With substantial risks arising from resource constraints on global growth, serious questions are being posed about how a scarcity of finite resources may impact global social and political fragility. The research which forms the core of this book focuses on how this scarcity will impact the financial sector, especially through insurance, pension and banking activities. The UK finance sector, which is considered to be amongst the most globalised, is placed under the microscope, and its approaches to food and oil are particularly noteworthy. Interviews with senior financial experts are analysed alongside more traditional quantitative economic analysis to explore potential future impacts, the scope of natural resource constraints and their impact on the economy.

The decision to invest in oil field development is an extremely complex problem, even in the absence of uncertainty, due to the great number of technological alternatives that may be used, to the dynamic complexity of oil reservoirs - which involves mul- phase flows (oil, gas and water) in porous media with phase change, and to the c- plicated combinatorial optimization problem of choosing the optimal oil well network, that is, choosing the number and types of wells (horizontal, vertical, directional, m- tilateral) required for draining oil from a field with a view to maximizing its economic value. This problem becomes even more difficult when technical uncertainty and e- nomic uncertainty are considered. The former are uncertainties regarding the existence, volume and quality of a reservoir and may encourage an investment in information before the field is developed, in order to reduce these uncertainties and thus optimize the heavy investments required for developing the reservoir. The economic or market uncertainties are associated with the general movements of the economy, such as oil prices, gas demand, exchange rates, etc. , and may lead decision-makers to defer - vestments and wait for better market conditions. Choosing the optimal investment moment under uncertainty is a complex problem which traditionally involves dynamic programming tools and other techniques that are used by the real options theory.

This book presents narratives, perspectives and policies on the Arctic and brings to fore the strategies of five Asian countries - China, India, Japan, Republic of Korea and Singapore who were granted the status of Permanent Observers in the Arctic Council in 2013. The book also captures Arctic countries' reactions to Asian approaches, and their expectations from these countries. The melting of the polar sea-ice induced by climate change has placed the Arctic region in the forefront of global scientific, economic, strategic and academic interest. The discourse involves a number of issues such as claims of the littoral countries to the continental shelves of the region, the management and exploitation of its living and non-living resources, the rights and interests of indigenous communities, and the prospects of new ice-free shipping routes. The contemporary discourse also suggests that the Arctic region presents challenges and offers opportunities for the international community. These issues have given rise to new geopolitical, geoeconomic, and geostrategic dynamics amongst the Arctic littorals, and led to the growing interest of non-Arctic states in the affairs of the Arctic. It is evident that the Asian countries have a variety of interests in the Arctic, and the grant of Permanent Observer status to these countries is an acknowledgement of their capabilities. These countries are keen to explore opportunities in the Arctic, and have begun to formulate appropriate long-term national strategies. The preliminary approach of the Asian Observer countries has rightly been to graduate from 'involvement' to 'engagement' in the Arctic, which seems to have generated significant interest amongst analysts. This book helps to understand the approaches of various Arctic and non-Arctic stakeholders, in light of the evolving dynamics in the region.

This Handbook assembles new contributions from influential authors such as Herman Daly, Paul Ekins, Marina Fischer-Kowalski, Jeroen van den Bergh, William E. Rees, Peter Bartelmus and Tim Jackson, who have helped define our understanding of growth and sustainability, as well as new thinking on topics such as degrowth, the debt-based financial system, cultural change, energy return on investment, shorter working hours and employment, and innovation and technology. Explorations of these issues can deepen our understanding of whether growth is sustainable and, in turn, whether a move away from growth can be sustained. With issues such as climate change looming large, our understanding of growth and sustainability is critical. This Handbook offers a broad range of perspectives that can help the reader decide: growth? Sustainability? Both? Or neither? Contributions are drawn from a wide range of disciplinary perspectives including economics, sociology, political science, philosophy, engineering and journalism, placing the work of established luminaries alongside emerging scholars who offer fresh new perspectives. A special section dedicated to exploring 'growth imperatives' that make transitioning away from economic growth difficult is provided, and the book includes a focus on cultural change and economic growth. Scholars, students and practitioners interested in ecological economics, sustainability and environmental studies will all find much of value in this multifaceted and comprehensive volume. Contributors: P. Bartelmus, B. Bartkowski, H.S. Brown, H. Daly, B. Dolter, P. Ekins, K.-H. Erb, M. Fischer-Kowalski, T. Green, H. Haberl, M. Hadjikakou, C. Hall, A. Hayden, T. Jackson, G. Kallis, A. Levy, R. Matthais, J. Meadowcroft, M. Paez-Victor, S. Pressman, S. Quilley, W. Rees, H. Schindler, F. Schneider, R. Scott, F. Sekulova, J. Steinberger, S. Strunz, P. Timmerman, J. Van Den Bergh, P.J. Vergragt, P.A Victor, T. Wiedmann

This volume is a collection of essays that provide a comprehensive coverage of multiple aspects of the discourse on environment, development and sustainability. It is designed to bring in a host of perspectives highlighting the synergies and the trade-offs in this debate, showcasing research along with policy implications of putting research into use. The global discussion on sustainability paints the broad canvas for this book. This volume aims to probe some contemporary issues that will help in understanding the sustainability narrative in India. The topics span over a host of questions on energy, environment, natural resources and related constituents of development. The discourse further extends to the role of economic modelling, public policy debates, political intervention, stakeholders' response, community participation and so on. The discussions are often based on empirical support, review of existing literature as well as policy analysis. With an ultimate aim to understand the overall development narrative of the people of India, the discourse takes in its ambit the nuances of resource utilisation, economic growth, COVID-19 impacts, competitiveness and market structures, urbanization, sectoral reforms, environmental hazards, climate change, pollution, natural resource accounting and management to name a few. The book is divided into four sections, namely, The Big Picture: Evolving Perspectives; The Energy Scenario: Dilemmas and Opportunities; Sustainability Cross-Cuts: Developmental Aspects and Externality Empirics: Knowledge and Practice. The first section contains commentaries on the overarching themes of economic growth, development and sustainability. It presents some emerging perspectives on the developmental crisis that has emerged through the environmental lens with additional focus on the need for inclusion of creativity, knowhow, technology and financial resources to achieve the ambitious SDG targets. The second section brings out the dilemmas and opportunities in the energy sector, that has been a key player in discussions of sustainability, especially for India where significant technological advances in conventional forms of energy supply coexists with fairly low levels of per capita energy consumption and energy security is a key challenge. The section on sustainability crosscuts attempts to highlight the problems and processes of mainstreaming the sustainability question into conventional thinking through the concepts of a circular economy, green accounting techniques, institutional and governance structures, public policy and inclusive growth, amongst others. The last section presents some empirical studies on environmental externalities, the unaccounted environmental effects of economic production and consumption and finally the behavioural aspects of the stakeholders that are crucial in the larger narrative of sustainable development. This edited volume contains contributions of reputed scholars from various Indian universities, research institutions and professionals from outside academia, who are proven experts in their fields. The link between policy, practice, and well-being of the large vulnerable population of India is the major focus of enquiry that will help researchers, practitioners and policy planners in conducting further research in energy, environment, resource and linked areas of development economics. General readers with an active interest in energy, environment, and economic development are also likely to find this book an interesting read, especially in the times of several environmental challenges facing humankind.

Growth, Employment, Inequality, and the Environment deals with the fundamental economic problems of our time: employment, inequality, the environment, and quality of life. This exciting new volume is unique in that it is the first book of its kind in which these problems are analyzed using a unified theory framework. Figueroa achieves his goal by addressing two significant problems. First, to solve the epistemological challenges of building unity of knowledge, he presents a unified theory of capitalism. Second, he considers the epistemological problem of the role of theory in scientific knowledge. This book therefore deals with a consistent theoretical system. That having been said, these theories which contain logically correct propositions may turn out to be empirically false. In order to avoid this error, some rules of scientific knowledge are needed. Growth, Employment, Inequality, and the Environment presents a method that contains such rules. The method is derived from the Popperian epistemology, making it operational in economics. The proposed unified theory is therefore empirically valid; it is a good approximation of the real world. Theoretical economics is thus treated under explicit epistemological rules: theory is the servant, not the master.

Although the title of this volume and its major focus will be on one major aspect of global sustainability - climate change - this volume continues with the overall framing of the series: global sustainability is a multi-faceted, global, multi-generational, economic, social, environmental, and cultural phenomenon and challenge to our species.

Authorities in the fields of environmental and international law and policy, political science, environmental technology, and public administration compare and contrast the ways in which the United States and the European Union handle similar environmental issues. The contributors critically analyze the influence of culture and history on the way apparently "similar" developed democracies handle the same problems; they examine the center-state relationship as it applies to EU member countries in contrast to states within the United States; they look at the challenge of transboundary, international, and global environmental problems, and how these relate to the still-emerging geopolitical reconfigurations involved in such structures as NAFTA and the EU; and they examine how transnational resources are handled in the North American and EU contexts. Randall Baker has assembled leading experts who examine significant issues for policymakers and environmentalists in North America and Western Europe.

Corporations must decide how much to invest in the natural capital (e.g., air, water, land, and forests) that they depend upon for their economic survival. How do they project the costs of essential investments under conditions of scientific and legislative uncertainty? An innovative roadmap is laid out with the help of a case study based on the actual experiences of a forestry company that made such an attempt. Everyone interested in developing a long-range environmental strategy will find this book instructive: senior corporate management, accountants, internal auditors, academics, students, and environmentalists. Based on the author's research for the United Nations, a new methodology is advanced to compute fuller costs. In addition to practical guidance on the theory and practice of calculating these costs, the author illustrates alternatives to traditional capital budgeting models. A whole range of concepts and applications are offered on natural capital; intergenerational equity; waste minimization; asset depletion rates; application of risk-management principles to costing natural capital; off-balance sheet natural assets; modern definition of profit for natural and business capital. Pioneering reporting methods for returns on investment and product costs are recommended in the concluding chapters.

This edited volume expands the scope of risk management beyond finance to include resources and environment issues in China. It presents the state-of-the-art approaches of using risk management to effectively manage resources and environment. Both case studies and theoretical methodologies are discussed.

The current paradigm of forest economics is based on Faustmann Formulation (FF) of land expectation value proposed by Martin Faustmann. It was a great achievement by a forester to propose a formulation that captures some fundamental economic features of capital theory which. However, the followers of the FF approach have trapped themselves into the past, and have not shown any indication of economic acumen of the great Faustmann. This has resulted in a common problem in the current paradigm of forest economics, known as Faustmann Forest Resource Economics (FFRE), to prescribe the application of a single (FF) approach to all situations irrespective of the specific features of the situation. The current state of forest economics is similar to that of neoclassical economics, and is full of inefficiencies. In neoclassical economics, inefficiencies are due to its "locked-in" position in rational economic man, while in forest economics inefficiencies are due to its "locked-in" position in the FF. The focus of this volume is on the new paradigm of forest economics termed as Post-Faustmann Forest Resource Economics (PFFRE). The first chapter lays the foundation of the PFFRE, and presents the key distinctions between the FFRE and the PFFRE. The volume includes twelve other chapters that address issues related to forest economics from perspectives different than the FFRE. Chapter 2 to 6 are focused on issues related to human behavior that is different than the rational economic man, Chapter 7 and 8 on public choice theory, Chapter 9 and 10 on systems approaches, and Chapter 11 to 13 on incremental approaches to incorporate new features in the FFRE.

Tourism economics is partly based on established principles from the economics discipline, but it also incorporates elements from sociology, psychology, organization theory and ecology. It has over the years turned into an appealing multi-disciplinary oriented approach to the understanding of the impacts of leisure time in a modern society, including cultural heritage, sustainable quality of life, and industrial organization of the hospitality industry. The increasing dynamics in the tourist industry and its worldwide effects will continue to attract the attention of both the research and the policy sector in the years to come. Rather than speculating on non-observed facts, there is a clear need for evidence-based research in order to map out the complex dynamics of the tourist industry. The present volume comprises novel studies - mainly of a quantitative-analytical nature - on the supply, demand and contextual aspects of modern tourism. It contains a sound mix of theory, methodology, policy and case studies on various tourism issues in different parts of the world.

This book explores effective environmental impact mitigation for petroleum-based lubricants to reduce their negative persistence during usage and upon end-of-life disposal. The book reviews the basic tribology of lubricants as well as initiatives that may enhance the environmental and economic effectiveness of lubricating oils from the composition design perspective across industries. Considering the blending, application, and disposal of petroleum lubricants in a holistic manner, the book presents and extends current best practices that minimize or eliminate adverse environmental impact throughout the product's life cycle. The book reviews methods including: raw material substitution, minimizing oil losses during and after manufacturing, raw material and energy consumption reduction, and environmentally friendly applications of oil disposal as ways forward for cleaner and more effective production. This book provides readers with strategies for incorporating cleaner production practices into their operations - a benefit to both environmental legal compliance and business competitiveness - all the while preserving the environment for sustainable development. The book is therefore of interest to both manufacturers and consumers in the lubricants industry.

This volume presents the outcome of an Agriculture Workshop organized by the Gulf Research Centre Cambridge (GRCC) and held at Cambridge University, UK during the Gulf Research Meeting 11-14 July 2012. Co-directed by the editors, the workshop, entitled Environmental Cost and Changing Face of Agriculture in the Gulf States was attended by participants from Australia, Bahrain, India, Kuwait, Oman, Saudi Arabia, Turkey, UAE, UK and Morocco. These scientists, educators, researchers, policy makers and managers share their experience in agriculture in the Gulf States, with the aim of helping to improve agriculture production and thus bridge the gap between local production and the food import.

The papers gathered here were presented at the workshop and have all passed through rigorous peer review by renowned scientists. The diverse papers present various aspects of agriculture production in the evolving face of climate change and dwindling water resources in the region. The book covers topics such as the prospects of agriculture in a changing climate; the potential of climate-smart agriculture; the impact of food prices, income and income distribution on food security; improved efficiency in water use; challenges in using treated wastewater in agriculture; investment in foreign agriculture and agricultural research and development. The papers span the nations of the Gulf Cooperation Council, with specific case studies set in Oman, Bahrain and Kuwait."

A major objective of this volume is to create and share knowledge about the socio-economic, political and cultural dimensions of climate change. The authors analyze the effects of climate change on the social and environmental determinants of the health and well-being of communities (i.e. poverty, clean air, safe drinking water, food supplies) and on extreme events such as floods and hurricanes. The book covers topics such as the social and political dimensions of the ebola response, inequalities in urban migrant communities, as well as water-related health effects of climate change. The contributors recommend political and social-cultural strategies for mitigate, adapt and prevent the impacts of climate change to human and environmental health. The book will be of interest to scholars and practitioners interested in new methods and tools to reduce risks and to increase health resilience to climate change.

The major elements of environmental economics are clearly described and illustrated for the noneconomist in this timely work. Business practitioners, environmental scientists, planners and engineers, and students will gain a broad understanding of what economics may contribute to environmental assessment and decisionmaking. The presentation is largely nonmathematical.

Emphasizing critical assumptions and intuitive logic, this overview of the theoretical foundations allows readers from a variety of backgrounds to develop and apply tools needed to function effectively in the increasingly important field of environmental management. In addition, this book is appropriate for one- and two-semester courses and professional development programs.

This edited volume presents ethical and economic analyses of agrifood competition. By systematically examining fairness and openness in agricultural markets, it seeks to answer the question of whether there is adequate competition in the agrifood industry and whether the system is fair to all participants. It outlines ethical and economic principles important for understanding agrifood competition, presents arguments for and against consolidation, globalization and the integration of agrifood industries, and looks at the implications of globalization on the nature of competition in specific agricultural contexts.

This book is devoted to the analysis and applications of energy, exergy, and environmental issues in all sectors of the economy, including industrial processes, transportation, buildings, and services. Energy sources and technologies considered are hydrocarbons, wind and solar energy, fuel cells, as well as thermal and electrical storage. This book provides theoretical insights, along with state-of-the-art case studies and examples and will appeal to the academic community, but also to energy and environmental professionals and decision makers.

Founded on the core notion that we have reached a turning point in the governance, and thus the conservation, of ecosystems and the environment, this edited volume features more than 20 original chapters, each informed by the paradigm shift in the sector over the last decade. Where once the emphasis was on strategies for conservation, enacted through instruments of control such as planning and polluter pays legislation, more recent developments have shown a shift towards incentive-based arrangements aimed at those responsible for providing the environmental services enabled by such ecosystems. Encouraging shared responsibility for watershed management, developed in Costa Rica, is a prime example, and the various interests involved in its instauration in Java are one of the subjects examined here.

Environmental conflicts over sustainability, environmental impact assessment (EIA), biodiversity, biotechnology and risk, chemicals and public health, are not necessarily legalistic problems but land use problems. Edward Christie shows how solutions for these conflicts can be found via consensual agreement using an approach that integrates law, science and alternative dispute resolution (ADR) and reframes the role of law and science. This book assesses the key unifying principles of environmental and administrative law in Australia, the UK/EU and USA, together with accepted scientific concepts for environmental management and protection. By doing so it provides a cross-disciplinary approach to collaborative problem-solving and decision-making, using ADR processes to resolve environmental conflicts, and will be valuable to environmental professionals. The book also promotes the use of Indigenous traditional knowledge for resolving conflicts over sustainability, biodiversity and the EIA process. The book has been written to meet the requirements of any environmental professional - lawyer, scientist, engineer, planner - who directly, or indirectly, may be involved in development or planning conflicts when the environment is an issue. For the lawyer, this book, with its focus on understanding and integrating unifying legal principles and scientific concepts, consolidates opportunities for assessing and resolving environmental conflicts by negotiation. For the environmental professional, the book provides opportunities for managing environmental conflicts. In addition, opportunities are identified for resolving environmental conflicts by negotiation, but in quite specific situations i.e. when the interpretation and application of questions of law are not in issue and only factual (scientific) issues are in dispute. It will of course be of great interest to academics and researchers of environmental studies and environmental law. It will also appeal to the Indigenous community, environmental groups and local communities who are seeking more direct and effective inputs into finding sustainable solutions for environmental conflicts.

With a focus on colonial Bengal, this book demonstrates how the dynamics of agrarian prosperity or decline, communal conflicts, poverty and famine can only be properly understood from an ecological perspective as well as discussions of state's coercion and popular resistance, market forces and dependency, or contested cultures and consciousness.

This book takes a fresh approach to the puzzle of sub-Saharan Africa's resource curse. Moving beyond current scholarship's state-centric approach, it presents cutting-edge evidence gathered through interviews with mining company executives and industry representatives to demonstrate that firms are actively controlling the regulation of the gold mining sector. It shows how large mining firms with significant private authority in South Africa, Ghana and Tanzania are able to engender rules and regulations that are acknowledged by other actors, and in some cases even adopted by the state. In doing so, it establishes that firms are co-governing Africa's gold mining sector. By exploring the implications for resource-cursed states, this significant work argues that firm-led regulation can improve governance, but that many of these initiatives fail to address country/mine specific issues where there remains a role for the state in ensuring the benefits of mining flow to local communities. It will appeal to economists, political scientists, and policy-makers and practitioners working in the field of mining and extractives.

Responding to a need for a deeper and more nuanced understanding of the consequences of climate change, this book brings experts in climate science, engineering, urban planning, and conservation biology into conversation with scholars in law, geography, anthropology and ethics. It provides insights into how climate change is conceptualized in different fields. The book also aims to contribute to developing successful and multifaceted strategies that promote global, intergenerational and environmental justice. Among the topics addressed are the effects of climate change on the likelihood and magnitude of natural hazards, an assessment of civil infrastructure vulnerabilities, resilience assessment for coastal communities, an ethical framework to evaluate behavior that contributes to climate change, as well as policies and cultural shifts that might help humanity to respond adequately to climate change.

The siting of locally obnoxious but nationally relevant and necessary facilities such as sewage treatment plants, landfills, dams and nuclear power stations is an important issue in public policy planning. In view of the negative externalities such as declining property prices, health threats, and air, water and noise pollution imposed on the local communities that house them, the location of these facilities generates a consensus among the general public aptly termed 'not-in-my-backyard' or NIMBY syndrome. Drawing on the experiences of North America, Europe, Oceania and Asia, this book offers a comprehensive review of existing conflict-resolution instruments used in the siting of these facilities. The authors highlight in particular legal and command instruments such as zoning and compulsory acquisition of land, and economic incentives such as compensation and mitigation. Using elements from areas such as game theory and risk analysis and the use of compensation auction mechanisms, the authors present a series of decision steps to provide a credible alternative methodology designed to minimise such conflicts. This innovative study will be welcomed by all those with an interest in environmental and public policy planning.