No abstract

The consideration of the entire range of revised estimates of fossil fuels resources shows that their depletion is likely to occur during the 21st century accelerating the transition to renewable energy sources but not alleviating the need for urgent climate action.

No abstract

This paper presents an analysis of EU peripheral (so-called PIIGS) stock market indices and the S&P Europe 350 index (SPEURO), as a European benchmark market, over the pre-crisis (2004-2007) and crisis (2008-2011) periods. We computed a rolling-window wavelet correlation for the market returns and applied a non-linear Granger causality test to the wavelet decomposition coefficients of these stock market returns. Our results show that the correlation is stronger for the crisis than for the pre-crisis period. The stock market indices from Portugal, Italy and Spain were more interconnected among themselves during the crisis than with the SPEURO. The stock market from Portugal is the most sensitive and vulnerable PIIGS member, whereas the stock market from Greece tends to move away from the European benchmark market since the 2008 financial crisis till 2011. The non-linear causality test indicates that in the first three wavelet scales (intraweek, weekly and fortnightly) the number of uni-directional and bi-directional causalities is greater during the crisis than in the pre-crisis period, because of financial contagion. Furthermore, the causality analysis shows that the direction of the Granger cause-effect for the pre-crisis and crisis periods is not invariant in the considered timescales , and that the causality directions among the studied stock markets do not seem to have a preferential direction. These results are relevant to better understand the behaviour of vulnerable stock markets, especially for investors and policymakers.

During the last ice age temperature in the North Atlantic oscillated in cycles known as Dansgaard-Oeschger (D-O) events. The magnitude of Caribbean hydroclimate change associated with D-O variability and particularly with stadial intervals, remains poorly constrained by paleoclimate records. We present a 3.3 thousand-year long stalagmite δ18O record from the Yucatan Peninsula (YP) that spans the interval between 26.5 and 23.2 thousand years before present. We estimate quantitative precipitation variability and the high resolution and dating accuracy of this record allow us to investigate how rainfall in the region responds to D-O events. Quantitative precipitation estimates are based on observed regional amount effect variability, last glacial paleotemperature records, and estimates of the last glacial oxygen isotopic composition of precipitation based on global circulation models (GCMs). The new precipitation record suggests significant low latitude hydrological responses to internal modes of climate variability and supports a role of Caribbean hydroclimate in helping Atlantic Meridional Overturning Circulation recovery during D-O events. Significant in-phase precipitation reduction across the equator in the tropical Americas associated with Heinrich event 2 is suggested by available speleothem oxygen isotope records.

Abstract:The West Texas Intermediate (WTI) spot price shows high volatility and in 2014 and 2015 when quoted prices declined sharply, long-term prices in future markets were less volatile. These prices are different and diverge depending on how they process fundamental and transitory factors. US tight oil production has been a major innovation with significant macroeconomic effects. In this paper we use WTI spot prices and long-term futures prices, the latter calculated as the expected value with a stochastic model calibrated with the futures quotes of each sample day. These long-term prices are the long-term equilibrium value under risk neutral measurement. In order to analyze potential time-scale relationships between spots and future, we perform a wavelet cross-correlation analysis using a novel wavelet graphical tool recently proposed. To check the direction of the causality, we apply non-linear causality tests to raw data and log returns as well as to the wavelet transform of the spot and futures prices. Our results show that in the spot and futures markets for the period 24 February 2006-2 April 2016 there is a bi-directional causality effect for most time scales (from intra-week to biannual). This suggests that spot and futures prices react simultaneously to new information.

We examine the “tropical storm” hypothesis that precipitation variability in the Yucatan Peninsula (YP) was linked to the frequency of tropical cyclones during the demise of the Classic Maya civilization, in the Terminal Classic Period (TCP, AD 750—950). Evidence that supports the hypothesis includes: (1) a positive relationship between tropical storm frequency and precipitation amount over the YP today (proof of feasibility), (2) a statistically significant correlation between a stalagmite (Chaac) quantitative precipitation record from the YP and the number of named tropical cyclones affecting this region today (1852—2004) (calibration sensu lato), and, (3) correlations between the stalagmite Chaac precipitation record and an Atlantic basin tropical cyclone count record and two proxy records of shifts in macroscale climate and ocean states that influence Atlantic tropical cyclongenesis. At face value, regional paleotempestology proxy records suggest that tropical storm activity in the YP was either similar or significantly lower than today during the TCP. The “tropical storm” hypothesis has implications for our understanding of the role the hydrological cycle played in the collapse of Classic Maya polities and the role of tropical storms in possibly ameliorating future drought in the YP and other tropical regions.

We present a 7‐ka environmental reconstruction based on sedimentological and geochemical data from Lago Vichuquén, a coastal eutrophic lake in central Chile (34°48′S, 72°03′ W, 4 m a.s.l.). A relatively shallow and restricted marine environment with low productivity, high detrital input and dominant anoxic conditions in the Vichuquén Basin occurred from 7.0 to 6.5 cal ka BP. Rapid onset of a Holocene marine transgression at 6.5 cal ka BP favoured deeper and more biologically productive environments that existed until 2.8 cal ka BP. Bioproductivity changes during the mid‐Holocene (6.5–4.2 cal ka BP) were related to upwelling dynamics controlled by the intensity of the South‐east Pacific Anticyclone (SPA). Periods with lower organic productivity and dominant anoxic conditions reflect an increased intensity of SPA (increased upwelling) and decreased precipitation. A shift at ∼4.0 cal ka BP reflects the onset of modern Southern Westerly Winds and El Niño‐Southern Oscillation patterns. Tectonic uplifting and geormorphological activity (dune advancement) are possible reasons behind the Vichuquén Basin closure at ∼1.2 cal ka BP, leading to a low bioproductivity lacustrine environment which has developed until the present. Copyright © 2017 John Wiley & Sons, Ltd.