The impact of the EU ETS on the sectoral innovation system for power generation technologies: findings for Germany

This paper provides an overview of early changes in the sectoral innovation system for power generation technologies which have been triggered by the European Emission Trading Scheme (EU ETS). Based on a broad definition of the sector, our research analyses the impact of the EU ETS on the four building blocks knowledge and technologies, actors and networks, institutions and demand by combining two streams of literature, namely systems of innovation and environmental economics. Our analysis is based on 42 exploratory inter-views with German and European experts in the field of the EU ETS, the power sector and technological innovation. We find that the EU ETS mainly affects the rate and direction of the technological change of power generation technologies within the large-scale, coal-based power generation technological regime to which carbon capture technologies are added as a new technological trajectory. While this impact can be interpreted as defensive behaviour of incumbents, the observed changes should not be underestimated. We argue that the EU ETS' impact on corporate CO2 culture and routines may prepare the ground for the transition to a low carbon sectoral innovation system for power generation tech-nologies. --EU emission trading scheme (EU ETS),innovation system,power sector

Corporate Responses to Climate Change and Financial Performance: The Impact of Climate Policy

This paper examines the relationship between corporate activities to address climate change and stock performance. By separately analyzing the US and European stock markets for different sub-periods, we highlight the impact of the underlying climate policy regime. Methodologically, we compare risk-adjusted returns of stock portfolios comprising corporations that differ in their responses to climate change. In this respect, we apply the flexible Carhart fourfactor model besides the restricted one-factor model based on the Capital Asset Pricing Model (CAPM). While our portfolio analysis shows negative relationships over the entire observation period from 2001 to 2006, we find that a trading strategy, which bought stocks of corporations with a higher level of responses to climate change and sold stocks of corporations with a lower level, led to negative abnormal returns in regions and periods with less ambitious climate policy, but to positive abnormal returns in regions and periods with stringent climate policy.Climate change, Climate policy, Corporate environmental performance, Financial performance, Portfolio analysis, Asset pricing models

The innovation impact of EU emission trading: findings of company case studies in the German power sector

This paper provides a comprehensive analysis of how the European Emission Trading System (EU ETS) as the core climate policy instrument of the European Union has impacted innovation. Towards this end, we investigate the impact of the EU ETS on research, development, and demonstration (RD&D), adoption, and organizational change. In doing so, we pay particular attention to the rela-tive influences of context factors (policy mix, market factors, public acceptance) as well as firm characteristics (value chain position, technology portfolio, size, vision). Empirically, our analysis is based on multiple case studies with 19 power generators, technology providers, and project developers in the German power sector which we conducted from June 2008 until June 2009. We find that the innovation impact of the EU ETS has remained limited so far because of the scheme’s initial lack in stringency and predictability and the relatively greater importance of context factors. Additionally, the impact varies tremendously across technologies, firms, and innovation dimensions, and is most pronounced for RD&D on carbon capture technologies and corporate procedural change. Our analysis suggests that the EU ETS by itself may not provide sufficient incentives for fundamental changes in corporate climate innovation activities at a level adequate for reaching political long-term targets. Based on the study’s findings, we derive a set of policy and research recommendations. --EU ETS,emission trading,innovation,technological change,adoption,diffusion,organizational change,power sector

Kohlenstoff und Klimawandel - neue Herausforderungen für das Risikomanagement von Unternehmen

Zusammenfassung: Die Verfügbarkeit fossiler Ressourcen und der Klimawandel verändern die Rahmenbedingungen des Wirtschaftens. Dieser Beitrag skizziert sich daraus ergebende "Carbon Constraints" für Unternehmen und erläutert Ansatzpunkte für betriebliche Strategien zum Risikomanagemen

Corporate Social Responsibility, Negative Externalities, and Financial Risk: The Case of Climate Change

Certain types of corporate social responsibility (CSR) activities can generate an ‘insurance-like’ benefit for firms (Godfrey, 2005). Thus far, this risk management hypothesis has been verified for the effects of firm-specific negative events. We argue that this insurance-like benefit of CSR-activities can be equally expected in the context of long-term developments which threaten current business models. We develop our arguments for the incremental, long-term process of internalizing negative externalities. For this, we consider the negative externalities resulting from the emission of greenhouse gases (GHG) and perform a panel analysis of a sample of 1699 firms over a period of 7 years. Our results show that firms can reduce their market-based risk by curbing their GHG-emissions. We furthermore propose an opposing effect on accounting-based risk, but do not find empirical support for this. We conclude that CSR-activities aimed at reducing a firm’s exposure to specific long-term developments can be sound corporate risk management, even if such activities may not yet be profitable

In-depth characterization of as-deposited and annealed Fe-W coatings electrodeposited from glycolate-citrate plating bath

Fe-W coatings with 4, 16 and 24 at.% of W were electrodeposited under galvanostatic conditions from a new environmental friendly Fe(III)-based glycolate-citrate bath. This work aims to find correlations between composition including the light elements, internal structure of the electrodeposited Fe-W alloys and functional properties of material. The obtained alloys were characterized by Glow Discharge Optical Emission Spectrometry (GD-OES), Scanning Electron Microscopy (SEM) with Energy Dispersive X-ray Spectroscopy (EDS), Transmission Electron Microscopy (TEM), and X-ray Diffraction (XRD). Compositional depth profiles of 10 μm thick coatings obtained by GD-OES show that the distribution of metals is uniform along the entire film thickness, while SEM imaging depicted the presence of cracks and O- and W-rich areas inside the Fe-W coating with 4 at.% W. In the samples with 16 and 24 at.% of W, oxygen and hydrogen are present mostly at the surface about 1 μm from the top while traces of carbon are distributed within the entire coatings. With increasing W content, the structure of the coatings changes from nanocrystalline to amorphous which was shown by XRD and TEM analysis. Also, the surface of coatings becomes smoother and brighter, that was explained based on the local adsorption of intermediates containing iron and tungsten species. Annealing experiments coupled with XRD analysis show that the thermal stability of Fe-W alloys increases when the W content increases, i.e. the coating with 24 at.% W retains the amorphous structure up to 600 °C, where a partially recrystallized structure was observed. Upon recrystallization of the amorphous samples the following crystalline phases are formed: α-Fe, Fe2W, Fe3W3C, Fe6W6C, and FeWO4. Hence, the Fe-W coatings with higher W content (>25 at.%) can be considered as suitable material for high temperature applications

Follow-up for breast cancer - the patients' view

Background: International and national guidelines (S3 guideline) for the surveillance of post-treatment breast cancer patients recommend a clinical follow-up including routine history and physical examination and regular mammograms. The practice of a clinical follow-up has been often discussed, but has been proven not to be inferior when compared to an intensified follow-up in randomized trials. Patients and Methods: The present manuscript reports the patients' view on the basis of a survey including 2000 patients with a history of breast cancer. Results: A total of 452 patients (22.6%) answered the questionnaire. The median age was 62 years (range 23-85 years). More than 80% of the patients were disease-free at the time of the survey. The need for surveillance was affirmed by the majority of patients (>95%), and one third stated that there was a need for more technical efforts during follow-up. In contrast to the follow-up guidelines, the results of the present survey indicated that most of the regularly scheduled follow-up visits were expanded using extensive laboratory and imaging procedures. Conclusion: This survey shows that the majority of physicians obviously do not accept the present follow-up guidelines. A new surveillance study investigating the efficacy of an intensified surveillance based on the improved possibilities of modern diagnostics and endocrine, immunotherapeutic, chemotherapeutic and interventional treatment options is warranted

Expression of hedgehog signalling pathway in anaplastic thyroid cancer

Abstract The purpose of this work is to study the activation of the hedgehog signalling pathway is associated with tumour progression in various types of cancer, hence the development of specific antagonists raises hope for new therapeutic strategies. Therefore, the expression of hedgehog pathway components in anaplastic thyroid cancer (ATC) and effects of the hedgehog inhibitor Cyclopamine on ATC cells were investigated in this study. Expression of the ligand Sonic Hedgehog (SHh), the transmembrane protein Smoothened (Smo), the receptor Patched (Ptc) and the target gene Gli-1 was evaluated in two ATC cell lines (Hth 74, C643) by RT-PCR and in tumour specimens by immunohistochemistry. The corresponding gene products were examined by western blotting analysis. After treatment with different concentrations of Cyclopamine the time-dependent course of cell viability in ATC cell lines was evaluated by MTT assay. SHh, Smo, Ptc and Gli were clearly expressed on mRNA and protein levels in both cell lines and in tumour samples (41 %SHh, 65 %Smo, 65 %Ptc and 65 %Gli). Treatment with Cyclopamine showed a time-and dose-dependent inhibition of cell numbers with IC50 values between 1 and 4 lM in both cell lines, comparable to other types of cancer. In conclusion, we believe that the hedgehog pathway is expressed in anaplastic thyroid carcinoma specimens and proliferation of ATC cell lines can be influenced by the Hh inhibitor Cyclopamine. Aberrant activation of this pathway might be involved in the aggressive biology of anaplastic cancer and further evaluation regarding a possible clinical impact of pathway inhibition is warranted