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The United Nations sustainable development goals are under fire. By attempting to cover all that is good and desirable in society, these targets have ended up as vague, weak, or meaningless. We suggest a model for sustainable development based on three moral imperatives: satisfying human needs, ensuring social equity, and respecting environmental limits. The model reflects Our Common Future's central message, moral imperatives laid out in philosophical texts on needs and equity, and recent scientific insights on environmental limits. The model is in conflict with the popular three‐pillar model of sustainable development, which seeks to balance social, environmental, and economic targets. Rather, we argue that sustainable development constitutes a set of constraints on human behaviour, including constraints on economic activity. By identifying indicators, and thresholds, we illustrate that different regions or groups of countries face different challenges. Copyright © 2016 John Wiley & Sons, Ltd and ERP Environment

a b s t r a c tWorldwide, renewable electricity projects are granted production support to ensure competitiveness. Depending on the design of these support schemes, the cash inflows to investment projects will be more or less exposed to fluctuations in electricity and/or subsidy prices. Furthermore, as renewable electricity technologies mature, there is a possibility that the current support scheme will be terminated or revised in ways that make it less generous or more in line with market mechanism.Using a real options approach, we examine how investors in power projects respond to such market and policy risks. We show that: (1) due to price diversification, the differences in market risk between support schemes like tradeable green certificates, feed-in premiums and feed-in tariffs are less than commonly believed; (2) the prospects of termination will slow down investments if it is retroactively applied, but speed up investments if it is not; and, (3) this policy uncertainty may add a substantial risk to investments, especially in the first case where investors expect future curtailment of subsidies to affect new and old installations alike. We conclude the paper by discussing the division of risk between investor and government.

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The aim of this article is to provide a simple and coherent framework for assessing the sustainability of present and future development policies. First, we present the major characteristics of the sustainability concept along three dimensions and suggest how these dimensions can be measured. Second, we construct a diagram, the sustainable development area, and employ data from 118 countries to evaluate the global situation with regard to sustainable development. Third, we outline three different approaches for reaching the sustainable development area and reflect on their possible implications. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.

A warmer climate may result in lower thermal efficiency and reduced load—including shutdowns—in thermal power plants. Focusing on nuclear power plants, we use different European datasets and econometric strategies to identify these two supply-side effects. We find that a rise in temperature of 1°C reduces the supply of nuclear power by about 0.5% through its effect on thermal efficiency; during droughts and heat waves, the production loss may exceed 2.0% per degree Celsius because power plant cooling systems are constrained by physical laws, regulations and access to cooling water. As climate changes, one must consider measures to protect against and/or to adapt to these impacts.

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