By Rainer Lenhard, Prof. Dr. Harald Hungenberg
Rainer Lenhard stellt die erste empirische Studie vor, die auf foundation einer umfassenden Datenstichprobe Aussagen zur Schaffung von Unternehmenswert durch M&A-Transaktionen im europäischen Telekommunikationsmarkt macht. Zudem arbeitet er einzelne Erfolgsfaktoren heraus, die zu einer nachhaltigen Verbesserung der Erfolgsquoten dieser Transaktionen führen können.
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1081/E-EEE-120042163—4/5/2007—19:46—RATHNAS—221745—XML Taylor & Francis Encyclopedias Acc Aud Air Emissions Reductions from Energy Efﬁciency Bruce K. A. Abstract Energy efﬁciency has become a popular buzz phrase in the 21st century, but in addition to the pure economic cash savings that can be affected from implementing such work there is also the potential for a cleaner environment. Since becoming operational in February 2005, the Kyoto Treaty calls for a reduction in greenhouse gases (GHG) from all developed countries according to a rather strict time schedule.
But in practice, renewables currently supply only a small fraction of energy in most countries (Sweden is a notable exception). Regardless, a reduction in the use of energy will reduce the fossil fuels used somewhere in the system. This reduction in fossil fuels reduces the greenhouse gas (GHG) emissions and other products of combustion such as sulphur, mercury, and dioxins, amongst others. Under the Kyoto Treaty, there are multiple means established for reducing air emissions in the six regulated gases: CO2, CH4, N2O, hydro oxide, hydro ﬂuorocarbons (HFC) and per ﬂuorocarbons (PFC), and sulphur hexaﬂouride—SF6.
Overall, energy cost reduction is the best solution for reducing GHG air emissions because it provides the only mechanism that allows a user to invest capital and reap a direct economic return on that investment while simultaneously receiving CO2 reductions due to reductions in consumption of electricity and fossil fuels. All other approaches seem to rely on investing in capital, which is a burden cost—it does reduce the total GHG, but with little or no economic return (for example, a baghouse collecting particulate may have some trivial reuse value but it will be nowhere near the amortization investment and annual operating cost).