UNEP Frontiers 2018/19 Chapter 3
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Risk, Uncertainty and Monetary Policy
Risk, Uncertainty and Monetary Policy Speech given by Charles Bean, Executive Director and Chief Economist of the Bank of England To Dow Jones, at City Club, Old Broad Street 31 October 2007 1 All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx 1 Good evening! One of former US Secretary of Defence Donald Rumsfeld’s most noted musings runs thus: “…as we know, there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns - the ones we don't know we don't know.” For this rumination, Rumsfeld was awarded a ‘Foot in Mouth’ award from the Plain English Campaign. But in truth, it represents one of the pithier encapsulations of the economists’ distinction between risk and uncertainty of which I am aware. Risk applies to those random events to which one can attach probabilities, such as the number of times a fair coin comes up heads in 100 tosses. These are the ‘known unknowns’. In contrast, uncertainty – or more accurately Knightian uncertainty, after the Chicago economist Frank Knight – applies to random events to which it is difficult to attach probabilities, say because we have no previous experience of them or do not understand enough about their nature. An example might be the number of coins in this building right now. These are the ‘unknown unknowns’. The Monetary Policy Committee faces both sorts of randomness when it sets interest rates each month. -
A Study of Unstable Slopes in Permafrost Areas: Alaskan Case Studies Used As a Training Tool
A Study of Unstable Slopes in Permafrost Areas: Alaskan Case Studies Used as a Training Tool Item Type Report Authors Darrow, Margaret M.; Huang, Scott L.; Obermiller, Kyle Publisher Alaska University Transportation Center Download date 26/09/2021 04:55:55 Link to Item http://hdl.handle.net/11122/7546 A Study of Unstable Slopes in Permafrost Areas: Alaskan Case Studies Used as a Training Tool Final Report December 2011 Prepared by PI: Margaret M. Darrow, Ph.D. Co-PI: Scott L. Huang, Ph.D. Co-author: Kyle Obermiller Institute of Northern Engineering for Alaska University Transportation Center REPORT CONTENTS TABLE OF CONTENTS 1.0 INTRODUCTION ................................................................................................................ 1 2.0 REVIEW OF UNSTABLE SOIL SLOPES IN PERMAFROST AREAS ............................... 1 3.0 THE NELCHINA SLIDE ..................................................................................................... 2 4.0 THE RICH113 SLIDE ......................................................................................................... 5 5.0 THE CHITINA DUMP SLIDE .............................................................................................. 6 6.0 SUMMARY ......................................................................................................................... 9 7.0 REFERENCES ................................................................................................................. 10 i A STUDY OF UNSTABLE SLOPES IN PERMAFROST AREAS 1.0 INTRODUCTION -
Open Research Online Oro.Open.Ac.Uk
Open Research Online The Open University’s repository of research publications and other research outputs Molards as an indicator of permafrost degradation and landslide processes Journal Item How to cite: Morino, Costanza; Conway, Susan J.; Sæmundsson, Þorsteinn; Kristinn Helgason, Jón; Hillier, John; Butcher, Frances E.G.; Balme, Matthew R.; Jordan, Colm and Argles, Tom (2019). Molards as an indicator of permafrost degradation and landslide processes. Earth and Planetary Science Letters, 516 pp. 136–147. For guidance on citations see FAQs. c 2019 Elsevier B.V. https://creativecommons.org/licenses/by/4.0/ Version: Version of Record Link(s) to article on publisher’s website: http://dx.doi.org/doi:10.1016/j.epsl.2019.03.040 Copyright and Moral Rights for the articles on this site are retained by the individual authors and/or other copyright owners. For more information on Open Research Online’s data policy on reuse of materials please consult the policies page. oro.open.ac.uk Earth and Planetary Science Letters 516 (2019) 136–147 Contents lists available at ScienceDirect Earth and Planetary Science Letters www.elsevier.com/locate/epsl Molards as an indicator of permafrost degradation and landslide processes ∗ Costanza Morino a,b, , Susan J. Conway b, Þorsteinn Sæmundsson c, Jón Kristinn Helgason d, John Hillier e, Frances E.G. Butcher f, Matthew R. Balme f, Colm Jordan g, Tom Argles a a School of Environment, Earth & Ecosystem Sciences, The Open University, Walton Hall, Milton Keynes, MK7 6AA, UK b Laboratoire de Planétologie et Géodynamique -
The Distribution of Silty Soils in the Grayling Fingers Region of Michigan: Evidence for Loess Deposition Onto Frozen Ground
Geomorphology 102 (2008) 287–296 Contents lists available at ScienceDirect Geomorphology journal homepage: www.elsevier.com/locate/geomorph The distribution of silty soils in the Grayling Fingers region of Michigan: Evidence for loess deposition onto frozen ground Randall J. Schaetzl ⁎ Department of Geography, 128 Geography Building, Michigan State University, East Lansing, MI, 48824-1117, USA ARTICLE INFO ABSTRACT Article history: This paper presents textural, geochemical, mineralogical, soils, and geomorphic data on the sediments of the Received 12 September 2007 Grayling Fingers region of northern Lower Michigan. The Fingers are mainly comprised of glaciofluvial Received in revised form 25 March 2008 sediment, capped by sandy till. The focus of this research is a thin silty cap that overlies the till and outwash; Accepted 26 March 2008 data presented here suggest that it is local-source loess, derived from the Port Huron outwash plain and its Available online 10 April 2008 down-river extension, the Mainstee River valley. The silt is geochemically and texturally unlike the glacial fl Keywords: sediments that underlie it and is located only on the attest parts of the Finger uplands and in the bottoms of Glacial geomorphology upland, dry kettles. On sloping sites, the silty cap is absent. The silt was probably deposited on the Fingers Loess during the Port Huron meltwater event; a loess deposit roughly 90 km down the Manistee River valley has a Permafrost comparable origin. Data suggest that the loess was only able to persist on upland surfaces that were either Kettles closed depressions (currently, dry kettles) or flat because of erosion during and after loess deposition. -
GEOMORPHOLOGIE 4-2008 BIS:Maquette Geomorpho
Géomorphologie : relief, processus, environnement, 2008, n° 4, p. 223-234 Paraglacial and paraperiglacial landsystems: concepts, temporal scales and spatial distribution Géosystèmes paraglaciaire et parapériglaciaire : concepts, échelles temporelles et distribution spatiale Denis Mercier* Abstract The Pleistocene Earth history has been characterized by major climatic fluctuations. During glacial periods, ice may have covered around 30 per cent of the Earth surface compared to approximately 10 per cent nowadays. With global change, polar environments and other montainous glacial environments of the world are presently undergoing the most important changes since the end of the Last Glacial Maximum and are experiencing paraglacial and paraperiglacial geomorphological readjustments. Paraglacial and para- periglacial landsystems consist of several subsystems including gravitational, fluvial, coastal, aeolian and lacustrine environments. Paraglacial and paraperiglacial landsystems can be analysed as open and complex landsystems characterized by energy, water and sed- iment fluxes and exchange with surrounding environments, especially with glacial and periglacial landsystems as inputs. Those cascading landsystems are likely to react to climate change because they rely on an ice-cold water stock (glacier and permafrost) that developed during a previous cold sequence (glaciation). The response of paraglacial and paraperiglacial systems to climatic forcing takes place over a long time span ranging from an immediate reaction to several millennia. The spatial limits of paraglacial and para- periglacial landsystems are inherently dependant on the time scale over which the system is analyzed. During the Pleistocene, glaciations widely affected the high latitudes and the high altitudes of the Earth and were followed by inherited paraglacial sequences. Glacier forelands in Arctic and alpine areas experience paraglacial processes with the present warming. -
The Knowns and the Known Unknowns
The Knowns and the Known Unknowns of Capital Requirements for Market Risks 20 June 2016 Jean-Paul Laurent1 Université Paris 1 Panthéon – Sorbonne, PRISM Sorbonne & Labex ReFi Abstract A new era is beginning for bank intermediation in financial markets. Under the leadership of the Trading Book Group of the Basel Committee, the calculation of risk weighted assets (RWAs) associated with market and trading book risks is being upended. The present reforms are a subtle compromise. On the one hand, they perpetuate the autonomous function for monitoring risks within banks, under the control of bank supervisors. On the other hand, they set up a safety net to avoid any drift linked to self-regulation. The emphasis here is placed on the uncertainties linked to the final calibration of the new framework and the implications for economic banking models and market intermediation. The article stresses operational issues linked to piloting this transformation process for regulated banks. Introduction A new era is beginning for bank intermediation in financial markets. Under the leadership of the Trading Book Group of the Basel Committee, the calculation of risk weighted assets (RWAs) associated with market and trading book risks is being upended. The Fundamental Review of the Trading Book (FRTB) led to the publication of a set rules in January 2016.2 It should be recalled that risk weighted assets are the denominator of the solvency ratio. In the first part of this text, the FRTB is situated in the vast movement that has reinforced regulatory and prudential requirements. The present reforms are a subtle compromise. On the one hand, they perpetuate the autonomous function for monitoring risks within banks, under the control of bank supervisors. -
Being Earnest with Collections — Known Unknowns: a Humanities Collection Gap-Analysis Project by Alice L
Being Earnest with Collections — Known Unknowns: A Humanities Collection Gap-Analysis Project by Alice L. Daugherty (Coordinator of Acquisitions & Electronic Resources, The University of Alabama) <[email protected]> Column Editor: Michael A. Arthur (Associate Professor, Head, Resource Acquisition & Discovery, The University of Alabama Libraries, Box 870266, Tuscaloosa, AL 35487; Phone: 205-348-1493; Fax: 205-348-6358) <[email protected]> Column Editor’s Note: In this month’s chasing large eBook packages are effective have permission to go over-budget and were edition of Being Earnest with Collections, I processes for building collections; however, advised to keep selection totals below allo- have asked my new colleague Alice Daugh- LSU Libraries’ administration wanted to do cation limits. Usually for annual purchases erty to talk about an important project she more to focus on print materials and ensure liaisons can extend a little over-budget and participated in while still at Louisiana State research recommended and curricular sup- funds are moved to cover overages, but mov- University. We are pleased that Alice joined porting titles necessary to the collections were ing funds was not an option for this project. us at The University of Alabama on June 1, actually in the collection. LSU Libraries has For logistical purposes, liaisons created 2017. I was intrigued about the project to ex- endured years of university- and state-im- project-specific, shared, discipline folders plore ways to address gaps in the humanities posed spending freezes (FY10, FY11, FY12, in Gobi to store title selections, and Gobi collection that developed because of fluctu- FY14, and FY15). -
NSF 03-021, Arctic Research in the United States
This document has been archived. Home is Where the Habitat is An Ecosystem Foundation for Wildlife Distribution and Behavior This article was prepared The lands and near-shore waters of Alaska remaining from recent geomorphic activities such by Page Spencer, stretch from 48° to 68° north latitude and from 130° as glaciers, floods, and volcanic eruptions.* National Park Service, west to 175° east longitude. The immense size of Ecosystems in Alaska are spread out along Anchorage, Alaska; Alaska is frequently portrayed through its super- three major bioclimatic gradients, represented by Gregory Nowacki, USDA Forest Service; Michael imposition on the continental U.S., stretching from the factors of climate (temperature and precipita- Fleming, U.S. Geological Georgia to California and from Minnesota to tion), vegetation (forested to non-forested), and Survey; Terry Brock, Texas. Within Alaska’s broad geographic extent disturbance regime. When the 32 ecoregions are USDA Forest Service there are widely diverse ecosystems, including arrayed along these gradients, eight large group- (retired); and Torre Arctic deserts, rainforests, boreal forests, alpine ings, or ecological divisions, emerge. In this paper Jorgenson, ABR, Inc. tundra, and impenetrable shrub thickets. This land we describe the eight ecological divisions, with is shaped by storms and waves driven across 8000 details from their component ecoregions and rep- miles of the Pacific Ocean, by huge river systems, resentative photos. by wildfire and permafrost, by volcanoes in the Ecosystem structures and environmental Ring of Fire where the Pacific plate dives beneath processes largely dictate the distribution and the North American plate, by frequent earth- behavior of wildlife species. -
Subregional and Regional Approaches for Disaster Resilience
United Nations ESCAP/76/14 Economic and Social Council Distr.: General 3 March 2020 Original: English Economic and Social Commission for Asia and the Pacific Seventy-sixth session Bangkok, 21 May 2020 Item 5 (d) of the provisional agenda* Review of the implementation of the 2030 Agenda for Sustainable Development in Asia and the Pacific: disaster risk reduction Subregional and regional approaches for disaster resilience Note by the secretariat Summary As climate uncertainties grow, Asia and the Pacific faces an increasingly complex disaster riskscape. In the Asia-Pacific Disaster Report 2019: The Disaster Riskscape across Asia-Pacific – Pathways for Resilience, Inclusion and Empowerment, the Economic and Social Commission for Asia and the Pacific provided a comprehensive overview of the regional riskscape, identifying the region’s main hotspots and options for action. Based on the findings, the present document contains highlights of the changing geography of disasters together with the associated multi-hazard risk hotspots at the subregional level, namely, South-East Asia, South and South-West Asia, the Pacific small island developing States, North and Central Asia, and North and East Asia. For each subregion, the document provides specific solution-oriented resilience-building approaches. In this regard, the document contains information about the opportunities to build resilience provided by subregional and regional cooperation and a discussion of the secretariat’s responses under the aegis of the Asia-Pacific Disaster Resilience Network. The Commission may wish to review the present document and provide guidance for the future work of the secretariat. I. Introduction 1. The 2030 Agenda for Sustainable Development provides a blueprint for development, including ending poverty, fighting inequalities and tackling climate change. -
The Main Features of Permafrost in the Laptev Sea Region, Russia – a Review
Permafrost, Phillips, Springman & Arenson (eds) © 2003 Swets & Zeitlinger, Lisse, ISBN 90 5809 582 7 The main features of permafrost in the Laptev Sea region, Russia – a review H.-W. Hubberten Alfred Wegener Institute for Polar and marine Research, Potsdam, Germany N.N. Romanovskii Geocryological Department, Faculty of Geology, Moscow State University, Moscow, Russia ABSTRACT: In this paper the concepts of permafrost conditions in the Laptev Sea region are presented with spe- cial attention to the following results: It was shown, that ice-bearing and ice-bonded permafrost exists presently within the coastal lowlands and under the shallow shelf. Open taliks can develop from modern and palaeo river taliks in active fault zones and from lake taliks over fault zones or lithospheric blocks with a higher geothermal heat flux. Ice-bearing and ice-bonded permafrost, as well as the zone of gas hydrate stability, form an impermeable regional shield for groundwater and gases occurring under permafrost. Emission of these gases and discharge of ground- water are possible only in rare open taliks, predominantly controlled by fault tectonics. Ice-bearing and ice-bonded permafrost, as well as the zone of gas hydrate stability in the northern region of the lowlands and in the inner shelf zone, have preserved during at least four Pleistocene climatic and glacio-eustatic cycles. Presently, they are subject to degradation from the bottom under the impact of the geothermal heat flux. 1 INTRODUCTION extremely complex. It consists of tectonic structures of different ages, including several rift zones (Tectonic This paper summarises the results of the studies of Map of Kara and Laptev Sea, 1998; Drachev et al., both offshore and terrestrial permafrost in the Laptev 1999). -
Agenda and List of Participants
Agenda & List of Participants Land Economy for Sustainability Dialogue Series Rethinking the Land Economy: Keeping 1.5C in Sight 0900- 0930 Welcome and introduction This session will welcome participants and introduce the goals and objectives of this meeting, designed as a collective thinking session to explore opportunities for emissions reduction from the land-based sectors. It will consider the case for a shared strategy that complements technical know- how in tackling challenges associated with the political economy of structural transformation for the land economy. It will also discuss what constitutes success by 2020 and 2030. 0930 – 1100 Session 1: Setting the baseline Key questions to be addressed: • What is the scale of the challenge? • What do we understand in terms of feasibility of different options? • What are the complexities and barriers? This session will open with three short presentations • Land-based emissions reductions and the 1.5C challenge • Competition for land, food and water: implications of current trends • Obstacles and trade-offs The presentations will be followed by a facilitated discussion on the knowledge gaps and the known unknowns, as well as known barriers. 1120 – 1300 Mapping key opportunities and no-regret options This session will discuss existing and new opportunities for scaling land- based emissions reductions, based not only on mitigation potential but also wider social and environmental considerations including risks and co- benefits. It will begin with short remarks on the following ‘wedges’: • sustainable agricultural practice; • negative emissions; • waste and losses; • demand side interventions including sustainable and healthy diets and behavioural shifts. The discussion will focus on identifying a set of no-regret options that could be scaled immediately. -
Changes in Peat Chemistry Associated with Permafrost Thaw Increase Greenhouse Gas Production
Changes in peat chemistry associated with permafrost thaw increase greenhouse gas production Suzanne B. Hodgkinsa,1, Malak M. Tfailya, Carmody K. McCalleyb, Tyler A. Loganc, Patrick M. Crilld, Scott R. Saleskab, Virginia I. Riche, and Jeffrey P. Chantona,1 aDepartment of Earth, Ocean, and Atmospheric Science, Florida State University, Tallahassee, FL 32306; bDepartment of Ecology and Evolutionary Biology, University of Arizona, Tucson, AZ 85721; cAbisko Scientific Research Station, Swedish Polar Research Secretariat, SE-981 07 Abisko, Sweden; dDepartment of Geological Sciences, Stockholm University, SE-106 91 Stockholm, Sweden; and eDepartment of Soil, Water and Environmental Science, University of Arizona, Tucson, AZ 85721 Edited by Nigel Roulet, McGill University, Montreal, Canada, and accepted by the Editorial Board March 7, 2014 (received for review August 1, 2013) 13 Carbon release due to permafrost thaw represents a potentially during CH4 production (10–12, 16, 17), δ CCH4 also depends on 13 major positive climate change feedback. The magnitude of carbon δ CCO2,soweusethemorerobustparameterαC (10) to repre- loss and the proportion lost as methane (CH4) vs. carbon dioxide sent the isotopic separation between CH4 and CO2.Despitethe ’ (CO2) depend on factors including temperature, mobilization of two production pathways stoichiometric equivalence (17), they previously frozen carbon, hydrology, and changes in organic mat- are governed by different environmental controls (18). Dis- ter chemistry associated with environmental responses to thaw. tinguishing these controls and further mapping them is therefore While the first three of these effects are relatively well under- essential for predicting future changes in CH4 formation under stood, the effect of organic matter chemistry remains largely un- changing environmental conditions.