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Real option analyses are broadly discussed in economics and finance and multiple application examples have been published over the last centuries. Different calculation methods for option values have been presented and successfully implemented in theoretical case studies and practical applications. Especially in application-oriented publications, however, there is often no detailed explanation, why a specific calculation method has been chosen and which effects this may cause regarding the results as well as the transparency and practicability of the method. Therefore we will present a brief overview of the type of applications we consider - investments in emission abatement investments for large industrial plants, typically of the energy, steel or chemical sector. These investments have some specific characteristics, most importantly they are usually not economically reasonable as they do not generate noteworthy revenues, but are enforced by political regulations. We will discuss how the specific features and assumptions can be "translated" in the financial language of option valuation. Afterwards, an overview of the most relevant option valuation methods will be provided, considering analytic, numeric and stochastic approaches. Finally, the applicability of the considered approaches to the above mentioned type of investment decisions is assessed and possible influences on results and implementation are derived thereof from a methodology oriented perspective. For the considered application, the stochastic simulation method "Least Squares Monte-Carlo-Simulation" extended by the "Exercise Boundary Parameterization Approach" seems a very promising approach due to its flexibility and the distinct deduction of a stopping rule for American ...

Forests can contribute to the reduction of carbon emissions by storing carbon in standing biomass or in products made of wood. Alternatively, harvested biomass can be used as bioenergy and replace fossil fuels. This thesis analyses the cost-efficiency of introducing forest carbon sequestration (FCS) into EU climate policy. Quantification of the potential and cost of FCS is important from a policy perspective, since this abatement method is being considered for inclusion in future EU climate policy. The quantification in this thesis is based on a mathematical optimisation model that aims to find the least costly combination of abatement strategies to reach a specific carbon emission target. The model covers the EU-27 member states and can be applied in static and stochastic form (paper I) or dynamic form (paper II-IV). The main research questions investigated in the four separate studies are: i) The cost-efficiency and equity of including FCS in EU climate policy to 2020; ii) whether it is worth increasing FCS at the expense of bioenergy and forest products; iii) whether renewable energy forms (wind, hydro and photovoltaics) can compete with FCS as abatement methods; and iv) what the effects of climate change in terms of increased/reduced FCS will be during the current century and the accompanying implications on the cost of EU climate policy. The results, which can be useful for policy making, demonstrate cost efficiency in using FCS as an abatement method. However, this may be at the expense of reduced equity among EU member states, since forests are distributed unequally throughout the EU. Furthermore, FCS seems to be a more cost-efficient option in terms of carbon abatement than bioenergy and, to some extent, forest products. This is also the case when comparing the cost-efficiency with that of renewables, even on modelling renewables with endogenous technological change in the form of learning-by-doing. The results provide indications of increasing FCS during the current century due to climate change, in particular in northern Europe, where warmer seasons and more precipitation are expected. This would have a positive effect on the cost of reaching the emissions target, meaning that the overall abatement cost would be reduced.

© 2020, Springer-Verlag GmbH Germany, part of Springer Nature. Assessing the marginal abatement costs (MACs) of emissions improves the understanding of the extent of current CO2 mitigation and provides regions and industries with information on how to mitigate emissions cost-effectively. This study proposes a hybrid method to evaluate the MAC. It combines the strengths of bottom-up engineering methods and top-down economy-wide methods. A parametric directional distance function is employed to estimate the MAC from an economic perspective, and the abatement level is further incorporated to generate increasing curves, similar to the outcomes derived from an engineering perspective. In addition, this method takes into consideration whether the abatement level exceeds the abatement potential with current production technologies so as to provide a more realistic estimation of the MAC curves. The proposed technique is applied in estimating the carbon emission MAC in China's petroleum industry. The estimation results indicate that (i) the MAC of China's petroleum industry would change from 9821 to 16,307 yuan/ton when the abatement level increases from 1 to 50%; (ii) this industry would spend 36.5 to 42.5 billion Chinese yuan annually to achieve China's CO2 reduction target proposed in its Intended Nationally Determined Contributions (NDCs); (iii) assigning the CO2 reduction targets based on the estimated MAC curves instead of the traditional grandfathering abatement target assignment would help to save China's petroleum industry an additional 29.97 to 33.65% in abatement costs when achieving the NDCs. The MAC curves estimated in this study indicate more accurate relationships between abatement levels and abatement costs, and hence provide decision-makers in industries and governments with a more reliable instrument to determine the prices of emissions permits, total abatement costs, and implementation strategies in an emissions trading scheme.

Hearings held July 8-Nov. 12, 1971, in various cities. ; v. 1. Construction noise.--v. 2. Manufacturing and transportation noise (highway and air.)--v. 3. Urban planning, architectural design; and noise in the home.--v. 4. Standards and measurement methods, legislation and enforcement problems.--v. 5. Agricultural and recreational use noise.--v. 6. Transportation noise (rail and other). Urban noise problems and social behavior.--v. 7. Physiological and psychological effects.--v. 8. Technology and economics of noise control; National programs and their relations with state and local programs. ; Mode of access: Internet.

Since the 1990s, articles have widely used MAC curves to analyse the best alternatives in terms of cost-effectiveness when deciding to abate a negative externality. Most of the articles are related to CO2 abatement as the main externality to be reduced, and the main advantages and disadvantages of the MACC tool are presented in the literature review presented here. Finally, it is determined whether the curve is a definitive method for analysing and elaborating policy and business decisions or whether the tool needs to correct the methodology to increase the scientific consensus.

Cover -- Contents -- Preface -- Acknowledgments -- Ch 1 Overview -- Policy Context -- Method and Plan of the Study -- Principal Findings -- Ch 2 Baseline Emissions under Business as Usual -- Framework -- Decomposing Emissions Trends, 1990-2006 -- Baseline through 2030 -- Extending the Baseline through 2050 -- Ch 3 Abatement Initiatives in the Copenhagen Accord and Cancún Agreements -- Copenhagen Accord Pledges -- Cancún Agreements -- Ch 4 Abatement Cost Functions -- Top-Down and Bottom-Up Models -- RICE Model -- EMF 22 Models -- McKinsey Model -- Ch 5 Abatement Costs through 2050 -- Copenhagen Convergence (CopCon) -- Abatement Costs under the Copenhagen Convergence Scenario -- Other Model-Based Estimates -- Alternative Abatement Paths -- Ch 6 Trade and Timing -- Shadow Price of Carbon Dioxide -- Ch 7 Estimating Investment Requirements and Adaptation Costs -- International Energy Agency -- World Bank -- Investment Levels Implied by Abatement Cost Estimates -- Adaptation -- Ch 8 Synthesis -- The 100 Billion Copenhagen Commitment -- Estimates of This Study -- Appendices -- References -- Index.

Biofuel research and development roadmap is currently underway in several countries and is expected to pave a way for the establishment of a viable renewable energy sector that can compete with petroleum-based fuels. Ethanol fermentation has garnered increasing attention amongst various stakeholders (industries, governments, and academia) due to its economic and environmental merits. However, microbial contamination continues to be one of the major barriers in ethanologenic processes, resulting in low ethanol yields and thereby translating into economic losses. To this end, technological innovations geared towards effective elimination of microbial contamination are constantly being developed. This review explores and discusses the fermentation conditions that facilitate the growth of undesired microorganisms during ethanol fermentation processes. It highlights the methods that are currently used in biorefineries as well as innovative and advanced biotechnological methods currently being evaluated as viable alternative strategies to control or eliminate microbial contaminants in ethanol fermentations. These methods have the potential to minimize or control the contamination problem and could pave a way for the development of an efficient biofuel sector

Biofuel research and development roadmap is currently underway in several countries and is expected to pave a way for the establishment of a viable renewable energy sector that can compete with petroleum-based fuels. Ethanol fermentation has garnered increasing attention amongst various stakeholders (industries, governments, and academia) due to its economic and environmental merits. However, microbial contamination continues to be one of the major barriers in ethanologenic processes, resulting in low ethanol yields and thereby translating into economic losses. To this end, technological innovations geared towards effective elimination of microbial contamination are constantly being developed. This review explores and discusses the fermentation conditions that facilitate the growth of undesired microorganisms during ethanol fermentation processes. It highlights the methods that are currently used in biorefineries as well as innovative and advanced biotechnological methods currently being evaluated as viable alternative strategies to control or eliminate microbial contaminants in ethanol fermentations. These methods have the potential to minimize or control the contamination problem and could pave a way for the development of an efficient biofuel sector

In the current age of science and technology, our lives have become dominated by countless scientific and technological innovations without which the earth would be a much poorer place. Life as we know would become absolutely bleak and boring without the inventions and advances being made all over the globe. In fact, scientific inventions, discoveries and innovations have ushered in a dramatic revolution in virtually every sphere of life. But at the same time, the skewed use of technology is at loggerheads with the environment. We, and our environment, now face a number of critical challenges and it is in response to this that we wrote this book to raise awareness for environmental issues and related management aspects. With a primary focus on Environmental Management – the rational reconciliation of man and nature, which involves the judicious exploitation and utilization of natural resources without disturbing the ecosystem's balance – it will thus help to improve the relationship between man and environment. Moreover, it offers a wealth of ready-to-use material for advanced undergraduate and graduate students of Environment and Water Management. The book systematically addresses a range of key aspects, e.g. scientific principles, methods and ideas, as well as life-long learning skills for students. Further, it provides a solid foundation for applying scientific approaches to environmental problems. .

Originally presented as the author's thesis, University of California, Berkeley. ; Includes bibliographical references (pages 105-108). ; Mode of access: Internet.

Long-term decisions, such as decisions about carbon abatement, are usually based on the implausible assumption of constant social preference. This paper focuses on a specific case of market and nonmarket goods, and it investigates the optimal climate policy when social preference for them is also changed by climate policy in a seminal climate-economy model: the Dynamic Integrated Model of Climate and the Economy (DICE) model with a single objective to maximize market goods consumption. We amend DICE to study an optimization problem that trades off the values of market and nonmarket goods, considering endogenous preferences. The relative price of non-market goods grows over time because of increases in both relative scarcity and the appreciation that represents the preference of it. As nonmarket goods are increasingly valuable relative to market ones, climate damages on nonmarket goods are increasingly expensive. The social cost of carbon, which aggregated climate impact on both goods, is consequently higher. Because abatement decision affects the valuation of nonmarket goods in the utility function, unlike previous climate-economy models, we solve the model iteratively by taking the obtained abatement rates from the last run as inputs in the current run. The results in baseline calibration advocate a more stringent climate policy, where endogenous social preference to climate policy raises the social cost of carbon further by roughly 12%–18% this century. Moreover, neglecting changing social preference leads to an underestimate of nonmarket goods damages by 15%. Climate policy is self-reinforced if it favors the more expensive consumption good. The proposed method can be applied to other long-term problems with endogenous preferences. Funding: H. Liao appreciates the funding from the National Natural Science Foundation of China [Grants 71925008, 72293603, and 72488101].

The present paper describes several mathematical models designed to control, through regulations, the locations and quantities of air pollution emissions. A Gaussian diffusion model is used in order to build an air-pollution transfer-coefficient matrix. Given the rate of increase in production and subsequently emission of air pollution, the model developed demonstrates how the permitted level of pollution emission can be set for each locality or industry, and how it is possible to assign methods of abatement and to measure their effectiveness. Finally the general abatement—location model is developed. This model simultaneously allocates industries to subareas and assigns control methods to the various industries so as to conform with the air quality standards set forth.

AbstractThe paper describes the approach and methods used during a three‐year programme to improve river‐water quality in an area seriously affected by agricultural pollution.Low base‐flow river systems serving clay catchments exhibit flash characteristics which required long‐term permanent solutions to ensure improved river water quality under all weather conditions. The approach which was used needed to identify polluters and convince them (a) that effective remedies had to be found and implemented within a reasonable time scale, and (b) that there would be serious consequences of failure to undertake improvements. The initial contact with dischargers, the attitudes adopted and responses received are considered and discussed. Progress throughout each phase of the programme, the solutions used and the degree of improvement achieved are assessed. Legislative changes during the period of the programme, other factors influencing agricultural pollution of watercourses, and likely future implications of these, are discussed.The success of the programme resulted in the elimination of all major sources of agricultural pollution.