Empirical calibration of climate policy using corporate solvency: a case study of the UK’s carbon price support

Emission reductions improve the chances that dangerous anthropogenic climate change will be averted, but could also cause some firms financial distress. Corporate failures, especially if they are unnecessary, add to the social cost of abatement. Social value can be permanently destroyed by the dissolution of organizational capital, deadweight losses paid to liquidators, and unemployment. This article proposes using measures of corporate solvency as an objective tool for policy makers to calibrate the optimal stringency of climate change policies, so that they can deliver the least loss of corporate solvency for a given level of emission reductions. They could also be used to determine the generosity of any compensation to address losses to corporate solvency. We demonstrate this approach using a case study of the UK’s Carbon Price Support (a carbon tax).

Key policy insights

• Solvency metrics could be used to empirically calibrate the optimal stringency of climate policies.

• An idealized solvency trajectory for firms affected by climate change policy would cause corporate solvency to initially decline – approaching but not exceeding ‘distressed’ levels – and then gradually improve to a new ‘steady state’ once the low-carbon transition had been achieved.

• In terms of the UK’s Carbon Price Support, corporate solvency of energy-intensive industries was found to be stable subsequent to its introduction. Therefore, the available evidence does not support its later weakening.

     

Vulnerabilities of macrophytes distribution due to climate change

Theoretical and Applied Climatology - The rise in the earth’s surface and water temperature is part of the effect of climatic change that has been observed for the last decade. The rates of...     

中国城市群多中心网络的拓扑结构

在既有理论基础上扩展了城市群多中心网络的度量工具,考察中国12个城市群总部—分支机构的企业关联网络,比较梳理了地级城市空间联系的拓扑结构。实证研究发现：①包括长三角、珠三角和京津冀三大典型城市群在内,中国城市群内部网络系统的拓扑结构依然发育不完善,在联系数据方面均呈现出一定的稀疏矩阵特征,空间组合关系均为树状结构。②总部区位(出度)的层级性差异均高于分支机构区位(入度)的层级性差异,显示出城市群内部空间“流”的不对称性。③针对12个城市群内部网络的拓扑结构聚类分析表明：长三角、珠三角、京津冀、山东半岛、海峡西岸地区的城市群内部网络联系较为紧密,呈现出一定程度的一体化网络特征;其中三大典型城市群存在明显的企业总部集聚核心,其余城市群内部的网络联系松散,跨城企业联系比重较低,在拓扑结构上大多呈现出以省会或副省级城市为指向的向心式联系。     

HaleBopp彗星的爆发活动

９９６ 年９ 月至１１ 月间,对ＨａｌｅＢｏｐｐ 彗星进行了照相和光电观测．给出观测结果,包括几次爆发和可能的爆发活动     

Comparison of garnet-biotite, calcite-graphite, and calcite-dolomite thermometry in the Grenville Orogen; Ontario, Canada

The Elzevir Terrane of the Grenville Orogen in southern Ontario contains metapelites and abundant graphitic marbles that were regionally metamorphosed from the upper greenschist to upper amphibolite facies. Comparative thermometry was undertaken with widely used calibrations for the systems garnet-biotite, calcite-dolomite, and calcite-graphite. Temperatures that are obtained from matrix biotites paired with prograde garnet near-rim analyses are usually consistent with those determined using calcite-graphite thermometry. However, calcite-graphite thermometry occasionally yields low temperatures due to lack of equilibration of anomalously light graphite. Application of calcite-graphite and garnet-biotite systems may yield temperatures up to 70 °C higher than calcite-dolomite in amphibolite facies rocks. Calcite-dolomite temperatures most closely approach those from calcite-graphite and garnet-biotite when the samples contain a single generation of dolomite and calcite grains contain no visible dolomite exsolution lamellae. However, some of these samples yield temperatures considerably lower than temperatures calculated from calcite-graphite and garnet-biotite thermometry, indicating that the calcite-dolomite thermometer may have been partially reset during retrogression. Estimated peak metamorphic temperatures of regional metamorphism between Madoc (upper greenschist facies) and Bancroft (upper amphibolite facies) range from 500 to 650 °C. These results place the chlorite-staurolite isograd at 540 °C, the kyanite-sillimanite isograd at 590 °C, and the sillimanite-K-feldspar isograd at 650 °C. Although each thermometer may have an absolute uncertainty of as much as ±50 °C, the 50 to 60 °C temperature differences between the isograds are probably accurate to 10 to 20 °C. An incomplete picture of the thermal gradients can result from the application of only one thermometer in a given area. Simultaneous application of several systems allows one to recognize and overcome the inherent limitations of each thermometer. Received: 26 March 1997 / Accepted: 15 April 1998     

Geodynamic Evolution of Northeastern Tunisia During the Maastrichtian–Paleocene Time: Insights from Integrated Seismic Stratigraphic Analysis

The Maastrichtian–Paleocene El Haria formation was studied and defined in Tunisia on the basis of outcrops and borehole data; few studies were interested in its three-dimensional extent. In this paper, the El Haria formation is reviewed in the context of a tectono-stratigraphic interval using an integrated seismic stratigraphic analysis based on borehole lithology logs, electrical well logging, well shots, vertical seismic profiles and post-stack surface data. Seismic analysis benefits from appropriate calibration with borehole data, conventional interpretation, velocity mapping, seismic attributes and post-stack model-based inversion. The applied methodology proved to be powerful for charactering the marly Maastrichtian–Paleocene interval of the El Haria formation. Migrated seismic sections together with borehole measurements are used to detail the three-dimensional changes in thickness, facies and depositional environment in the Cap Bon and Gulf of Hammamet regions during the Maastrichtian–Paleocene time. Furthermore, dating based on their microfossil content divulges local and multiple internal hiatuses within the El Haria formation which are related to the geodynamic evolution of the depositional floor since the Campanian stage. Interpreted seismic sections display concordance, unconformities, pinchouts, sedimentary gaps, incised valleys and syn-sedimentary normal faulting. Based on the seismic reflection geometry and terminations, seven sequences are delineated. These sequences are related to base-level changes as the combination of depositional floor paleo-topography, tectonic forces, subsidence and the developed accommodation space. These factors controlled the occurrence of the various parts of the Maastrichtian–Paleocene interval. Detailed examinations of these deposits together with the analysis of the structural deformation at different time periods allowed us to obtain a better understanding of the sediment architecture in depth and the delineation of the geodynamic evolution of the region.     

Sediment transport in high‐speed flows over a fixed bed: 2. Particle impacts and abrasion prediction

Single bed load particle impacts were experimentally investigated in supercritical open channel flow over a fixed planar bed of low relative roughness height simulating high‐gradient non‐alluvial mountain streams as well as hydraulic structures. Particle impact characteristics (impact velocity, impact angle, Stokes number, restitution and dynamic friction coefficients) were determined for a wide range of hydraulic parameters and particle properties. Particle impact velocity scaled with the particle velocity, and the vertical particle impact velocity increased with excess transport stage. Particle impact and rebound angles were low and decreased with transport stage. Analysis of the particle impacts with the bed revealed almost no viscous damping effects with high normal restitution coefficients exceeding unity. The normal and resultant Stokes numbers were high and above critical thresholds for viscous damping. These results are attributed to the coherent turbulent structures near the wall region, i.e. bursting motion with ejection and sweep events responsible for turbulence generation and particle transport. The tangential restitution coefficients were slightly below unity and the dynamic friction coefficients were lower than for alluvial bed data, revealing that only a small amount of horizontal energy was transferred to the bed. The abrasion prediction model formed by Sklar and Dietrich in 2004 was revised based on the new equations on vertical impact velocity and hop length covering various bed configurations. The abrasion coefficient k_v was found to be vary around k_v ~ 10⁵ for hard materials (tensile strength f_t > 1 MPa), one order of magnitude lower than the value assumed so far for Sklar and Dietrich's model. Copyright © 2017 John Wiley & Sons, Ltd.     

SlugIn 1.0: A Free Tool for Automated Slug Test Analysis

The correct characterization of aquifer parameters is essential for water‐supply and water‐quality investigations. Slug tests are widely used for these purposes. While free software is available to interpret slug tests, some codes are not user‐friendly, or do not include a wide range of methods to interpret the results, or do not include automatic, inverse solutions to the test data. The private sector has also generated several good programs to interpret slug test data, but they are not free of charge. The computer program SlugIn 1.0 is available online for free download, and is demonstrated to aid in the analysis of slug tests to estimate hydraulic parameters. The program provides an easy‐to‐use Graphical User Interface. SlugIn 1.0 incorporates automated parameter estimation and facilitates the visualization of several interpretations of the same test. It incorporates solutions for confined and unconfined aquifers, partially penetrating wells, skin effects, shape factor, anisotropy, high hydraulic conductivity formations and the Mace test for large‐diameter wells. It is available in English and Spanish and can be downloaded from the web site of the Geological Survey of Spain. Two field examples are presented to illustrate how the software operates.     

SPATIAL VARIATION OF Zn GEOCHEMICAL FRACTIONS IN THE SURFACE SEDIMENTS OF THE STRAITS OF MALACCA: NATURAL OR ANTHROPOGENIC?

1INTRODUCTION Studiesonheavymetalcontaminationinsedi mentshavealwaysbeenfocusedonthecoastalandin tertidalareas(Sivalingam,etal.,1980;Ismail,1993;Ismail,etal.,1993;IsmailandRosniza,1997;Yap,etal.,2002a,2002b).Theheavymet alconcentrationsfoundinthesediments…