Eettiset sijoitusrahastot Suomessa – Nykytilan arviointi

Tutkimus eettiset sijoitusrahastot Suomessa – nykytilan arviointi, on kvalitatiivinen, teorialähtöinen kirjallisuustutkimus, jossa selvitetään eettisten sijoitusrahastojen nykytilannetta Suomessa. Päätavoitteena on selvittää, mitä ja minkälaisia eettiset sijoitusrahastot ovat Suomessa. Alatavoitteena tutkitaan myös eettisten rahastojen kehitystä niin Suomessa kuin kansainvälisestikin. Tutkimuksessa on kartoitettu Suomessa toimivat eettiset sijoitusrahastot ja vertailtu niitä keskenään sekä selvitetty niiden sijoituspolitiikkaa ja toimintaa. Aineistona on käytetty tieteellisen kirjallisuuden lisäksi pankkien ja pankkiiriliikkeiden aineistoja. Tutkimus on tehty kirjallisuuden pohjalta ja tutkimus perustuu kirjallisuuden ja tutkimusaineiston analysointiin sekä siitä tehtäviin johtopäätöksiin. Tutkimuksessa havaittiin, että suomalaiset eettisiksi luokiteltavat rahastot ovat hyvin identtisiä ja niissä näkyy vahva painotus ympäristöön ja ilmastoon. Eettisten rahastojen määrä ja koko on kasvanut nopeasti koko 2000 – luvun ja tutkimuksen tekovaiheessa Suomessa toimii 22 eri eettistä rahastoa ja näiden yhteenlaskettu rahastopääoma on noin 5,8 Mrd. euroa, joka on noin 8 % koko rahastopääomasta (66 Mrd. euroa, (2007)) Suomessa eettinen sijoittaminen on vielä suhteellisen uusi ilmiö ja kansainvälisesti vertailtuna eettinen sijoittaminen on toistaiseksi pientä.

Market of biomass fuels in Finland : IEA Bioenergy Task 40 and EUBIONET III - Country report of Finland 2009

This study considered the current situation of solid and liquid biomass fuels in Finland. The fact that industry consumes more than half of the total primary energy, widely applied combined heat and power production and a high share of solid biomass fuels in the total energy consumption are specific to the Finnish energy system. Wood is the most important source of bioenergy in Finland, representing 20% of the total energy consumption in 2007. Almost 80% of the woodbased energy is recovered from industrial by-products and residues. As a member of the European Union, Finland has committed itself to the Union’s climate and energy targets, such as reducing its overall emissions of green house gases to at least 20% below 1990 levels by 2020, and increasing the share of renewable energy in the gross final consumption. The renewable energy target approved for Finland is 38%. The present National Climate and Energy Strategy was introduced in November 2008. The strategy covers climate and energy policy measures up to 2020, and in brief thereafter, up to 2050. In recent years, the actual emissions have exceeded the Kyoto commitment and the trend of emissions is on the increase. In 2007, the share of renewable energy in the gross final energy consumption was approximately 25% (360 PJ). Without new energy policy measures, the final consumption of renewable energy would increase to 380 PJ, which would be approximately only 31% of the final energy consumption. In addition, green house gas emissions would exceed the 1990 levels by 20%. Meeting the targets will need the adoption of more active energy policy measures in coming years. The international trade of biomass fuels has a substantial importance for the utilisation of bioenergy in Finland. In 2007, the total international trading of solid and liquid biomass fuels was approximately 77 PJ, of which import was 62 PJ. Most of the import is indirect and takes place within the forest industry’s raw wood imports. In 2007, as much as 21% of wood energy was based on foreign-origin wood. Wood pellets and tall oil form the majority of export streams of biomass fuels. The indirect import of wood fuels peaked in 2006 to 61 PJ. The foreseeable decline in raw wood import to Finland will decrease the indirect import of wood fuels. In 2004– 2007, the direct trade of solid and liquid biomass fuels has been on a moderate growth path. In 2007, the import of palm oil and export of bio-diesel emerged, as a large, 170 000 t/yr biodiesel plant came into operation in Porvoo.

Governmental Measures to Enhance the Finnish Innovation System to Respond to the Challenge of Mitigating Climate Change

Climate innovations, that cover both technological applications and process and service innovations, play a key role in climate change mitigation. The purpose of this study was to examine how the Finnish innovation system could be enhanced with governmental measures so that the diffusion of climate innovations could be speeded up. During the study, it became evident that the governmental measures need to support the whole innovation chain, which comprises of research, development, demonstration and deployment. Only this can lead to the successful birth and diffusion of low carbon innovations. The study found that the strengths of the Finnish innovation system are research and development, and the current national innovation policies strongly support these activities. However, these have been emphasised at the expense of the demonstration and deployment. Consequently, the biggest bottlenecks in the Finnish innovation landscape are the lack of pilot and demonstration projects and slow commercialisation, thus the high price of the innovation. To meet with the challenge, the government should firstly promote strict greenhouse gas emission reduction targets. This would boost up the innovation activities, which would also lower the prices of the innovations. To speed up the commercialisation process, measures that stimulate the domestic market, such as feed-in-tariffs and public procurements, are needed. Special attention should also be paid to the measures that could shift the traditional closed innovation chain towards open innovation. This means that the product development should involve experts from several fields such as the user and marketing experts to speed up the commercialisation. In addition, efficient innovation co-operation between both private and public sector is essential. Finally, as the domestic resources are not adequate for producing all the innovations needed, the domestic innovation activities should be focused on a few sectors, and at the same time promote efficient import policies.

Wind turbine operation in cold climate

The goal of the master‘s thesis is to determine and estimate ice accretion influence on the wind turbine blade performance. The thesis describes the technique of ice accretion calculation on the wind turbine blade and determination characteristics of the turbine with ice accreted. The methodology of the classic Blade Element Moment Theory was used. Iced blade experimental data was investigated in order to calculate blade with ice characteristics. The obtained results shows that iced blade power coefficient is lower than clean blade one. The heating system implementation shows that in the particular site in the Lapland region it is efficient.

Climate driven changes in temperature, pH and food quality : effects on copepod reproduction

Increased emissions of greenhouse gases into the atmosphere are causing an anthropogenic climate change. The resulting global warming challenges the ability of organisms to adapt to the new temperature conditions. However, warming is not the only major threat. In marine environments, dissolution of carbon dioxide from the atmosphere causes a decrease in surface water pH, the so called ocean acidification. The temperature and acidification effects can interact, and create even larger problems for the marine flora and fauna than either of the effects would cause alone. I have used Baltic calanoid copepods (crustacean zooplankton) as my research object and studied their growth and stress responses using climate predictions projected for the next century. I have studied both direct temperature and pH effects on copepods, and indirect effects via their food: the changing phytoplankton spring bloom composition and toxic cyanobacterium. The main aims of my thesis were: 1) to find out how warming and acidification combined with a toxic cyanobacterium affect copepod reproductive success (egg production, egg viability, egg hatching success, offspring development) and oxidative balance (antioxidant capacity, oxidative damage), and 2) to reveal the possible food quality effects of spring phytoplankton bloom composition dominated by diatoms or dinoflagellates on reproducing copepods (egg production, egg hatching, RNA:DNA ratio). The two copepod genera used, Acartia sp. and Eurytemora affinis are the dominating mesozooplankton taxa (0.2 – 2 mm) in my study area the Gulf of Finland. The 20°C temperature seems to be within the tolerance limits of Acartia spp., because copepods can adapt to the temperature phenotypically by adjusting their body size. Copepods are also able to tolerate a pH decrease of 0.4 from present values, but the combination of warm water and decreased pH causes problems for them. In my studies, the copepod oxidative balance was negatively influenced by the interaction of these two environmental factors, and egg and nauplii production were lower at 20°C and lower pH, than at 20°C and ambient pH. However, presence of toxic cyanobacterium Nodularia spumigena improved the copepod oxidative balance and helped to resist the environmental stress, in question. In addition, adaptive maternal effects seem to be an important adaptation mechanism in a changing environment, but it depends on the condition of the female copepod and her diet how much she can invest in her offspring. I did not find systematic food quality difference between diatoms and dinoflagellates. There are both good and bad diatom and dinoflagellate species. Instead, the dominating species in the phytoplankton bloom composition has a central role in determining the food quality, although copepods aim at obtaining as a balanced diet as possible by foraging on several species. If the dominating species is of poor quality it can cause stress when ingested, or lead to non-optimal foraging if rejected. My thesis demonstrates that climate change induced water temperature and pH changes can cause problems to Baltic Sea copepod communities. However, their resilience depends substantially on their diet, and therefore the response of phytoplankton to the environmental changes. As copepods are an important link in pelagic food webs, their future success can have far reaching consequences, for example on fish stocks.

Performance of active portfolio management and the effect of stock market trend

Purpose of the study is to evaluate performance of active portfolio management and the effect of stock market trend on the performance. Theory of efficient markets states that market prices reflect all available information and that all investors share a common view of future price developments. This view gives little room for the success of active management, but the theory has been disputed – at least the level of efficiency. Behavioral finance has developed theories that identify irrational behavior patterns of investors. For example, investment decisions are not made independent of past market developments. These findings give reason to believe that also the performance of active portfolio management may depend on market developments. Performance of 16 Finnish equity funds is evaluated during the period of 2005 to 2011. In addition two sub periods are constructed, a bull market period and a bear market period. The sub periods are created by joining together the two bull market phases and the two bear market phases of the whole period. This allows for the comparison of the two different market states. Performance of the funds is measured with risk-adjusted performance by Modigliani and Modigliani (1997), abnormal return over the CAPM by Jensen (1968), and market timing by Henriksson and Merton (1981). The results suggested that in average the funds are not able to outperform the market portfolio. However, the underperformance was found to be lower than the management fees in average which suggests that portfolio managers are able to do successful investment decisions to some extent. The study revealed substantial dependence on the market trend for all of the measures. The risk-adjusted performance measure suggested that in bear markets active portfolio managers in average are able to beat the market portfolio but not in bull markets. Jensen´s alpha and the market timing model also showed striking differences between the two market states. The results of these two measures were, however, somewhat problematic and reliable conclusions about the performance could not be drawn.