{"title":"The Pollution Premium","authors":"Po-Hsuan Hsu, Kai Li, Chi-yang Tsou","doi":"10.2139/ssrn.3578215","DOIUrl":"https://doi.org/10.2139/ssrn.3578215","url":null,"abstract":"This paper studies the asset pricing implications of industrial pollution. A long-short portfolio constructed from firms with high versus low toxic emission intensity within industry generates an average return of 4.42% per annum, which remains significant after controlling for risk factors. We examine several possible explanations for this pollution premium, which include policy uncertainty with respect to environmental regulations, relatedness to existing systematic risks, investors' preference for social responsibility, market sentiment, political connection, and corporate governance. Our empirical evidence suggests that the pollution premium is attributable to environmental policy uncertainty, which constitutes a systematic risk in a general equilibrium model.","PeriodicalId":110327,"journal":{"name":"Environmental Justice & Sustainability eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124831549","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"FLUJOS MIGRATORIOS Y REFUGIADOS CLIMÁTICOS (Migratory Flows and Climate Refugees)","authors":"Susana Borras Pentinat","doi":"10.2139/ssrn.3922695","DOIUrl":"https://doi.org/10.2139/ssrn.3922695","url":null,"abstract":"Spanish Abstract: A medida que se intensifiquen los efectos del calentamiento global y las catástrofes meteorológicas, a través de fuertes episodios de precipitaciones y sus consecuentes inundaciones o de los procesos de desertificación, acidificación y erosión, más se verá disminuido el potencial agrícola y ganadero y los servicios ecosistémicos, como el agua y suelo fértil. De hecho, esta situación de escasez ya está afectando las condiciones de sustento de la vida para muchas personas, especialmente de países empobrecidos, que no tienen más opciones que abandonar sus hogares, desplazándose internamente o internacionalmente. En ambos casos de movilidad, su situación está desprotegida por el Derecho internacional, y si bien hay respuestas plausibles para la reconocer la migración climática, estas carecen de un apoyo político y jurídico, a pesar de que los derechos humanos estén comprometidos. El caso de Ioane Teitiota y su familia aporta la evidencia de como la denegación del refugio climático, no solo constituye una violación al derecho fundamental a la vida, sino también una injusticia climática. English Abstract: As the effects of global warming and meteorological catastrophes intensify, through strong episodes of rainfall and their consequent floods or desertification, acidification and erosion processes, the agricultural and livestock potential and the ecosystem services, such as water and fertile soil, will be depleted. This situation of scarcity is already affecting the living conditions of many people, especially from impoverished countries, who have no choice but to leave their homes, moving internally or internationally. In both cases of mobility, their situation is unprotected by international law, and although there are plausible responses to recognize climate migration, there is a lack of political and legal support, despite the fact that human rights are compromised. The case of Ioane Teitiota and his family provides evidence of how the denial of the climate refuge not only constitutes a violation of the fundamental right to life, but also a climate injustice.","PeriodicalId":110327,"journal":{"name":"Environmental Justice & Sustainability eJournal","volume":"712 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116117848","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Sustainability Agreements and Antitrust – Three Criteria to Distinguish Beneficial Cooperation from Greenwashing","authors":"Maurits Dolmans","doi":"10.2139/ssrn.3920369","DOIUrl":"https://doi.org/10.2139/ssrn.3920369","url":null,"abstract":"This paper discusses European competition law as it applies to agreements between market players to reduce, eliminate, or compensate for greenhouse gas emissions. It places these in an economic context, discusses the relevant provisions of the European treaties and applicable case law of the European Court of Justice. It identifies three broad criteria for the non-application of the prohibition of restrictive agreements, or exemption, to sustainability agreements.","PeriodicalId":110327,"journal":{"name":"Environmental Justice & Sustainability eJournal","volume":"609 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116466593","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"International Cooperation on Climate Change Mitigation: The Role of Climate Clubs","authors":"R. Leal-Arcas, Andrew Filis","doi":"10.2139/ssrn.3863973","DOIUrl":"https://doi.org/10.2139/ssrn.3863973","url":null,"abstract":"We know the science of climate change; we know the economics of climate change; we also know the law of climate change. However, we do not know how countries may come together to cooperate on climatechange mitigation. One way of doing so successfully is by putting together the climate regime with the international trading system via the creation of climate clubs, namely the coalition of the willing. This article aims to explain that, by building climate clubs and making use of the international trading system, we can reach a better future for all. Through the lens of international trade, this article explores how smaller coalitions (so-called climate clubs) – unilateral, bilateral, plurilateral, rather than multilateral regimes – of states/non-state actors can catalyze or influence action on climate change.\u0000The premise of this article is that global action on climate change has not been effectively implemented, as it relies on consensus from too many actors. Thus, it proposes how international trade mechanisms may be re-oriented to address climate change. The article challenges the assumptions about the existing multilateralagreement regime, and argues that reducing dependence on these multilateral mechanisms may influence greater attainment of sustainability goals (more flexible, not reliant on difficult-to-gain consensus among many actors). The article, therefore, examines the future of international regimes and how they may contribute to climate-change mitigation. Its forwardlooking orientation – how international trade can leverage climate-change mitigation – is an important and novel contribution in examining how environmental concerns can be included into international regimes. What changes will look like and how change is attained (through policy, regulations, law, agreements, incentives) may contribute to developing global- level institutional solutions for how climate-change mitigation is framed in international regimes and discourses.\u0000The article also addresses emerging academic research into climate clubs in international climatechange mitigation institutions/regimes. The article contributes to growing discourses in global climate governance for how these arrangements and agreements should look/be designed to create real action on climate-change mitigation. Therefore, it expands on existing scholarship through taking a specific lens (international trade) and how it may contribute to mitigating climate change through coalitions (climate clubs) beyond how the existing international regime is configured.\u0000climate clubs, minilateralism, legitimacy, multilateralism, accountability, international trade","PeriodicalId":110327,"journal":{"name":"Environmental Justice & Sustainability eJournal","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128353496","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"To Be or not to Be: State Extinction through Climate Change","authors":"Ori Sharon","doi":"10.2139/ssrn.3921560","DOIUrl":"https://doi.org/10.2139/ssrn.3921560","url":null,"abstract":"Sea levels are rising. Within our lifetimes, several low-lying island states will be submerged. Until recently, the dominant position in legal circles has been that sinking island states lose their status as states once their territory is submerged. However, a contrary view is emerging. Writing in aid of island states, prominent legal scholars have advanced the position that the state, as a legal person, may continue to exist detached from territory. This proposition is supposed to aid island nations during the tumultuous times ahead. Maintaining the legal person of the state, we are told, allows access to international tribunals, facilitates coordination of international support, and protects the substantive rights of the individual citizens of island states facing climatic catastrophes. Legal scholars who advance this new position are more concerned with theoretical legal questions than the real challenges island states will inevitably face. What the people of island states need are options for communal resettlement. Continued statehood undermines communal resettlement efforts. No state will admit the people of an island state into its sovereign territory if they come as a State. Fighting for the continuation of the state post-submergence is therefore a disservice to island states. To protect the people of island states from becoming climate refugees, I propose a new pragmatic approach that trades statehood for life. Potential host states would only agree to accept communities from island states, if doing so will not entail competing sovereignty claims. Survival of the people of island states, therefore, is founded in state termination, not continuation. Based on this appreciation, I develop a legal framework of state-association that eliminates sovereignty clashes between potential host states and the people of island states. This framework secures communal resettlement options for the people of island states, guaranteeing their long-term survival.","PeriodicalId":110327,"journal":{"name":"Environmental Justice & Sustainability eJournal","volume":"110 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128021041","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Investigating the Origins of Differentiated Vulnerabilities to Climate Change and their Effects on Wellbeing","authors":"F. Cappelli","doi":"10.2139/ssrn.3726042","DOIUrl":"https://doi.org/10.2139/ssrn.3726042","url":null,"abstract":"The paper traces the evolution the concept of socioeconomic vulnerability to climate change has followed in the academic and scientific debate. The recent recognition of vulnerability as a social construction has shifted the focus of the analysis on the dimension of adaptive capacity, i.e. the human response to environmental stresses and climate hazards. Depending on the social and institutional factors in place in a society, this human response can either mitigate or exacerbate harm. In particular, the paper focuses on the role of both vertical and horizontal inequalities in determining differentiated vulnerabilities across individuals and population groups. Inequality in the distribution of income and relevant resources is primarily a question of access to tangible and intangible assets and capabilities that can enable individuals or population groups to prevent and cope with impacts from extreme weather events.","PeriodicalId":110327,"journal":{"name":"Environmental Justice & Sustainability eJournal","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130970657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Redressing Historical Responsibility for the Unjust Precarities of Climate Change in the Present","authors":"Sarah Mason-Case, J. Dehm","doi":"10.2139/ssrn.3658437","DOIUrl":"https://doi.org/10.2139/ssrn.3658437","url":null,"abstract":"This chapter is part of a volume on debating the law of climate change and thus assumes the style of legal debate. We argue that industrialized countries of the Global North are responsible for historical emissions that contribute to the unjust precarities of climate change in the present for states in the Global South, people living in poverty, and Black, Indigenous and other marginalized peoples in settler colonial states. First, relying on international legal doctrine, we show how the 'no harm' rule of customary international law provides one avenue of recourse. Nevertheless, we also argue that this avenue is limited because international law reflects social reality and states, companies and institutions of the Global North have power to shape the law to the detriment of others. We therefore undertake an immanent critique of international legal doctrines drawing on critical traditions, including critical race theories and Third World Approaches to International Law (TWAIL). We expose the internal contradictions in the law that preclude full repair for historical injustices. We also expose that international law's inability to redress the problem at hand stems from climate change's imbrication with broader histories of dispossession, including colonialism, slavery and their reincarnations in the global political economy. We therefore argue for alternatives to obtain redress. We call for \"reparations\" that would look to marginalized peoples for means and ends to fully decolonize the international legal order and to re-envision social relations among peoples that could also address climate harms.","PeriodicalId":110327,"journal":{"name":"Environmental Justice & Sustainability eJournal","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127047103","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Protecting the Environment for the Sake of Sustainable Development From the Perspective of Implementing Social Responsibilities of Vietnamese Enterprises","authors":"L. Pushkareva","doi":"10.1051/e3sconf/202016411011","DOIUrl":"https://doi.org/10.1051/e3sconf/202016411011","url":null,"abstract":"Development society brings many benefits to people and also brings many challenges. Those challenges seriously affect sustainable economic development, the life and health of all people in society. At present, issues that the whole society has been facing are: hygiene, food safety, environmental pollution, new epidemics, and exhaust of natural resources as well as warming up of the earth... To limit and solve the aforementioned issues, it needs close cooperation and support from all people and enterprises. Every individual, every organization is a part of society. The development of each individual and each enterprise is also the development of society and vice versa. The rise of society will also have a positive impact on each member of it. Therefore, enterprises need to raise awareness about sustainable development and act responsibly with the community and society. It is necessary and useful not only for enterprises themselves but also for the whole society. In this thesis, the author focuses on addressing the following issues: Carrying out social responsibilities associated with environmental protection in order to sustainably develop of Vietnamese enterprises, thereby finding the causes and proposing solutions to help enterprises fulfill their social responsibilities and protect the green, clean and beautiful environment in accordance with the standards prescribed by the Law on Environment of Vietnam in 2014.","PeriodicalId":110327,"journal":{"name":"Environmental Justice & Sustainability eJournal","volume":"133 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130960640","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"COVID-19 and Environmental Law","authors":"A. Rowell","doi":"10.2139/ssrn.3582879","DOIUrl":"https://doi.org/10.2139/ssrn.3582879","url":null,"abstract":"The COVID-19 pandemic is a seismically disruptive event. This commentary explores some of the key ways this seismic shift will interact with environmental law. It explores four types of change triggered by the pandemic: (1) behavioral changes (including of behaviors with environmental impacts); (2) demographic changes that affect levels of background risk against which laws (including environmental laws) operate; (3) changes in values (including regarding the environment); and (4) changing resources (including those that can be spent on environmental or other amenities). Each of these changes has potentially important implications for the assumptions built in to environmental law, for the ability of environmental law to effectively regulate the environment, and for the way that humans will interact with the environment in coming years and decades.","PeriodicalId":110327,"journal":{"name":"Environmental Justice & Sustainability eJournal","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126983455","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Public Trust Doctrine Fifty Years after Sax and Some Thoughts on its Future","authors":"M. Blumm, Zachary H Schwartz","doi":"10.2139/ssrn.3567536","DOIUrl":"https://doi.org/10.2139/ssrn.3567536","url":null,"abstract":"The public trust doctrine was resurrected by Professor Joe Sax in a famous article a half-century ago. Sax explored the doctrine's history and maintained that it had contemporary significance at the time of the dawn of the modern environmental movement in 1970. Sax thought that the historic use of the doctrine to prevent monopoly use of important waterways could be expanded to meet the felt necessities of the times by protecting important natural resources from unwise or unsustainable depletion for public use, including use by future generations. Sax's vision ignited a substantial expansion in the scope and purposes of the doctrine over the past 50 years. Some of the most surprising developments have occurred internationally, which Sax's article did not expressly anticipate. \u0000 \u0000This analysis, written on the 50th anniversary of Sax's article, examines the public trust doctrine both before and after the article, revealing the considerable effect it has had on courts and legislatures. In addition to suggesting the great debt public trust scholars and the public at large owe to Sax's prescience, the article hazards some predictions about the likely evolution of the doctrine in the future.","PeriodicalId":110327,"journal":{"name":"Environmental Justice & Sustainability eJournal","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128778506","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}