ALBERT

Description: The development of this paper was inspired by the increase in the number of different eco-label like quality assurance schemes established in the European Union in the past few years. These schemes are flooding the market and the researchers raise the question, is there enough credibility in these schemes? This piece of research is based on 58 eco-labeling like food schemes and dissects them into the building blocks of the different factors that makes a scheme credible and analyses the structure of these blocks as well as a literature survey on the perceptions of both the consumers and producers to these schemes. The sort of credibility structure that the building blocks of the schemes (ownership, stakeholder dialogue, traceability, transparency, etc.) have created was discussed and it was questioned if they meet the expectations of the consumers. The main findings of the research indicate that although small groups of consumers may be satisfied with a number of the different schemes, the majority of them fall short of providing a credible quality assurance scheme. Improvements were suggested such as involving a more diverse range of stakeholders and expanding the responsibility of processors and retailers. An alternative to the current form of labeling is also discussed.

Description: New energy efficiency policies have been introduced around the world. Historically, most energy models were reasonably equipped to assess the impact of classical policies, such as a subsidy or change in taxation. However, these tools are often insufficient to assess the impact of alternative policy instruments. We evaluate the so-called engineering economic models used to assess future industrial energy use. Engineering economic models include the level of detail commonly needed to model the new types of policies considered. We explore approaches to improve the realism and policy relevance of engineering economic modeling frameworks. We also explore solutions to strengthen the policy usefulness of engineering economic analysis that can be built from a framework of multidisciplinary cooperation. The review discusses the main modeling approaches currently used and evaluates the weaknesses in current models. We focus on the needs to further improve the models. We identify research priorities for the modeling framework, technology representation in models, policy evaluation, and modeling of decision-making behavior.

Description: This book presents important new research on applied eco-efficiency concepts throughout Europe. The aim of eco-efficiency is to achieve market-based measures of environmental protection, in order to enhance the prospects for sustainable development and achieve positive economic and ecological benefits. The distinguished authors discuss a number of themes surrounding eco-efficiency including the necessary conditions for technological dissemination and ecological modernization, and the role of government in enabling businesses and society to participate actively in this process. In particular, they highlight the application of existing European-based policies concerning material flows and energy. The authors also investigate some new concepts of sustainable development and provide a useful introduction to material flows analysis. In further chapters they study the emerging regulatory policies for eco-efficiency, and examine the issues of sustainable business and consumption strategies.

Description: Transnational corporations' (TNCs) economic operations cover numerous countries and can be diverted between several continents. These units have reached a level of significance, having not only economic, but also social and environmental implications. This justifies that they shall be treated separately as a social phenomenon, when considering strategies for the development towards sustainability. This paper presents the concept of Responsible Corporate Governance (RCG), as a strategy to "govern" TNCs. RCG is suggested as a stakeholder based policy instrument, which aims at allocating responsibilities to societal actors aiming at corporate accountability. RCG recognises that the process of societal change is strongly based on what can be called as bottom up-processes. Learning processes take place through the interaction of the different societal members, which eventually leads to macro changes. Therefore, governing TNCs towards sustainability improvements is considered to be a collective process including all stakeholders. Firstly, the paper places the concept of RCG in the ongoing debate of political modernization based on the fact that society develops overtime and the political system must correspondingly modernize. In this context, political overload developed as a consequence of increased resource interdependencies is explained and as a resolution, network approach is discussed. Secondly, demands on the orientation of the TNCs in terms of accountability and innovative action are brought forward. Here, the paper also lists down corporate elements (stakeholder empowered corporate governance, management and performance evaluation systems, transparency enhancement and accountability verification), which need to be in place to attain an accountable orientation in the society. Following, using an analytical framework, the orientation and capabilities of each societal actor (environmental non-governmental organisations, financial institutions, intergovernmental organisations) to affect improvements in the corporate responsibility elements are investigated and recommendations for their effective orientation are listed.

Description: An increasing number of publications about theoretical approaches and new findings illustrate the relevance of the topic environmental risk assessment. The actual discussion about high oil prices is not incorporated under this headline; but it should be, as natural resource scarcity is a crucial economic factor. In practical experience, more and more banks, insurance companies as well as investors realize that there are certain areas with a high correlation between sustainable development and corporate success, corporate risk exposure and corporate performance. In this discussion one of the most obvious topics are risks related to climate change. According to the findings of surveys evaluated in this paper climate change starts to affect economic development and companies' performance in various ways. Over the next decade, economic losses due to climate change are estimated by US$ 150 billion per year. As result world's business leaders have described climate change as the biggest challenge of the 21st century. Hence, the incorporation of climate change as a risk factor is essential, but risks related to climate change feature a severe issue of complex structure and uncertainty; traditional risk assessment tools appear in the light of not being able to either reflect the multifaceted system nor provide sufficient outcomes. Environmental risk assessments in general so far have mainly emphasized - if at all - on actual and possible impacts of the release of materials or emissions (external effects). But an overall sustainable risk assessment has also to take into account the risks related to the inflow of materials. The main reason for neglecting the inflow risks from an environmental perspective can be seen in the fact that these risks seem to be less tangible and more uncertain. Nevertheless, in a world where economic development and the use of natural resources is not uncoupled yet, a steadily increasing economic power will result in a continually rising extraction of resources. As all resources are limited, the risk of scarcity will rise; and the example of water illustrates that it already exists. Indeed, scarcity is not tangible for all kind of resources from a present point of view. Hence, a specified analysis is needed considering different market and supply conditions. A comprehensive analysis of environmental risks needs to encompass risks affecting the output as well as the input side of a value chain. This paper enlarges the discussion on environmental risk assessments upon the input dimension using the example of carbon risks. Firstly, carbon risks are defined as risks related to climate change at the corporate level with a focus on the input as well as the output dimension. Secondly, an analysis of the current discussion on the topic of carbon risk evaluates the status quo of scientific work in this field. Thirdly, in terms of developing a practically oriented tool, the Value-at-Risk approach and it's application to measure input oriented carbon risks are scrutinized. The results discuss how future volatility and market prices can be utilized to describe the uncertainty resulting from markets acknowledging and pricing oil scarcity as a risk factor. Finally recommendations with a focus on strategic management decisions and financial performance analysis are given and further research opportunities are drawn. The conclusion is; once markets have acknowledged the depletion mid-point as a measure of oil scarcity, natural scarcity will result in a significant higher Value-at-Risk. The Value-at-Risk of one barrel of crude oil could then be as high as US$ 15.5 in the short term and even US$ 17.2 in the long term. The scope of this paper is neither intended to predict one likely development nor to demonstrate how this tool can actually work in terms of forecasting single companies' performance. But in order to point the way ahead, this paper provides scenarios for potential future developments and sets a frame for risk assessments due to oil scarcity.

Description: This paper examines the connection between globalisation, with its growth in world trade links, and certain ecological effects especially concerning "North-South" relations. Although world trade in the mid-nineties was significantly uncoupled from growth trends in the world economy, so that since then it has increased nearly three times faster than the global GDP, certain indicators of energy use and CO2 emissions have not developed proportionately to world trade; globalisation evidently does not lead to a situation where pressures on the environment are increasing to the same extent worldwide. This de-linking may, however, result in the kind of shifts that we examine here with reference to the material trade flows of the European Union. It will be shown that, in the course of globalisation, the countries of the EU have increasingly shifted environmental burdens on to the countries of the South, especially in the form of ecological rucksacks of imported raw materials, while at the same time reducing the pressure on their own domestic environment by extracting fewer material resources. Furthermore, goods whose production places intensive pressure on the environment (industrial emissions into the atmosphere and water, heavy metal emissions, etc.) have been increasingly imported from newly industrializing or developing countries. The greater covering of material requirements from foreign resources has served not so much the EU's internal consumption as its own production of export goods; this shows that the EU has an increasing share in the resource requirement of other economies. The paper concludes that it is absolutely necessary to consider the international dimension in any strategy for more productive use of resources in industrial countries. In the long term, the EU's resource use should also be reduced in absolute terms. This will also be necessary in order to reduce the pressure on the environment due to imports and exports.