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Abstract The 21st Conference of the Parties (COP21) of the United Nations Framework Convention on Climate Change (UNFCCC) marked a milestone in the course of international efforts on global climate action. As part of the COP21 side events, on December 4th the Lima Paris Action Agenda presented a half-day of presentations and round table discussions titled Focus on Private Finance. The event was supported by the Secretary-General of the United Nation, Caisse des Depots, and the I4CE Institute for Climate Economics. This conference report summarizes the findings of the session and the messages delivered by finance industry representatives. Significant investment in low carbon assets is required to maintain global temperature increases below 2 °C. The two resounding themes throughout the session were that in order to attract capital for low carbon investments fossil fuel subsidies must end and a higher carbon price is needed to incentivise investment. Furthermore, accounting and regulatory bodies need to implement more stringent disclosure and reporting requirements so that climate risk is properly understood by investors. There is significant appetite for investment in the low carbon sector which is demonstrated by the growth in the green bond market. Financial institutions have a role to play in aggregating, structuring and de-risking investments to facilitate private finance investment. Policy makers also need to improve the investment environment by creating consistent and stable long term policies which will give investors' confidence.

Abstract Around the world, cities are creating local climate change mitigation strategies and combining strengths in international efforts. In addition to making the strategies, it is important to follow, how they work in practice. The aim of the study is to examine, how climate change mitigation policies and other events affected the consumption-based household carbon footprints in the Helsinki Metropolitan Area (HMA) from 2006 until 2012. The cities of the HMA launched an ambitious climate change mitigation strategy in 2007. Furthermore, the study analyses the changes in the carbon footprints of six different types of urban zone within the HMA: the central pedestrian zone, the fringe of the central pedestrian zone, intensive public transport zone, public transport zone, car zone and the pedestrian zones of subcentres. The results of the study reveal that the average carbon footprint decreased 7% from 2006 to 2012, despite 1% increase in expenditure, which is encouraging. Emissions caused by housing energy consumption and motor fuel consumption decreased the most. Among the urban zones, public transport zone and car zone, which are the two outermost zones of the HMA, had the strongest emission reductions. Cleaner electricity and the improved energy efficiency of buildings had a strong effect. The regression analysis of the study suggests that the central pedestrian zone and the car zone, the two most affluent zones of the HMA, have higher carbon footprints than all the other zones have between them. However, this is only true when income is controlled, not when expenditure is controlled. The economic crisis in 2008, and changes in consumption behaviour because of it, seem to explain the result. The reduction of the average carbon footprint in the HMA was not only due to steered mitigation actions. Increased housing costs seem to have contributed to the decline of consumption-based emissions. The results of the study suggest that to achieve the ambitious international, national and local climate change mitigation targets, stronger measures are needed.

The paper applies the community resilience approach to the post‐disaster case of Pescomaggiore, an Italian village affected by the L'Aquila earthquake in 2009. A group of residents refused to accept the housing recovery solutions proposed by the government, opting for autonomous recovery. They developed a housing project in the form of a self‐built ecovillage, characterised by earthquake‐proof buildings made of straw and wood. The project is a paradigmatic example of a community‐based response to an external shock. It illustrates the concept of ‘community resilience’, which is widely explored in the scientific debate but still vaguely defined. Based on qualitative methodologies, the paper seeks to understand how the community resilience process can be enacted in alternative social practices such as ecovillages. The goal is to see under which conditions natural disasters can be considered windows of opportunity for sustainability.

Abstract Harmful SO2 largely originates from coal and oil combustions, but in some areas the biomass burning contribution could not be ignored. Here, we evaluated SO2 emissions from biomass burning (BB-SO2) with largely focusing on regional difference and temporal trends in the relative contributions of biomass burning from different sectors. Globally, the biomass burning emitted 4.26 (3.20–6.20) Tg SO2 in 2014, contributing 4.0% of the total SO2 emissions stemming from anthropogenic sources and natural open fires. But in some African and South Asian countries, biomass burning was a major source of SO2 with the contribution as high as 80–90%. Regarding sector contributions of biomass SO2, open fires contributed nearly half, followed by the residential sector (~29%) on the global scale, however, substantially different profiles were revealed across countries. Residential sector is the largest anthropogenic BB-SO2 source in the developing countries, while in the developed countries, industry and energy production were the two main anthropogenic BB-SO2sources. From 1960 to 2014, biomass SO2 emission, either the absolute amount or the relative contribution to the total, increased in the U.S. and Europe, and the contributions were over 20% in some countries. The biomass burning SO2 emission showed an increasing trend in India and a unimodal change in China, while a decreasing trend in the relative contributions were revealed in these two largest developing countries, which were 2.7% and 0.8%, respectively in 2014. With unignorable biomass burning contribution to SO2, as well as other hazardous air pollutants, in some regions, it is suggested that in assessing climate and health impacts of promoted biomass utilization when phasing out of fossil fuels, multiple components should be co-evaluated.

Abstract Global food demand is driven by population and economic growth, and urbanization. One important instrument to meet this increasing demand and to decrease the pressure on food production is to minimize food losses and food waste. Food waste and loss is a major societal, economic, nutritional and environmental challenge. Using the case of Denmark, this paper analyses causes of food waste, and discusses how different stakeholders address the prevention and reuse of the €1.18 billion of annual edible food waste. Currently, the majority of food waste is still incinerated with energy recovery. However, improvements in technology have made it more efficient to utilize food waste for biogas and compost, which improves nutrient cycling through the food system. Major efforts to address food waste in Denmark have mainly been promoted through civil society groups with governmental support, as well as by industry. In order to better understand food waste and loss more research must be conducted on the total amount of food waste at every level of the food supply chain. Solutions can be found through improved communication, more efficient food packaging, and better in interpretation of food labels by consumers. Likewise, systems thinking may support an integrated agricultural and food system where food utilization is optimized and loss and waste of resources is reduced. In conclusion, sustainable solutions to the reduction of food waste in Denmark must include multi-stakeholders collaboration, especially public–private partnerships at the global level.

Abstract This study analyzes the relationship between commodity prices and credit to the private sector in commodity-exporting developing countries, particularly three nations in Sub-Saharan Africa. In this regard, we extend the findings of non-empirical studies dealing with this issue for the case of African countries and complement the literature on the methodological side by investigating this relationship using wavelet analysis. This frequency approach is appropriate, as it takes into account investor heterogeneity and the time-variant characteristic of the studied relationship. Further, it explains the lead–lag relationship between the studied series. First, we observe that credit and commodities are strongly related over long timescales, suggesting that the credit market reacts strongly to long-term change in commodity markets and thus tends to be sensitive to persistent commodity shocks. Second, for medium and short timescales, the interaction is high and significant only during periods of turmoil. In terms of the lead–lag relationship, our results also show that the commodity market causes fluctuations in the credit market.

The Circular Economy and Sustainability are among the greatest challenges faced by policymakers, producers, and consumers. Circular Economy processes demand less from the environment since they can minimize waste generation and, hence, can be powerful tools to combat the negative effects of climate change. Additionally, following subsidiarity principles, public policies supporting the Circular Economy should be designed at the lowest levels of public administrations-this provides huge opportunities for regional governments to design, implement and monitor these policies. This editorial of the special issue explores and discusses implications for those policies before introducing the five papers published in the special issue dedicated to policies for regional economy and sustainability. While some of the papers attempt to conceptualize sustainable development through a microeconomic perspective, others have a clear macroeconomic empirical focus. In consequence, this special issue provides a rich body of work for further Circularity and Sustainability nexus studies.

Recent empirical research indicates that certain types of emissions follow an inverted-U or environmental Kuznets curve (EKC) as income grows. This regularity has been interpreted as a possible de-linking of economic growth and patterns of certain pollutants for developed economies. In this paper the empirical basis of this result is investigated by considering some statistical particularities of the various EKC studies performed. It is argued that the inverted-U relationship between income and emissions estimated from panel data need not hold for specific individual countries over time. Based on insights from 'intensity-of-use' analysis in resource economics, an alternative growth model is specified and estimated for three types of emissions (CO

Current economic instruments aimed at climate change mitigation focus mainly on CO(2) emissions, but efficient climate mitigation needs to focus on other greenhouse gases as well as CO(2). This study investigates the distributional effects of climate change taxes on households belonging to different income and lifestyle groups; and it compares the effects of a CO(2) tax with a multiple GHG tax in the UK in terms of cost efficiency and distributional effects. Results show that a multi GHG tax is more efficient than a CO(2) tax due to lower marginal abatement costs, and that both taxes are regressive, with lower income households paying a relatively larger share of their income for the taxes than higher income households. A shift from a CO(2) tax to a GHG tax will reduce and shift the tax burden between consumption categories such as from energy-intensive products to food products. Consumers have different abilities to respond to the tax and change their behavior due to their own socio-economic attributes as well as the physical environment such as the age of the housing stock, location, and the availability of infrastructure. The housing-related carbon emissions are the largest component of the CO(2) tax payments for low income groups and arguments could be made for compensation of income losses and reduction of fuel poverty through further government intervention.