Evaluation of a photosynthesis-based biogenic isoprene emission scheme in JULES and simulation of isoprene emissions under present-day climate conditions

We have incorporated a semi-mechanistic isoprene emission module into the JULES land-surface scheme, as a first step towards a modelling tool that can be applied for studies of vegetation – atmospheric chemistry interactions, including chemistry-climate feedbacks. Here, we evaluate the coupled model against local above-canopy isoprene emission flux measurements from six flux tower sites as well as satellite-derived estimates of isoprene emission over tropical South America and east and south Asia. The model simulates diurnal variability well: correlation coefficients are significant (at the 95 % level) for all flux tower sites. The model reproduces day-to-day variability with significant correlations (at the 95 % confidence level) at four of the six flux tower sites. At the UMBS site, a complete set of seasonal observations is available for two years (2000 and 2002). The model reproduces the seasonal pattern of emission during 2002, but does less well in the year 2000. The model overestimates observed emissions at all sites, which is partially because it does not include isoprene loss through the canopy. Comparison with the satellite-derived isoprene-emission estimates suggests that the model simulates the main spatial patterns, seasonal and inter-annual variability over tropical regions. The model yields a global annual isoprene emission of 535 ± 9 TgC yr−1 during the 1990s, 78 % of which from forested areas.

Futures trading, spot price volatility and market efficiency: evidence from European real estate securities futures

In 2007 futures contracts were introduced based upon the listed real estate market in Europe. Following their launch they have received increasing attention from property investors, however, few studies have considered the impact their introduction has had. This study considers two key elements. Firstly, a traditional Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model, the approach of Bessembinder & Seguin (1992) and the Gray’s (1996) Markov-switching-GARCH model are used to examine the impact of futures trading on the European real estate securities market. The results show that futures trading did not destabilize the underlying listed market. Importantly, the results also reveal that the introduction of a futures market has improved the speed and quality of information flowing to the spot market. Secondly, we assess the hedging effectiveness of the contracts using two alternative strategies (naïve and Ordinary Least Squares models). The empirical results also show that the contracts are effective hedging instruments, leading to a reduction in risk of 64 %.

Nitrous oxide emissions from European agriculture - an analysis of variability and drivers of emissions from field experiments

Nitrous oxide emissions from a network of agricultural experiments in Europe were used to explore the relative importance of site and management controls of emissions. At each site, a selection of management interventions were compared within replicated experimental designs in plot-based experiments. Arable experiments were conducted at Beano in Italy, El Encin in Spain, Foulum in Denmark, Logarden in Sweden, Maulde in Belgium CE1, Paulinenaue in Germany, and Tulloch in the UK. Grassland experiments were conducted at Crichton, Nafferton and Peaknaze in the UK, Godollo in Hungary, Rzecin in Poland, Zarnekow in Germany and Theix in France. Nitrous oxide emissions were measured at each site over a period of at least two years using static chambers. Emissions varied widely between sites and as a result of manipulation treatments. Average site emissions (throughout the study period) varied between 0.04 and 21.21 kg N2O-N ha−1yr−1, with the largest fluxes and variability associated with the grassland sites. Total nitrogen addition was found to be the single most important deter- minant of emissions, accounting for 15 % of the variance (using linear regression) in the data from the arable sites (p<0.0001), and 77 % in the grassland sites. The annual emissions from arable sites were significantly greater than those that would be predicted by IPCC default emission fac- tors. Variability of N2O emissions within sites that occurred as a result of manipulation treatments was greater than that resulting from site-to-site and year-to-year variation, highlighting the importance of management interventions in contributing to greenhouse gas mitigation

Investigations on the distribution of air transport traffic and CO2 emissions within the European Union

This study analyses the structure of air traffic and its distribution among the different countries in the European Union, as well as traffic with an origin or destination in non-EU countries. Data sources are Eurostat statistics and actual flight information from EUROCONTROL. Relevant variables such as the number of flights, passengers or cargo tonnes and production indicators (RPKs) are used together with fuel consumption and CO2 emissions data. The segmentation of air traffic in terms of distance permits an assessment of air transport competition with surface transport modes. The results show a clear concentration of traffic in the five larger countries (France, Germany, Italy, Spain and UK), in terms of RPKs. In terms of distance the segment between 500 and 1000 km in the EU, has more flights, passengers, RTKs and CO2 emissions than larger distances. On the environmental side, the distribution of CO2 emissions within the EU Member States is presented, together with fuel efficiency parameters. In general, a direct relationship between RPKs and CO2 emissions is observed for all countries and all distance bands. Consideration is given to the uptake of alternative fuels. Segmenting CO2 emissions per distance band and aircraft type reveals which flights contribute the most the overall EU CO2 emissions. Finally, projections for future CO2 emissions are estimated, according to three different air traffic growth and biofuel introduction scenarios.