48 research outputs found
Fossil capital, âunquantifiable riskâ and neoliberal nationalizations: the case of the Trans Mountain Pipeline in Canada
Highlights
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Emphasizes the role played by fossil capital in the development of neoliberalism.
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Explores how the climate emergency manifests as âunquantifiableâ stranded asset risk in the financing of hydrocarbon extraction.
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Advances the concept of neoliberal nationalization.
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Provides an in-depth case study of the nationalization of the Trans Mountain Pipeline in Canada.
Abstract
Nationalization was once anathema to neoliberals and the hydrocarbon-based corporations long closely integrated with the neoliberal project. Indeed, the origins of neoliberal advocacy for global economic liberalisation can be traced, at least in part, to the resistance of oil multinationals to nationalist governments attempting to assert ownership and control over natural resources. It is therefore striking that calls are now mounting from this quarter for the nationalization of fossil fuel infrastructures, to keep them operating as climate policy, loss of public legitimacy and changing market conditions increasingly make investments in them unprofitable, uninsurable, or uncompetitive. The Canadian governmentâs purchase of the Trans Mountain Pipeline exemplifies what we term a âneoliberal nationalizationâ. Neoliberal pundits and oil industry figures created the perception of both an immediate economic crisis and a longer-term crisis of investor confidence in Canada; these âcrisesâ were used to justify the nationalization. Critically, the government acquisition of the pipeline was framed as a temporary measure of last resort. The intention of a neoliberal nationalization is to protect corporate actors from the effects of their own irresponsible business practises, maintaining âbusiness as usualâ by pre-emptively socializing the foreseeable risks of rapid capital asset devaluation. In the case of hydrocarbon infrastructures like Trans Mountain, state authority is called upon to ensure the continued profitability of private fossil energy extraction, even as global financial markets accelerate disinvestment from the sector in response to evidence that most fossil fuels must remain in the ground to prevent catastrophic climate change
The Future of International Investment Regulation: Towards a World Investment Organisation?
With growth in foreign investment and in the number of companies investing in foreign countries, the application of general principles of public international law has not been deemed adequate to regulate foreign investment and there is, as yet, no comprehensive international treaty on the regulation of foreign investment. Consequently, states have resorted to bilateral investment treaties (BITs), regional trade and international investment agreements (IIAs) and free trade agreements (FTAs) to supplement and complement the regime of protection for foreign investors. In the absence of an international investment court, states hosting foreign investment or investor states have opted for investor-state dispute settlement mechanism (ISDS). This mechanism has brought about its own challenges to the international law of foreign investment due to inconsistency in the application and interpretation of the key principles of international investment law by such arbitration tribunals, and further, there is no appellate mechanism to bring about some cohesion and consistency in jurisprudence. Therefore, there are various proposals mooted by scholars to address these challenges and they range from tweaks to BITs and IIAs, the creation of an appellate mechanism and the negotiation of a multilateral treaty to proposals for reform of ISDS only. After assessing the merits and demerits of such proposals, this study goes further, arguing for the creation of a World Investment Organisation (WIO) with a standing mechanism for settlement of investment disputes in order to ensure legal certainty, predictability and the promotion of the flow of foreign investment in a sustainable and responsible manner
Access and allocation in earth system governance: Water and climate change compared
A significant percentage of the global population does not yet have access to safe drinking water, sufficient food or energy to live in dignity. There is a continuous struggle to allocate the earth's resources among users and uses. This article argues that distributional problems have two faces: access to basic resources or ecospace; and, the allocation of environmental resources, risks, burdens, and responsibilities for causing problems. Furthermore, addressing problems of access and allocation often requires access to social processes (science, movements and law). Analysts, however, have tended to take a narrow, disciplinary approach although an integrated conceptual approach may yield better answers. This article proposes a multi-disciplinary perspective to the problem of access and allocation and illustrates its application to water management and climate change. © The Author(s) 2010
Preoperative elevation of serum C â reactive protein is predictive for prognosis in myeloma bone disease after surgery
We investigated whether preoperative levels of serum C-reactive protein (CRP) and its correlation with tumour clinicopathological findings adds prognostic information beyond the time of diagnosis in patients with myeloma bone disease (MM) to facilitate the surgical decision-making process. Six hundred and fifty-eight myeloma patients were evaluated retrospectively for surgery. Clinicopathological variables of patients who underwent surgery (n=71) were compared between patients with preoperative CRP â©Ÿ6âmgâlâ1 and those with CRP <6âmgâlâ1. Univariate and multivariate analyses were performed to identify prognostic factors after surgery. Patients with an increase of CRP prior to surgery showed inferior survival compared to patients with normal levels. Patients with normal CRP levels at diagnosis but elevations prior to surgery do seem to have a similar unfavourable overall survival (OS) than patients with an increase both, at diagnosis and at surgery. Conversely, patients with normal CRP levels prior to surgery still have the best OS, irrespective of their basic values. Multivariate analysis revealed preoperative CRP levels above 6âmgâlâ1 Lactate dehydrogenase (LDH) above normal, and osteolyses in long weight bearing bones as independent predictors of survival. These findings suggest that in patients with MM serum levels of CRP increase during disease activity and might be significantly correlated with specific disease characteristics including adverse prognostic features such as osteolyses in long weight bearing bones. Thus, preoperative elevated CRP serum levels might be considered as independent predictor of prognosis and could provide additional prognostic information for the risk stratification before surgical treatment in patients with myeloma bone disease
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Environmental justice and conceptions of the green economy
Green economy has become one of the most fashionable terms in global environmental public policy discussions and forums. Despite this popularity, and its being selected as one of the organizing themes of the United Nations Rio+20 Conference in Brazil, June 2012, its prospects as an effective mobilization tool for global environmental sustainability scholarship and practice remains unclear. A major reason for this is that much like its precursor concepts such as environmental sustainability and sustainable development, green economy is a woolly concept which lends itself to many interpretations. Hence, rather than resolve long-standing controversies, green economy merely reinvigorates existing debates over the visions, actors and policies best suited to secure a more sustainable future for all. In this review article, we aim to fill an important gap in scholarship by suggesting various ways in which green economy may be organized and synthesized as a concept, and especially in terms of its relationship with the idea of social and environmental justice. Accordingly, we offer a systemization of possible interpretations of green economy mapped onto a synthesis of existing typologies of environmental justice. This classification provides the context for future analysis of which, and how, various notions of green economy link with various conceptions of justice
Transnational corporations, violence and suffering: the environmental, public health and social impacts from comparative case studies in Zimbabwe and Uganda
The present effects of transnational corporations (TNCs) on social, health, and environmental aspects of local societies have a long history. The preconditions for the insertion of the types of economic initiatives now seen in the Global South, and driven by TNCs, were set through histories of colonialism and development schemes. These initiatives disrupted local economies and modified environments, delivering profound effects on livelihoods. These effects were experienced as structural violence, and have produced social suffering through the decades.In this paper, we compare two African cases across time; the conjunction of development initiatives and structural adjustment in the Zambezi Valley, Zimbabwe in the early 1990s and industrial plantation forestry in present-day Uganda. Each case presents a specific constellation of political and economic forces that has produced prejudicial effects on local populations in their time period of application and are, essentially, different versions of structural violence that produce social suffering. While each case depicts a specific type of violent encounter manifest at a particular historical moment, these are comparable in the domains of environmental impacts, disruptions to societies, co-opting of local economies, disordering of systems of meaning and social reproduction, and nefarious effects on well-being. We analyze the conjunction of these effects through a theoretical lens of structural violence and social suffering. Our analysis draws particular attention to the role of TNCs in driving this structural violence and its effects