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Key future impacts and vulnerabilities

Possible negative impacts of climate change pose risks of higher total monetary damages in industrialised areas (i.e., currency valuations of property damages) but higher total human damages in less-developed areas (i.e., losses of life and dislocations of population) - although such events as Hurricane Katrina show that there are exceptions (Section for developed countries, and monetary damages in developing countries may represent a larger share of their GDP.

Setting Priorities Among Areas

Conservation spending is not nearly enough to maintain even the current inadequate network of reserves and protected areas (James et al., 2001). The identification and prioritization of global conservation networks are a major focus of conservation dollars (Halpern et al., 2006). However, rankings inherently depend on the currency used to evaluate regions. A simple demonstration can be provided by ranking ecoregions, in this case by applying a greedy complementarity algorithm, to maximize the capture of seven possible currencies for mammalian conserva tion species richness total numbers of species extinctions predicted in the next 100 years from current Red List status using the probabilities of extinction in Redding and Mooers (2006) two measures combining evolutionary uniqueness and present extinction risk EDGE (Isaac et al., 2007) and ELEH (Redding and Mooers, 2006), both summed across species in the ecoregion evolutionary dynamism (indexed as the sum of the reciprocal of the...

Evaluating Online Information

The number of factors recommended for analyzing a website can be as few as five or more than 20. Generally, however, criteria can be reduced to 10 categories the publisher, author, currency, audience, perspective, content, quality, style, organization, and stability. The publisher of the website is critical, particularly if the site does not credit authors for their content. The publishing body should be recognizable and reputable. The currency of the site refers to the frequency of updates. Dates of revision to the site as a whole and to the site's individual web pages should be posted.

Plants and the carbon cycle

Carbon is the common currency of life. The major biological molecules are all constructed from a framework of carbon, and so living organisms need this element in especially large quantities if they are to grow and maintain their tissues. Carbon-containing molecules also serve as a store of energy for cells to work the bonds within the molecules are broken and energy is released. For these two purposes building bodies and fueling them organisms are always grabbing carbon from one another, or in the case of plants, directly out of the atmosphere by photosynthesis. While many other important elements, like calcium and sulfur, are transferred too, carbon is needed in the greatest quantities and generally the most urgently.

Standards Averages and Deviations

It is good practice for any energy balance to assume some standards for units like BTU, kcal, KJ, or MWh, any basic unit that is of common use for the personnel involved. It many cases it is good practice to comply also with some other physical significant package, like direct steam flow of tons per hour. For fuel, establishing a kind of currency, like an equivalent, in terms of mass or volume, of some common usage product, like a standard fuel oil barrel or natural gas 1000 cubic meter or feet. This helps communication and simplifies general evaluation of results and amounts for daily use on operational decisions.

Hydrate Resource Methane Fuel and a Gas Based Economy

What constitutes energy security Every industrial society is fundamentally based on the uninterrupted supply of sufficient fuel at acceptable prices. The maintenance of dependable fuel supplies therefore underpins economic and political stability of industrial countries and constitutes a basic security issue. The issue of energy security is often expressed as a matter of price, but there is a deeper concern. Industrial countries such as the U.S., which was once energy independent, has now become dependant upon imported energy. However, energy security to the U.S., which prints the world's only petrocurrency, consists of supporting the present economic framework and maintaining the ability to purchase petroleum, albeit at a price that may be somewhat higher than could be obtained in a completely free market. Other countries such as those represented by highly industrialized Japan, which never had significant indigenous energy sources but has sufficient currency reserves to also...

Forest Carbon Storage

From an evolutionary perspective, this flow of carbon represents the currency with which chloroplasts in leaves (photosynthetic endosymbionts) acquire nutrients, water, and structural support from mycor-rhizae. Most of the carbon allocated belowground is rapidly released back to the atmosphere, with up to 80 percent released within one year of entering soil. When only net primary production is considered (that is, gross photosynthesis less plant respiration) the relative proportion of net primary production in forests that is allocated to belowground may be 20-50 percent of what is allocated to aboveground net primary production, in contrast to grassland or tundra ecosystems where the opposite pattern is found. The carbon that remains belowground takes the form of newly-formed soil organic matter or coarse roots, the two main long-lived stocks of organic carbon in soil. The roots of large trees may be extensive, for resource acquisition and to support large aboveg-round biomass.

Nationalism in Greenland

The most likely scenario is that Greenland will eventually become independent but retain close links, both formal and informal, with Denmark. This is partly because, as Chapter 10 has pointed out, many Greenlanders harbour a deep-seated mistrust of the United States and would regard the Danes as their natural political and diplomatic ally. As Svend Auken, a veteran Danish politician and former energy minister, has argued, 'in the long run, the ideal would be for them to be recognized as an independent state in the United Nations, but in close contact with Denmark', still stamping the image of the Danish queen on their currency and cooperating closely with the Danish military. If Greenlanders fail to do this, he adds, then 'they will be very dependent on the Americans'.31

Fur and Fashion Today

In Russia, fur never went out of fashion. Descendants of Cossack traders became Old Settlers and continued to trade for furs. More settlers and peasants arrived in northern areas after the revolution, increasing pressure on habitats and animal populations. Native people often did not trade furs unless they were given a good deal, including friendly arrangements with traders such as hospitality and credit, and when these conditions were not met by traders under the new system, the fur trade broke down. Quality trade items were hard to come by. Trappers often had more freedom than fishers or herders, because if they did not like the terms of trade, they could return to subsistence pursuits, and were hard for the state to control or collectivize. Because furs brought in hard currency for the state, they maintained the fur trade despite political inconsistencies. There were some instances where the state fur-trading agency tried to foil native trappers, such as a scheme in the 1930s that...

Estuarine and Continental Shelf Sediments

Shelf and estuarine sediments are habitats for many fishes and invertebrates, and are valued for recreation, sport and subsistence fishing. Sandy beaches, for example, are of particular importance as recreational areas (Weslawski et al. 2000). Sediments provide educational value because of their role in the ecosystem and can have spiritual importance for humans as a source of food, ornaments, and even currency (shells).

Cantor Fitzgerald EBS

As screen brokerage continued to develop, Cantor Fitzgerald opened an office in London in 1983, offering screen brokerage to clients around the globe. The following year, they opened an office in Japan, managing the brokering of Eurobonds. Cantor Fitzgerald acts as a mediator between buyer and seller for the purchase of Eurobonds, which are in a currency of a specific country, but are traded and regulated outside of that county in a different currency. To specify the initial country's currency, the name of that currency is found in the name of the Eurobond. For example, a Eurobond in Japanese currency is called a Euroyen. In 1998, Cantor Fitzgerald traded U.S. Treasury futures via electronic exchange. Two years later, a new branch of investment banking was created. The company continued in its pioneering of electronic services by staging the first wireless bond trade, using a BlackBerry handheld device.

Informal risk management mechanisms

Tte production strategy selected becomes an important means of mitigating the risk of crop failure. Traditional cropping systems in many places rely on crop and plot diversification. Crop diversification and intercropping systems signify common strategies of reducing the risk of crop failure due to adverse weather events, crop pests, or insect attacks. Morduch (1995) presents evidence that households whose consumption levels are close to subsistence (and which are therefore highly vulnerable to income shocks) devote a larger share of land to safer, traditional varieties such as rice and castor than to riskier, high-yielding varieties. Morduch also finds that near-subsistence households diversify their plots spatially to reduce the impact of weather shocks that vary by location. Apart from altering agricultural production strategies, households also smooth income by diversifying income sources, thus minimizing the effect of a negative shock to any one of them. According to Walker and...

Frequently misinterpreted words

Readers acquainted with the Russian language may be interested in the following words which often cause confusion in translations. A direct transliteration or a literal translation gives an incorrect or, at least, misleading meaning. Some erroneous translations have recurred in so many publications as to have gained a certain currency. As a consequence they have often caused difficulties for the proper understanding and assessment of the Russian literature of geocryology. The correct translations, so far as could be established for the present work, are given below (bold). They are arranged alphabetically, according to the transliterated Russian word.

Methane The Other C Arbon

C02 is a sort of common currency for the carbon cycle. It is produced in abundance by all living organisms, and is the chemically stable end point for many different processes going on in the earth's atmosphere, ocean and soils. It also participates in a whole range of different processes, including photosynthesis and chemical breakdown of rocks (sec below). Methane gas by contrast is only produced under special circumstances, usually where there is almost no oxygen. It is a result of the incomplete breakdown of organic molecules which would normally be burnt to C02 and water by oxygen-breathing organisms. Under anaerobic (oxygen-free) conditions, the energy yield is measly but better than nothing most of the chemical energy present in the original biological molecules still remains unreleased in the methane that escapes to the surface. The oxygen-free conditions that lead to methane being produced by bacteria tend to exist in the still water and muds of swamps where the diffusion of...

Figure 94 Grain production and intensity of drought in the RSFSR 19761990

In 1978, meat production rebounded to the 1975 level and hit a record high of 15.5 million tons. The pig inventories jumped by 12 percent and cattle increased by 2.3 percent in one year. However, milk production went down compared with 1977, perhaps due to adverse weather in the western regions of the USSR. The considerable increase in livestock numbers led to less feed being available per unit of livestock (see Table 9.7.). Although the grain harvest was sufficient to meet the domestic demand, the USSR purchased more than 15 million tons of grain in Western countries, apparently in order to refill the grain reserves (Table 9.8.). The good harvest allowed the Soviet Union to cut its meat purchases on the world market in order to save foreign currency (Reuter, 1978). Only 184,000 tons of meat were ordered from traditional suppliers including New Zealand and Australia.

Methane The Other Carbon

CO2 is a sort of common currency for the carbon cycle. It is produced in abundance by all living organisms, and is the chemically stable end point for many different processes going on in the earth's atmosphere, ocean and soils. It also participates in a whole range of different processes, including photosynthesis and chemical breakdown of rocks (see below). Methane gas by contrast is only produced under special circumstances, usually where there is almost no oxygen. It is a result of the incomplete breakdown of organic molecules which would normally be burnt to CO2 and water by oxygen-breathing organisms. Under anaerobic (oxygen-free) conditions, the energy yield is measly but better than nothing most of the chemical energy present in the original biological molecules still remains unreleased in the methane that escapes to the surface. The oxygen-free conditions that lead to methane being produced by bacteria tend to exist in the still water and muds of swamps where the diffusion of...

Developed vs developing countries

As energy intensity is measured in terms of energy input per economic output, the recent efficiency gains in China may partially reflect how the world has historically underpriced Chinese economic production. If GDP based on market currency rates has been undervalued (as in the Chinese case), then falling energy intensity could be a reflection of this underestimation. If the historic GDP is given as power purchasing parity (relative to US ), the efficiency gains may be significantly smaller.

Modeling The Economics Of Climate Change

The timespan used to assess the economic impacts of climate change is much longer than that for many other environmental problems, due to the long atmospheric lifespan of many greenhouse gases. While there is evidence of climate change impacts at the beginning of 21st century, many of the potentially larger effects are expected to occur after mid-century. In order to evaluate the potential costs of climate change, economists discount its future costs and benefits. Discounting essentially recognizes that a dollar today is worth more than a future dollar, because investments are productive and, therefore, resources today are more valuable than resources tomorrow. This implies that if there are two equally damaging outcomes 10 years apart, the second bad outcome would be judged to have lower current dollar damages. There is a much debate over the practice of discounting and the choice of discount rate. Some advocate a discount rate of zero. The choice of discounting method and discount...

Russias energy challenge

Scarcely could any spectre haunt the Kremlin so chillingly as the threat of diminishing oil revenues. The energy sector accounts for half of Russia's national income and 65 per cent of its foreign exchange earnings, and any shortfall would devastate its economy. Without these earnings, the country would run short of the foreign currency that services its external debt and run low on the emergency reserves that it has used in recent years to form an emergency economic 'stabilization fund'. In short, Russia's drastic economic growth since the late 1990s has been built by oil at a time when the market price of crude was climbing, just as since late 2008 analysts have expected its economy to contract sharply as a result of the drastic fall in barrel price.

A conflict over resources

The Russian economy reached a low point in the summer of 1998 when the government effectively became bankrupt, running out of foreign currency and defaulting on its foreign debt repayments. But recovery followed as oil prices rose and by 2005 the major international credit agencies were sufficiently impressed to upgrade Russia's credit rating to investment grade on the basis of its stable economic performance. As a result, foreign banks soon began to lend there quite freely. The Russian authorities can be forgiven if the prospect of any sudden exodus by foreign investors makes them sweat profusely. For this is a country where memories of severe economic crisis are still bitter and recent, and where another similar downturn might push an unforgiving general public too far. The economy reached its nadir during the financial meltdown of 1998, when the government devalued the rouble and in doing so wiped out the life savings of millions of ordinary Russians. But the spectre of not just...

Unleashing global finance

This has had well-known consequences in terms of global volatility - the various currency crises induced by speculation, for example in Brazil, Russia and East Asia - and crises of corporate governance, the classic case being Enron and more recently the sub-prime mortgage crisis. But the other key element that becomes important to understand climate politics is the shift in the power amongst different parts of business. While in the 1970s the key corporations in the global economy were oil companies and car manufacturers, by 2000 or so the key companies were in finance and information technology less.

Biomass for liquid fuels

One of the most controversial questions is the impact of biofuel production on food production and prices. Exporting biofuels can be attractive to developing country governments as a source of foreign currency. In doing so, however, they may risk replacing food production or pushing up local food prices (by increasing demand for productive land and driving food production to marginal, less productive areas). Moreover, crops such as maize are also traded in international food markets. Stimulating demand through the creation of biofuel markets in rich countries will increase food costs and indirectly affect food security in the developing world.

Leaf form and physiology

Material or photosynthate may not be the correct currency for the profit-and-loss equation. In sites where nutrient supply is limiting growth, the investment of that nutrient in photosynthesis may be more important than dry matter as a whole. For instance, the efficient use of nitrogen or phosphorus for photosynthesis may be important on infertile sites.

Compensation for Not Clearing is Only Part of the Answer

Shape of carbon credits for the conservation of forests, there are still many external factors such as interest rates, currency exchange rates, relative agricultural prices, agricultural policies, and world demands for food and biofuels that will continue to influence forest cover. Moreover there will be political costs borne by governments in adopting conservation policies that create winners and losers (see Box 8.1).

Limits To Distribution

In ecophysiological studies it is often considered desirable to have some common unit for assessing the relative viability of plant populations as they approach limits to their distribution. Given that plants may be limited by different resource deficiencies at various stages in their life cycle, carbon balance is commonly used as an appropriate currency for measuring success in resource acquisition as it is the investment of carbon that makes possible the acquisition of all other plant resources. In recent years the acquisition of resources as affected by environmental factors has been much studied, possibly because carbon acquisition either in individual plants or whole communities is readily monitored by recording carbon dioxide flux from gain is no longer greater than expenditure. Current interest in climate change and the desire to be able to predict through modelling future limits to plant distribution makes the use of a general metabolic currency, such as carbon, a potentially...

Uncertainties unknowns and priorities for research

This chapter has offered a glimpse into where to turn for guidance in confronting and managing the risks associated with climate change and climate variability. Indeed, the climate problem is a classic risk management problem of the sort with which decision-makers are already familiar. It is critical to see risk as the product of likelihood and consequence, to recognise that the likelihood of a climate impact is dependent on natural and human systems, and to understand that the consequence of that impact can be measured in terms of a multitude of numeraires (currency, millions at risk, species extinction, abrupt physical changes and so on). These expressions of risk are determined fundamentally by location in time and space.


The GDP data have been compiled for individual countries at market prices in local currency and annual rates. These data have been scaled up down to the price levels of 2000 and then converted to US dollars using the yearly average 2000 exchange rates or purchasing power parities (PPPs).5 5. Purchasing power parities are the rates of currency conversion that equalise the purchasing power of different currencies. A given sum of money, when converted into different currencies at the PPP rates, buys the same basket of goods and services in all countries. In other words, PPPs are the rates of currency conversion which eliminate the differences in price levels between different countries.

Risks in Financing

Commercial risks are connected with developing and constructing the project. To this category belong risks relating to interest rate changes, inflation, currency risk and international price movements of raw materials and energy inputs. The policy risks include changes in the regulatory framework, war, civil disturbance and strikes. To mitigate the risks, the financial institutions should check the government's macroeconomic record as well as the technical and managerial competence of the sponsors. Equity investors, long-term lenders, contractors and suppliers each face different risks. The methods in preventing exchange rate risks include fixing forward rates adjusting electricity prices in accordance with the exchange rate and guaranteeing currency availability. There are institutions that guarantee against political risks, such as the Multilateral Investment Guarantee Agency (MIGA). The existence of such guarantees enables businesses take advantage of new investment opportunities.12


Even with top management commitment, the energy efficiency committee receives an assignment that occupies the void on organizational chart. It is the space between the boxes, a kind of twilight zone. Although the results of this activity can be profitable with reasonable return rates, the absolute amount of money it provides in general tends to be of a magnitude much smaller than any other core business action produces. And effectively there is a good chance that the money it renders is not actually seen, since it is mostly cost reduction, no influx of currency, so it is not that easy to connect energy efficiency with money for the staff. Another misfit is that any organizational cell has a job description,

Energy Exchange

Comparing all the categories described here, in the utility demand of an industry, like a refinery, it is easy to conclude that utilities are basically the currency for energy exchange. And considering the idea suggested in Chapter 9, about a refinery being a complicated thermal machine, utilities are the fluids that perform the energy cycle that keep it running.

Sierra Leone

Per capita gross domestic product of 600 (2004 est.), with 68 percent of the population living in poverty, most of whom are subsistence farmers. Products of economic significance to the country include cocoa, coffee, rice, palm oil, and fish. Alluvial diamond mining is the major source of hard currency earnings, whereas other extracted minerals include titanium ore, bauxite, iron ore, gold, and chromite. The geography is characterized by coastal mangrove swamps and wooded uplands inland, and the climate is tropical. Four environmental issues facing the country are overharvesting of tropical timber, clearing of forests for cattle grazing, deforestation and related soil erosion, and overfishing.

Setting the Scene

In the tropics and sub-tropics, CV is a major source of agricultural production variability (e.g., Hammer et al., 1987 Dilley, 2000). Although most dramatic at the farm level, this effect of CV is apparent throughout entire economies and can even affect macroeconomic indicators such as international wheat prices, employment statistics or currency exchange rates (Chapman et al., 2000b White, 2000a). In October 2002, media reports in Australia attributed half of the reported inflation rate to the effects of the El-Nino-induced drought.

The Energy Crisis

It is also difficult to obtain accurate estimates of the cost of energy from various sources. It is relatively easy to determine the cost of construction of a power station, but not to foresee its working life. A power station may last fifty years or more, and it is not easy to determine the lifetime in advance. During that time the value of the currency is likely to change substantially which makes it difficult to calculate the true cost of the electricity generated.

Foodweb functioning

Army Sustainment Symbols

We now briefly address the food-web roles of microbes with a quantitative approach. To do so, we used the food-web model of Legendre and Rivkin (2008) to which we added export flows (Fig. 4, left side). The model is in steady state, meaning that masses of model compartments are constant its currency is carbon. The food-web model includes seven food-web compartments particulate and dissolved PP (PHYTO-POC and PHYTO-DOC), bacteria (BACT), microzooplankton ( ZOO), mesozooplankton (MZOO), larger organisms (LARGE), and faecal pellets (DETR, detritus). The compartments are interlinked by food-web carbon flows, and there are two components of export, i.e. faecal pellets and other organic materials (phytodetritus, etc.) The growth efficiencies of BACT, ZOO and MZOO are temperature-dependent.

Energy Efficiency

Extra value Consider its fundamental and biggest supporting function for process, which is to be the currency of energy conversion and exchange. In this aspect, utility generation and distribution is crucial for overall energy consumption in the industry. And as mentioned in Section 10.1.4, all energy savings or consumption reductions can end up reducing immediate costs and in the long term, avoiding additional investments in enlargement of utility systems. All these contribute to current and long term economical results.

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