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Book part
Publication date: 23 December 2013

Annela Anger-Kraavi and Jonathan Köhler

This chapter considers the application of climate mitigation policies to the aviation sector with reference to the inclusion of aviation in the EU Emissions Trading System (EU ETS

Abstract

Purpose

This chapter considers the application of climate mitigation policies to the aviation sector with reference to the inclusion of aviation in the EU Emissions Trading System (EU ETS). Assessments of the possible economic impacts of including aviation in the EU ETS are reviewed and an impact analysis using the macroeconometric E3ME model is conducted.

Originality

The aviation sector is a significant and rapidly increasing source of GHG emissions. Because international policy measures have not been agreed, the EU has incorporated aviation in the EU ETS. It is therefore important to consider the possible economic effects of the ETS on the aviation industry and the wider economy.

Methodology/approach

The paper describes the approach used by the EU to include aviation in the EU ETS. Assessments of economic impacts have been made, but have often been limited in their approach. The paper complements the existing literature by including an economic analysis using the E3ME macroeconometric model of the EU that covers 41 industrial sectors including aviation.

Findings

Microeconomic and macroeconomic assessments show the economic impacts of including the aviation sector in the EU ETS are small. The negative impacts, if any, on EU GDP and the air transport sector’s economic output are less than 0.1% and 1% respectively. Distortions in competition, both between countries and industrial sectors, are therefore likely to be small.

Implications

In the long term (beyond 2020), including aviation in the EU can be seen as a positive move. If and when aviation is fully included in the EU ETS, and when the cost impacts of GHG emissions through permit prices are made evident, it is anticipated that airlines will start monitoring and reducing their GHG emissions by investing in new, less carbon intensive technologies.

Details

Sustainable Aviation Futures
Type: Book
ISBN: 978-1-78190-595-1

Keywords

Article
Publication date: 8 July 2014

Andros Gregoriou, Jerome Healy and Nicola Savvides

The purpose of this paper is to investigate the validity of the cost of carry model by examining the time series properties of the deviation between future and spot prices in the…

Abstract

Purpose

The purpose of this paper is to investigate the validity of the cost of carry model by examining the time series properties of the deviation between future and spot prices in the European Union Emissions Trading Scheme (EU-ETS) over the time period 2005-2012. The paper utilizes a non-linear mean reverting adjustment mechanism, and discovers that although deviations of future from spot prices can exhibit a region of non-stationary behaviour, overall they are stationary indicating market efficiency in the trading of carbon permits.

Design/methodology/approach

The methodology involves non-linear mean reverting unit root tests.

Findings

The findings provide insights into the functioning of the EU-ETS market. They suggest that it is informationally efficient and does not permit arbitrage between spots and futures.

Originality/value

The authors are the first study to examine efficiency in the EU-ETS by investigating the validity of the cost of carry model. The authors are also the only study to look at efficiency in both Phase I and Phase II of the scheme.

Details

Journal of Economic Studies, vol. 41 no. 4
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 5 May 2015

Mark Anthony Camilleri

The purpose of this paper is to shed light on the European Union’s (EU) latest regulatory principles for environmental, social and governance (ESG) disclosures. It explains how…

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Abstract

Purpose

The purpose of this paper is to shed light on the European Union’s (EU) latest regulatory principles for environmental, social and governance (ESG) disclosures. It explains how some of the EU’s member states are ratifying the EU Commission’s directives on ESG reporting by introducing intelligent, substantive and reflexive regulations.

Design/methodology/approach

Following a review of EU publications and relevant theoretical underpinnings, this paper reports on the EU member states’ national policies for ESG reporting and disclosures.

Findings

The EU has recently revised a number of tools and instruments for the reporting of financial and non-financial information, including the EU’s modernisation directive, the EU’s directive on the disclosure of non-financial and diversity information, the EU Energy Efficiency Directive, the European pollutant release and transfer register, the EU emission trading scheme, the integrated pollution prevention and control directive, among others.

Practical implications

Although all member states are transposing these new EU directives, to date, there are no specific requirements in relation to the type of non-financial indicators that can be included in annual reports. Moreover, there is a need for further empirical evidence that analyse how these regulations may (or may not) affect government entities and big corporations.

Social implications

Several EU countries are integrating reporting frameworks that require the engagement of relevant stakeholders (including shareholders) to foster a constructive environment that may lead to continuous improvements in ESG disclosures.

Originality/value

EU countries are opting for a mix of voluntary and mandatory measures that improve ESG disclosures in their respective jurisdictions. This contribution indicates that there is scope for national governments to give further guidance to civil society and corporate business to comply with the latest EU developments in ESG reporting. When European entities respond to regulatory pressures, they are also addressing ESG and economic deficits for the benefit of all stakeholders.

Book part
Publication date: 21 October 2019

Sveinn Vidar Gudmundsson

European air transport policy, emerged through the confluence of case law and legislation, in four broad areas: liberalization, safety and security, greening, and the external…

Abstract

European air transport policy, emerged through the confluence of case law and legislation, in four broad areas: liberalization, safety and security, greening, and the external policy. Following the implementation of the single market for air transport, policy shifted to liberalizing and regulating associated services and in recent years to greening, the external aviation policy, and safety and security. Inclusion of air transport in the Environmental Trading Scheme of the European Union exemplifies the European Commission’s proactive stand on bringing the industry in line with emission reduction trajectories of other industries. However, the bid to include flights to third countries in the trading scheme pushed the EU into a controversial position, causing the Commission to halt implementation and to give ICAO time to seek a global multilateral agreement. The chapter also discusses how the nationality clauses in air services agreements breached the Treaty of Rome, and a court ruling to that effect enabled the EC to extend EU liberalization policies beyond the European Union, resulting in the Common Aviation Area with EU fringe countries and the Open Aviation Area with the USA. Another important area of progress was aviation safety, where the EU region is unsurpassed in the world, yet the Commission has pushed the boundary even further, by establishing the European Safety Agency to oversee the European Aviation Safety Management System. Another important area of regulatory development was aviation security, a major focus after the woeful events in 2001, but increasingly under industry scrutiny on costs and effectiveness. The chapter concludes by arguing that in the coming decade, the EU will strive to strengthen its position as a global countervailing power, symbolized in air transport by a leadership position in environmental policy and international market liberalization, exemplified in the EU’s external aviation policy.

Details

Airline Economics in Europe
Type: Book
ISBN: 978-1-78973-282-5

Keywords

Article
Publication date: 28 March 2022

Carolina Rojas-Córdova, Julio A. Pertuze, Amanda Jasmine Williamson and Michael Leatherbee

Environmental uncertainty (EU) and firm size (FS) generate inertial forces that can push small and medium-sized enterprises (SMEs) to emphasize either exploration or exploitation…

Abstract

Purpose

Environmental uncertainty (EU) and firm size (FS) generate inertial forces that can push small and medium-sized enterprises (SMEs) to emphasize either exploration or exploitation. In this article, the authors explore how structural (e.g. formal processes, control and discipline) and social (e.g. employee support and decision-making involvement) managerial instruments counteract such inertial forces and enable SME ambidexterity. Building on the organization-context literature, the authors propose a model in which EU and firms' size moderate the relationship between structural and social managerial instruments on SME ambidexterity.

Design/methodology/approach

The authors examined a moderation model using surveys of chief executive officers (CEOs) and performance archival data from 237 Chilean SMEs.

Findings

The authors find that the positive effect of structure on SME ambidexterity decreases with FS. In contrast, social instruments have a positive effect on ambidexterity for larger firms, especially for those operating in uncertain environments. In cases in which EU and firms' size reinforce the exploration or exploitation tendencies of SMEs, structural and social instruments play a complementary role in achieving ambidexterity.

Originality/value

The authors contribute by proposing a contingent mix of structural and social instruments to enable SME ambidexterity. These results inform policymakers and SME managers by suggesting strategies to promote ambidexterity based on firms' size and EU.

Details

International Journal of Emerging Markets, vol. 18 no. 12
Type: Research Article
ISSN: 1746-8809

Keywords

Book part
Publication date: 6 August 2014

Janina D. Scheelhaase

This chapter provides an overview of the current political regulations on aviation’s climate relevant emissions in Europe, Australia, and New Zealand and of the planned…

Abstract

This chapter provides an overview of the current political regulations on aviation’s climate relevant emissions in Europe, Australia, and New Zealand and of the planned regulations in other parts of the world. In a next step, the cost impacts of most of these regulations on air freight will be quantified. This way, the economic impacts of environmental regulations on air freight can be estimated.

The main results indicate that cost impacts on air freight services induced by political measures for the reduction of aviation’s climate relevant emissions turn out to be small. This is true for both local emission charges on nitrous oxide (NO X ) and hydrocarbon (HC) emissions which are in force at a number of European airports and the European emissions trading scheme for the limitation of CO2 emissions.

Details

The Economics of International Airline Transport
Type: Book
ISBN: 978-1-78350-639-2

Keywords

Article
Publication date: 23 August 2019

Masood Nawaz Kalyar, Imran Shafique and Bashir Ahmad

The purpose of this paper is to investigate the potential role of innovativeness in determining supply chain (SC) integration and to foster the SC performance of manufacturing…

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Abstract

Purpose

The purpose of this paper is to investigate the potential role of innovativeness in determining supply chain (SC) integration and to foster the SC performance of manufacturing small and medium enterprises (SMEs). The study also proposes that the SC integration–performance relationship is contingent to the degree of environmental uncertainty (EU).

Design/methodology/approach

The data were collected from 321 manufacturing SMEs working in Pakistan. Respondents were owners/CEOs/managers of the firms. Considering the formative nature of indicators of SC efficiency and effectiveness, partial least square-based structural equation modeling (SEM) was used to analyze the data.

Findings

The results indicate that innovativeness positively influences the dimensions of SC integration which in turn affects SC efficiency and effectiveness. The results support the presence of moderation for the relationship between the dimensions of both SC integration and performance. The findings suggest that firms should endeavor to accomplish innovativeness and SC integration, as they jointly promote SC performance.

Practical implications

SMEs can use innovativeness as an important tool to increase SC integration and SC performance. For SMEs with a highly volatile and dynamic environment, managers should achieve SC integration and include external integration orientation at the strategic level in order to reap the greatest advantages from SC integration.

Originality/value

This study contributes to the SC literature by exploring the effect of the nascent determinant (innovativeness) of SC practices and performance to expand and deepen current understanding of the potential role of innovativeness in the SC context. Furthermore, considering EU as a moderator opens up new avenues of research to elucidate the SC integration–performance nexus in the emerging market context.

Details

International Journal of Emerging Markets, vol. 15 no. 2
Type: Research Article
ISSN: 1746-8809

Keywords

Book part
Publication date: 6 September 2023

Ferhan K. Sengur and Onder Altuntas

Aviation is not only one of the key contributors to the economy and social structure of the world but it is also an industry whose environmental impacts are being closely…

Abstract

Aviation is not only one of the key contributors to the economy and social structure of the world but it is also an industry whose environmental impacts are being closely monitored. Aircraft efficiency and technological advancements have significantly reduced aviation noise and emissions in recent decades. Nevertheless, as the need for passenger and freight transportation grows, the aviation sector is becoming a primary source of environmental issues and a significant driver of global warming. This chapter focusses on environmentally sustainable aviation with a net-zero emission target. It also highlights sustainable aviation policies and collaborative initiatives in the aviation industry to meet the 2050 net-zero emission goal. While the industry's efforts have increased opportunities recently, the industry has also had to face several challenges to achieve the net-zero aviation target.

Article
Publication date: 13 September 2011

Aslı Yüksel Mermod and Berna Dömbekci

The purpose of this paper is to analyze emission trading applications in the European Union (EU) and to benefit from its experiences; also to discuss different types of energy…

Abstract

Purpose

The purpose of this paper is to analyze emission trading applications in the European Union (EU) and to benefit from its experiences; also to discuss different types of energy financing mechanisms for Turkey, an emerging market which faces a fast growth of energy demand.

Design/methodology/approach

The Kyoto Protocol and its market‐based flexible mechanisms to reduce emissions worldwide are explained. The logic and development phases of an emission trading scheme (ETS) started in 2005 in the EU are given in response to this protocol's targets. With lessons learned from the ETS, the position of Turkey in terms of greenhouse gas emissions and its strategy to find solutions for a low carbon economy are underlined, as it can be assumed to be a reference point for other emerging markets.

Findings

This ETS became the main vehicle for EU member states to enforce themselves, to be in line with their Kyoto's emission reduction targets via some mechanisms and it has the potential to be leader in the formation of a global emission trading program. It made possible the transfer of technology and experience to emerging countries. Turkey should be aware and well prepared, for the post‐Kyoto period, to benefit from similar mechanisms to finance its energy investments.

Practical implications

The paper is a useful source of information for ETS.

Social implications

This paper gives information on emission reduction mechanisms used worldwide by countries which aim to be a low carbon economy.

Originality/value

This paper fulfils a resource need for the structure of ETS and the position of Turkey as an emerging market with Kyoto's Protocol.

Details

International Journal of Energy Sector Management, vol. 5 no. 3
Type: Research Article
ISSN: 1750-6220

Keywords

Open Access
Article
Publication date: 3 April 2020

Felix Roth

This paper aims to revisit the relationship between intangible capital and labour productivity growth using the largest, up-to-date macro database (2000–2015) available to…

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Abstract

Purpose

This paper aims to revisit the relationship between intangible capital and labour productivity growth using the largest, up-to-date macro database (2000–2015) available to corroborate the econometric findings of earlier work and to generate novel econometric evidence by accounting for times of crisis (2008–2013) and economic recovery (2014–2015).

Design/methodology/approach

To achieve these aims, this paper employs a cross-country growth accounting econometric estimation approach using the largest, up-to-date database available encompassing 16 EU countries over the period 2000–2015. The paper accounts for times of crisis (2008–2013) and of economic recovery (2014–2015). It separately estimates the contribution of three distinct dimensions of intangible capital: (1) computerized information, (2) innovative property and (3) economic competencies.

Findings

First, when accounting for intangibles, the paper finds that these intangibles have become the dominant source of labour productivity growth in the EU, explaining up to 66 percent of growth. Second, when accounting for times of crisis (2008–2013), in contrast to tangible capital, the paper detects a solid positive relationship between intangibles and labour productivity growth. Third, when accounting for the economic recovery (2014–2015), the paper finds a highly significant and remarkably strong relationship between intangible capital and labour productivity growth.

Originality/value

This paper corroborates the importance of intangibles for labour productivity growth and thereby underlines the necessity to incorporate intangibles into today's national accounting frameworks in order to correctly depict the levels of capital investment being made in European economies. These levels are significantly higher than those currently reflected in the official statistics.

Details

Journal of Intellectual Capital, vol. 21 no. 5
Type: Research Article
ISSN: 1469-1930

Keywords

1 – 10 of over 34000