Phosphorus fertilisation and large legume species affect jarrah forest restoration after bauxite mining

Re-establishing nutrient-cycling is often a key goal of mine-site restoration. This goal can be achieved by applying fertilisers (particularly P) in combination with seeding N-fixing legumes. However, the effect of this strategy on other key restoration goals such as the establishment and growth of non-leguminous species has received little attention. We investigated the effects of P-application rates either singly, or in combination with seeding seven large understorey legume species, on jarrah forest restoration after bauxite mining. Five years after P application and seeding, legume species richness, density and cover were higher in the legume-seeded treatment. However, the increased establishment of legumes did not lead to increased soil N. Increasing P-application rates from 0 to 80 kg P ha−1 did not affect legume species richness, but significantly reduced legume density and increased legume cover: cover was maximal (∼50%) where 80 kg P ha−1 had been applied with large legume seeds. Increasing P-application had no effect on species richness of non-legume species, but increased the density of weeds and native ephemerals. Cover of non-legume species decreased with increasing P-application rates and was lower in plots where large legumes had been seeded compared with non-seeded plots. There was a significant legume × P interaction on weed and ephemeral density: at 80 kg P ha−1 the decline in density of these groups was greatest where legumes were seeded. In addition, the decline in cover for non-legume species with increasing P was greatest when legumes were seeded. Applying 20 kg P ha−1 significantly increased tree growth compared with tree growth in unfertilised plots, but growth was not increased further at 80 kg ha−1 and tree growth was not affected by seeding large legumes. Taken together, these data indicate that 80 kg ha−1 P-fertiliser in combination with (seeding) large legumes maximised vegetation cover at five years but could be suboptimal for re-establishing a jarrah forest community that, like unmined forest, contains a diverse community of slow-growing re-sprouter species. The species richness and cover of non-legume understorey species, especially the resprouters, was highest in plots that received either 0 or 20 kg ha−1 P and where large legumes had not been seeded. Therefore, our findings suggest that moderation of P-fertiliser and legumes could be the best strategy to fulfil the multiple restoration goals of establishing vegetation cover, while at the same time maximising tree growth and species richness of restored forest.

A review of Islamic mutual funds’ financial performance and investment style in Muslim and non-Muslim countries

Islamic finance has grown beyond its reputation of providing small-scale banking options and now provides investment and financing options for complex large-scale commercial transactions. Islamic investments are one area that has attracted the attention of investors due to its performance, especially during the economic downturn. The Shari’ah compliance nature of Islamic funds provides an opportunity for those Muslim investors to be part of the global investment sector who have previously been reluctant to invest in conventional mutual funds. The fact that the funds’ managers are prohibited from investing in activities such as weapons production, alcohol production and interest-bearing finance operations, makes Islamic mutual funds also attractive for those Non-Muslim investors who wish to invest ethically. Today there are hundreds of Islamic equity indices offered by Dow Jones, FTSE, MSCI and S&P. Despite the growing importance of Islamic funds, there have been limited studies exploring the performance of Islamic funds worldwide. Due to very limited data sets and not too rigorous analytical methods, these existent studies have neither investigated Islamic funds’ financial performance in noticeable detail nor analysed the investment style of more than six funds. For instance, relevant questions such as the financial performance of Islamic mutual funds’ beyond their investment styles or a difference in performance between funds from Muslim and non-Muslim countries have nearly not been investigated at all. Very recently, a study by Hoepner, Rammal and Rezec (2011) analysed the financial performance and investment style of 262 Islamic equity funds from 20 countries in five regions (Africa, Asia-Pacific, Europe, Gulf Cooperative Council-GCC, and North America). As comparison, previous studies did not even analyse 60 funds. Hoepner et al.’s study sampled a period of two decades and was therefore able to test the performance of the funds during economic booms as well as economic downturns. The findings of the study provide new insights into the performance of Islamic mutual funds in Muslim and Western markets and during financial crisis.

The determinants of inward foreign direct investment in business services across European regions

The determinants of inward foreign direct investment in business services across European regions, Regional Studies. The role of forward linkages with manufacturing sectors and other service sectors as attractors of business services foreign direct investment (FDI) is studied at the regional level. Using data on 146 NUTS-2 regions, it is found that regions specialized in those (manufacturing) sectors that are high potential users of business services attract more FDI in the business services than other regions. Results are robust to the inclusion of the traditional determinants of foreign investments at the regional level as well as to controls for spatial dependence. The results suggest that regional policies aimed at attracting foreign investors in the business service industry might prove ineffective in the absence of a pre-existing local intermediate demand

Mining in Ghana’s forests: cross-sectoral linkages and the prospects for REDD

Strategies to Reduce Emissions from Deforestation and Degradation (REDD) are being pursued in numerous developing countries. Proponents contest that REDD mechanisms could deliver sustainable development by contributing to both environmental protection and economic development, particularly in poor forest communities. However, among the challenges to REDD, and natural resource management more generally, is the need to develop a comprehensive understanding of cross-sectoral linkages and addressing how they impact the pursuit of sustainable development. Drawing on an exploratory case-study of Ghana, this paper aims to outline the linkages between the forestry and minerals sectors. It is argued that contemporary debates give incommensurate attention to the reclamation of large-scale mine sites located in forest reserves, and neglect to consider more nuanced links which characterise the forestry-mining nexus in Ghana. A review of key stakeholders further elucidates the complex networks which characterise these linkages and highlights the important role of traditional authorities in governing across sectors. If the multiple roles of local resource users and traditional authorities continue to be neglected in policy mechanisms, schemes such as REDD will continue to fall short of achieving sustainable development.

Decentralising natural resource governance in Ghana: critical reflections on the artisanal and small-scale mining sector

This paper critically examines the impact of decentralization on contemporary and future governance arrangements in Ghana’s artisanal and small-scale mining (ASM) sector. The sector, while providing valuable employment in rural areas, is beleaguered by environmental and social issues. Proponents of decentralization argue that re-distributing decision-making authority leads to more responsive, transparent and efficient natural resource management. The analysis presented here, however, demonstrates how weak decentralization has exacerbated the complex, conflictual and clandestine nature of local resource politics surrounding ASM. If future decentralization reforms are going to reverse this trend and improve the governance of ASM in Ghana, then facilitating the participation of traditional authorities is imperative. It is argued that doing so requires addressing the reticence regarding the role of chiefs in resource governance; simply ironing out existing technical issues with decentralization reforms is unlikely to improve the social and environmental performance of ASM in the country. In light of the chronic resource management deficiencies in Ghana, epitomized in the ASM sector, fostering frank political debates on resource governance is becoming urgent.

Mining in a changing climate: what scope for forestry-based legacies?

This paper provides an interdisciplinary perspective on mine reclamation in forested areas of Ghana, a country characterised by conflicts between mining and forest conservation. A comparison was made between above ground biomass (AGB) and soil organic carbon (SOC) content from two reclaimed mine sites and adjacent undisturbed forest. Findings suggest that on decadal timescales, reclaimed mine sites contain approximately 40% of the total carbon and 10% the AGB carbon of undisturbed forest. This raises questions regarding the potential for decommissioning mine sites to provide forestry-based legacies. Such a move could deliver a host of benefits, including improving the longevity and success of reclamation, mitigating climate change and delivering corollary enumeration for local communities under carbon trading schemes. A discussion of the antecedents and challenges associated with establishing forest-legacies highlights the risk of neglecting the participation and heterogeneity of legitimate local representatives, which threatens the equity of potential benefits and sustainability of projects. Despite these risks, implementing pilot projects could help to address the lack of transparency and data which currently characterises mine reclamation.