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Carbon disclosure and company performance : a portfolio performance approachAdam, Shalima 03 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2012. / The objective of this research study was to investigate whether socially responsible companies that disclose their carbon emission, referred to in this research report as ‘carbon disclosure leaders’, outperform their non-disclosing counterparts, referred to in this research report as ‘carbon disclosure laggards’. This research study attempted to substantiate the relationship between companies’ carbon disclosure practices and companies’ share price performance.
An empirical analysis was conducted with a focus on South African-listed Johannesburg Stock Exchange (JSE) top-100 companies. A portfolio approach was utilised to establish if any significant relationship exists between company carbon disclosure and company share price performance.
Portfolios were constructed based on companies that participated in the Carbon Disclosure Project (CDP) and were thus categorised into JSE industry sectors. It was assumed that by using industry-specific sectors, the macro-economic conditions would generally affect all companies in that specific sector in a similar way, thus enabling comparative analysis.
The results from this study subsequently found, having done various analyses in terms of share price growth and carbon disclosure, that no significant correlation exists in terms of the CDP. This would, however, be correct in terms of the analysed data, which is limited at times, but cannot be necessarily inferred as a broader statement.
Intuitively, it can be said that carbon disclosure and greater ratings in terms of the CDP would imply that companies are more positive in dealing with their carbon footprint, which would be more positive for their long-term existence and sustainability. Equally, it could also yield various cost savings that will translate into higher earnings and earnings per share that drive share price growth. In becoming more active in reducing the carbon footprint, companies would also reduce their risk profile since they would be better aligned to potential restrictive carbon emission legislation and improve their public profile, which could again boost profitability. Further arguments can be made to suggest that disclosure of a company’s carbon initiatives and footprint would benefit the company’s value and share price performance.
Thus, having observed the outcomes of the analyses conducted in this report, the more appropriate question would be if other factors exist that could have affected the outcomes as observed and whether these factors could have overshadowed the proof that there is a positive correlation between share price growth and carbon disclosure.
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When does it pay to be carbon neutral?Evrard, Nicholas 03 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2012. / Companies produce carbon and GHG emissions in the course of doing business. Climate change
issues and the impact of global warming affect business conditions. Companies need to deal with
these issues and to introduce procedures for their mitigation. They can also aim to formulate
strategies to enable the company to achieve a sustainable future.
This study was designed to evaluate the motivation for South African businesses to voluntarily
invest in becoming carbon neutral and to assess the payoff when adopting such strategies.
This study has defined the concept of carbon neutrality, the opportunities of pursuing such a
strategy and the risks of not doing so for the purpose of understanding the motivational drivers. An
adapted framework was developed to assess whether or not such strategies are attractive.
The empirical study examined four companies in terms of motivation. The exploratory case studies
were compared to the descriptions and the frameworks discussed in the literature review.
The study should serve to inform other companies of the possible opportunities and risks of lowcarbon
initiatives. Exploring the methods leading to carbon neutrality should also serve as a tool for
companies willing to participate in such projects.
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Realising REDD in Africa : risk, feasibility and supporting policyKnowles, Tony 12 1900 (has links)
Thesis (PhD)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: Responding appropriately to anthropogenic climate change presents a considerable challenge to humankind. Projected changes in climate are anticipated to affect the world's natural systems, human health and economies in many ways. Consequently, there is an urgent need to implement climate change mitigation and adaptation measures that are appropriate and efficient.
This dissertation focuses on aspects of risk and feasibility associated with land use based climate change mitigation. First, it reviews policy, implementation and incentive issues that are key to promoting permanence and reducing the risk of leakage associated with reducing emissions from deforestation and forest deforestation (REDD1) in sub-Saharan Africa. Secondly, it assesses the transaction costs associated with the implementation of avoided deforestation and reforestation activities and their effect on the financial feasibility of ventures located in woodland and rangeland systems. Thirdly, it explores the potential impact of biophysical risk factors (such as fire) on the outcome of REDD activities in two chapters. The first risk chapter introduces the notion of biophysical risk and reviews the risk of fire to REDD activities located in important African vegetation types. The second chapter on risk uses the Century Ecosystem Program and published climate projection data to assess the effect of projected changes in temperature, rainfall and atmospheric carbon dioxide on the outcome of REDD activities.
The results indicate that, among the biophysical risk variables assessed, fire may not present a major risk to REDD activities located in African woodland, savanna and grassland systems. In contrast, fire may present a significant risk in moist forests where unprecedented dry periods may allow fire to occur in a system where it has previously been absent. The analysis of the affect of climate change found that changes in climate are generally predicted to lead to an increase in carbon stocks and sequestration rates for the vegetation types assessed. Exceptions do occur, such as the modeled effect on nutrient-rich savannas, which require further investigation.
The analysis of transaction costs associated with REDD activities illustrated that such costs may inhibit the feasibility of smaller-scale activities, especially in ecosystems outside of moist forests with relatively low carbon stocks and associated revenues. Whereas the proposed creation of national-scale capacity may reduce some transaction costs to a certain extent, there is a clear need to better understand the true cost of REDD activities.
In terms of required supporting policy and implementation capacity, it is noted 1) that multi-criteria land use planning is particularly important in reducing permanence risk, 2) that the scope of recognized land use activities that reduce atmospheric GHG needs to be expanded if the benefits of REDD are to be fully realised and 3) that informal land tenure may not require transformation prior to successful, sustainable implementation. A review of the appropriateness of community-based forest carbon monitoring found that such an approach presents significant cost savings while providing local employment and incentive opportunities. Exposure to such initiatives to date indicated that the quality of data collected is adequate and sufficiently robust to fulfill project and national-scale reporting and verification requirements. / AFRIKAANSE OPSOMMING: Antropogeniese klimaatsverandering hou daadwerklike uitdagings vir die mensdom in. Huidige voorspellings dui daarop dat klimaatsverandering natuurlike sisteme, gesondheid en die ekonomie op 'n verskeidenheid van vlakke gaan beinvloed. Daar is dus 'n dringende nood aan korrekte en effektiewe aanpassings- en mitigasie maatstawwe wat geimplementeer kan word.
Hierdie proefskrif fokus op die risiko en lewensvatbaarheid van grondgebruiksgebaseerde klimaatsverandering mitigasie. Eerstens gee dit 'n oorsig van die beleids en implementasie dryfvere wat noodsaaklik is vir die bevordering van permanentheid en die verlaging van die risiko van lekkasie wat geassosieer word met verlaagde emissies vanwee degradasie en ontbossing (VEDO2) in sub-Sahara Afrika. Tweedens analiseer dit die transaksiekoste wat geassosieer word met die vermyding van ontbossing en herbebossing en die effek daarvan op die finansiele lewensvatbaarheid van sulke aktiwiteite in bosveld en weiveld. Derdens ondersoek die proefskrif die biofisiese risiko faktore (soos vuur) op die uitslag van VEDO aktiwiteite in twee hoofstukke. Die eerste hoofstuk word ingelei deur 'n ontleding en verklaring van biofisiese risiko en gee dan 'n oorsig oor die risiko van vuur op VEDO projekte in belangrike plantegroei-tipes in Afrika. Die tweede hoofstuk maak gebruik van die Century Ekostelsel Program om die impak van voorspelde veranderings in temperatuur, reenval en atmosferiese koolstofdioksied op VEDO aktiwiteite te evalueer.
Die resultate dui aan dat onder die biofisiese risiko faktore wat ondersoek is, vuur nie so „n belangrike risiko inhou vir VEDO projekte in die bosveld, savanna en grasveld plantegroeitipes in Afrika nie. In teenstelling hou vuur 'n groot risiko in vir nat woude waar ongekende droeë tydperke kan veroorsaak dat vuur wel mag voorkom in „n stelsel waar dit voorheen afwesig was. Die analise op die effek van klimaatsverandering het bevind dat veranderinge in klimaat tipies sal lei tot a toename in koolstof voorrade en verhoogde sekwestrasie tempos vir die plantegroeitipes wat geevalueer is. Daar was egter uitsonderings, soos byvoorbeeld die gemodeleerde impakte op nutrientryke savannas wat verdere ondersoek benodig.
Die analise ten opsigte van die transaksiekoste wat gepaardgaan met VEDO aktiwiteite illustreer dat sulke kostes dalk die lewensvatbaarheid van kleinerskaal projekte mag benadeel, veral in ekostelsels anders as nat woude met relatief lae koolstof voorrade en geassosieerde inkomste. Die voorgestelde skepping van kapasiteit op 'n nasionale vlak mag dalk transaksie koste verlaag tot 'n mate, maar daar is duidelik 'n behoefte om beter insigte te verkry oor die ware kostes van VEDO aktiwiteite.
Wat betref die vereiste ondersteunende beleid en implimentasie kapasiteit is daar bevind dat 1) multi-kriteria grondgebruik beplanning uiters belangrik is in die verlaging van permanentheidsrisiko, 2) die omvang van erkende grondgebruiks aktiwiteite moet uitgebrei word om ten volle voordeel te trek uit VEDO, 3) dat informele grondbesit dalk nie transformasie vereis voor suksesvolle, volhoubare implementasie nie. „n Oorsig oor die aanvaarbaarheid van gemeenskapsgebaseerde woudkoolstofmonitering het gevind dat so 'n benadering tot groot kostebesparings lei terwyl dit ook plaaslike werkskepping bevorder en dien as dryfveer vir projekte. Blootstelling aan sulke inisiatiewe tot op hede dui aan dat die kwaliteit van die data wat ingesamel is voldoen aan projek- sowel as nasionale vlak verslaggewingsvereistes.
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Climate change mitigation and OPEC economiesDike, Jude C. January 2013 (has links)
This thesis focuses on the relationship between the Organisation of Petroleum Exporting Countries (OPEC) economies and global climate change mitigation policies with a view to determining the energy exports demand security risks of OPEC member states. The successful implementation of a universally adopted climate regime has been marred with controversies as different interest groups have raised their concerns about all the options presented so far. OPEC as the major crude oil exporting group in the world has been in the forefront of these debates and negotiations. OPEC’s major concern is the envisaged adverse impacts of the industrialised countries carbon reductions on its members' economies. Several studies have shown that when industrialised countries adopt carbon dioxide emissions reduction policies in line with the United Nations Framework Convention on Climate Change, such as carbon taxes and energy efficiency strategies, OPEC’s net price of crude oil decreases at the same time as a reduction in the quantity of crude oil products sold. OPEC believes that such climate change policy-induced fall in crude oil exports revenues would have a significant negative effect on its members' economies. With the limitations related to the assumptions of the existing energy economy models on the impacts of climate change mitigation policies on OPEC’s economies (Barnett et al, 2004), this study opts for a risk based model. This model quantifies the energy exports demand security risks of OPEC members with special interest on crude oil. This study also investigates the effects of carbon reduction policies on crude oil prices vis-à-vis the impacts of crude oil prices on OPEC’s economies. To address these three main issues, this thesis adopts a three-prong approach. The first paper addresses the impacts of climate change mitigation on crude oil prices using a dynamic panel model. Results from the estimated dynamic panel model show that the relationship between crude oil prices and climate change mitigation is positive. The results also indicate that a 1% change in carbon intensity causes a 1.6% and 8.4% changes in crude oil prices in the short run and long run, respectively. The second paper focuses on the impacts of crude oil prices on OPEC economies using a panel vector auto regression (VAR) approach, highlighting the exposure of OPEC members to the volatile crude oil prices. The findings from the panel VAR model show that the relationship between OPEC members’ economic growth and crude oil prices is positive and economic growth in OPEC member states respond positively and significantly to a 10% deviation in crude oil prices by 1.4% in the short run and 1.7% in the long run. The third paper creates an index of the risks OPEC members face when there is a decline in the demand for their crude oil exports. To show these risks, this study develops two indexes to show the country level risks and the contributions to the OPEC-wide risks exposure. The results from the indexes show that OPEC members that are more dependent on crude oil exports are faced with more energy exports demand risks. The findings from this thesis are relevant for the development of a new OPEC energy policy that should accommodate the realities of a sustainable global climate regime. They are also useful to the respective governments of the countries that are members of OPEC and non-OPEC crude oil exporting countries. Finally, the outcomes of this thesis also contribute to the climate change and energy economics literature, especially for academic and subsequent research purposes.
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Culprit and victim management RFI environment for a radio astronomy siteVan der Merwe, Carel 03 1900 (has links)
Thesis (MScEng)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: A methodology is developed to manage the large number of RFI Culprits on a new Radio
Telescope location such as the South African site being developed in the Karoo, both during
construction and ongoing operations. The requirement for RFI control is presented, with brief
reference to the more traditional methods used by other Radio Telescope observatories. The new
approach is then presented, based on methods used in the engineering field of Logistic
Engineering. Three case studies are used to illustrate how the approach can be applied. Finally,
recommendations are made on how the approach can be implemented for new Radio Telescope
projects. / AFRIKAANSE OPSOMMING: ‘n Metodolgie word ontwikkel vir die beheer van die groot aantal Radiofrekwensiesteurings
oortreders by ‘n nuwe Radio Teleskoop terrein, soos die Suid Afrikaanse terrein wat huidiglik in die
Karoo ontwikkel word. Die metodolgie geld beide gedurende konstruksie en gedurende bedryf.
Die behoefte vir RFS beheer word aangebied, met kortlikse melding van die meer tradisionele
metodes wat ander Radio Teleskoop Sterrewagte gebruik. ‘n Nuwe aanslag, gebaseer op die
metodolgieë van Logistieke Ingenieurswese, word dan aangebied. Drie gevallestudies wys hoe
hierdie nuwe aanslag toegepas kan word. Laastens word aanbevelings gemaak om hierdie nuwe
aanslag met nuwe Radio Teleskoop projekte te implimenteer.
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Role of relative humidity in concrete expansion due to alkali-silica reaction and delayed ettringite formation: relative humidity thresholds, measurement methods, and coatings to mitigate expansionRust, Charles Karissa 03 September 2009 (has links)
Premature concrete deterioration due to alkali-silica reaction (ASR) and delayed ettringite formation (DEF) is a significant problem all over the world. In cases where these mechanisms were not initially prevented, mitigation is critical to halt expansion and cracking. The main objectives of the research presented herein were to study the effect of ambient relative humidity (RH) on rates of concrete expansion, to determine RH thresholds below which expansion due to ASR and/or DEF may be suppressed, and to evaluate coatings intended to lower the internal RH of concrete and thus minimize future potential for damage. Results from testing showed that the RH threshold for ASR was below 82%, the RH threshold for DEF was below 92%, and the RH threshold for combined ASR and DEF could be about 83% for the materials tested. Furthermore, it was shown that some coatings are effective in reducing ASR- and DEF-related expansion by lowering the internal RH of concrete. / text
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Mitigation in Spanish discourse : social and cognitive motivations, linguistic analyses, and effects on interaction and interlocutorsCzerwionka, Lori Ann 12 October 2010 (has links)
Mitigation is the modification of language in response to social or cognitive challenges (stressors) in contexts of linguistic interaction (Martinovski, Mao, Gratch, & Marsella 2005). Previous mitigation research has been largely from social perspectives, addressing the word or utterance levels of language. This dissertation presents an empirical study of mitigating language resulting from both a cognitive stressor (degree of uncertainty) and social stressor (degree of imposition) in Spanish discourse, and the impacts of mitigation on interaction and interlocutors.
The tripartite approach includes a: (1) quantitative analysis of discourse markers associated with mitigation (speaker-discourse, speaker-listener, and epistemic markers); (2) qualitative discourse analysis, relying on concepts from the Conversation Analysis framework; and (3) qualitative analysis of interlocutors’ perceptions of mitigation, using metalinguistic conversations. The results are discussed considering prior research on mitigation, politeness theories, and Clark’s (2006) model of ‘language use’ to address information types, interlocutor roles, and mutual knowledge. In addition, Caffi and Janney’s (1994) ‘anticipatory schemata’ and Pinker’s (2007) social psychological perspective of indirect language inform the theoretical framework. Results indicate that:
(1) Mitigation devices vary depending on contextual factors prompting mitigation, significantly fewer speaker-listener markers are shown as evidence of mitigation, and epistemic markers, which are commonly analyzed mitigation devices, are infrequent overall in these data. These results provide evidence against the assumption that mitigation is associated with increased use of linguistic devices;
(2) Two mitigating discourse structures were found, depending on the degree of uncertainty. Within contexts of high-imposition, the Co-reconstruction structure (CRS) is found in contexts with uncertainty and the Non-linear structure (NLS) is in contexts with certainty; and
(3) The listeners’ metalinguistic comments indicate that the CRS, compared to the NLS, is preferred. Also, the results indicate how interlocutors address cognitive, social, and emotional stressors in interaction.
Considering all analyses, a unifying definition of mitigation in discourse is provided. This phenomenon is characterized as the postponement of both confirmed knowledge and negotiation of the interlocutor relationship. This research contributes the first experimental investigation of mitigation as the result of cognitive and social stressors, and also the first systematic analysis of mitigation in Spanish discourse. / text
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An assessment of carbon emissions reduction potential through zero waste activities in South African municipalities.Jagath, Rohini. January 2010 (has links)
The inception of global warming has resulted in mitigation efforts across all relevant
sectors. Waste management activities produce approximately 12% of methane
emissions in South Africa. The current scope of waste management favours
sustainable strategies targeting zero waste and waste diversion, however landfill
disposal of municipal solid waste (MSW) is still the primary strategy employed by South
African municipalities. This study evaluated the greenhouse gas (GHG) impacts of
various waste management scenarios that included recycling, composting, anaerobic
digestion, and landfill gas recovery through case studies of the eThekwini Municipality
(Mariannhill landfill) and uMgungundlovu District Municipality (New England Road
landfill) MSW streams. Each waste management strategy was assessed on the basis
of GHG emissions, landfill space savings and economic feasibility. A waste stream
analysis (WSA) was conducted to obtain both the qualitative and quantitative data
required. The results of the WSA determined that the biogenic fraction of the MSW
stream for typical South African municipalities varies between 32-40% while the
recyclable fraction ranges between 38-44%. The Waste Resource Optimisation Scenario Evaluation (WROSE) model was
developed for the quantification of GHG emissions and is based on the US EPA
emissions factors for landfill disposal, landfill gas recovery, recycling and composting.
An emissions factor was derived to include the GHG impacts of anaerobic digestion
using a streamlined life cycle analysis approach. The results confirmed that recycling,
anaerobic digestion and composting all produce GHG reductions, in comparison with
the baseline scenario of landfill disposal, and a combination thereof through
Mechanical Biological Treatment (MBT) produced the greatest net GHG reductions
(between -63,338 to -71,522 MTCO2e/annum for the New England Road MSW stream,
and -71,280 to -86,123/annum MTCO2e for the Mariannhill MSW stream). The results
indicated that the implementation of MBT scenarios would produce landfill space
savings of 94,375 to 103,302 m3 for the Mariannhill landfill, extending the landfill
lifespan by 12-14 years, while savings of 73,399 – 74,100 m3 could be realised for the
New England Road landfill, extending the landfill lifespan by 2-3 years. The study
concluded that while the focus of waste management has changed and zero
waste/waste diversion goals require alternative waste management methods to be
implemented, the capital and operational costs of some technologies are the main
barrier for implementation in developing countries, and that the environmental and
social benefits should be evaluated further to truly gauge the costs/benefits involved. / Thesis (M.Sc.Eng.)-University of KwaZulu-Natal, Durban, 2010.
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Mitigation of project risk through communication training : a serious games proposal / Hedré PretoriusPretorius, Hedré January 2014 (has links)
Complex projects often fail even when formal project management systems are in place. Project management processes and methodologies are well defined and described in academic and business literature. There is however less published research on the socio-cultural factors that are critical for project success. This study investigated whether project stakeholders view communication as one of the critical success factors for project success. Critical project success factors were identified from a literature study and ranked by 34 project stakeholders. The data was analysed using the Instant Priorities method and Analytical Hierarchical Process. A workshop on the use of communication within projects was observed. The results were translated into a project success factor model that explains the importance of communication in project success. Furthermore, a serious games based training tool is proposed. The aim of the training will be for participants to understand the communication preferences of themselves and the people they interact with in large projects. The proposed tool will require the participant to map typical stakeholder behavioural preferences. The well-known Marston DISC behavioural model is used as basis for understanding the behavioural preferences of different stakeholder groups. This research project supports the view that communication training across stakeholder groups should be used as a project risk mitigation tool. An increased understanding of the communication preferences of project stakeholders has the potential to shape a project culture that will stimulate teamwork combined with high levels of personal motivation as well as have the capacity to quickly identify and address project risks. / MSc (Computer Science), North-West University, Vaal Triangle Campus, 2014
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Concepts in coalmine ventilation and development of the VamTurBurner© for extraction of thermal energy from underground ventilation air methaneCluff, Daniel L. January 2014 (has links)
Climate change is emerging as a significant challenge in terms of the response needed to mitigate or adapt to the predicted global changes. Severe impacts due to rising sea-level, seasonal shifts, increased frequency and intensity of extreme weather events such as storms, floods or droughts have become accepted by the scientific community as a real and present threat to civilisation. The most significant impacts are expected in the Arctic, the Asian mega-deltas, Small Island Developing States (SIDS) and sub-Saharan Africa (IPCC 2007). There are two approaches to global climate change either mitigation or adaptation. This dissertation aims to provide the initial design concepts for a system to mitigate methane, a significant Greenhouse Gas (GHG), emitted from coalmines by ventilation air circulated through the underground workings. The VamTurBurner©, a Ventilation Air Methane (VAM) gas turbine based methane burning system, is proposed as a method of extracting the thermal energy from the VAM. A key aspect of the problem responsible for the difficulty in extracting the energy from VAM is the low concentration of methane in the high volume ventilation airflow. This approach recasts the concepts of combustion dynamics of a premixed fuel flow to that expected for VAM to ascertain the conditions conducive to combustion or oxidation of the methane in the ventilation air. A numerical model using Large Eddy Simulation (LES) to study the combustion dynamics revealed that the temperature of the incoming ventilation air is a key variable related to the concentration of the VAM. Computational Fluid Dynamics modeling was used to study the design features needed to engineer a system capable of providing the required temperature of the incoming ventilation air. Applications for the available thermal energy are discussed in terms of the potential to generate electricity with steam turbines, provide space heating, produce hot water for many uses, and use the heat for industrial drying or as desired. The efficiency of the energy system is enhanced when the output from the amount of natural gas or electricity purchased is compared to the output enhanced by the addition of methane, considered as free. The VamTurBurner© concept, as described in this dissertation, appears to be a viable method of mitigating atmospheric methane in the pursuit greenhouse gas reduction.
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