Jan Kazak, Jarosław Malczyk, David Garcia Castro and Szymon Szewrański
Strong links between the condition of the environment and the economy have recently resulted in a number of actions aiming to implement environmental considerations in economic calculations. This is accompanied by the development of the concept of ecosystem services, characterizing the benefits that the environment provides humankind with. The identification of these services is reflected in their economic values. Hence, the concept of the valuation of ecosystem services. Therefore, if the service provided by the environment takes on a financial value, we can consider it as income from the property containing the analyzed ecosystem. Of course, in order to speak in practice of the income approach in the valuation of such properties, there must be actual financial flow as income for the real estate owner. However, in the era of big economic changes and the implementation of a number of financial instruments (e.g., subsidies for a particular use of property, trade of CO2 emission rights), it seems reasonable to consider the possibility of property valuation by the valuation of ecosystem services.
A part of this research focused on a service of forest ecosystems service that is carbon sequestration. The selection was made due to the implementation of the climate policy at the European level and its association with the trade of CO2 emission rights. The analyses were performed for two test sites characterized by different determinants (composition of species in the tree stand, age of the stand, degree of compactness of the tree stand, etc.). The low level of difficulty of the test methods used enables non-experts (persons with no qualifications in forestry) to carry out valuations themselves. The research is a contribution to the debate on the possibility of accounting for carbon sequestration in forest property valuation based on the income approach, but the issue still requires clarification of certain elements.
Recent production and consumption activities impose a heavy burden on the Earth's current and future capacity. Therefore, it is inevitable to deal with the impacts of the economic activities on the natural resources which determine our future well-being and the survival by itself. The indicators reflecting impacts of regions and countries on the available resources are used in this Paper to operationalize the sustainable development concept. The Ecological Footprint, Total Biocapacity and their components are investigated in the European Union (EU) and its countries and the EU region is compared with the other regions of the world. The additional three developed countries – Norway, Switzerland and the United States (US), were included in the sample together with the EU countries to enable extended comparisons. The aim of the Paper is to evaluate sustainability in the EU and its countries by means of the Ecological Footprint and the available biocapacity and to detect the relations between the countries’ EF and their standard of living and human development level. Concerning the regions, the highest Ecological Footprint per capita is typical of North America followed by the EU region. The Northern countries show largest biocapacities and are thus the largest resource creditors. The worst results in the Ecological Footprint – biocapacity relations analysis are typical of Cyprus, Belgium, Netherlands and Italy. The cross-section regression models confirmed that, at least, in the sample of the developed countries the positive relations between the Ecological Footprint on the one hand and the standard of living / state of the human development on the other hand exist.
Agnieszka Szczepańska, Iwona Krzywnicka and Grzegorz Lemański
Due to the specific characteristics of cities, such as the intensity of the use of space, the supply of green areas is limited. These areas are subjected to constant pressure (demand for new transportation or construction functions), which usually results in their reduction. As a consequence of this, green areas have become a limited asset in urban environments. City dwellers, seeking a high quality of life in the urban environment, pay attention to the proximity of greenery to their place of residence. This is, therefore, a factor that greatly influences market prices of residential real estate. In the study, the dependency of transaction prices of residential premises on the vicinity of urban greenery was subjected to analysis. Additionally, questionnaire studies were conducted with respect to the evaluation of the significance of environmental factors when choosing a place to live, which translates over to the decisions made by consumers on the real estate market.
Research purpose. The high-speed railway (HSR) construction project in the Baltic States is the largest joint infrastructure project since the restoration of independence of Latvia, Lithuania and Estonia. Rail Baltica (RB) is considered as the most energy-efficient project having the lowest environmental impact. However, the issue of energy consumption of the project was not sufficiently addressed either in the investment justification of the RB construction or in the relevant research works regarding the project. The aim of the current research is to determine the indicators of energy consumption and carbon dioxide (CO2) emissions intensity of the Latvian section of RB, since they are the key factors of the quantitative assessment of sustainability.
Design/Methodology/Approach. Critical analysis of the academic research works and reports of the official international organizations dedicated to the topic of energy consumption and CO2 emissions of HSR was conducted prior to the calculation of the above-mentioned indicators. The method of calculation based on International Union of Railways (UIC) was used in order to conduct the cluster analysis within the framework of current work. The main points considered are electricity consumption, carbon dioxide emissions, and level of passenger and freight demand. Statistical databases of UIC and International Energy Agency were used.
Findings. The calculations carried out by the authors of the given article demonstrate substantial figures of CO2 emissions intensity for Latvian section of the project related to the train load rate and traffic intensity which is evened out only by the CO2 emissions factor in Latvia.
Originality/Value/Practical implications. On this basis the authors present the directions for future research required for the development of the effective strategy for the Latvian Republic with the aim of achieving the increase in the RB project’s ecological efficiency.
Bogdan Kościk, Alina Kowalczyk-Juśko, Renata Borecka and Krzysztof Kielmas
Subject and purpose of work: The work concerns the reduction of greenhouse gas emission thanks to renewable energy sources (RES) utilized in selected municipalities of the Lubelskie Province. The aim of the study was to assess the consistency between the tasks provided in low-emission economy plans (LEEP) and the strategic documents on RES, especially biomass. The investment priorities of municipalities regarding RES and the impact of these investments on the emission of CO2 have been presented.
Materials and methods: The analysis covered 8 LEEPs and programming documents: EU, national and regional ones concerning RES.
Results: EU and Polish policy contribute to the development of RES, including biomass, under the condition that their negative effect on the environment, resulting especially from biomass burning, is limited. Municipalities intend mainly to use solar energy, yet the technologies of biomass they suggest are not always in line with new trends.
Conclusions: Measures limiting the emission of greenhouse gases, including the use of RES, are provided in the analysed LEEPs. However, some municipalities intend to produce energy from biomass, mainly in the process of combustion. As this is not in line with the latest EU recommendations, such plans should then be verified.
Testing what factors create the market value of real estate is key information when preparing property valuations as well as other opinions and professional evaluations on the basis of which court verdicts or administrative decisions are made. One of the factors influencing the value of some real estate is the level of noise present in the surroundings, which can lead to the occurrence of noise nuisance negatively affecting social relations.
Due to the fact that the analysis of the attractiveness of a location is the basis for properly determining the market value of real estate, the present article is dedicated to the methodology of assessing the noise nuisance of real estate surroundings. Four methods of assessment are proposed in the work: two of an objective nature, based on the measurements of noise and spatial analyses of data included in a strategic noise map, as well as two of a subjective nature, accounting for, among others, the individual perceptions of real estate users. The results of studies using the above methods can serve as a source of information on real estate as well as aid decision processes in the scope of real estate management. Theoretical deliberations were supported by a sample assessment of the noise nuisance of real estate surroundings carried out using two of the presented study methods.
Niraj Jain, Roy A. Chileshe, Francis M Muwowo and Mambwe Mwewa
Although several recent studies have shown how high voltage transmission (HVT) lines affect property values, no work has been undertaken in Zambia. This paper explores if there is a prima facie relationship between HVT lines and residential property values in Zambia. A priori evidence shows a paradox, with many new developments springing up in areas of high concentrations of HVT lines though residents vehemently complain about the mal-effects of HVT lines. Why then should land perceived to be inferior or “stigmatized” attract new developments? It is against this background that the householders’ perceptions of HVT lines are explored and the resulting effects on property values ascertained. A household survey was conducted in the Chalala, Libala South and Kamwala South areas of Lusaka city where developments have been undertaken around HVT Lines. The study also examined the statistical relationship of distances from HVT line with residential property values. Results show residential property values rise with increasing distance from the HVT line. It is recommended that the statutory wayleave distances should be raised to at-least 100 meters from the existing 31 meters for a 132kV line. It is further recommended that the regional wayleave guidelines currently in use should be made national.
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