Search results for: global financial cycle

Authors: Johannes Gantner, Michael Held, Matthias Fischer

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The refurbishment of the building stock in terms of energy supply and efficiency is one of the major challenges of the German turnaround in energy policy. As the building sector accounts for 40% of Germany’s total energy demand, additional insulation is key for energy efficient refurbished buildings. Nevertheless the energetic benefits often the environmental and economic performances of insulation materials are questioned. The methods Life Cycle Assessment (LCA) as well as Life Cycle Costing (LCC) can form the standardized basis for answering this doubts and more and more become important for material producers due efforts such as Product Environmental Footprint (PEF) or Environmental Product Declarations (EPD). Due to increasing use of LCA and LCC information for decision support the robustness and resilience of the results become crucial especially for support of decision and policy makers. LCA and LCC results are based on respective models which depend on technical parameters like efficiencies, material and energy demand, product output, etc.. Nevertheless, the influence of parameter uncertainties on lifecycle results are usually not considered or just studied superficially. Anyhow the effect of parameter uncertainties cannot be neglected. Based on the example of an exterior wall the overall lifecycle results are varying by a magnitude of more than three. As a result simple best case worst case analyses used in practice are not sufficient. These analyses allow for a first rude view on the results but are not taking effects into account such as error propagation. Thereby LCA practitioners cannot provide further guidance for decision makers. Probabilistic analyses enable LCA practitioners to gain deeper understanding of the LCA and LCC results and provide a better decision support. Within this study, the environmental and economic impacts of an exterior wall system over its whole lifecycle are illustrated, and the effect of different uncertainty analysis on the interpretation in terms of resilience and robustness are shown. Hereby the approaches of error propagation and Monte Carlo Simulations are applied and combined with statistical methods in order to allow for a deeper understanding and interpretation. All in all this study emphasis the need for a deeper and more detailed probabilistic evaluation based on statistical methods. Just by this, misleading interpretations can be avoided, and the results can be used for resilient and robust decisions.

Keywords: uncertainty, life cycle assessment, life cycle costing, Monte Carlo simulation

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Authors: Magid Maatallah

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The problem is, investment management in modern conditions boils down to risk management which is very underdeveloped in Islamic financial theory and practice. Add to this the fact that, in Islamic perception, this is one of the areas of conventional finance in need of drastic reforms. This need was recently underlined by the story of Long Term Capital Management (LTCM ), ( told by Roger Lowenstein in his book, When Genius Failed, Random House, 2000 ). So we face a double challenge, to develop Islamic techniques of risk management and to see that these new techniques are free from the ills with which conventional methods are suffering. This is different from the challenge faced in the middle of twentieth century, to develop a method of financial intermediation free of interest.Risk was always there, especially in business. But industrialization brought risks unknown in trade and agriculture. Industrial production often involves long periods of time .The longer the period of production the more the uncertainty. The scope of the market has expanded to cover the whole world, introducing new kinds of risk. More than a thousand years ago, when Islamic laws were being written, the nature and scope of risk and uncertainty was different. However, something can still be learnt which, in combination with the modern experience, should enable us to realize the Shariah objectives of justice, fairness and efficiency.

Keywords: financial markets, Islamic framework, risk management, investment

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Authors: Kerolis Samoul Zaghloul Noaman

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area law is the brand new access in the basket of worldwide law in the latter half of the 20 th Century. inside the last hundred and fifty years, courts and pupils advanced a consensus that, the custom is an vital supply of global law. Article 38(1) (b) of the statute of the international court of Justice identified global custom as a supply of global law. country practices and usages have a more role to play in formulating commonplace international regulation. This paper examines those country practices which may be certified to emerge as global standard law. due to the fact that, 1979 (after Moon Treaty) no hard law had been developed within the vicinity of space exploration. It attempts to link among country practices and custom in area exploration and development of standard global regulation in area activities. The paper makes use of doctrinal approach of felony research for inspecting the current questions of worldwide regulation. The paper explores exceptional worldwide prison files which include general meeting Resolutions, Treaty standards, working papers of UN, cases relating to commonplace global law and writing of jurists regarding area law and standard international law. it's far argued that, ideas such as common background of mankind, non-navy region, sovereign equality, nuclear weapon unfastened area and protection of outer area environment, etc. evolved nation practices a number of the worldwide community which can be certified to turn out to be international customary regulation.

Keywords: social networks privacy issues, social networks security issues, social networks privacy precautions measures, social networks security precautions measures

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Authors: Jie Yang, Qifu Cheng, Yafang Liu, Zhijie Gu

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Controlled emissions of effluent from nuclear power plants are an important means of ensuring environmental safety. In order to fully grasp the actual discharge level of nuclear power plant in China's nuclear power plant in the pressurized water reactor and heavy water reactor, it will use the global average nuclear power plant effluent discharge as a reference to the standard analysis of China's nuclear power plant environmental discharge status. The results show that the average normalized emission of liquid tritium in PWR nuclear power plants in China is slightly higher than the global average value, and the other nuclides emissions are lower than the global average values.

Keywords: radioactive effluent, HWR, PWR, nuclear power plant

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Authors: Maxwell Ladogo Abilla

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As evidence from the 2007–2008 and 2010 global food and financial crises revealed that food systems were under stress, the idea of sustainable food systems rose to prominence in the discussion of food security. The idea suggests moving away from a conception of food security that emphasizes production in favor of one that is more socially and environmentally conscious and interested in tackling a wide range of issues that have rendered the food system dysfunctional. This study evaluates the efforts made by international development organizations to increase food security in the area, taking into account the persistence of poverty and food insecurity in northern Ghana, utilizing the idea of sustainable food systems as the evaluation criterion. The study used triangulation to address the research questions by combining qualitative interview data with documentary analysis. To better comprehend the concept of sustainability, a variety of discourses and concepts are used, which results in the development of eight doable objectives for attaining sustainable food systems. The study finds that the food system in northern Ghana is unsustainable because of three kinds of barriers, with the practical objectives of developing sustainable food systems serving as the assessment criteria (natural, cultural and economic, and institutional). According to an evaluation of the World Food Programme's development support in northern Ghana, regional challenges to attaining sustainable food systems continue to be unaddressed by global development initiatives. Due to institutional constraints, WFP's interventions fell short of their promise. By demonstrating the need for development partners to enhance institutional efficiency and coordination, enable marginalized communities to access their rights, and prioritize agricultural irrigation in the area, the study makes a contribution to development policy and practice in northern Ghana.

Keywords: sustainable, food security, development, institutional

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Authors: Renuka H. Deshmukh, Snehal Nifadkar, Anil P. Dongre

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The research study aims to analyze the financial performance of the companies associated with CDM projects implemented in India from 2001 to 2014 by calculating net profit with and without CDM revenue. Further the study also highlights the Year-wise and sector-wise lending to CDM projects in India as well as in the state of Maharashtra. The study further aims to examine the year-wise trend of Certified Emission Reductions (CER) issued by the CDM projects implemented in Maharashtra from 2001-2014. The study as well analyses the responses of selected corporate with respect to the challenges in implementing and obtaining finance from commercial banks.

Keywords: adaptation costs, internal rate of return, mitigation, vulnerability, CER

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Authors: S. Brahmi, S. Aitouche, M. D. Mouss

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Every modern company should measure the value of its intellectual capital and to report to complement the traditional annual balance sheets. The purpose of this work is to measure the intellectual capital in an Algerian company (or production system) using the Weightless Wealth Tool Kit (WWTK). The results of the measurement of intellectual capital are supplemented by traditional financial ratios. The measurement was applied to the National Company of Wells Services (ENSP) in Hassi Messaoud city, in the south of Algeria. We calculated the intellectual capital (intangible resources) of the ENSP to help the organization to better capitalize on its potential of workers and their know-how. The intangible value of the ENSP is evaluated at 16,936,173,345 DA in 2015.

Keywords: financial valuation, intangible capital, intellectual capital, intellectual capital measurement

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Authors: Aharouay Soumaya

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Efficiency is a relative concept. It is measured by comparing the productivity obtained in what is intended as standard or objective criteria. The quantity and quality of output achieved and the level of service are also compared to targets or standards, to determine to what extent they could cause changes in efficiency. Efficiency improves when more outputs of a specified quality are produced with the same resource inputs or less, or when the same amount of output is produced with fewer resources. This article proposes a review of the literature on strategies adopted by firms in the age of the financial crisis to overcome these negative effects, and tracks progress chosen by the organization to remain successful despite the plight of firms.

Keywords: effectiveness, efficiency, organizational capacity, strategy, management tool, progress, performance

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Authors: Bassam Istanbouli

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With the technology evolving every day and with the increase in global competition, industries are always under the pressure to be the best. They need to provide good quality products at competitive prices, when and how the customer wants them.  In order to achieve this level of service, products and their respective supply chain processes need to be flexible and evolvable; otherwise changes will be extremely expensive, slow and with many combinatorial effects. Those combinatorial effects impact the whole organizational structure, from a management, financial, documentation, logistics and specially the information system Enterprise Requirement Planning (ERP) perspective. By applying the normalized system concept/theory to segments of the supply chain, we believe minimal effects, especially at the time of launching an organization global software project. The purpose of this paper is to point out that if an organization wants to develop a software from scratch or implement an existing ERP software for their business needs and if their business processes are normalized and modular then most probably this will yield to a normalized and modular software system that can be easily modified when the business evolves. Another important goal of this paper is to increase the awareness regarding the design of the business processes in a software implementation project. If the blueprints created are normalized then the software developers and configurators will use those modular blueprints to map them into modular software. This paper only prepares the ground for further studies;  the above concept will be supported by going through the steps of developing, configuring and/or implementing a software system for an organization by using two methods: The Software Development Lifecycle method (SDLC) and the Accelerated SAP implementation method (ASAP). Both methods start with the customer requirements, then blue printing of its business processes and finally mapping those processes into a software system.  Since those requirements and processes are the starting point of the implementation process, then normalizing those processes will end up in a normalizing software.

Keywords: blueprint, ERP, modular, normalized

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Authors: Michelo Obrey

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Traditionally, mutual funds have long been esteemed as stand-alone entities in the U.S. However, the prevalence of the fund families’ affiliation to financial conglomerates is eroding this striking feature. Mutual fund families' affiliation with financial conglomerates can potentially be an important source of superior performance or cost to the affiliated mutual fund investors. On the one hand, financial conglomerates affiliation offers the mutual funds access to abundant resources, better research quality, private material information, and business connections within the financial group. On the other hand, conflict of interest is bound to arise between the financial conglomerate relationship and fund management. Using a sample of U.S. domestic equity mutual funds from 1994 to 2017, this paper examines whether fund family affiliation to an investment bank help the affiliated mutual funds deliver superior performance through private material information advantage possessed by the investment banks or it costs affiliated mutual fund shareholders due to the conflict of interest. Robust to alternative risk adjustments and cross-section regression methodologies, this paper finds that the investment bank-affiliated mutual funds significantly outperform those of the mutual funds that are not affiliated with an investment bank. Interestingly the paper finds that the outperformance is confined to holding return, a return measure that captures the investment talent that is uninfluenced by transaction costs, fees, and other expenses. Further analysis shows that the investment bank-affiliated mutual funds specialize in hard-to-value stocks, which are not more likely to be held by unaffiliated funds. Consistent with the information advantage hypothesis, the paper finds that affiliated funds holding covered stocks outperform affiliated funds without covered stocks lending no support to the hypothesis that affiliated mutual funds attract superior stock-picking talent. Overall, the paper findings are consistent with the idea that investment banks maximize fee income by monopolistically exploiting their private information, thus strategically transferring performance to their affiliated mutual funds. This paper contributes to the extant literature on the agency problem in mutual fund families. It adds to this stream of research by showing that the agency problem is not only prevalent in fund families but also in financial organizations such as investment banks that have affiliated mutual fund families. The results show evidence of exploitation of synergies such as private material information sharing that benefit mutual fund investors due to affiliation with a financial conglomerate. However, this research has a normative dimension, allowing such incestuous behavior of insider trading and exploitation of superior information not only negatively affect the unaffiliated fund investors but also led to an unfair and unleveled playing field in the financial market.

Keywords: mutual fund performance, conflicts of interest, informational advantage, investment bank

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Authors: Farhad Reyazat, Richard Werner

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This paper contributes to the existent literature by developing a framework that explains how to monitor potential threats to banking sector stability. The study explores structural vulnerabilities at the country level, but also look at bilateral exposures within a network context. The study contributes in analysing of the European banking systemic risk at aggregated level, which integrates the characteristics of bank size, and interconnectedness relative to the size of the economy which ultimate risk belong to, taking to account the concentration ratio of the banking industry within the whole economy. The nature of the systemic risk depends on the interplay of the network topology with the nature of financial transactions over the network, assets and buffer stemming from bank size, correlations, and the nature of the shocks to the financial system. The study’s results illustrate the contribution of banks’ size, size of economy and concentration of counterparty exposures to a given country’s banks in explaining its systemic importance, how much the banking network depends on a few traditional hubs activities and the changes of this dependencies over the last 9 years. The role of few of traditional hubs such as Swiss banks and British Banks and also Irish banks- where the financial sector is fairly new and grew strongly between 1990s till 2008- take the fourth position on 2014 reducing the relative size since 2006 where they had the first position. In-degree concentration index analysis in the study shows concentration index of banking network was not changed since financial crisis 2007-8. In-degree concentration index on first quarter of 2014 indicates that US, UK and Germany together, getting over 70% of the network exposures. The result of comparing the in-degree concentration index with 2007-4Q, shows the same group having over 70% of the network exposure, however the UK getting more important role in the hub and the market share of US and Germany are slightly diminished.

Keywords: systemic risk, counterparty risk, financial stability, interconnectedness, banking concentration, european banks risk, network effect on systemic risk, concentration risk

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Authors: Leo Latasch, Mario Di Gennaro

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Introduction: The goal of this project was to increase the resilience of the population as well as rescue organizations to make both quality and time-related improvements in handling crises. A helper network was created for this purpose. Methods: Social questions regarding the structure and purpose of helper networks were considered - specifically with regard to helper motivation, the level of commitment and collaboration between populations and agencies. The exchange of information, the coordinated use of volunteers, and the distribution of available resources will be ensured through defined communication and cooperation routines. Helper smartphones will also be used provide a picture of the situation on the ground. Results: The helper network was established and deployed based on the RESIBES information technology system. It consists of a service platform, a web portal and a smartphone app. The service platform is the central element for collaboration between the various rescue organizations, as well as for persons, associations, and companies from the population offering voluntary aid. The platform was used for: Registering helpers and resources and then requesting and assigning it in case of a disaster. These services allow the population's resources to be organized. The service platform also allows for a secure data exchange between services and external systems. Conclusions: The social and technical work priorities have allowed us to cover a full cycle of advance structural work, gaining an overview, damage management, evaluation, and feedback on experiences. This cycle allows experiences gained while handling the crisis to feed back into the cycle and improve preparations and management strategies.

Keywords: coordination, disaster, resilience, volunteers

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Authors: Stephen L. Roberts

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This article offers a critical analysis of the rise of syndromic surveillance systems for the advanced detection of pandemic threats within contemporary global health security frameworks. The article traces the iterative evolution and ascendancy of three such novel syndromic surveillance systems for the strengthening of health security initiatives over the past two decades: 1) The Program for Monitoring Emerging Diseases (ProMED-mail); 2) The Global Public Health Intelligence Network (GPHIN); and 3) HealthMap. This article demonstrates how each newly introduced syndromic surveillance system has become increasingly oriented towards the integration of digital algorithms into core surveillance capacities to continually harness and forecast upon infinitely generating sets of digital, open-source data, potentially indicative of forthcoming pandemic threats. This article argues that the increased centrality of the algorithm within these next-generation syndromic surveillance systems produces a new and distinct form of infectious disease surveillance for the governing of emergent pathogenic contingencies. Conceptually, the article also shows how the rise of this algorithmic mode of infectious disease surveillance produces divergences in the governmental rationalities of global health security, leading to the rise of an algorithmic governmentality within contemporary contexts of Big Data and these surveillance systems. Empirically, this article demonstrates how this new form of algorithmic infectious disease surveillance has been rapidly integrated into diplomatic, legal, and political frameworks to strengthen the practice of global health security – producing subtle, yet distinct shifts in the outbreak notification and reporting transparency of states, increasingly scrutinized by the algorithmic gaze of syndromic surveillance.

Keywords: algorithms, global health, pandemic, surveillance

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Authors: Won Man Park, Dae Kyung Choi, Kyungsoo Kim, Yoon Hyuk Kim

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Traction therapy has been used in the treatment of spinal pain for decades. However, a case study reported the occurrence of large disc protrusion during motorized traction therapy. In this study, we hypothesized that additional local decompression with a global axial traction could be helpful for risk reduction of intervertebral disc damage. A validated three dimensional finite element model of the lumbar spine was used. Two-step traction therapy using the axial global traction (the first step) with 1/3 body weight and the additional local decompression (the second step) with 7 mm translation of L4 spinal bone was determined for the traction therapy. During two-step traction therapy, the sacrum was constrained in all translational directions. Reduced lordosis angle by the global axial traction recovered with the additional local decompression. Stress on fibers of the annulus fibrosus by the axial global traction decreased with the local decompression by 17%~96% in the posterior region of intervertebral disc. Stresses on ligaments except anterior longitudinal ligaments in all motion segments decreased till 4.9 mm~5.6 mm translation of L4 spinal bone. The results of this study showed that the additional local decompression is very useful for reducing risk of damage in the intervertebral disc and ligaments caused by the global axial traction force. Moreover, the local decompression could be used to enhance reduction of intradiscal pressure.

Keywords: lumbar spine, traction-therapy, biomechanics, finite element analysis

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Authors: Fu Jinyu, Lin Jinguan

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This paper introduces a novel approach that unifies two types of models: one is the continuous-time jump-diffusion used to model high-frequency data, and the other is discrete-time GQARCH employed to model low-frequency financial data by embedding the discrete GQARCH structure with jumps in the instantaneous volatility process. This model is named “GQARCH-It\^{o} -Jumps mode.” We adopt the realized range-based threshold estimation for high-frequency financial data rather than the realized return-based volatility estimators, which entail the loss of intra-day information of the price movement. Meanwhile, a quasi-likelihood function for the low-frequency GQARCH structure with jumps is developed for the parametric estimate. The asymptotic theories are mainly established for the proposed estimators in the case of finite activity jumps. Moreover, simulation studies are implemented to check the finite sample performance of the proposed methodology. Specifically, it is demonstrated that how our proposed approaches can be practically used on some financial data.

Keywords: It\^{o} process, GQARCH, leverage effects, threshold, realized range-based volatility estimator, quasi-maximum likelihood estimate

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Authors: Salman Obaidoon, Mohamed Hassan, Omer Bakather

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As environmental regulations increase, the need for a clean and inexpensive energy is becoming necessary these days using an available raw material with high efficiency and low emissions of toxic gases. This paper presents a study on modifying a gas turbine power plant fired by diesel, which is located in Saudi Arabia in order to increase the efficiency and capacity of the station as well as decrease the rate of emissions. The studied power plant consists of 30 units with different capacities and total net power is 1470 MW. The study was conducted on unit number 25 (GT-25) which produces 72.3 MW with 29.5% efficiency. In the beginning, the unit was modeled and simulated by using WinSim Design II software. In this step, actual unit data were used in order to test the validity of the model. The net power and efficiency obtained from software were 76.4 MW and 32.2% respectively. A difference of about 6% was found in the simulated power plant compared to the actual station which means that the model is valid. After the validation of the model, the simple gas turbine power plant was converted to a combined cycle power plant (CCPP). In this case, the exhausted gas released from the gas turbine was introduced to a heat recovery steam generator (HRSG), which consists of three heat exchangers: an economizer, an evaporator and a superheater. In this proposed model, many scenarios were conducted in order to get the optimal operating conditions. The net power of CCPP was increased to 116.4 MW while the overall efficiency of the unit was reached to 49.02%, consuming the same amount of fuel for the gas turbine power plant. For the purpose of comparing the rate of emissions of carbon dioxide on each model. It was found that the rate of CO₂ emissions was decreased from 15.94 kg/s to 9.22 kg/s by using the combined cycle power model as a result of reducing of the amount of diesel from 5.08 kg/s to 2.94 kg/s needed to produce 76.5 MW. The results indicate that the rate of emissions of carbon dioxide was decreased by 42.133% in CCPP compared to the simple gas turbine power plant.

Keywords: combined cycle power plant, efficiency, heat recovery steam generator, simulation, validation, WinSim design II software

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Authors: Mirjana Ruppel, Rajendra Persad, Amit Bahl, Sanja Dogramadzi, Chris Melhuish, Lyndon Smith

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Multimodal image registration is a profoundly complex task which is why deep learning has been used widely to address it in recent years. However, two main challenges remain: Firstly, the lack of ground truth data calls for an unsupervised learning approach, which leads to the second challenge of defining a feasible loss function that can compare two images of different modalities to judge their level of alignment. To avoid this issue altogether we implement a generative adversarial network consisting of two registration networks GAB, GBA and two discrimination networks DA, DB connected by spatial transformation layers. GAB learns to generate a deformation field which registers an image of the modality B to an image of the modality A. To do that, it uses the feedback of the discriminator DB which is learning to judge the quality of alignment of the registered image B. GBA and DA learn a mapping from modality A to modality B. Additionally, a cycle-consistency loss is implemented. For this, both registration networks are employed twice, therefore resulting in images ˆA, ˆB which were registered to ˜B, ˜A which were registered to the initial image pair A, B. Thus the resulting and initial images of the same modality can be easily compared. A dataset of liver CT and MRI was used to evaluate the quality of our approach and to compare it against learning and non-learning based registration algorithms. Our approach leads to dice scores of up to 0.80 ± 0.01 and is therefore comparable to and slightly more successful than algorithms like SimpleElastix and VoxelMorph.

Keywords: cycle consistency, deformable multimodal image registration, deep learning, GAN

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Authors: Živa Ravnikar, Alfonso Bahillo Martinez, Barbara Goličnik Marušić

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Climate change mitigation has been formally adopted and announced by countries over the globe, where cities are targeting carbon neutrality through various more or less successful, systematic, and fragmentary actions. The article is based on the fact that environmental conditions affect human comfort and the usage of space. Urban planning can, with its sustainable solutions, not only support climate mitigation in terms of a planet reduction of global warming but as well enabling natural processes that in the immediate vicinity produce environmental conditions that encourage people to walk or cycle. However, the article draws attention to the importance of integrating climate consideration into urban planning, where detailed environmental data play a key role, enabling urban planners to improve or monitor environmental conditions on cycle paths. In a practical aspect, this paper tests a particular ICT tool, a prototype used for environmental data. Data gathering was performed along the cycling lanes in Ljubljana (Slovenia), where the main objective was to assess the tool's data applicable value within the planning of comfortable cycling lanes. The results suggest that such transportable devices for in-situ measurements can help a researcher interpret detailed environmental information, characterized by fine granularity and precise data spatial and temporal resolution. Data can be interpreted within human comfort zones, where graphical representation is in the form of a map, enabling the link of the environmental conditions with a spatial context. The paper also provides preliminary results in terms of the potential of such tools for identifying the correlations between environmental conditions and different spatial settings, which can help urban planners to prioritize interventions in places. The paper contributes to multidisciplinary approaches as it demonstrates the usefulness of such fine-grained data for better consideration of microclimatology in urban planning, which is a prerequisite for creating climate-comfortable cycling lanes promoting active mobility.

Keywords: information and communication technology tools, urban planning, human comfort, microclimate, cycling lanes

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Authors: Miroslav Čulík, Petr Gurný

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This paper is aimed at the financial assessment of the hard coal mining in a given region by real option methodology application. Hard coal mining in this mine makes net loss for the owner during the last years due to the long-term unfavourable mining conditions and significant drop in the coal prices during the last years. Management is going to shut down the operation and abandon the project to reduce the loss of the company. The goal is to assess whether the shutting down the operation is the only and correct solution of the problem. Due to the uncertainty in the future hard coal price evolution, the production might be again restarted if the price raises enough to cover the cost of the production. For the assessment, real option methodology is applied, which captures two important aspect of the financial decision-making: risk and flexibility. The paper is structured as follows: first, current state is described and problem is analysed. Next, methodology of real options is described. At last, project is evaluated by applying real option methodology. The results are commented and recommendations are provided.

Keywords: real option, investment, option to abandon, option to shut down and restart, risk, flexibility

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Authors: Audrey Hudson

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In 2020, educational field trips went virtual for all students. At the Art Gallery of Ontario (AGO) in Canada, our solution was to create a virtual school program that addressed three pillars of access—economic, geographic and cultural—with art at the center. Now, at the close of three years, we have reached 1.6 million students! Exponentially more than we have ever welcomed for onsite school visits. In 2022, we partnered with the Museum of Modern Art (MoMA), the Hong Kong University Museum and the National Gallery of Singapore, which has pushed the boundaries of art education into the expanse of the global community. Looking forward to our fourth year of the program, we are using the platform of technology to expand our program of art, access and learning to a global platform. In 2023/24, we intend to connect across more borders to expand the pedagogical benefits of art education for a global community. We invite you to listen to how you can join this journey.

Keywords: technology, museums, art education, pedagogy

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Authors: Ali Badiei

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The increasing urgency of climate change mitigation underscores the necessity for integrating advanced analytical frameworks that encompass both energy dynamics and environmental impacts. This study focuses on the convergence of Dynamic Energy Models (DEMs) and Life Cycle Assessment (LCA) tools, highlighting their combined potential to address the dual challenges of accurate energy system modelling and comprehensive sustainability evaluation. While DEMs excel in simulating time-dependent energy performance, LCAs provide insights into the cumulative environmental impacts over a product or system's lifecycle, including embodied and operational emissions. The integration of these methodologies is fraught with challenges. Discrepancies in data granularity, temporal resolutions, and system boundaries often lead to inconsistencies that hinder seamless interoperability. Furthermore, the computational complexity of merging time-sensitive energy simulations with lifecycle inventories demands innovative approaches to data harmonization and software compatibility. Despite these barriers, such integration offers substantial opportunities for enhancing the precision of sustainability assessments and informing evidence-based policy decisions. This paper examines the state of the art through a comprehensive review of existing frameworks and applications. UK case studies on energy-efficient buildings, particularly those adhering to Passivhaus standards, serve as focal points for evaluating the combined use of DEMs and LCA tools. The findings reveal that, while Passivhaus buildings significantly reduce operational energy consumption—meeting ultra-low energy targets—their embodied carbon emissions often offset initial gains. This underscores the importance of using integrated tools to optimize both operational and embodied carbon reduction strategies. Key outcomes of this research include the identification of gaps in current methodologies and the proposition of a unified framework to bridge these gaps. The study also highlights opportunities to utilize these integrated tools for policy formation and industrial practice innovation. By facilitating a lifecycle-focused understanding of energy systems, the integration of DEMs and LCAs can inform policies that incentivize sustainable construction practices and guide investments in low-carbon technologies. In conclusion, overcoming the technical and methodological challenges of linking DEMs and LCAs is critical for achieving holistic energy system optimization and supporting global net-zero carbon goals. This research advocates for multidisciplinary collaboration between energy modelers, environmental scientists, and policymakers to unlock the full potential of these tools in fostering sustainable development.

Keywords: energy, modelling, life cycle assessment, dynamic

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Authors: Federico Capra, Emanuele Martelli, Matteo Gazzani, Marco Mazzotti, Maurizio Notaro

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Natural gas is a major energy source in the current global economy, contributing to roughly 21% of the total primary energy consumption. Production of natural gas starting from renewable energy sources is key to limit the related CO2 emissions, especially for those sectors that heavily rely on natural gas use. In this context, biomethane produced via biogas upgrading represents a good candidate for partial substitution of fossil natural gas. The upgrading process of biogas to biomethane consists in (i) the removal of pollutants and impurities (e.g. H2S, siloxanes, ammonia, water), and (ii) the separation of carbon dioxide from methane. Focusing on the CO2 removal process, several technologies can be considered: chemical or physical absorption with solvents (e.g. water, amines), membranes, adsorption-based systems (PSA). However, none emerged as the leading technology, because of (i) the heterogeneity in plant size, ii) the heterogeneity in biogas composition, which is strongly related to the feedstock type (animal manure, sewage treatment, landfill products), (iii) the case-sensitive optimal tradeoff between purity and recovery of biomethane, and iv) the destination of the produced biomethane (grid injection, CHP applications, transportation sector). With this contribution, we explore the use of a technology for biogas upgrading and we compare the resulting performance with benchmark technologies. The proposed technology makes use of a chemical sorbent, which is engineered by RSE and consists of Di-Ethanol-Amine deposited on a solid support made of γ-Alumina, to chemically adsorb the CO2 contained in the gas. The material is packed into fixed beds that cyclically undergo adsorption and regeneration steps. CO2 is adsorbed at low temperature and ambient pressure (or slightly above) while the regeneration is carried out by pulling vacuum and increasing the temperature of the bed (vacuum-temperature swing adsorption - VTSA). Dynamic adsorption tests were performed by RSE and were used to tune the mathematical model of the process, including material and transport parameters (i.e. Langmuir isotherms data and heat and mass transport). Based on this set of data, an optimal VTSA cycle was designed. The results enabled a better understanding of the interplay between material and cycle tuning. As exemplary application, the upgrading of biogas for grid injection, produced by an anaerobic digester (60-70% CO2, 30-40% CH4), for an equivalent size of 1 MWel was selected. A plant configuration is proposed to maximize heat recovery and minimize the energy consumption of the process. The resulting performances are very promising compared to benchmark solutions, which make the VTSA configuration a valuable alternative for biomethane production starting from biogas.

Keywords: biogas upgrading, biogas upgrading energetic cost, CO2 adsorption, VTSA process modelling

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Authors: Cleopatra Gittens

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It has been recognized that some social security and national insurance systems in the Eastern Caribbean are experiencing ageing populations and economic and other crises that will present a financial challenge of being unable to pay pension benefits in fifteen to twenty years. This has implications for the fiscal and economic positions of the countries themselves. Hence, organizations would need to address the issue urgently. The study adds to the body of knowledge on social security systems and social security reforms in small island developing states (SIDS). It also makes recommendations for the types of reforms that social security systems in other SIDS can implement given their special circumstances. Secondary research is used to gather financial and other related information on three social security schemes in the Eastern Caribbean. Actuarial and financial reports and other documents of the social security systems are analysed to obtain financial and static data on each of the schemes. The findings show that the three schemes studied are experiencing steady increases in benefit expenditure versus contributions and increasing pensioner to insured ratios. The schemes will deplete their reserves between 2038 and 2050. Two of the schemes have increased their retirement age while the other has not embarked on any reforms. One scheme has made changes to its contribution percentages. Due to their small size, small populations and other unique circumstances, the social security schemes in the identified territories are not likely to be able to take advantage of all of the reform initiatives that the developed world embarked on when faced with similar problems. These schemes will need to make incremental changes that align with the timeframes recommended by the actuarial studies.

Keywords: benefits, pension, small island developing states, social security reform

Procedia PDF Downloads 96

Authors: Lukas Reznak, Maria Reznakova

Abstract:

Recession of an economy has a profound negative effect on all involved stakeholders. It follows that timely prediction of recessions has been of utmost interest both in the theoretical research and in practical macroeconomic modelling. Current mainstream of recession prediction is based on standard OLS models of continuous GDP using macroeconomic data. This approach is not suitable for two reasons: the standard continuous models are proving to be obsolete and the macroeconomic data are unreliable, often revised many years retroactively. The aim of the paper is to explore a different branch of recession forecasting research theory and verify the findings on real data of the Czech Republic and Germany. In the paper, the authors present a family of discrete choice probit models with parameters estimated by the method of maximum likelihood. In the basic form, the probits model a univariate series of recessions and expansions in the economic cycle for a given country. The majority of the paper deals with more complex model structures, namely dynamic and bivariate extensions. The dynamic structure models the autoregressive nature of recessions, taking into consideration previous economic activity to predict the development in subsequent periods. Bivariate extensions utilize information from a foreign economy by incorporating correlation of error terms and thus modelling the dependencies of the two countries. Bivariate models predict a bivariate time series of economic states in both economies and thus enhance the predictive performance. A vital enabler of timely and successful recession forecasting are reliable and readily available data. Leading indicators, namely the yield curve and the stock market indices, represent an ideal data base, as the pieces of information is available in advance and do not undergo any retroactive revisions. As importantly, the combination of yield curve and stock market indices reflect a range of macroeconomic and financial market investors’ trends which influence the economic cycle. These theoretical approaches are applied on real data of Czech Republic and Germany. Two models for each country were identified – each for in-sample and out-of-sample predictive purposes. All four followed a bivariate structure, while three contained a dynamic component.

Keywords: bivariate probit, leading indicators, recession forecasting, Czech Republic, Germany

Procedia PDF Downloads 251

Authors: Renato Roda

Abstract:

With the emergence of the so-called 'Knowledge Society', the implementation of policies to attract, grow and retain talents, in an academic context as well, has become critical –both in the perspective of didactics and research and as far as administration and institutional management are concerned. At the same time, the contemporary philanthropic entities/organizations, which are evolving from traditional types of social support towards new styles of aid, envisaged to go beyond mere monetary donations, face the challenge of brand-new forms of complexity in supporting such specific dynamics of the global human capital market. In this sense, it becomes unavoidable for the philanthropic foundation, while carrying out their daily charitable tasks, to resort to innovative ways to facilitate the acquisition and the promotion of talents by academic and research institutions. In order to deepen such a specific perspective, this paper features the case of Turin, former 'factory city' of Italy’s North West, headquarters -and main reference territory- of Italy’s largest and richest private formerly bank-based philanthropic foundation, the Fondazione Compagnia di San Paolo. While it was assessed and classified as 'medium' in the city Global Talent Competitiveness Index (GTCI) of 2020, Turin has nevertheless acquired over the past months status of impact laboratory for a whole series of innovation strategies in the competition for the acquisition of excellence human capital. Leading actors of this new city vision are the foundations with their specifically adjusted financial engagement and a consistent role of stimulus towards innovation for research and education institutions.

Keywords: human capital, post-Fordism, private foundation, war on talents

Procedia PDF Downloads 175

Authors: Yakui Bai, Chen Sun, Ke Wang

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An experimental investigation of environmental effect on fatigue behavior in SA508 Gr.3 Cl.2 Steam Generator Forging CAP1400 nuclear power plant has been carried out. In order to simulate actual loading condition, a range of strain amplitude was applied in different low cycle fatigue (LCF) tests. The current American Society of Mechanical Engineers (ASME) design fatigue code does not take full account of the interactions of environmental, loading, and material's factors. A range of strain amplitude was applied in different low cycle fatigue (LCF) tests at a strain rate of 0.01%s⁻¹. A design fatigue model was constructed by taking environmentally assisted fatigue effects into account, and the corresponding design curves were given for the convenience of engineering applications. The corrosion fatigue experiment was performed in a strain control mode in 320℃ borated and lithiated water environment to evaluate the effects of a mixed environment on fatigue life. Stress corrosion cracking (SCC) in steam generator large forging in primary water of pressurized water reactor was also observed. In addition, it is found that the CF life of SA508 Gr.3 Cl.2 decreases with increasing temperature in the water environment. The relationship between the reciprocal of temperature and the logarithm of fatigue life was found to be linear. Through experiments and subsequent analysis, the mechanisms of reduced low cycle fatigue life have been investigated for steam generator forging.

Keywords: failure behavior, low alloy steel, steam generator forging, stress corrosion cracking

Procedia PDF Downloads 129

Authors: Jeni A. Popescu, Sorin G. Tomescu, Valeriu A. Vilag

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The paper focuses on the potential methods of increasing the performance of a microturbine by combining additional elements available for utilization in a cogeneration plant. The activity is carried out within the framework of a project aiming to develop, manufacture and test a microturbine functional model with high potential in energetic industry utilization. The main goal of the analysis is to determine the parameters of the fluid flow passing through each section of the turbine, based on limited data available in literature for the focus output power range or provided by experimental studies, starting from a reference cycle, and considering different cycle options, including simple, intercooled and recuperated options, in order to optimize a small cogeneration plant operation. The studied configurations operate under the same initial thermodynamic conditions and are based on a series of assumptions, in terms of individual performance of the components, pressure/velocity losses, compression ratios, and efficiencies. The thermodynamic analysis evaluates the expected performance of the microturbine cycle, while providing a series of input data and limitations to be included in the development of the experimental plan. To simplify the calculations and to allow a clear estimation of the effect of heat transfer between fluids, the working fluid for all the thermodynamic evolutions is, initially, air, the combustion being modelled by simple heat addition to the system. The theoretical results, along with preliminary experimental results are presented, aiming for a correlation in terms of microturbine performance.

Keywords: cogeneration, microturbine, performance, thermodynamic analysis

Procedia PDF Downloads 173

Authors: Raheleh Farzanmanesh, Christopher J. Weston

Abstract:

Mangroves are forest ecosystems located in the inter-tidal regions of tropical and subtropical coastlines that provide many valuable economic and ecological benefits for millions of people, such as preventing coastal erosion, providing breeding, and feeding grounds, improving water quality, and supporting the well-being of local communities. In addition, mangroves capture and store high amounts of carbon in biomass and soils that play an important role in combating climate change. The decline in mangrove area has prompted government and private sector interest in mangrove conservation and restoration projects to achieve multiple Sustainable Development Goals, from reducing poverty to improving life on land. Mangrove aboveground biomass plays an essential role in the global carbon cycle, climate change mitigation and adaptation by reducing CO2 emissions. However, little information is available about the effectiveness of mangrove sustainable management on mangrove change area and aboveground biomass (AGB). Here, we proposed a method for mapping, modeling, and assessing mangrove area and AGB in two Global Environment Facility (GEF) blue forests projects based on Sentinel-2 Level 1C imagery during their conservation lifetime. The SVR regression model was used to estimate AGB in Tahiry Honko project in Madagascar and the Abu Dhabi Blue Carbon Demonstration Project (Abu Dhabi Emirates. The results showed that mangrove forests and AGB declined in the Tahiry Honko project, while in the Abu Dhabi project increased after the conservation initiative was established. The results provide important information on the impact of mangrove conservation activities and contribute to the development of remote sensing applications for mapping and assessing mangrove forests in blue carbon initiatives.

Keywords: blue carbon, mangrove forest, REDD+, aboveground biomass, Sentinel-2

Procedia PDF Downloads 76

Authors: Mme Hamani Née Guessas Ghaniya

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The transport is the base of the development of the exchanges and the business, being both a recognized determiner of the economic and social development. The development of the transport is in the center of the big challenges of development of countries, but it is also at the heart of big contradictions, since we integrate the environmental issues which are bound to him, in particular through the questions of energy. Indeed, the energy consumption by the sector of transport is one of bigger concerns, because it is increasing and it has a big impact on our environment. The main consequences are, the atmospheric pollution causing an increase of the greenhouse effect which causes a global warming. These global warming risks to engender a partial cast iron of polar caps so raising the level of seas, flooding the low coastal zones, certain islands and the deltas. Thus, the purpose of this communication is to present the impact of the energy consumption by the sector of transport on the air quality, showing its effect on the health and on the global warming.

Keywords: energy consumption, sector of transport, air quality, atmospheric pollution

Procedia PDF Downloads 335

Authors: A. Seddiki, M. Djebbouri, D. Guerchi

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Medical imaging produces human body pictures in digital form. Since these imaging techniques produce prohibitive amounts of data, compression is necessary for storage and communication purposes. Many current compression schemes provide a very high compression rate but with considerable loss of quality. On the other hand, in some areas in medicine, it may be sufficient to maintain high image quality only in region of interest (ROI). This paper discusses a contribution to the lossless compression in the region of interest of Scintigraphic images based on SPIHT algorithm and global transform thresholding using Huffman coding.

Keywords: global thresholding transform, huffman coding, region of interest, SPIHT coding, scintigraphic images

Procedia PDF Downloads 370