Climate change justice: getting motivated in the last chance saloon

A key reason for pessimism with respect to greenhouse gas emissions reduction relates to the ‘motivation problem’, whereby those who could make the biggest difference prima facie have the least incentive to act because they are most able to adapt: how can we motivate such people (and thereby everyone else) to accept, indeed to initiate, the changes to their lifestyles that are required for effective emissions reductions? This paper offers an account inspired by Rawls of the good of membership of ‘intergenerational cooperative union’ to achieve justice that provides a solution to the motivation problem.

The growth of private property vehicles in the UK: causes and conditions

The UK private indirect real estate market has seen a rapid growth in the last seven years. The gross asset value (GAV) of the private property vehicle (PPV) market has about tripled from a GAV of £22.6bn in 1998 to a GAV of £67.1 billion at the end of 2005 (OPC, 2006). Although this trend of growing syndication of real estate is not only a UK phenomenon, the rate of growth has been significantly faster in the UK. For example the German open-ended funds have grown over the same period from €50.4bn to €85.1bn (BVI, 2006). In the US the market capitalization of equity real estate investment trusts (REIT) has grown 155% since 1999 to US$ 301bn (NAREIT, 2006). Each jurisdiction is offering different formats to invest indirectly into real estate but at the core all these vehicles are the same in that they provide a different route for investors to access real estate. In the UK, although the range of ‘products’ is now quite diverse, all structures have in common the ‘wrapping’ of property assets into a multi-investor vehicle. This paper examines the nature, pattern and process of market growth in PPVs and constructs a series of associations between causes and effects to explain this market shift.