Bio-folio: applying portfolio theory to biodiversity

Genes, species and ecosystems are often considered to be assets. The need to ensure a sufficient diversity of this asset is being increasingly recognised today. Asset managers in banks and insurance companies face a similar challenge. They are asked to manage the assets of their investors by constructing efficient portfolios. They deliberately make use of a phenomenon observed in the formation of portfolios: returns are additive, while risks diversify. This phenomenon and its implications are at the heart of portfolio theory. Portfolio theory, like few other economic theories, has dramatically transformed the practical work of banks and insurance companies. Before portfolio theory was developed about 50 years ago, asset managers were confronted with a situation similar to the situation the research on biodiversity faces today. While the need for diversification was generally accepted, a concept that linked risk and return on a portfolio level and showed the value of diversification was missing. Portfolio theory has closed this gap. This article first explains the fundamentals of portfolio theory and transfers it to biodiversity. A large part of this article is then dedicated to some of the implications portfolio theory has for the valuation and management of biodiversity. The last section introduces three development openings for further research.

Sustainability and the Multifunctional Landscape: An Assessment of the Cairngorms National Park Authority’s Approach to Planning and Management in Upland Scotland.

Upland Scotland contains some of Britain’s most prized areas of natural heritage value. However, although such areas may appear both ‘wild’ and ‘remote’, these are typically working landscapes which symbolise the interdependence of nature and society. The complexity of this relationship means that management responses will need to address a multitude of potentially conflicting priorities whilst at the same time ensuring that sufficient social and institutional capital exists to allow for the promotion of landscape integrity. The introduction of national parks to Scotland in the form of the National Parks (Scotland) Act 2000 allows for a high-level of protection for designated areas in upland Scotland. Yet, whilst the recent Act outlines the statutory purpose and direction national parks should take, it allows a significant degree of flexibility in theway in which the Actmay be implemented. This level of discretion allows for significant local distinctiveness within the model but also raises questions about the potential effectiveness of chosen responses. In order to assess the potential implications of a model rooted in self-determination,we provide a case study review of the institutional basis of the Cairngorms National Park along with an assessment of the strategic character of the first National Park Plan. It is argued that whilst the Cairngorms National Park Authority has developed a significant level of stakeholder engagement, the authority may struggle to bridge the policy-implementation gap. Although a number of shortcomings are identified, particular concerns relate to the potential mismatch between strategic ambition and local level capacity.

COMMUNICATION AND GREEK ENVIRONMENTAL ORGANISATIONS: MEANS OF COMMUNICATION AND INFLUENCING FACTORS

A basic operational objective of any environmental organisation is to raise awareness among the public on issues of environmental protection, through the dissemination of knowledge and experience to local communities, so that the conservation and ecologically sound management of natural resources can acquire a local dimension. This can be achieved either through interventions directed at the State, mainly in relation to its legislative function, or by encouraging citizens to change or improve their attitude regarding environmental matters. In order to ensure a successful outcome and the efficient functioning of any organisation, a feeling of mutual trust and understanding should exist between the latter and its various audiences, i.e. the State and society. A basic ingredient of this balance between the organisation, the broader public and the State is effective communication and activity planning. As a way of contributing to the exploration of this process, this paper describes the means of communication used by Greek environmental organisations, and presents, through a non-linear model, the differentiation amongst them, in conjunction with aspects of the profile of those running each organisation and other indicators, such as the years in operation and the membership figures in each sampled organisation. The paper concludes by arguing that the diversification of communication means is related to the head person's years as a member of the organisation and the extent of its total membership. Another important finding is that the more the involvement in activities within the organisation, the less differentiation we observe amongst the employed means of communication.

The photography and the motion landscape in the urban expressway

A new kind of photographic representation, called movement-image is proposed and discussed to record the visual experience of the journey through urban highways. It consists of performing long exposure photographic shots while the track is traversed, thus registering a time-panorama which includes landscape signs and inner spaces of the ways involved. This proposal is linked to the limitations of representing these expressways, if they are understood as structures of instrumental origin, where the resulting experience comes from moving at high speed through the territory. In al almost all cases the aesthetic approach or urban integration with the city and landscape are excluded. In this sense, although such structures may be an opportunity to collect, build and colonize the urban landscape, the lack of adequate representation of the phenomenon causes a difficulty in its understanding and transformation. The options for representation using photography is assumed, knowing its own particular tradition in the use of long exposures, for the expression of the mobile, and the multiple visual attention, divided or weakened.