Publications

September 29, 2017

BC3 Journal Article “Carbon risk and optimal retrofitting in cement plants: An application of stochastic modelling, MonteCarlo simulation and Real Options Analysis”

The cement sector is highly intensive in CO2 emissions and is the second biggest industrial sector in terms of emissions after the electricity generation sector. It emits CO2 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.
September 27, 2017

BC3 Journal Article “Investing in adaptation: flood risk and real option application to Bilbao”

Investment decisions in adaptation are usually made under significant uncertainty due to climate change and socio-economic trends. In this study, we propose three ways to incorporate climate and socio-economic uncertainty into the assessment of an adaptation infrastructure designed to cope with flood-risk in the city of Bilbao.
September 14, 2017

BC3 Journal Article “A 7,000 yr high-resolution lake sediment record from coastal central Chile (Lago Vichuquén, 34°S): implications for past sea level and environmental variability”

We present a 7-ka environmental reconstruction based on sedimentological and geochemical data from Lago Vichuquén, a coastal eutrophic lake in central Chile (34°48′S, 72°03′ W, 4 m a.s.l.). A relatively shallow and restricted marine environment with low productivity, high detrital input and dominant anoxic conditions in the Vichuquén Basin occurred from 7.0 to 6.5 cal ka BP.
September 10, 2017

BC3 Journal Article “The means determine the end – Pursuing integrated valuation in practice”

In environmental valuation, although it is well recognised that the choice of method heavily affects the outcome, little is known on how existing valuation methods actually elicit the different values. Through the assessment of real-life applications of valuation of nature, this study tracks down the suitability of 21 valuation methods for 11 value types and assesses the methodological requirements for their operationalization.
August 28, 2017

BC3 Journal Article “Finance, energy and the decoupling: an empirical study”

This paper investigates the empirical and theoretical basis of the decoupling between energy throughput and economic growth, with a critical view of the use of the decoupling concept as a policy priority. We provide an analysis of the historical trends of the metabolic pattern of European economies over a period of 18 years focusing on the changes in energy throughput and financial assets.
August 16, 2017

BC3 Journal Article “Land markets, Property rights, and Deforestation: Insights from Indonesia”

We examine the emergence of land markets and their effects on forest land appropriation by farm households in Jambi Province, Sumatra, using micro-level data covering land use and land transactions for a period of more than 20 years (1992–2015).
August 13, 2017

BC3 Journal Article “Valuation of Real Options in Crude Oil Production”

Oil producers are going through a hard period. They have a number of real options at their disposal. This paper addresses the valuation of two of them: the option to delay investment and the option to abandon a producing field.
July 24, 2017

BC3 Journal Article “The Green Climate Fund as an effective compensatory mechanism in global climate negotiations”

This paper investigates the role of the Green Climate Fund (GCF) as a potential compensating measure for both adaptation and mitigation actions under a global climate regime. A dynamic climate-economy computable general equilibrium model (GDynEP) is developed by including both a monetary valuation of climate change damage costs and two alternative methods to determine the allocation of GCF resources among receiving countries and between adaptation and mitigation contributions.
July 20, 2017

BC3 Journal Article “The effect of flooding on mental health: Lessons learned for building resilience”

Risk management and climate adaptation literature focuses mainly on reducing the impacts of, exposure to, and vulnerability to extreme events such as floods and droughts. Posttraumatic stress disorder is one of the most important impacts related to these events, but also a relatively under-researched topic outside original psychopathological contexts. We conduct a survey to investigate the mental stress caused by floods.
July 17, 2017

BC3 Journal Article “The Adaptive Marine Policy (AMP) toolbox: Supporting policy-makers developing adaptive policies in the Mediterranean and Black Sea”

Adaptive management is essential to the practical application of the Ecosystem-Based Approach (EBA). Despite there are frequent assertions that adaptive management is being used, evidence on its success is still limited. Indeed, it is difficult to bring the different elements of adaptive management together in a robust way and to choose the appropriate tools to do it.

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