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The COVID-19 syndemic had a strong impact on financial market volatility. This study compares traditional indices, such as the Standard & Poor’s (S&P) 500 and the Euro Stoxx 50, with their sustainable counterparts; the Dow Jones Sustainability World Index (DJSWI); and the EURO STOXX Sustainability Index. The results show that the sustainable indices were more stable and less volatile before and after the crisis, suggesting that investors perceive less risk in sustainable companies. These findings reinforce the importance of considering sustainability in investment decisions, especially in times of uncertainty.
Technical Summary
With the ever-increasing importance of sustainability, it is a good time for a retrospective on the impact of the COVID-19 polycrisis on stock market volatility through a comparison of traditional indices such as the S&P 500 and the Euro Stoxx 50, with their sustainability counterparts; the DJSWI; and the EURO STOXX Sustainability Index. Using GJR-GARCH and E-GARCH models, the study reveals that sustainability indices exhibited greater stability and lower volatility before and after the syndemic, suggesting a lower risk perception by investors in sustainable companies. The implied volatility analysis confirms this stability, showing a more significant impact on traditional indices. Although all indices experienced greater sensitivity to negative shocks, sustainable indices showed a faster and more consistent recovery. These findings highlight the importance of considering sustainability factors in risk assessment and investment decision-making, especially in times of crisis.
Social Media Summary
Sustainable indices in Europe and the USA showed lower volatility and faster recovery after COVID-19 polycrisis.
The Pleistocene/Holocene transition furnishes a classic example of apparent evolutionary stasis during a period of major environmental change, where observed environmental clines might predict evolutionary change. We have previously attempted to assess whether or not body size and shape were static in the extensive Quaternary vertebrate fauna of Rancho La Brea (RLB). However, the validity of time-series studies depends on dating, and there are indications that previous approaches based on pit mean radiocarbon ages may be misleading. Here we have compiled and recalibrated all available RLB radiocarbon ages, reanalyzed our morphometric data using a novel method for bootstrap resampling of calibrated C age distributions to estimate a time series of populations, and fit the time series with a range of simple evolutionary time-series models.
Although the shortness of our time series tends to favor nondirectional models and is insufficient to allow reliable discrimination between punctuated and gradual change, the results can still be clearly interpreted. The population means for most anatomical elements in most species at RLB do genuinely appear to be static through the Pleistocene/Holocene transition, as previously published. Some species exhibit previously undetected changes in population mean size and shape, including Smilodon, Gymnogyps, and Equus. However, the timing of change is variable among the non-static species and generally does not correspond to changes in temperature, and thus resists a Bergmann’s rule interpretation. Considering the species by ecological category may reveal more about the effects of climate regime shifts.
We address the problem of shock-induced ignition and transition to detonation in a reactive medium in the presence of mechanically induced fluctuations by a moving oscillating piston. For the inert problem prior to ignition, we provide a novel closed-form model in Lagrangian coordinates for the generation of the train of compression and expansions, their steepening into a train of N-shock waves and their reflection on the lead shock, as well as the distribution of the energy dissipation rate in the induction zone. The model is found to be in excellent agreement with numerics. Reactive calculations were performed for hydrogen and ethylene fuels using a novel high-fidelity scheme to solve the reactive Euler equations written in Lagrangian coordinates. Different regimes of ignition and transition to detonation, controlled by the time scale of the forcing and the two time scales of the chemistry: the induction and reaction times. Two novel hotspot cascade mechanisms were identified. The first relies on the coherence between the sequence of hotspot formation set by the piston forcing and forward-wave interaction with the lead shock, generalising the classic runaway in fast flames. The second hotspot cascade is triggered by the feedback between the pressure pulse generated by the first-generation hotspot cascade and the shock. For slow forcing, the sensitisation is through a modification to the classic runaway process, while the high-frequency regime leads to very localised subcritical hotspot formation controlled by the cumulative energy dissipation of the first-generation shocks at a distance comparable with the shock formation location.
The Indo-West Pacific region serves as the primary habitat for the majority of extant hexapodid crabs. The hexapodids boast a rich evolutionary history dating back to the Cretaceous, marked by a significant radiation throughout the Cenozoic, while the Paleocene–Miocene of tropical America emerges as a pivotal center of radiation, evidenced by reported hexapodid species in Barbados, Panama, Peru, Trinidad, and Venezuela. Through an examination of the paleocarcinological collection at the Museu Paraense Emílio Goeldi, a new genus and species within Hexapodidae is described and illustrated. Rodneyellus feldmanni, the newly described taxon, is named in honor to Dr. Rodney Feldmann for his unwavering commitment to fossil crustacean research. This report marks the inaugural documentation of Hexapodidae in Brazil, encompassing both fossilized and extant representatives. Furthermore, the Pirabas Formation emerges as a critical locus for comprehending the contemporary distribution of decapod crustaceans across tropical America.
The Hasselmann equation for the nonlinear interactions of deep-water gravity waves differs from other four-wave kinetic equations by the interaction coefficient. The explicit formula for this coefficient (e.g. Krasitskii, J. Fluid. Mech., vol. 272, 1994, pp. 1–20; Zakharov, Eur. J. Mech. B/Fluids, vol. 18. issue 3, 1999, pp. 327–344) is of great complexity and leaves its properties obscured. We provide analytical results for the behaviour of the coefficient in different domains. The Phillips curve and discrete interaction approximation-like quadruplets are studied in detail. The coupling coefficient for the long–short wave interactions is calculated and found to be surprisingly small. This smallness greatly reduces the non-locality of the interactions.
This study investigates the hydrodynamic interaction between a fully submerged buoyant pendulum and surface gravity waves, focusing on its primary and subharmonic resonance behaviour. The oscillatory motion of the pendulum is driven by fluid drag, with primary resonance occurring at the forcing frequency (viz. the wave frequency) and subharmonic resonance manifesting at half the forcing frequency. Both resonances exhibit nonlinear characteristics, including jump-up, jump-down phenomena and hysteresis. Furthermore, particle image velocimetry results reveal that the velocity fields of the surrounding fluid oscillate at the forcing frequency, confirming that subharmonic resonance is not induced by subharmonic excitation within the velocity field. Experimental observations are validated through both analytical and numerical methods, particularly within the primary and subharmonic resonance frequency ranges. The theoretical model describes the transverse motion of the pendulum using a nonlinear ordinary differential equation, with the method of multiple scales employed for the analytical solution. These analyses reveal the nonlinear characteristics of the system, e.g. bistable response of the primary/subharmonic resonances, and identify three distinct response regions based on the forcing frequency and amplitude. The system exhibits primary resonance regardless of the excitation strength; however, an unstable solution arises if the excitation level surpasses a specific threshold value. In contrast, subharmonic resonance is triggered only when the excitation amplitude exceeds a critical value. Furthermore, the experimental hysteresis curve confirms the theoretically predicted primary and subharmonic resonances, along with the jump-up and jump-down characteristics.
How to Decarbonize explores opportunities for decarbonization introduced by recent federal legislation, which has prompted state-level climate planning. It is designed for students and professionals whose work brings them into contact with these opportunities, even if climate is not their primary profession, including city managers, bankers, and home builders who are interested in participating in planning for decarbonization. Chapters aim to support the successful uptake of these policies by providing high-level views of these new decarbonization policies using social theory. The book is divided into four sections, each introducing a social theory about the organization of societies and how they change, and then providing examples to demonstrate the intricacies of implementation.
Hillslopes may be regarded as conveyor belts transferring water and sediment and nutrients to other parts of the geomorphic system. This chapter examines the mechanisms of, and the factors controlling, how far and how fast water, sediment and nutrients move along this conveyor belt, discussing water movement in and on hillslopes, fluid-gravity and sediment-gravity movement of sediment and nutrient movement. Hillslope processes do not operate in isolation, and the interaction, of connectivity among processes is also important. This interaction is particularly significant when assessing the importance of connectivity to understanding hillslopes within the context of landscape evolution. A full description of the connectivity of hillslope processes will require combined knowledge of both the magnitude–connectivity relationship, the probability distribution of event magnitudes and, to explain specific cases of functional connectivity, the actual sequence of events. In recent years there has been a growing recognition of the importance of connectivity in understanding the effects of hillslope processes. At best, however, that understanding remains patchy and incomplete.
In this chapter, we review the physical processes that affect the elevation of coastal settlements relative to the sea, and identify current and projected rates of change, describe the impacts of MSLR on coastal settlements and on small island states, provide rough estimates of the number of people exposed, identify options for in situ adaptation, describe common challenges in implementing planned relocations of communities at risk, with case studies from the Carteret Islands and Fiji, and conclude by reviewing the cascading risks faced in Bangladesh.
This chapter provides an introduction to climate-related migration and displacement in the distant and more recent past, an overview of the basic natural science processes behind anthropogenic climate change for readers that require one, a review of how the impacts of climate change in a general sense present risks to individuals, households and communities, and how vulnerability and adaptation shape these risks, a summary of the social science on how migration decisions are made and the general types of patterns and outcomes that emerge, and a consolidated picture of how climate hazards interact with non-climatic processes to shape migration and displacement.
Sustainable agricultural practices have become increasingly important due to growing environmental concerns and the urgent need to mitigate the climate crisis. Digital agriculture, through advanced data analysis frameworks, holds promise for promoting these practices. Pesticides are a common tool in agricultural pest control, which are key in ensuring food security but also significantly contribute to the climate crisis. To combat this, Integrated Pest Management (IPM) stands as a climate-smart alternative. We propose a causal and explainable framework for enhancing digital agriculture, using pest management and its sustainable alternative, IPM, as a key example to highlight the contributions of causality and explainability. Despite its potential, IPM faces low adoption rates due to farmers’ skepticism about its effectiveness. To address this challenge, we introduce an advanced data analysis framework tailored to enhance IPM adoption. Our framework provides (i) robust pest population predictions across diverse environments with invariant and causal learning, (ii) explainable pest presence predictions using transparent models, (iii) actionable advice through counterfactual explanations for in-season IPM interventions, (iv) field-specific treatment effect estimations, and (v) assessments of the effectiveness of our advice using causal inference. By incorporating these features, our study illustrates the potential of causality and explainability concepts to enhance digital agriculture regarding promoting climate-smart and sustainable agricultural practices, focusing on the specific case of pest management. In this case, our framework aims to alleviate skepticism and encourage wider adoption of IPM practices among policymakers, agricultural consultants, and farmers.
The present chapter focuses on migration and displacement associated with events that are directly linked to hotter air temperatures and/or an associated lack of moisture experienced at local and regional scales: droughts, increased aridity, desertification, heat, and wildfires. With the exception of wildfires – which share many characteristics comparable to rapid-onset extreme weather events – the hazards assessed in the present chapter are gradual in their onset and impacts. Their impacts accumulate with each passing week, month, and/or year, steadily eroding the water, food and/or livelihood security of households and communities. The slow rate of onset allows exposed populations an opportunity to adjust and adapt through means that do not require changes to existing mobility practices and patterns, sometimes referred to as in situ adaptation responses. It is only after hot and/or dry conditions persist beyond a particular threshold of duration and/or severity that in situ adaptations no longer prove to be sufficient and changes in migration decision-making and outcomes emerge.