With the introduction of the“dual carbon”goal and the continuous promotion of low-carbon development,the integrated energy system(IES)has gradually become an effective way to save energy and reduce emissions.This st...With the introduction of the“dual carbon”goal and the continuous promotion of low-carbon development,the integrated energy system(IES)has gradually become an effective way to save energy and reduce emissions.This study proposes a low-carbon economic optimization scheduling model for an IES that considers carbon trading costs.With the goal of minimizing the total operating cost of the IES and considering the transferable and curtailable characteristics of the electric and thermal flexible loads,an optimal scheduling model of the IES that considers the cost of carbon trading and flexible loads on the user side was established.The role of flexible loads in improving the economy of an energy system was investigated using examples,and the rationality and effectiveness of the study were verified through a comparative analysis of different scenarios.The results showed that the total cost of the system in different scenarios was reduced by 18.04%,9.1%,3.35%,and 7.03%,respectively,whereas the total carbon emissions of the system were reduced by 65.28%,20.63%,3.85%,and 18.03%,respectively,when the carbon trading cost and demand-side flexible electric and thermal load responses were considered simultaneously.Flexible electrical and thermal loads did not have the same impact on the system performance.In the analyzed case,the total cost and carbon emissions of the system when only the flexible electrical load response was considered were lower than those when only the flexible thermal load response was taken into account.Photovoltaics have an excess of carbon trading credits and can profit from selling them,whereas other devices have an excess of carbon trading and need to buy carbon credits.展开更多
The hybrid policy is a flexible policy tool that combines features of carbon trading and carbon taxation.Its economic and environmental effects under China's background are still not studied in detail.Given the ex...The hybrid policy is a flexible policy tool that combines features of carbon trading and carbon taxation.Its economic and environmental effects under China's background are still not studied in detail.Given the exogenous carbon reduction targets,carbon prices,and carbon tax-rates,by computable general equilibrium modeling methods and factor decomposition methods,this article investigates direct and cascaded effects of the hybrid policy on economic growth,energy utilization,and carbon emission on the national level and the sector level,with China's national input-output data-set.Stepwisely,policy scenarios with irrational estimated results are selectively excluded based on comprehensive evaluation among economic,carbon reduction and other policy targets.As a result,against national economic conditions in 2007,the hybrid policy,with a carbon reduction target of -10%,a carbon tax-rate of around $10,and a ceiling carbon price of $40,is highly recommended,because of its significant lower economic loss,lower energy utilization cost,and practical robustness against fluctuation of energy market and carbon market.Furthermore,by decomposition analysis,carbon reduction-related costs are decomposed into a direct part that includes carbon allowance price and carbon tax,and an indirect part as the energy price incremental induced by direct carbon costs.Gross carbon reduction may be decomposed into three parts such as energy intensity,economic scale,and technical progress.And,carbon taxation is the main policy tool that stimulates to improve the energy efficiency.展开更多
Industrial grade multi-walled carbon nanotubes(IG-MWCNTs) are a low-cost substitute for commercially purified multi-walled carbon nanotubes(P-MWCNTs). In this work, IG-MWCNTs were functionalized with tetraethylenepent...Industrial grade multi-walled carbon nanotubes(IG-MWCNTs) are a low-cost substitute for commercially purified multi-walled carbon nanotubes(P-MWCNTs). In this work, IG-MWCNTs were functionalized with tetraethylenepentamine(TEPA) for CO2capture. The TEPA impregnated IG-MWCNTs were characterized with various experimental methods including N2adsorption/desorption isotherms, elemental analysis, X-ray diffraction, Fourier transform infrared spectroscopy and thermogravimetric analysis. Both the adsorption isotherms of IGMWCNTs-n and the isosteric heats of different adsorption capacities were obtained from experiments. TEPA impregnated IG-MWCNTs were also shown to have high CO2adsorption capacity comparable to that of TEPA impregnated P-MWCNTs. The adsorption capacity of IG-MWCNTs based adsorbents was in the range of 2.145 to 3.088 mmol/g, depending on adsorption temperatures. Having the advantages of low-cost and high adsorption capacity, TEPA impregnated IG-MWCNTs seem to be a promising adsorbent for CO2capture from flue gas.展开更多
The high overlap of participants in the carbon emissions trading and electricity markets couples the operations of the two markets.The carbon emission cost(CEC)of coal-fired units becomes part of the power generation ...The high overlap of participants in the carbon emissions trading and electricity markets couples the operations of the two markets.The carbon emission cost(CEC)of coal-fired units becomes part of the power generation cost through market coupling.The accuracy of CEC calculation affects the clearing capacity of coal-fired units in the electric power market.Study of carbon–electricity market interaction and CEC calculations is still in its initial stages.This study analyzes the impact of carbon emissions trading and compliance on the operation of the electric power market and defines the cost transmission mode between the carbon emissions trading and electric power markets.A long-period interactive operation simulation mechanism for the carbon–electricity market is established,and operation and trading models of the carbon emissions trading market and electric power market are established.A daily rolling estimation method for the CEC of coal-fired units is proposed,along with the CEC per unit electric quantity of the coal-fired units.The feasibility and effectiveness of the proposed method are verified through an example simulation,and the factors influencing the CEC are analyzed.展开更多
In recent years, the sodium storage mechanism and performance optimization of FeS2 have been studied intensively. However, before the commercial application of FeS2, preconditions of low-cost, simple craft and scale p...In recent years, the sodium storage mechanism and performance optimization of FeS2 have been studied intensively. However, before the commercial application of FeS2, preconditions of low-cost, simple craft and scale production of nanoscale FeS2 are also essential. Based on above challenges, mesh-like FeS2/carbon tube/FeS2 composites are prepared simply from green, low-cost and renewable natural herb in this work. With the assistance of protogenetic interconnected carbon tube network(only 5.3 wt%), FeS2/carbon tube/FeS2 composites show high capacity(542.2 mA h g^-1), good stability(< 0.005% per cycle over 1000 cycles), and excellent rate performance(426.2 mA h g^-1 at 2 A g^-1).The outstanding electrochemical performance of FeS2/carbon tube/FeS2 composites may be attributed to the unique interconnected reticular structure, meaning that FeS2 nanoparticles are effectively immobilized by carbon tube network via physical encapsulation and chemical bonding.More importantly, this work may provide green and low cost preparation method for specially structured metal sulfides/carbon composites,which promotes their commercial utilization in environmentally friendly energy storage system.展开更多
ZTE Corporation (ZTE), a leading global provider of telecommunications equipment and network solutions, revealed on May 6, 2008 that its award winning Broadband Universal Access System could help operators make a majo...ZTE Corporation (ZTE), a leading global provider of telecommunications equipment and network solutions, revealed on May 6, 2008 that its award winning Broadband Universal Access System could help operators make a major impact on their carbon footprint as well as save millions of dollars a year in power costs. ZTE’s DSLAM ZXDSL FSAP 9806H overreaches the European code of conduct on energy consumption for broadband equipment, offering a significant power consumption savings per port.展开更多
The UK government implements carbon price floor to provide long-term incentive to invest in low-carbon technology, thus, fossil-fuel power plants have to face increasing carbon price. This report addresses the effect ...The UK government implements carbon price floor to provide long-term incentive to invest in low-carbon technology, thus, fossil-fuel power plants have to face increasing carbon price. This report addresses the effect of carbon price floor on levelised cost of gas-fired generation technology through the levelised cost of electricity (LCOE) ap-proach with the estimation of carbon price floor. Finally, the comparison of levelised cost of electricity for all generation technology in the UK will be shown and discussed.展开更多
Given the global focus on green and low-carbon development and the increasing prominence of digital finance,it is particularly important to explore how to leverage digital finance to achieve these environmental goals....Given the global focus on green and low-carbon development and the increasing prominence of digital finance,it is particularly important to explore how to leverage digital finance to achieve these environmental goals.This study,through mechanism analysis,deeply examines how China’s digital finance promotes green and low-carbon development and elucidates the positive interaction between digital finance and the green industry.The study found that digital finance,through more flexible and efficient financial functions,alters the cost structure of carbon emissions,and reduces the risks and costs of green investments,thereby creating a cooperative green mechanism benefiting all parties,and guiding social groups toward a green and low-carbon transformation.Additionally,the rapid development of digital finance has strengthened the implementation of environmental protection policies,effectively promoted the expansion of the environmental protection industry,and established the green ethos as a mainstream concept in financial development.This study aims to provide reference perspectives and suggestions,assist policymakers in promoting the green and lowcarbon development of digital finance,and offer insights into the integrated development of digital finance and the green environmental protection industry.展开更多
Drinking water is supplied through a centralized water supply system and may not be accessed by communities in rural areas of Malaysia.This study investigated the performance of a low-cost, self-prepared combined acti...Drinking water is supplied through a centralized water supply system and may not be accessed by communities in rural areas of Malaysia.This study investigated the performance of a low-cost, self-prepared combined activated carbon and sand filtration(CACSF) system for roofharvested rainwater and lake water for potable use. Activated carbon was self-prepared using locally sourced coconut shell and was activated using commonly available salt rather than a high-tech procedure that requires a chemical reagent. The filtration chamber was comprised of local,readily available sand. The experiments were conducted with varying antecedent dry intervals(ADIs) of up to 15 d and lake water with varying initial chemical oxygen demand(COD) concentration. The CACSF system managed to produce effluents complying with the drinking water standards for the parameters p H, dissolved oxygen(DO), biochemical oxygen demand(BOD5), COD, total suspended solids(TSS), and ammonia nitrogen(NH_3-N). The CACSF system successfully decreased the population of Escherichia coli(E. coli) in the influents to less than 30 CFU/m L. Samples with a higher population of E. coli(that is, greater than 30 CFU/m L) did not show 100% removal. The system also showed high potential as an alternative for treated drinking water for roof-harvested rainwater and class II lake water.展开更多
Amid the euphoria of Reducing Emissions from Deforestation and Forest Degradation (REDD) and REDD+ discussions, the expectations of large financial gains raise the interest of all. A country, however, will only enjoy ...Amid the euphoria of Reducing Emissions from Deforestation and Forest Degradation (REDD) and REDD+ discussions, the expectations of large financial gains raise the interest of all. A country, however, will only enjoy REDD benefits if the cost of REDD is lower than the benefit. The opportunity cost analysis is an effective tool for assessing the feasibility of REDD+ since the largest portion of costs associated with REDD+ and can help to identify fair compensation for those who change their land use. The opportunity cost analysis has been exercised in Tanjung Jabung Barat (Tanjabar) district-Indonesia to examine the economic-feasibility of carbon emission reduction under different type carbon price scenarios. This study reveals a sharp decline of land-use systems with high carbon-stock and low profitability is obvious. On mineral soil, low carbon-stock and high profitability (mostly oil palm) has increased rapidly, especially in the period 2000-2009. It has become the dominant land-use system. The low-to-medium carbon stock and medium profitability land-use category increased from 1990 to 2005 but declined from 2005 to 2009. The low carbon-stock and low profitability category was constant and the proportion of the area was below 15%. The ex-ante analysis in predicting the potential for future emissions reduction in Tanjabar through REDD+ approaches shows that the cumulative emission of Tanjabar in 2020 is estimated at 61.91 Mg CO2-eq/Ha.Year, while the reduced emission by excluding all land use conversion below $5 threshold is estimated at 51.71 Mg CO2-eq/Ha.Year. This means that there is a potential for 16% emission reduction using $5/ton CO2-eq incentive. Another important finding in this study is that if the price of carbon increases by double to $10, the amount of reduced emission does not change much. This can use as a basis for determining the right amount of incentive for trade-off between economic profitability and climate change mitigation effort in Tanjabar using REDD+ scheme both at seller and buyer perspectives.展开更多
Tanzania is participating in the United Nations (UN) climate change mitigation strategy of reduction in Greenhouse Gases (GHGs). The strategy is implemented through both Reducing Emissions from Deforestation and fores...Tanzania is participating in the United Nations (UN) climate change mitigation strategy of reduction in Greenhouse Gases (GHGs). The strategy is implemented through both Reducing Emissions from Deforestation and forest Degradation (REDD+) and Clean Development Mechanisms (CDM) initiatives. In implementing programmes, the country developed pilot projects whereby there are preliminary findings that can be used to analyse the progress of the establishments. This study uses the findings from these pilot areas to draw policy implications on how carbon trade in the country can be enhanced to meet the UN set objectives as required by the Kyoto protocol. The findings suggest that for the sustainable carbon trade enhancement the country needs to set the institutional environment for carbon trade right. Such undertakings are not costless and that the transaction costs that would be incurred for the process need to be institutionalised to reduce the private costs in the carbon market. Moreover the policy process should be informed that at the market level there are multiple objectives that should be understood to avoid what is termed as optimization in standard economic theory, instead there should be clear definition of the specific objectives for various stakeholders involved in the carbon trade. Besides, within the carbon market framework not all stakeholders incur the same costs since natural resource transactions involve externalities. These externalities need to be identified and internalised to equally distribute the costs and benefits among the stakeholders.展开更多
基金supported by State Grid Shanxi Electric Power Company Science and Technology Project“Research on key technologies of carbon tracking and carbon evaluation for new power system”(Grant:520530230005)。
文摘With the introduction of the“dual carbon”goal and the continuous promotion of low-carbon development,the integrated energy system(IES)has gradually become an effective way to save energy and reduce emissions.This study proposes a low-carbon economic optimization scheduling model for an IES that considers carbon trading costs.With the goal of minimizing the total operating cost of the IES and considering the transferable and curtailable characteristics of the electric and thermal flexible loads,an optimal scheduling model of the IES that considers the cost of carbon trading and flexible loads on the user side was established.The role of flexible loads in improving the economy of an energy system was investigated using examples,and the rationality and effectiveness of the study were verified through a comparative analysis of different scenarios.The results showed that the total cost of the system in different scenarios was reduced by 18.04%,9.1%,3.35%,and 7.03%,respectively,whereas the total carbon emissions of the system were reduced by 65.28%,20.63%,3.85%,and 18.03%,respectively,when the carbon trading cost and demand-side flexible electric and thermal load responses were considered simultaneously.Flexible electrical and thermal loads did not have the same impact on the system performance.In the analyzed case,the total cost and carbon emissions of the system when only the flexible electrical load response was considered were lower than those when only the flexible thermal load response was taken into account.Photovoltaics have an excess of carbon trading credits and can profit from selling them,whereas other devices have an excess of carbon trading and need to buy carbon credits.
基金supported by the Fundamental Research Funds for the Central Universities[CDJSK10 00 68]NSFC Young Scientist Research Fund[0903080]
文摘The hybrid policy is a flexible policy tool that combines features of carbon trading and carbon taxation.Its economic and environmental effects under China's background are still not studied in detail.Given the exogenous carbon reduction targets,carbon prices,and carbon tax-rates,by computable general equilibrium modeling methods and factor decomposition methods,this article investigates direct and cascaded effects of the hybrid policy on economic growth,energy utilization,and carbon emission on the national level and the sector level,with China's national input-output data-set.Stepwisely,policy scenarios with irrational estimated results are selectively excluded based on comprehensive evaluation among economic,carbon reduction and other policy targets.As a result,against national economic conditions in 2007,the hybrid policy,with a carbon reduction target of -10%,a carbon tax-rate of around $10,and a ceiling carbon price of $40,is highly recommended,because of its significant lower economic loss,lower energy utilization cost,and practical robustness against fluctuation of energy market and carbon market.Furthermore,by decomposition analysis,carbon reduction-related costs are decomposed into a direct part that includes carbon allowance price and carbon tax,and an indirect part as the energy price incremental induced by direct carbon costs.Gross carbon reduction may be decomposed into three parts such as energy intensity,economic scale,and technical progress.And,carbon taxation is the main policy tool that stimulates to improve the energy efficiency.
基金supported by Zhejiang Provincial Natural Science Foundation of China(Grant No.LZ12E08002)
文摘Industrial grade multi-walled carbon nanotubes(IG-MWCNTs) are a low-cost substitute for commercially purified multi-walled carbon nanotubes(P-MWCNTs). In this work, IG-MWCNTs were functionalized with tetraethylenepentamine(TEPA) for CO2capture. The TEPA impregnated IG-MWCNTs were characterized with various experimental methods including N2adsorption/desorption isotherms, elemental analysis, X-ray diffraction, Fourier transform infrared spectroscopy and thermogravimetric analysis. Both the adsorption isotherms of IGMWCNTs-n and the isosteric heats of different adsorption capacities were obtained from experiments. TEPA impregnated IG-MWCNTs were also shown to have high CO2adsorption capacity comparable to that of TEPA impregnated P-MWCNTs. The adsorption capacity of IG-MWCNTs based adsorbents was in the range of 2.145 to 3.088 mmol/g, depending on adsorption temperatures. Having the advantages of low-cost and high adsorption capacity, TEPA impregnated IG-MWCNTs seem to be a promising adsorbent for CO2capture from flue gas.
基金supported by Anhui Provincial Natural Science Foundation(No.2208085UD02)National Natural Science Foundation of China(No.52077061).
文摘The high overlap of participants in the carbon emissions trading and electricity markets couples the operations of the two markets.The carbon emission cost(CEC)of coal-fired units becomes part of the power generation cost through market coupling.The accuracy of CEC calculation affects the clearing capacity of coal-fired units in the electric power market.Study of carbon–electricity market interaction and CEC calculations is still in its initial stages.This study analyzes the impact of carbon emissions trading and compliance on the operation of the electric power market and defines the cost transmission mode between the carbon emissions trading and electric power markets.A long-period interactive operation simulation mechanism for the carbon–electricity market is established,and operation and trading models of the carbon emissions trading market and electric power market are established.A daily rolling estimation method for the CEC of coal-fired units is proposed,along with the CEC per unit electric quantity of the coal-fired units.The feasibility and effectiveness of the proposed method are verified through an example simulation,and the factors influencing the CEC are analyzed.
基金supported by the Natural Science Foundation of China (Grant No. U1804126, U1804129, 21671205, 21771164 and 21701202)Key Scientific Research Projects of Universities in Henan Province (Grant No. 19A430032 and 18A430034)+2 种基金Program for Interdisciplinary Direction Team in Zhongyuan University of Technologythe Collaborative Innovation Centre of Henan Textile and Clothing Industrythe Innovation Scientists and Technicians Troop Construction Projects of Henan Province (Grant No. 164100510007 and CXTD2015018)
文摘In recent years, the sodium storage mechanism and performance optimization of FeS2 have been studied intensively. However, before the commercial application of FeS2, preconditions of low-cost, simple craft and scale production of nanoscale FeS2 are also essential. Based on above challenges, mesh-like FeS2/carbon tube/FeS2 composites are prepared simply from green, low-cost and renewable natural herb in this work. With the assistance of protogenetic interconnected carbon tube network(only 5.3 wt%), FeS2/carbon tube/FeS2 composites show high capacity(542.2 mA h g^-1), good stability(< 0.005% per cycle over 1000 cycles), and excellent rate performance(426.2 mA h g^-1 at 2 A g^-1).The outstanding electrochemical performance of FeS2/carbon tube/FeS2 composites may be attributed to the unique interconnected reticular structure, meaning that FeS2 nanoparticles are effectively immobilized by carbon tube network via physical encapsulation and chemical bonding.More importantly, this work may provide green and low cost preparation method for specially structured metal sulfides/carbon composites,which promotes their commercial utilization in environmentally friendly energy storage system.
文摘ZTE Corporation (ZTE), a leading global provider of telecommunications equipment and network solutions, revealed on May 6, 2008 that its award winning Broadband Universal Access System could help operators make a major impact on their carbon footprint as well as save millions of dollars a year in power costs. ZTE’s DSLAM ZXDSL FSAP 9806H overreaches the European code of conduct on energy consumption for broadband equipment, offering a significant power consumption savings per port.
文摘The UK government implements carbon price floor to provide long-term incentive to invest in low-carbon technology, thus, fossil-fuel power plants have to face increasing carbon price. This report addresses the effect of carbon price floor on levelised cost of gas-fired generation technology through the levelised cost of electricity (LCOE) ap-proach with the estimation of carbon price floor. Finally, the comparison of levelised cost of electricity for all generation technology in the UK will be shown and discussed.
文摘Given the global focus on green and low-carbon development and the increasing prominence of digital finance,it is particularly important to explore how to leverage digital finance to achieve these environmental goals.This study,through mechanism analysis,deeply examines how China’s digital finance promotes green and low-carbon development and elucidates the positive interaction between digital finance and the green industry.The study found that digital finance,through more flexible and efficient financial functions,alters the cost structure of carbon emissions,and reduces the risks and costs of green investments,thereby creating a cooperative green mechanism benefiting all parties,and guiding social groups toward a green and low-carbon transformation.Additionally,the rapid development of digital finance has strengthened the implementation of environmental protection policies,effectively promoted the expansion of the environmental protection industry,and established the green ethos as a mainstream concept in financial development.This study aims to provide reference perspectives and suggestions,assist policymakers in promoting the green and lowcarbon development of digital finance,and offer insights into the integrated development of digital finance and the green environmental protection industry.
基金supported by the Universiti Kebangsaan Malaysia Grant(Grant No.GUP-2014-077)
文摘Drinking water is supplied through a centralized water supply system and may not be accessed by communities in rural areas of Malaysia.This study investigated the performance of a low-cost, self-prepared combined activated carbon and sand filtration(CACSF) system for roofharvested rainwater and lake water for potable use. Activated carbon was self-prepared using locally sourced coconut shell and was activated using commonly available salt rather than a high-tech procedure that requires a chemical reagent. The filtration chamber was comprised of local,readily available sand. The experiments were conducted with varying antecedent dry intervals(ADIs) of up to 15 d and lake water with varying initial chemical oxygen demand(COD) concentration. The CACSF system managed to produce effluents complying with the drinking water standards for the parameters p H, dissolved oxygen(DO), biochemical oxygen demand(BOD5), COD, total suspended solids(TSS), and ammonia nitrogen(NH_3-N). The CACSF system successfully decreased the population of Escherichia coli(E. coli) in the influents to less than 30 CFU/m L. Samples with a higher population of E. coli(that is, greater than 30 CFU/m L) did not show 100% removal. The system also showed high potential as an alternative for treated drinking water for roof-harvested rainwater and class II lake water.
文摘Amid the euphoria of Reducing Emissions from Deforestation and Forest Degradation (REDD) and REDD+ discussions, the expectations of large financial gains raise the interest of all. A country, however, will only enjoy REDD benefits if the cost of REDD is lower than the benefit. The opportunity cost analysis is an effective tool for assessing the feasibility of REDD+ since the largest portion of costs associated with REDD+ and can help to identify fair compensation for those who change their land use. The opportunity cost analysis has been exercised in Tanjung Jabung Barat (Tanjabar) district-Indonesia to examine the economic-feasibility of carbon emission reduction under different type carbon price scenarios. This study reveals a sharp decline of land-use systems with high carbon-stock and low profitability is obvious. On mineral soil, low carbon-stock and high profitability (mostly oil palm) has increased rapidly, especially in the period 2000-2009. It has become the dominant land-use system. The low-to-medium carbon stock and medium profitability land-use category increased from 1990 to 2005 but declined from 2005 to 2009. The low carbon-stock and low profitability category was constant and the proportion of the area was below 15%. The ex-ante analysis in predicting the potential for future emissions reduction in Tanjabar through REDD+ approaches shows that the cumulative emission of Tanjabar in 2020 is estimated at 61.91 Mg CO2-eq/Ha.Year, while the reduced emission by excluding all land use conversion below $5 threshold is estimated at 51.71 Mg CO2-eq/Ha.Year. This means that there is a potential for 16% emission reduction using $5/ton CO2-eq incentive. Another important finding in this study is that if the price of carbon increases by double to $10, the amount of reduced emission does not change much. This can use as a basis for determining the right amount of incentive for trade-off between economic profitability and climate change mitigation effort in Tanjabar using REDD+ scheme both at seller and buyer perspectives.
文摘Tanzania is participating in the United Nations (UN) climate change mitigation strategy of reduction in Greenhouse Gases (GHGs). The strategy is implemented through both Reducing Emissions from Deforestation and forest Degradation (REDD+) and Clean Development Mechanisms (CDM) initiatives. In implementing programmes, the country developed pilot projects whereby there are preliminary findings that can be used to analyse the progress of the establishments. This study uses the findings from these pilot areas to draw policy implications on how carbon trade in the country can be enhanced to meet the UN set objectives as required by the Kyoto protocol. The findings suggest that for the sustainable carbon trade enhancement the country needs to set the institutional environment for carbon trade right. Such undertakings are not costless and that the transaction costs that would be incurred for the process need to be institutionalised to reduce the private costs in the carbon market. Moreover the policy process should be informed that at the market level there are multiple objectives that should be understood to avoid what is termed as optimization in standard economic theory, instead there should be clear definition of the specific objectives for various stakeholders involved in the carbon trade. Besides, within the carbon market framework not all stakeholders incur the same costs since natural resource transactions involve externalities. These externalities need to be identified and internalised to equally distribute the costs and benefits among the stakeholders.