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Global consensus is growing on the contribution that corporations and finance must make towards the net-zero transition in line with the Paris Agreement goals. However, most efforts in legislative instruments as well as shareholder or stakeholder initiatives have ultimately focused on public companies.
This article argues that such a focus falls short of providing a comprehensive approach to the problem of climate change. In doing so, it examines the contribution of private companies to climate change, the relevance of climate risks for them, as well as the phenomenon of brown-spinning (ie, the practice of public companies selling their highly polluting assets to private companies). We show that one cannot afford to ignore private companies in the net-zero transition and climate change adaptation. Yet, private companies lack several disciplining mechanisms that are available to public companies, such as institutional investor engagement, certain corporate governance arrangements, and transparency through regular disclosure obligations. At this stage, only some generic regulatory instruments such as carbon pricing and environmental regulation apply to them.
The article closes with a discussion of the main policy implications. Primarily, we discuss and evaluate the recent push to extend climate-related disclosure requirements to private companies. These disclosures would not only help investors by addressing information asymmetry, but also serve a wide group of stakeholders and thus aim at promoting a transition to a greener economy.
The transition to a sustainable economy currently involves a fundamental transformation of our capital markets. Lawmakers, in an attempt to overcome this challenge, frequently seek to prescribe and regulate how firms may address environmental, social, and governance (ESG) concerns by formulating conduct standards. Deviating from this conceptual starting point, the present paper makes the case for another path towards achieving greater sustainability in capital markets, namely through the empowerment of investors.
This trust in the market itself is grounded in various recent developments both on the supply side and the demand side of financial markets, and also in the increasing tendency of institutional investors to engage in common ownership. The need to build coalitions among different types of asset managers or institutional investors, and to convince fellow investors of a given initiative, can then act as an in-built filter helping to overcome the pursuit of idiosyncratic motives and supporting only those campaigns that are seconded by a majority of investors. In particular, institutionalized investor platforms have emerged over recent years as a force for investor empowerment, serving to coordinate investor campaigns and to share the costs of engagement.
ESG engagement has the potential to become a very powerful driver towards a more sustainability-oriented future. Indeed, I show that investor-led sustainability has many advantages compared to a more prescriptive, regulatory approach where legislatures are in the driver’s seat. For example, a focus on investor-led priorities would follow a more flexible and dynamic pattern rather than complying with inflexible pre-defined criteria. Moreover, investor-promoted assessments are not likely to impair welfare creation in the same way as ill-defined legal standards; they will also not trigger regulatory arbitrage and would avoid deadlock situations in corporate decision-making. Any regulatory activity should then be limited to a facilitative and supportive role.
Lissomus quisqueya new species and L. woodruffi new species are described. Both species are reported from the Dominican Republic on the island of Hispaniola. These are the first species of Lissomus Dalman reported from the Greater Antilles. Lissomus quisqueya is recorded from montane mesic forests in the Cordillera Central from Dajadon and La Vega provinces. Lissomus woodruffi is recorded from Barahona, Independencia and Pedernales provinces from montane mesic forest in the Sierra de Bahoruco. Morphologically, these species are most similar to members of the L. discedens Bonvouloir species group from Mesoamerica and South America. Known sites of occurrence of L. quisqueya and L. woodruffi are remnants of formerly more extensive mesic forests. Some of the specimens were found in secondary forests and ecotonal areas at sites near to primary forest or remnants, and all these forests are threatened by anthropogenic activities and stochastic climate changes.
Global consensus is growing on the contribution that corporations and finance must make towards the net-zero transition in line with the Paris Agreement goals. However, most efforts in legislative instruments as well as shareholder or stakeholder initiatives have ultimately focused on public companies: for example, most disclosure obligations result from the given company’s status of being listed on a stock exchange.
This article argues that such a focus falls short of providing a comprehensive approach to the problem of climate change. In doing so, it examines the contribution of private companies to climate change, the relevance of climate risks for them, as well as the phenomenon of brown-spinning. We show that one cannot afford to ignore private companies in the net-zero transition and climate change adaptation. Yet, private companies lack several disciplining mechanisms available to public companies such as institutional investor engagement, certain corporate governance arrangements, and transparency through regular disclosure obligations. At this stage, only some generic regulatory instruments such as carbon pricing and environmental regulation apply to them. The article closes with a discussion of the main policy implications. Primarily, we propose extending sustainability disclosure requirements to private companies.
Sustainability disclosures aim at promoting a transition to a greener economy, rather than (only) protecting investors by addressing information asymmetry. Therefore, these disclosures should encompass private companies that are of relevance for the net-zero transition. Such disclosures can be a powerful tool in shedding light on the polluting private companies that have so far been in the dark as well as serving as a disciplining mechanism.
Extreme convective precipitation events are among the most severe hazards in central Europe and are expected to intensify under global warming. However, the degree of intensification and the underlying processes are still uncertain. In this thesis, recent advances in continuous, radar-based precipitation monitoring and convection-permitting climate modeling are used to investigate Lagrangian properties of convective rain cells such as precipitation intensity, cell area, and precipitation sum and their relationship to large-scale, environmental conditions.
Firstly, convective precipitation objects are tracked in a gauge-adjusted radar-data set and the properties of these cells are related to large-scale environmental variables to investigate the observed super-Clausius-Clapeyron (CC) scaling of convective extreme precipitation. The Lagrangian precipitation sum of convective cells increases with dew point temperature at rates well above the CC-rate with increasing rates for higher dew point temperatures. These varying, high rates are caused by a covarying increase of CAPE with dew point temperature as well as the effect of high vertical wind shear causing an increase in cell area and thus precipitation sum. At the same time, cells move faster at high vertical wind shear so that Eulerian scaling rates are lower than Lagrangian but still above the CC-rate. The results show that wind shear and static instability need to be taken into account when transferring precipitation scaling under current climate conditions to future conditions. Secondly, the representation of convective cell properties in the convection-permitting climate model COSMO-CLM is evaluated. The model can simulate the observed frequency distributions of cell properties such as lifetime, area, mean and maximum intensity, and precipitation sum. The increase of area and intensity with lifetime is also well captured despite an underestimation of the intensity of the most severe cells. Furthermore, the model can represent the temperature scaling of intensity, area, and precipitation sum but fails to simulate the observed increase of lifetime. Thus, the model is suitable to study climatologies of convective storms in Germany. Thirdly, two COSMO-CLM projections at the end of the century under emission scenario RCP8.5 were investigated. While the number of convective cells and their lifetime remain approximately constant compared to present conditions, intensity and area increase strongly. The relative increase of intensity and area is largest for the highest percentiles meaning that extreme events intensify the most. The characteristic afternoon maximum of convective precipitation is damped, and shifted to later times of day which leads to an increase of nighttime precipitation in the future. Scaling rates of cell properties with dew point temperature are nearly identical in present and future in the simulation driven by the EC-Earth model which means that the upper limit of cell properties like intensity, area, and precipitation sum could be predicted from near-surface dew point temperature. However, this result could not be reproduced by the simulation driven by MIROC5 and needs further investigation.
This monograph contributes to research in content and language integrated learning (CLIL). Amidst the absence of any educational standards as well as other research deficits, Chapter II sketches a conceptual framework with a competence model for multilingual CLIL classes in the social sciences. It develops a line of argument for the promotion of global discourse competence for democratic participation within a transnational civil society. The subsequent four chapters, comprising one conceptual, one methodological and two empirical contributions, look at different aspects of the conceptual framework. Chapter III defends the developed competence model and further specifies its idea of thought in proposing the construction of multilingual 'cosmopolitan classroom glocalities' for the genesis of 21st century skills. The example of #climonomics, a multilingual EU parliamentary debate about climate change, illustrates its practical realization within school education and exemplifies the contribution to education for sustainable development (ESD) and the value of democratic and participatory learning arrangements. Chapter IV introduces design-based action research (DBAR), the method used in Chapters V & VI. DBAR is a hybrid of action and design-based research and is thereby ideally suited for bridging the gap of theory and practice in educational research. Chapter IV argues for closer cooperation between academics and practitioners, along with pragmatic stakeholder participation by involving students and teachers into research, in a quest for inductively making practical knowledge scientific. Chapter V, more language-biased, draws on the notion of translanguaging and presents the concept of 'trans-foreign-languaging' as a multilingual approach to CLIL with first language (L1) use. During six weeks DBAR, a comprehensive CLIL teaching model with judicious and principled L1 use was designed together with the study group. The model offers affordance-based and differentiated methods for different learner types. Its genesis is reconstructed by a thick description of the natural classroom dynamics. Chapter VI, rather subjectbased, asks about the influence of such bilingual language use on emotions, in particular on the formation of political judgments. It suggests different ways to measure emotions during various natural classroom settings. The chapter concludes that CLIL with L1 use has the potential to engender a perfect equilibrium of emotional and rational learning, integrating emotions into learning and valuing its positive contribution towards appropriate and multilayered political judgments. The concluding Chapter VII binds the previous chapters together and discusses the results. Criteria for the generalization of the results are assessed, and limits demarcated. It highlights the contribution to CLIL research and looks into the future, suggesting further direct classroom interventions, also with the goal to prepare the research field for larger undertakings.