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The article discusses changes in perception among world population on climate change focusing on environmental disruptions. Climate change and it's impacts on Zimbabwe's socio-economic sectors and farmer's dependence on rainfall and temperature dynamics is discussed. Topics include droughts and floods in Turkey, impacts of agriculture on Turkish economy, and agricultural productivity losses in India. Also discusses is high population density in Bangladesh and urban expansion in Latin America.

Due to climate change, energy dependence and other energy-related issues, most developed countries are attempting to reduce fossil-fuel use in the transport sector. Accordingly, there are several instruments that have been in place for many years, such as mandatory design standards, taxes on fuels, car purchase and ownership, and energy efficiency labels. Yet it is still not clear whether consumers value energy efficiency as a characteristic of vehicles. In this paper we use the European labelling system for light vehicles, which classifies automobiles according to their relative fuel consumption levels, as a novel, alternative indicator for energy efficiency. Moreover, we use a unique database that incorporates official commercial prices along with prices obtained through ‘mystery shopping’ at a selection of Spanish car retailers. We apply the hedonic price method to this database to estimate the price functions for vehicles and thereby obtain the marginal price of vehicles rated highly in terms of energy efficiency. Our results show that vehicles labelled A and B are sold at prices 3 to 5.9 percent higher than those with similar characteristics but lower energy-efficiency labels. [ABSTRACT FROM AUTHOR]

Abstract: In this paper we evaluate two alternative CCS technologies at a coal-fired power plant from an investor's point of view. The first technology uses CO2 for enhanced oil recovery (EOR) paired with storage in deep saline formations (DSF) and the second merely stores CO2 in DSF. The paper updates and improves on an earlier publication by Tzimas et al. (2005). For projects of this type there are many sources of risk, three of which stand out: the price of electricity, the price of oil and the price of carbon allowances. In this paper we develop a general stochastic model that can be adapted to other projects such as enhanced gas recovery (EGR) or industrial plants that use CO2 for either EOR or EGR with CCS. The model is calibrated with UK data and applied to help understand the conditions that generate the incentives needed for early investments in these technologies. Additionally, we analyse the risks of these investments. Investments with EOR and secondary DSF storage can only be profitable (NPV > 0) when there is a high long-term equilibrium price for oil of more than $56.38/barrel. When the investment decision can be made at any time, i.e. there is an option value, then the trigger value for optimal investment is significantly higher. [Copyright &y& Elsevier]

Making decisions about optimal investments in green infrastructure necessitates setting social discount rates. This paper suggests a practical way for determining the discount rate for projects or programmes in which one of the options is to maintain or restore land to an undeveloped state. We propose an “equivalency principle” to derive a simple rule that sets the discount rate. The rule is based on the premise that the long term value of a piece of undeveloped land ought to be at least the same as the value of an identical piece of land in the vicinity to which permission has been granted for development. We illustrate this principle with various case studies and we apply it to a contentious investment project in the Basque Country associated with the regeneration of a large scale harbour that involves reclaiming undeveloped land that has important ecological values, including for the conservation of a marine ecosystem. [ABSTRACT FROM AUTHOR]

Presents a study of the effect of a product charge tax on the car tire market in Hungary using a welfare analysis. Applications of product charges on inputs and outputs; Aims of product charge tax; Estimates of the own-price and cross-price demand elasticities.

The French government has taken a new measure of limiting the exercise of traffic rights to reduce emissions, in particular, the bill to ban short-haul flights where a train alternative of 2:30 h or less exists. Here we quantify the impact of this measure in economic and environmental terms. The results show that although this measure goes in the right direction, it is less effective than expected in reducing greenhouse gas (GHG) emissions from domestic aviation. The adoption of the measure is less ambitious than originally envisaged, and it crucially leaves important domestic air routes out of the ban. As data shows, there is a substitution effect between routes that do not meet the objective of reducing flights and therefore GHG emissions. Moreover, alternative scenarios to the one currently approved have been presented and examined, both in terms of potential extension of routes banned and in substitution effects. Thus, the results show that with this minor modification of the currently approved measure, the substitution effects are removed, and the currently reduced emissions are more than tripled. [ABSTRACT FROM AUTHOR]

This paper analyses both the attributes of carsharing transport modes (station-based and free-floating) and their relationship with other transport modes. Users' and stakeholders' perspectives are synthesized from in-depth interviews in Spain. The elicitation of the comparative advantages of the two carsharing modes with respect to public transport and private vehicles helps identifying factors such as availability of parking, road pricing and convenience that drive the complementary and substitution property of carsharing with other transport modes. Interviews show the limited complementarity of carsharing with public transport, as well as the limited substitutability with private vehicles. Potential policy instruments to make carsharing coexist with public transport are discussed. • This study highlights the limited complementarity and substitution of carsharing with public transport and private vehicles. • The study is based on in-depth interviews with users and stakeholders of free-floating and station-based carsharing. • Convenience in use and economic factors play an important role in motivating carsharing use. • Being considered affordable and cheap, carsharing incurs in the risk of competing with public transport. • Parking and road pricing and policies connecting carsharing and public transport are necessary to improve complementarity. [ABSTRACT FROM AUTHOR]

Many cities around the world are undertaking adaptation planning processes in contexts of considerable uncertainty due to climate risks. However, new evidence suggests that current adaptation policies are failing to fully incorporate risk-related information and knowledge. Understanding how policies account for current and future risks becomes crucial to assess whether they will effectively contribute to reduce vulnerability and increase resilience. Exploiting the synergies between the well-established discipline of disaster risk reduction and climate adaptation may be an interesting option. In this paper we develop an Adaptation-Risk Policy Alignment (ARPA) framework to assess whether (and how) climate change adaptation policies integrate risk knowledge and information. ARPA displays a set of risk-based metrics that we test in four early adapters cities: Copenhagen, Durban, Quito and Vancouver. These cities are considered pioneer cities in the design and implementation of adaptation plans and have the potential to show the full applicability of ARPA. The framework is easy to apply and allows to systematically assess whether and how policies appropriately account for major risks and properly integrate risk management into the policy-making process. We propose that the framework can be used for self-evaluation and learning as well as in large-scale adaptation tracking exercises. • Adaptation tracking has focused largely on the progress of the adaptation process. • There is also a need to understand if adaptation is being effective in increasing resilience. • Risk-based approaches to climate change adaptation could be useful in this context. • We developed a framework to analyse the alignment between adaptation policies and risk. • The framework has been applied to 4 frontrunner cities: Copenhagen, Durban, Quito and Vancouver. [ABSTRACT FROM AUTHOR]

The high degree of uncertainty associated with the extent of future sea-level rise stems primarily from the potential mass loss of the Greenland and Antarctica ice-sheets. We explore the impact of this uncertainty on economic damage due to sea-level rise for 136 major coastal cities. We compare the probability distribution for damage under the assumption of no adaptation for two relative sea-level projections: the RCP 8.5 scenario from the IPCC Fifth Assessment Report and a High-end scenario that incorporates expert opinion on additional ice-sheet melting. We use the 50th and 95th percentiles to estimate expected damage and one risk measure, the Expected Shortfall ES (95%), which represents the impact of low-probability, high-damage coastal flood risk (above the 95th percentile). Aggregate expected damage by 2050 under RCP 8.5 is US$1,600 billion, while the aggregate risk measure ES(95%) is almost twice as much as the average damage at US$3,082 billion. Under the High-end scenario, ES(95%) figures in Guangzhou and New Orleans by 2050 are twice as high as the expected damage. The city of Guangzhou leads the ranking under both scenarios, followed by Mumbai and New Orleans. Our results suggest that it is critical to incorporate the possibility of High-end scenarios into coastal adaptation planning for future sea-level rise, especially for risk-averse decision-making. • We use RCP8.5 and a High-end scenario accounting for additional ice-sheet melting. • We calculate future local sea-level rise distributions for 136 coastal megacities. • By 2070, these two sea-level rise scenarios differ in ~80 cm at the upper tail. • We calculate futures expected (average) damages and two financial risk measures. • The city of Guangzhou always leads the ranking, followed by Mumbai and New Orleans. [ABSTRACT FROM AUTHOR]

The cement sector is highly intensive in CO 2 emissions and is the second biggest industrial sector in terms of emissions after the electricity generation sector. It emits CO 2 from the combustion of fossil fuels, the calcination process and, indirectly, from electricity consumption. The ambitious climate change policy in the EU means that carbon prices and fuel prices are two very important sources of uncertainty that may affect the competitiveness of the sector. This paper focuses on understanding the risk associated with the future price of European Union Emission Trading System allowances. This is done by modelling a stochastic process with parameters calculated using market prices. Risks are valued with the Expected Shortfall and Value at Risk measures over the lifetime of a plant using MonteCarlo simulation: two well-known risk measures in financial economics. Risks are greater and returns lower in the wet process than in the dry one. The paper includes a sensitivity analysis of the effects arising from changes in the prices of allowances as a consequence of a hypothetical drastic change in climate policy, including jumps, withdrawing of free emission allowances and changes in future carbon prices. In this case impacts will also be higher in the wet process. Finally, the paper illustrates the optimal conditions for retrofitting a wet cement plant to convert it to a dry cement plant under uncertainty of the price of carbon allowances. This is done using Real Options Analysis. The trigger price is €114 million for a plant with remaining lifetime of 25 years and a production of one million tonnes. [ABSTRACT FROM AUTHOR]

This study explores how decision makers invest in adaptation to protect against flood risks in response to a) different framings of flood risk information, and b) after experiencing losses from a hypothetical flood event. An incentivised economic lab experiment is conducted on a sample of students in Bilbao (Basque Country, Spain). A 2 × 2 between-subject design is used to measure investment behaviour with and without exposure to a flood risk map and after exposure to impacts framed as economic losses versus number of persons affected. Experience is measured through a 2-period repeated game within-subject design. Flood risk maps and impacts framed as number of persons affected were conducive to more experiential forms of decision-making, while decisions based on impacts framed as economic losses were more cognitive in nature. Those that saw text-only framings used a combination of cognitive and experiential factors for making decisions. While exposure to maps evoked more affect-driven responses, they were associated with lower ratings of positive affect and self-efficacy, and resulted in lower investments in protection compared to text-only framings. Greater experiential processing was found for impact framings based on persons affected, but they were not especially effective at increasing personal relevance of the issue or in driving investments. Individuals who experienced losses from a hypothetical flood event had greater ratings of negative affect, and made subsequent decisions that were more affect-driven in nature. In contrast, individuals who did not experience losses had greater ratings of positive affect, and made subsequent decisions based on primarily cognitive factors. Investments in protection reduced for those who did not experience losses, and remained the same for those who did experience losses. Results suggest that changes in adaptation investments between decision points may be dependent on both the experience (or lack thereof) of losses, as well as the extent to which individuals were risk-averse or risk-taking in previous investment decisions., Competing Interests: The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (© 2021 The Authors. Published by Elsevier B.V.)