In situ Investigation during Low Pressure Carburizing by Means of Synchrotron X-ray Diffraction*

In situ X-ray diffraction investigations during low pressure carburizing (LPC) processes were performed with a specially developed process chamber at the German Electron Synchrotron Facility (DESY) in Hamburg, Germany. Carbon saturation in austenite was reached in less than 20 seconds for all processes with different parameters and carbides formed at the surface. Therefore, the direct contribution of carbon donor gas to the carbon profile after 20 seconds was reduced to very low levels. After that point, further supply of carbon donor gas increased the amount of carbides formed at the surface, which will contribute to the carbon profile indirectly by dissolution in the following diffusion steps. During quenching, martensite at higher temperatures had a lower c/a ratio than later formed ones. This difference is credited to self-tempering effects and reordering of carbon atoms within the martensite lattice.

Morocco's renewables targets are falling behind

Significance While the development of wind power in Morocco is progressing, solar deployment and new hydro projects are lagging behind target. The start-up of a new coal plant has increased the carbon profile of the country’s electricity system. Impacts Increasing coal electricity generation could see Moroccan power exports penalised by the EU’s proposed Carbon Border Adjustment Mechanism. Cumbersome and expensive tendering processes will deter investors. Slow deployment puts the country’s renewables targets at risk.

Embodied Carbon and Construction Cost Differences between Hong Kong and Melbourne Buildings

Limiting the amount of embodied carbon in buildings can help minimize the damaging impacts of global warming through lower upstream emission of CO2. This study empirically investigates the embodied carbon footprint of new-build and refurbished buildings in both Hong Kong and Melbourne to determine the embodied carbon profile and its relationship to both embodied energy and construction cost. The Hong Kong findings suggest that mean embodied carbon for refurbished buildings is 33-39% lower than new-build projects, and the cost for refurbished buildings is 22-50% lower than new-build projects (per square metre of floor area). The Melbourne findings, however, suggest that mean embodied carbon for refurbished buildings is 4% lower than new-build projects, and the cost for refurbished buildings is 24% higher than new-build projects (per square metre of floor area). Embodied carbon ranges from 645-1,059 kgCO2e/m2 for new-build and 294-655 kgCO2e/m2 for refurbished projects in Hong Kong, and 1,138-1,705 kgCO2e/m2 for new-build and 900-1,681 kgCO2e/m2 for refurbished projects in Melbourne. The reasons behind these locational discrepancies are explored and critiqued. Overall, a very strong linear relationship between embodied energy and construction cost in both cities was found and can be used to predict the former, given the latter.

Carbon tax, corporate carbon profile and financial return

Purpose – This paper aims to investigate the impact of the proposed carbon tax on the financial market return of Australian firms. It also considers the differential tax effect on individual firms with different carbon profiles, including factors such as emissions costs, carbon disclosure and climate-change policies. Design/methodology/approach – Utilising the event-study method, the authors examine the market reaction to seven key carbon legislative information events that occurred from February 2011 to November 2011. The sample includes 48 different firms whose emissions-related data are available from Carbon Disclosure Project reports; thus, 336 firm-event observations are used for the cross-sectional analysis. Findings – The paper documents evidence that the proposed tax has an overall negative impact on shareholder wealth as measured by abnormal returns. The negative impact varies across sectors, with the most significant effect found in the materials, industrial and financial sectors. It was also found that a firm’s direct carbon exposure (as measured by Scope 1 emissions) is significantly associated with abnormal returns, whereas the indirect exposure (as measured by Scope 2 emissions) is not, because Scope 2 emissions are not covered by the tax. In addition, the findings suggest that the information content of the events is more notable during the early stages of the development of the carbon tax. Research limitations/implications – The sample is restricted to the largest firms with relevant carbon profile information. Thus, caution should be exercised when generalising the inferences. Practical implications – The introduction of the carbon tax was largely unexpected and most firms were unprepared for it; thus, their carbon policy appears inadequate and does not impress investors. An understanding of how the carbon tax affects shareholder value and welfare will encourage management to take proactive actions to mitigate the compliance costs of carbon legislation. Originality/value – The enactment of the Australian carbon tax perhaps represents one of the biggest social and economic restructuring events in the country’s history. Our results offer initial insight into its impact and suggest that investors would penalise firms with heavy direct operational emissions. In addition, Australian corporate carbon policy seems inadequate, so does not reverse the negative effect of the tax on the value of a firm.