Investors increasingly demand that asset managers measure the non-financial performance of their investment portfolios. Amidst concerns of greenwashing, reliable sustainability assessment methods are ...needed to ensure that funds are channeled towards priority sectors for the transition to a low-carbon and more inclusive economy. This critical review provides a classification, analysis and evaluation of current sustainability measurement methods for investment funds from both industry and academia. The evaluation is based on a seven-criteria matrix, developed based on gaps identified in seminal academic works and in reports from international organizations. Following the evaluation, we find that carbon footprints and exposure metrics and environmental, social and governance (ESG) ratings, while widely used, have several shortcomings, failing to capture the real-world sustainability impact of investments. We suggest that open-source, science-based and sustainability-driven assessment methods are prioritized going forward. Methods can be upgraded by incorporating measurement of positive impact creation and by adopting a life cycle perspective. Given the need to anchor sustainability assessments in the reality, the compatibility of investment products with science-based targets for sustainable development should become a central element of reporting requirements. Finally, methods incorporating a forward-looking perspective, as well as an assessment of investor's additionality are scarce and should be given priority in future research.
•12 implementation tools from academia and 25 from industry are evaluated.•Seven criteria for ideal sustainability assessment of funds are proposed.•Existing methods fall short on double materiality and life cycle considerations.•Investor's additionality and a forward-looking perspective should be incorporated.•No state-of-the-art tool answers the complexity of sustainability assessment.
Green bonds have emerged as a key instrument to fund projects contributing to climate change mitigation or environmental protection. However, a consistent, robust and comparable standard for the ...estimation of the environmental impacts of green bonds is lacking, hampering growth in sustainable finance. As encouraged by second-party opinion reports, the use of life cycle assessment (LCA) allows for the complete environmental evaluation of projects over their life cycle. Here we estimate the LCA-based impacts along several environmental metrics of a set of green bonds for renewable power plants issued by the European Investment Bank from 2015-2018. Life cycle avoided greenhouse gas (GHG) emissions varied by a factor of 12 from 29 to 359 t CO2 eq./M€ invested-information that is not available to investors at the outset, indicating that funds are unlikely to be allocated efficiently. Furthermore, linking environmental impact indicators to the Sustainable Development Goals unveils significant trade-offs. Bonds may perform well on water use and emissions, while having a negative impact on waste and land use. Conducting LCA of green bonds comes at a cost of additional methodological challenges and increased data needs compared with current reporting practices. However, the ready infrastructure of LCA databases and methodologies can provide the necessary tools to meet future reporting requirements as the EU taxonomy framework and standardization of impact reporting evolve.
We provide a method for deriving robust solutions to certain stochastic optimization problems, based on mean-covariance information about the distributions underlying the uncertain vector of returns. ...We prove that for a general class of objective functions, the robust solutions amount to solving a certain deterministic parametric quadratic program. We first prove a general projection property for multivariate distributions with given means and covariances, which reduces our problem to optimizing a univariate mean-variance robust objective. This allows us to use known univariate results in the multidimensional setting, and to add new results in this direction. In particular, we characterize a general class of objective functions (the so-called one- or two-point support functions), for which the robust objective is reduced to a deterministic optimization problem in one variable. Finally, we adapt a result from Geoffrion (1967a) to reduce the main problem to a parametric quadratic program. In particular, our results are true for increasing concave utilities with convex or concave-convex derivatives. Closed-form solutions are obtained for special discontinuous criteria, motivated by bonus- and commission-based incentive schemes for portfolio management. We also investigate a multiproduct pricing application, which motivates extensions of our results for the case of nonnegative and decision-dependent returns.
Patients, families, and care providers affected by patient safety incidents expect there
will be learning and improvement so that others will not suffer. For that, countries need mature data systems ...and a culture of safety that includes improving by learning from reporting hazards, harm, and near misses, as well as learning from situations and organizations where safe care is delivered consistently over time, which is in most cases.
While systems are in place to support incident reporting, sharing, and learning from a variety of sources, in Canada truly national incident reporting is limited to medications, adverse drug reactions, and device failures. However, there are other pan-Canadian and
grassroots efforts to advance reporting and learning from patient safety incidents that are complementary. System and contextual factors influence the ability to improve safety, learn, and report. An important one is the COVID-19 pandemic, which resulted in limited or delayed patient safety reporting and some scaling back of improvement projects.
The best systems incorporate reporting from multiple sources (patient feedback, coroner reports, etc.) and engage all people involved in care, especially patients and families, in their design, implementation, and continuous improvement. Patient groups,
like Patients for Patient Safety Canada (PFPSC), provide the perspective of patients and families with lived experiences that can effectively improve safety. PFPSC contributes to the development of Canadian patient safety strategies, policies, and programs, and innovates and co-leads initiatives that matter to patients and the public.
The World Health Organization’s Global Patient Safety Action Plan includes patient safety incident reporting and learning systems to “ensure a constant flow of information and knowledge to drive the mitigation of risk, a reduction in levels of avoidable harm, and improvements in the safety of care” objective.
We characterize the effect of anticipated regret on consumer decisions and on firm profits and policies in an advance selling context where buyers have uncertain valuations. Advance purchases trigger
...action regret
if valuations turn out to be lower than the price paid, whereas delaying purchase may cause
inaction regret
from missing a discount or facing a stockout. Consumers whom we describe as
emotionally rational
act strategically in response to the firm's policies and in anticipation of regret. In this context, regret explains two types of behavioral patterns: inertia (delayed purchase) and frenzies (buying early at negative surplus). We show how firms should optimally respond to consumer regret and also characterize a normative regret threshold above which they should not advance sell. Action regret reduces profits as well as the value of advance selling and booking limit policies for price-setting firms; inaction regret has the opposite effects. These effects are diminished by capacity constraints and are reversed for firms facing price pressure in the advance period (owing, e.g., to competition or market heterogeneity). Regret heterogeneity explains premium advance selling for the capacity-constrained firm, which may benefit from larger shares of regretful buyers. Finally, we show how the negative effects of regret on profits can be mitigated by regret-priming marketing campaigns and by offering refunds or options or allowing resales. Our results highlight the importance of assessing the relative strength of regret within and across market segments and of accounting for these factors in pricing and marketing policies.
This paper was accepted by Christian Terwiesch, operations management.
Indirect greenhouse gas (GHG) emissions (scope 3) generally represent more than half of the total life cycle impact attributable to a company or an investment. However, widely used sustainability ...assessment tools for investment funds fail to take these into account. Building on best practices from the industrial ecology field, we develop an input-output life cycle assessment (IOLCA) methodology to estimate life cycle GHG emissions of companies and investment funds. We apply our method to a sample of 1340 sustainable (SRI) and conventional equity funds domiciled in Europe and their 11,275 unique holdings. We extend our application to a case study of funds self-classified as Article 8 and Article 9 funds under the recent European Sustainable Finance Disclosure Regulation (SFDR, 2019). Our model estimates life cycle emissions for 94% of the companies held – compared to 17% coverage in the Carbon Disclosure Project (CDP). When including scope 3, the exposure to GHG emissions of both SRI and conventional funds is two to three times larger than when considering only direct impacts from holdings' operations. Finally, 24% of the sampled Europe-domiciled SRI funds are more exposed to life cycle carbon emissions than the ETF tracking the conventional market index MSCI Europe.
•Input-Output data can be consistently used to estimate fund-level life cycle greenhouse gas (GHG) emissions.•SRI funds are exposed to carbon-intensive companies.•Indirect GHG emissions represent more than half of an investment fund's exposure.
Deaths due to prescription opioid overdoses have increased dramatically. High-quality guidelines could help clinicians mitigate risks associated with opioid therapy.
To evaluate the quality and ...content of guidelines on the use of opioids for chronic pain.
MEDLINE, National Guideline Clearinghouse, specialty society Web sites, and international guideline clearinghouses (searched in July 2013).
Guidelines published between January 2007 and July 2013 addressing the use of opioids for chronic pain in adults were selected. Guidelines on specific settings, populations, and conditions were excluded.
Guidelines and associated systematic reviews were evaluated using the Appraisal of Guidelines for Research and Evaluation II (AGREE II) instrument and A Measurement Tool to Assess Systematic Reviews (AMSTAR), respectively, and recommendations for mitigating opioid-related risks were compared.
Thirteen guidelines met selection criteria. Overall AGREE II scores were 3.00 to 6.20 (on a scale of 1 to 7). The AMSTAR ratings were poor to fair for 10 guidelines. Two received high AGREE II and AMSTAR scores. Most guidelines recommend that clinicians avoid doses greater than 90 to 200 mg of morphine equivalents per day, have additional knowledge to prescribe methadone, recognize risks of fentanyl patches, titrate cautiously, and reduce doses by at least 25% to 50% when switching opioids. Guidelines also agree that opioid risk assessment tools, written treatment agreements, and urine drug testing can mitigate risks. Most recommendations are supported by observational data or expert consensus.
Exclusion of non-English-language guidelines and reliance on published information.
Despite limited evidence and variable development methods, recent guidelines on chronic pain agree on several opioid risk mitigation strategies, including upper dosing thresholds; cautions with certain medications; attention to drug-drug and drug-disease interactions; and use of risk assessment tools, treatment agreements, and urine drug testing. Future research should directly examine the effectiveness of opioid risk mitigation strategies.
California Department of Industrial Relations and California Commission on Health and Safety and Workers' Compensation.
Carboxy-methyl-cellulose (CMC), a common “delivery vehicle” for the subsurface deployment of iron nanoparticles (INP) has been tested in the current work for the removal of aqueous uranium from ...synthetic water samples. A comparison of the removal of aqueous uranium from solutions using carboxy-methyl-cellulose with and without iron nanoparticles (CMC–INP and CMC, respectively) was tested over a 48h reaction period. Analysis of liquid samples using spectrophotometry determined a maximum sorption capacity of uranium, Qmax, of 185.18mg/g and 322.58mg/g for CMC and CMC–INP respectively, providing strong evidence of an independent aqueous uranium removal ability exhibited by CMC. The results point out that CMC provides an additional capacity for aqueous uranium removal. Further tests are required to determine whether similar behaviour will be observed for other aqueous contaminant species and if the presence of CMC within a INP slurry inhibits or aids the reactivity, reductive capacity and affinity of INP for aqueous contaminant removal.
Akter, J.; Sarker, M.H.; Popescu, I., and Roelvink, D., 2016. Evolution of the Bengal Delta and its prevailing processes. Bangladesh, occupying low-lying floodplains and tidal plains, has one of the ...largest and the most disaster-prone populous deltas in the world. The Bengal Delta is a tide-dominated delta, where tides play the key role in the sediment dispersal process and in shaping the delta. There are many studies and reports on river-dominated deltas, but research is sparse on tide-dominated deltas. The Ganges and Brahmaputra Rivers, which combined form one of the three largest riverine sources of water and sediment for the world's oceans, have developed the Bengal Delta to its present form with an aerial extent of 104 km2. About 1012 m3 of water with 109 tonnes of sediment per year make this system morphologically active. In the last five decades, the Bengal Delta has prograded at a rate of 17 km2/y, whereas most large deltas elsewhere in the world suffered from sediment starvation. Delta progradation always makes the river system unstable, and rapid changes cause the delta to become dynamic. Sea level rise induced by unequivocal climate change and subsidence would make the delta more vulnerable in the coming decades. Although some literature is available on the millennium-scale development process of the Bengal Delta, sound knowledge on the decade- to century-scale processes of the delta development for facing the threats of climate change and deltaic subsidence is limited. In addition, there are significant differences in opinions and widely varying findings in the literature to the response of the delta to different natural and human interventions. Against this backdrop, relevant available literature on Bengal Delta and deltas elsewhere in the world, is reviewed and evaluated to provide direction for future research that would help to form a way out of the present situation and a way into sustainable planning for this delta.
The Blue Iguana Recovery Programme maintains a captive breeding and head-starting program for endangered Grand Cayman blue iguanas (Cyclura lewisi) on Grand Cayman, Cayman Islands. In May 2015, ...program staff encountered two lethargic wild Grand Cayman blue iguanas within the Queen Elizabeth II Botanic Park (QEIIBP). Spiral-shaped bacteria were identified on peripheral blood smears from both animals, which molecular diagnostics identified as a novel Helicobacter species (provisionary name Helicobacter sp. GCBI1). Between March 2015 and February 2017, 11 Grand Cayman blue iguanas were identified with the infection. Two of these were found dead and nine were treated; five of the nine treated animals survived the initial infection. Phylogenetic analysis of the 16S rRNA gene suggests Helicobacter sp. GCBI1 is most closely related to Helicobacter spp. in chelonians. We developed a Taqman qPCR assay specific for Helicobacter sp. GCBI1 to screen tissue and/or blood samples from clinical cases, fecal and cloacal samples from clinically healthy Grand Cayman blue iguanas, including previously infected and recovered iguanas, and iguanas housed adjacent to clinical cases. Fecal and/or cloacal swab samples were all negative, suggesting that Grand Cayman blue iguanas do not asymptomatically carry this organism nor shed this pathogen per cloaca post infection. Retrospective analysis of a 2014 mortality event affecting green iguanas (Iguana iguana) from a separate Grand Cayman location identified Helicobacter sp. GCBI1 in two of three cases. The source of infection and mode of transmission are yet to be confirmed. Analysis of rainfall data reveal that all infections occurred during a multi-year dry period, and most occurred shortly after the first rains at the end of seasonal drought. Additionally, further screening has identified Helicobacter sp. GCBI1 from choanal swabs of clinically normal green iguanas in the QEIIBP, suggesting they could be asymptomatic carriers and a potential source of the pathogen.
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