in benthic ecosystems. Using freshly settled cyprids of Amphibalanus improvisus, we investigated the combined effects of temperature (12, 20 and 28 °C) and salinity (5, 15 and 30 psu) on early juvenile stage performance. Mortality as well as size (basal diameter, dry weight, and ash-free dry weight) was monitored for a period of 40 days. Mortality was high (42–63 %) during the first week following attachment, regardless of the temperature and salinity treatments. Subsequently, mortality and size were interactively influenced by temperature and salinity. Highest mortality and lowest size of juveniles occurred at lowest temperature (12 °C) and salinity (5 psu). Apparently, low temperature (12 °C) narrowed the barnacles’ salinity tolerance. Juvenile barnacles constructed more shell material compared to body mass at high temperature and high salinity, while a reverse situation was observed at low temperature and low salinity. Our results demonstrate that environmental changes can directly and/or indirectly alter patterns of survivorship and size. Warming and desalination as predicted for the Baltic Sea in the course of climate change may, however, act antagonistically and compensate each other’s isolated effect on barnacles.     

Stable isotopes identify an ontogenetic niche expansion in Antarctic krill (Euphausia superba) from the South Shetland Islands, Antarctica

Antarctic krill (Euphausia superba) occupy a key position in the Southern Ocean linking primary production to secondary consumers. While krill is a dominant grazer of phytoplankton, it also consumes heterotrophic prey and the relative importance of these two resources may differ with ontogeny. We used stable isotope analyses to evaluate body size-dependent trophic and habitat shifts in krill during the austral summer around the South Shetland Islands, Antarctica. We found evidence for an asymmetric, ontogenetic niche expansion with adults of both sexes having higher and more variable δ¹⁵N values but consistent δ¹³C values in comparison with juveniles. This result suggests that while phytoplankton likely remains an important life-long resource, krill in our study area expand their dietary niche to include higher trophic food sources as body size increases. The broader dietary niches observed in adults may help buffer them from recent climate-driven shifts in phytoplankton communities that negatively affect larval or juvenile krill that rely predominately on autotrophic resources.     

Positive relationships between phenol oxidase activity and extractable phenolics in estuarine soils

Decomposition of recalcitrant materials such as phenolics is known to play a pivotal role in organic matter decomposition and nutrient cycling in estuaries. The specific goals of this study were to determine temporal and spatial variations of phenol oxidase and phenolics in estuarine soils, and to elucidate controlling factors for phenol oxidase activity. To achieve these goals, phenol oxidase activity and phenolic content were measured in soils developed along the side of an estuary in the Han River, Korea. Soil samples were collected in three locations with different vegetation: mud flats, Zizania-dominated soils, and Salix-dominated soils. Monthly measurements were also made in a Zizania-dominated site over a year period. Phenol oxidase activity varied between 0.00 and 0.28 diqc min^?1 g^?1, whilst phenolic content ranged from 0.0–10.5 μg g^?1. A correlation analysis revealed that phenol oxidase activity exhibited positive correlations with phenolic content in both seasonal and spatial data. The same relationship was found when the data were analysed separately for each site. Unlike peatlands or upland forest soils where negative correlations were often found between phenol oxidase activity and phenolics, substrate induction appears to account for the positive correlation in the present study.     

Unexpected control of soil carbon turnover by soil carbon concentration

Soils are a key component of the terrestrial carbon cycle as they contain the majority of terrestrial carbon. Soil microorganisms mainly control the accumulation and loss of this carbon. However, traditional concepts of soil carbon stabilisation failed so far to account for environmental and energetic constraints of microorganisms. Here, we demonstrate for the first time that these biological limitations might have the overall control on soil carbon stability. In a long-term experiment, we incubated ¹³C-labelled compost with natural soils at various soil carbon concentrations. Unexpectedly, we found that soil carbon turnover decreased with lower carbon concentration. We developed a conceptual model that explained these observations. In this model, two types of particles were submitted to random walk movement in the soil profile: soil organic matter substrate and microbial decomposers. Soil carbon turnover depended only on the likelihood of a decomposer particle to meet a substrate particle; in consequence, carbon turnover decreased with lower carbon concentration, like observed in the experiment. This conceptual model was able to simulate realistic depth profiles of soil carbon and soil carbon age. Our results, which are simply based on the application of a two-step kinetic, unmystify the stability of soil carbon and suggest that observations like high carbon ages in subsoil, stability of carbon in fallows and priming of soil carbon might be simply explained by the probability to be decomposed.