K. Aravossis

A proposed methodological framework for the evaluation of corporate social responsibility

This paper suggests a proposed methodological framework that can be followed by the companies in order to implement an effective CSR programme in all the areas of their operation. consisting of three distinct stages: Analysis, Execution and Performance Evaluation. The suggested framework permits the development of corporate CSR programmes adapted to the unique characteristics of each sector and company, emphasizing on different stages according to organisational activities, missions and the resources that can be utilised. The framework includes weighted performance indicators relating to a companys impact on different areas of activity such as the environment, the community, the human capital, the shareholders and the marketplace (customers and suppliers).

Electricity and combined heat and power from municipal solid waste; theoretically optimal investment decision time and emissions trading implications

Waste management has become a great social concern for modern societies. Landfill emissions have been identified among the major contributors of global warming and climate changes with significant impact in national economies. The energy industry constitutes an additional greenhouse gas emitter, while at the same time it is characterized by significant costs and uncertain fuel prices. The above implications have triggered different policies and measures worldwide to address the management of municipal solid wastes on the one hand and the impacts from energy production on the other. Emerging methods of energy recovery from waste may address both concerns simultaneously. In this work a comparative study of co-generation investments based on municipal solid waste is presented, focusing on the evolution of their economical performance over time. A real-options algorithm has been adopted investigating different options of energy recovery from waste: incineration, gasification and landfill biogas exploitation. The financial contributors are identified and the impact of greenhouse gas trading is analysed in terms of financial yields, considering landfilling as the baseline scenario. The results indicate an advantage of combined heat and power over solely electricity production. Gasification, has failed in some European installations. Incineration on the other hand, proves to be more attractive than the competing alternatives, mainly due to its higher power production efficiency, lower investment costs and lower emission rates. Although these characteristics may not drastically change over time, either immediate or irreversible investment decisions might be reconsidered under the current selling prices of heat, power and CO 2 allowances.

Financial sustainability of the waste treatment projects that follow PPP contracts in Greece: a formula for the calculation of the profit rate

This paper examines the initial budget estimation process for the implementation of waste treatment projects through Public-Private Partnership (PPPs) in Greece. The study, having as strong theoretical foundation the projects financial analysis that is included in the cost benefit analysis methodology, evaluates the financial sustainability of a waste management project. Initially, the budget estimation process that is currently used under the conventional procurement of public projects in Greece is followed and the results demonstrate that the specific process, where the investors Profit Rate (PR) takes specific values, cannot be used in the case of a PPP. Furthermore, a new formula is developed, which calculates the minimum value of the private sectors PR, in order to determine the existence of positive cash flows during the operational phase of the project and to ensure the partnerships financial sustainability. The new formula can be a useful tool to the public decision-makers in Greece, because it helps them to evaluate the financial sustainability of the waste treatment projects that follow PPP contracts, during the conceptual phase.

Funding evaluation model for the implementation of wastewater treatment projects through public private partnerships.

This paper examines the assessment and funding rate estimation process for the implementation of wastewater treatment (WT) projects through Public Private Partnerships (PPPs). The study, having as strong theoretical foundation the Cost Benefit Analysis (CBA) methodology and the quantitative Value for Money (VfM) assessment process, develops a new algorithmic type model, in order to present a process for the funding evaluation of PPP type WT project’s initial investment. The model applies in those projects that are considered to be financed by both public and private sectors and further could be potentially co-financed by the European community. The model is tested in a WT project case study and calculates the upper and lower limits of the public and private sectors’ funding rates in the initial investment. Due to the fact that a PPP is not a solution option but may be the procurement choice for a preferred solution option, the new model can be a useful tool to project examiners during the feasibility stage of WT projects, in order to evaluate alternative funding scenarios and propose the most suitable in each case option to decision-makers.

Decisions under uncertainty in municipal solid waste cogeneration investments

The issue of Municipal Solid Waste (MSW) management is an ever increasing problem for all countries. Developed countries face the problem of dealing with very large amounts of MSW per capita, forcing them to develop new technologies and systems. On the other hand, countries with developing or transitional economies may generate lower amounts of MSW per capita, but the rate of increase is high and the current practices of MSW management are not as advanced as those of developed countries. Therefore, countries with developing or transitional economies may benefit from adopting MSW management technologies used by developed economies. One aspect of MSW management in developed economies is the energy recovery from MSW. The advantages of this type of technologies are mainly the significantly reduced waste volume for landfilling, the reduction of total greenhouse gas emissions, the potential for generating electricity or co-generation of electricity and heat. In this work, a comparative study of the most prominent co-generation technologies using MSW as a fuel source is presented, focusing on the evolution of their economical performance over time. An algorithm based on real-options has been applied for four technologies of MSW energy recovery: (1) incineration, (2) gasification, (3) landfill biogas exploitation using a pipeline system and (4) anaerobic digestion facilities. The financial contributors are identified and the impact of greenhouse gas trading is analyzed in terms of financial yields, considering landfilling as the baseline scenario. The greenhouse gas trading system presents an opportunity for investing in environmentally friendly technologies for MSW energy recovery, through the Clean Development Mechanism (CDM), in most developing countries. The results of this work indicate an advantage of combined heat and power over solely electricity generation. The most attractive technology among the ones examined proves to be incineration, mainly due to its higher power production efficiency, lower investment costs and lower emission rates. Despite the fact that these characteristics may not drastically change over time, either immediate or irreversible investment decisions might be reconsidered under the current selling prices of heat, power and CO2 allowances.

The impact of the emission trading system on companies' profitability: the case of Greece.

The European Union is in many respects a key player in the global efforts to curb emissions of the greenhouse gases (GHG). Maintaining the role of the frontrunner, the European Parliament and the Council established on 13 October 2003 a scheme of greenhouse gas emission allowance trading within the Community, the so-called Emission Trading System (ETS). Greece, as a Member State of the European Union, takes action in the field of reduction of carbon dioxide (CO2) emissions. According to the Directive 2003/87/EC, the Greek government includes in National Allocation Plans (NAPs) the biggest polluters from each one of the energy demand sectors. More specifically, the Directive covers electricity industries, other industrial combustion installations, refineries, metal ore roasting and cindering installations, pig iron and steel production installations, cement clinker production installations, lime production installations, glass manufacture installations, ceramic production installations and pulp and paper production installations. The objective of this paper is to examine the impact of the Emission Trading System on the profitability of Greek companies included in the NAPs. On this basis, the quantities of carbon dioxide that every participant has emitted during each year of the period 2005-2008 are compared respectively to the quantity of emission allowances issued. The balance indicates whether the tradable allowances are responsible for the participants’ financial results (of their balance sheets). Financial indicators are used to present the impact of the acquisition or sale of allowances on the total turnover and the profit before tax of the participating companies. An additional goal of this paper is to identify the causes that resulted in surplus or shortage of allowances, taking into consideration financial, as well as environmental parameters. Consequently, some useful conclusions are drawn, concerning the management of allowances that are granted for free to the participating companies.

Medical Waste Management In Greece:The Case Of Thessaly Region

The main objective of this study is the evaluation of medical waste management in Thessaly region, Greece. Nowadays, medical waste treatment and disposal is one of the most important problems in many countries. The reason is simple. Medical waste and specifically infectious medical waste disposal could be extremely dangerous, especially if it is not controlled, according to the basic principles of waste management. Our research was carried out in the 5 hospitals (1 university and 4 general hospitals) that operate in the region of Thessaly and our findings have shown that most of hospitals use the method of steam sterilization in a mobile treatment unit for their waste treatment. More specifically, private companies, which deal with medical waste treatment, visit the hospitals once per week and sterilize the waste in the mobile unit. On the other hand, the university hospital uses the method of incineration for its waste treatment. Regarding the incinerator, it should be noticed that it is a double chamber incinerator. The primary combustion chamber is used for the waste incineration and the secondary combustion chamber is used for the incineration of the fumes. This incinerator operates without the necessary equipment for the air pollution minimization. The medical wastes that are produced in the other medical facilities in the region are disposed without specific care for the environment. It is the outcome of our research that planning about the optimal medical waste management is essential in the effort to achieve an integrated medical waste management according to the principles of sustainable development.