The Performance Of 16 Small Group Of Reits - 1525 Words

Smith and Shulman (1976) analyzed and compared the performance of 16 small group of REITs to the SP 500 index, saving accounts, and 15 closed-end funds over the twelve-year periods from 1963 to 1974. They found that on average, REITs provide higher returns than the SP index and saving accounts over 1963-1973 periods. However, the performance of REIT stocks was extremely poor (underperformed) in 1974 that their REITs underperformed the SP 500 index over 1963-1974 periods if the recession year of 1974 is included. Kuhle et al. (1986) also discovered that REITs underperformed the SP 500 in 1973-1976 period and outperformed the SP index in 1977-1984 period. Titman and Warga (1986) concluded that the risk-adjusted return performance of†¦show more content†¦With the use of standard risk-adjusted performance measures of Sharpe (1966), Treynor (1965) and Jensen (1968), Benefield et al. (2009) examined the differences in performance between diversified and specialized REITs. They found significant differences in risk-adjusted performance between diversified and specialized REITs and the difference is depend on the overall market condition. Diversified property type REITs have outperformed during good market conditions than those specialized property type REITs. They did not reject that during less favourable market conditions, specialized REITs have better performance than those diversified REITs. Kim et al. (2002) conducted a comparative analysis of Jensen’s alphas to examine the performance of hotel REITs with those of the overall market and six other REIT sectors using Jensen Index over the 1993–1999 period. The results show that while risk-adjusted return of hotel REITs was in line with that of the overall market, the hotel REIT sector as a portfolio underperformed office, industrial, and diversified REIT sector. Studies in Singapore and Malaysia Liow (1997) examined the historical performance of Singapore property share returns in 1975-1995 and found that the propertyShow MoreRelatedDividend Policy and Firm Performance: Hotel Reits vs. Non-Reit Hotel Companies5345 Words   |  22 PagesDividend Policy and Firm Performance: Hotel REITs vs. Non-REIT Hotel Companies Executive Summary. This article investigates whether the greater reliance of real estate investment trusts (REITs) relative to non-REIT corporations on external equity ï ¬ nancing suggests greater capital market discipline of REIT management, or greater access to capital, overpaying for assets, overbuilding and overinvestment. 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The hotel group was gathered for one of its irregular, informal celebrations of success. As Green, the executive vice president of operations, raised his glass to join in the merriment, he wondered whether his facial expression gave away the feelings he was suppressing. Green was torn-earlier in the day this same group discussed the possibility that the Westward Hilton and Towers, the only property in the HillerRead More13027943 Words   |  32 Pagesmore than a dozen midscale and upscale hotels and three trendy, upscale restaurants. The hotel group was gathered for one of its irregular, informal celebrations of success. As Green, the executive vice president of operations, raised his glass to join in the merriment, he wondered whether his facial expression gave away the feelings he was suppressing. Green was torn- earlier in the day this same group discussed the possibility that the Westward Hilton and Towers, the only property in the HillerRead MoreMaking A Binding Contract For Exclusive Negotiating Rights2458 Words   |  10 Pagesall or substantially all of Seller (e.g., a sale of a division or subsidiary), it is critically important that the scope of the exclusivity be restricted to the scope of the Transaction. In other words, if Seller is negotiating with Buyer to sell a small division, the Exclusivity Agreement usually should not restrict Seller from engaging in discussions regarding a sale of the whole company or other divisions. Seller and Buyer should consider carefully whether Seller is required to â€Å"turn off† its virtualRead MoreTqm in Starwood9288 Words   |  38 PagesW, Le Mà ©ridien, Aloft and Element. It also owns one of the premier developers and operators of high-quality vacation interval ownership resorts, Starwood Vacation Ownership Resorts, Inc. The company began as a small investment firm and then became a real estate investment trust (REIT). In 1998, Starwood acquired ITT Corporation, a company seven times its size, in which during that time, the worlds largest lodging and gaming company. Founded by Barry Sternlicht, Starwood Hotels and Resorts has

Franz Kafka and Ismail Kadare - 861 Words

Franz Kafka and Ismail Kadare were two of the most extravagant storytellers of modern times. Franz Kafka wrote the short story, The Metamorphosis and Ismail Kadare wrote the novel, Broken April. In these two stories, there is a sense of sadness and darkness that both author’s portrayed in them. The characterization between Gregor (from The Metamorphosis) and Gjorg (from Broken April) were actually similar in comparison. The similarities are isolation, loneliness, and their father figures. Nevertheless, both stories are magnificent to read during spare time. In The Metamorphosis, Gregor lives a melancholy life with his parents and sister. One day Gregor awakes to find that he has been transformed into a bug. A jump through the story,†¦show more content†¦Isolation intertwine the characters, Gregor and Gjorg with each other in the same way but it has different outcomes. In addition, Gregor and Gjorg both contribute from being lonely. This is said because in The Metamorp hosis, Gregor feels like his parents don’t even want to be around him. â€Å"†¦he (Gregor) would not be in the mood to bother about his family, he was only filled with rage at the way they were neglecting him†¦Ã¢â‚¬  (pg. 846, Literature Across Cultures: Fourth Edition). In the story, Gregor’s father felt despondent when his son went through a metamorphosis because slowly he was getting a mind set that Grgor would never be normal again. Gregor would be left in his room ,deteriorating, feeling lonely because his family do not want to be around him. Not only does he feel lonely about being trapped in his room but he is afraid to go outside because of the dangers that prowls around out there. Thus, in Broken April, Gjorg found himself alone on the highroad; he felt all hope of ever accomplishing his journey failed within him. This shows that Gjorg is suffering from a lack of hope which is most likely caused by suffering from being alone walking all day. Next, â€Å"The emptiness of the road of either side seemed emptier still†¦Ã¢â‚¬ . (pg.53, Kadare). This is a revelation that emptiness is only a symbol of loneliness that the author portrays. Loneliness is defined as simply a feeling that cause depression or other emotional sickness. Gregor and Gjorg

Food Adulteration Free Essays

Effect of food adulteration on the health of people Abstract of the report: Introduction to Food Adulteration: Adulteration – is a term legally used to define any kind of food product that does not meet the standards set by the centre or the state. The Prevention of Food Adulteration Act states that any substance that may be used for adulteration can be called as an adulterant. †¢ Adulteration could mean any of the below: Substitution with a cheaper or inferior quality substance – in part or whole †¢ Articles being packaged and kept under conditions that are classified as insanitary †¢ Any food article infested with insects, or consisting of decomposed , rotten or filthy stuff †¢ Substance being obtained from an animal affected from disease †¢ Articles containing poisonous materials †¢ Articles that contain coloring substance that has not been prescribes for use or contains a prescribed coloring substance beyond the prescribed limits †¢ The above point is true for preservatives as well Quality of an article is not up to the prescribed standards As a part of this report, we intend to explore the effects that food adulteration has on the health and lives of the victims, look at some of the most common forms of food adulteration that takes place in our country as well as around the globe. We will write a custom essay sample on Food Adulteration or any similar topic only for you Order Now We will also briefly look at the laws that are in place to protect us from food adulteration and their implications on controlling food adulteration. Another major focus point of our report will be to identify ways that enable people to identify whether a food product is adulterated or not. How to cite Food Adulteration, Essays

The Knowledge of the Founders free essay sample

The Founders studied Polybius, whose written works provided a theoretical account of the development of society and government. Polybius saw the history of government as falling into a recurring cycle by which kingship inevitably gave way to successive stages of tyranny, aristocracy, oligarchy, democracy, and anarchy, at which point a strong leader would merge and establish himself as king, thus starting the cycle over again. The only hope of breaking the cycle, Polybius maintained, lay in a mixed form of government (mixed elements) and certainly not in a pure democracy. The Founders read Adam Smiths groundbreaking and insightful work The Wealth of Nations, which was published in 1776, and which influenced their decision to embrace and implement capitalism as a means to distribute goods and services within our nation. The Founders also were well-read in the books of the Old Testament. Even though some Founders didnt subscribe to any Christian denomination, the teachings of Jesus and the works of the Old Testament were very held in high regard and with great respect by all. In fact, even though their backgrounds were widely diverse, the fundamental beliefs of the Founders were virtually identical. What are the principles embedded in the Constitution? Basically our founding principles can be summarized as follows: A free people living in a civil society, working in self-interested cooperatives, and a government operating within the limits of its authority, promote more prosperity, opportunity and happiness for more people than any alternative ever devised by man. 1. Natural Law The delegates to the Constitutional Convention of 1787 believed that certain human liberties are so fundamental to ones existence that they must come from our Creator. If that is the case, then no government can take them away. This is the foundation for the Bill of Rights. 2. Individual Liberty Remembering the injustices that the King of Great Britain had imposed upon them, the colonists were adamant about protecting the individual rights of the people. They added the Bill of Rights as the first ten amendments to the Constitution in order to protect those God-given rights from any constraints or denial by the government. 3. Federalism Most of the delegates to the convention were reluctant to form a national government that would take power from the states. At the same time, they recognized a need for a stronger national government that would provide defense against foreign aggressors and resolve disputes between the states; therefore, they instituted a government structure called federalism that assigned specific powers to the national government and left all remaining powers with the states. The system drafted at the Convention and adopted and ratified by the States (after the addition of the Bill of Rights, and specifically here, the Tenth Amendment) left the bulk of jurisdictional power to the individual states. . Limited Government The careful drafting of the Constitution reflected the Framers intent to limit the ability of the federal government to exercise any more power than the citizens (aka, the States) agreed to give it. With the powers of government strictly limited, citizens could be free to pursue their individual visions of happiness. The Founding Fathers shared Thomas Jeffersons vision for the new nation unburdened ind ividual liberty, personal responsibility, and limited government. According to Jeffersons own Declaration of Independence, the main purpose of government is to secure the rights of its citizens to Life, Liberty, and the Pursuit of Happiness. As the Founders believed, a small government with limited powers would be best to safeguard its citizens liberties over a government with unlimited powers because the latter would have the tendency to misuse those powers. The Founders wanted to prevent any opportunity for government tyranny and oppression. They wanted the people to be the master and the government to be the servant. The government was to serve the people. As Patrick Henry warned: The Constitution is not an instrument for the government to restrain the people, it is an instrument for the people to restrain the government lest it come to dominate our lives and interests? Its simply our duty as Americans and as guardians of the very safeguards of Democracy and Freedom to know our History. The American people are the final check in our system of checks and balances. It is only with an educated populace that we can perform this great task. 5. Separation of Powers The delegates were extremely concerned with the balance of power between the three branches of the national government. They had fled from Britain to escape the clutches of a brutal monarch and wanted no such ruler to obtain power here. They were also concerned with factions, or interest groups, gaining too much power. They organized a system of checks and balances that provided a separation and delicate balance of national powers among the Executive, Judicial, and Legislative branches so as to protect and preserve the integrity of the Constitution and to prevent the government from overstepping its reach and trampling the powers of the States and intruding on the rights of the individual. 6. Free Markets The Founders embraced the economic philosophy put forth by Adam Smith (in his book Wealth of Nations published in 1776) which is the capitalism system we have today. Smith wrote that the most efficient economic system is driven by supply and demand and by pure competition. Smith believed that the free market system would work most effectively in the absence of government interference. Such a laissez-faire (a term popularized by Wealth of Nations meaning leave alone or allow to be) policy would, in his opinion, encourage the most efficient operation of private and commercial enterprises. He was not against government involvement in public projects too large for private investment, but rather objected to its meddling in the market mechanism. He also held that individuals acting in their own self-interest would naturally seek out economic activities that provided the greatest financial rewards. Smith was convinced that this self-interest would in turn maximize the economic well-being of society as a whole. Finally, he argued that true wealth did not lay in gold but rather in the productive capacity of all people, who are properly motivated (rewards of risktaking and investment) and through hard work and worth ethic, each seeking to benefit from his or her own labors. The bottom line is that the Constitution was crafted with two very important principles in mind that the individual states retain as much sovereign power as possible and that our government have only limited and clearly-defined responsibilities and limited authority. The majority of power was to remain in the hands of the local population. The principles of federalism, limited and clearly-enumerated powers, separation of powers, and checks and balances are all important Constitutionally-imposed limits on the power of government, which was the vision of our Founders (especially Jefferson). The principles of Federalism and limited government were the foundation of our system of government to ensure that the federal government would not become large, would not become intrusive, would not become powerful, and would not encroach on the rights of the states to maintain their own character and to solve their own problems. This was the clear intent in the drafting of our Constitution. As mentioned earlier, in writing the Constitution, the Founders were guided, in principle, by the Declaration of Independence, which listed the reasons the colonies were declaring their separation from England and listed the principles on which the newly independent states would define their reason for existence. The Declaration was the set of values that would define our new nation. The arrangement of the statement We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness reveals the Founders belief that individual rights pre-exist the establishment of a government, which was a radical notion at the time (but proposed by philosophers who believed in Natural Law). The Declaration begins, We hold these truths to be self-evident . . . which indicates clearly that the Founders did not intend merely to apply the concept of unalienable rights to colonists, but rather to hold out that it is universal. Included in these universal truths is the idea, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. This bold assertion insists that no one life is more valuable than the next, and that by virtue of shari ng the same rights no individual has the authority to rule over or oppress another. Moreover, the equal rights shared by all humans are unalienable. They cannot be taken away. This is because they are granted not by any man or institution but rather they are endowed upon individuals by their Creator. Only the one who grants rights has the authority to take them away. Although the founders believed in the unalienable rights of every person, they also understood that there will always be forces in this world that seek to oppress. Thus, to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it. Put simply, government possesses no rights. Its sole purpose is to protect the rights of its citizenry from outside forces. If it fails in this duty, it is the responsibility of individuals to abolish it. The writers of the Declaration and subsequently the writers of the Constitution believed that governments power comes out of its ability to protect the rights of its people. Individuals do not receive natural rights from government and thus government does not have the authority to take rights away. To the extent that it protects individual rights, government operates legitimately. However, when it fails to protect such rights or when it imposes upon them, it becomes an illegitimate ruler over what would otherwise be free people. When the Founding Fathers gathered in Philadelphia in 1776, they did not merely declare the independence of the colonies from their British oppressors and declare their intention to create a free nation that would stand the test of time. They also declared the independence of all individuals from the unlawful intrusion of overreaching government. And that declaration forever altered the course of human history. The first task before the Founders was establishing the foundation on which we derive our basic and most fundamental freedoms. They embraced the Natural Law philosophy proposed by Marcus Tullius Cicero of ancient Rome and of later philosophers such as John Locke, Sir William Blackstone, and Thomas Hooker, and even of Jesus himself. It is worth looking at Ciceros concept of Natural Law. Cicero came to be enlightened one day while he was walking and trying to imagine what an ideal Rome would be like. As the foremost lawyer of his day, he was concerned with law. He wondered where laws came from. He came to conclude that law, that which distinguishes good from bad and which discourages and punishes the latter, did not originate from man alone. That is, law was not a matter of written statutes but was a matter deeply and fundamentally ingrained in the human spirit. Ciceros reasoned as follows: 1. Humans, like the Earth and the universe itself, were created by a higher power (God) 2. This higher power which created the universe also endowed humans with a bit of its own divinity (meaning that the Creator gave humans the higher powers of speech, intelligent thought, reason, and wisdom). 3. As a result of this spark of divinity, humans must be (forever) linked or related in some way to their Creator. . Because humans share reason with this higher power, and because this higher power is presumed to be benevolent, it follows that humans, when employing reason correctly, will also be benevolent. 5. Reason and benevolence (termed right reason) is the foundation of law. As Cicero explained in his many writings (which were read by our Founders), law is whatever promotes good and forbids evil. What corrupts good law are the age-old hu man failings of wealth, greed, desire for status, lust, and other inconsequentials outside of virtue and honor. In short, according to Cicero, the only intelligent approach to government, justice and human relations is in terms of the laws which the Supreme Creator had already established. The Founders took from Cicero an idea that was revolutionary in terms of a governing a body and that idea was that the glue which binds human beings together in any commonwealth of a just society is love love of God, love of Gods great law of justice, and love of ones fellow man which provides the desire to promote true justice among mankind. In order to eliminate depravity of society it was necessary to respect this natural order and to love God, oneself, and one another. If man could do this, then his ability to reason and rule would be done justly and in a benevolent manner, and he would therefore be guided right reason. It is from the thinking of men like Cicero, as well as the teachings of the Bible, and including the teachings of Jesus himself, that the Founders had the vision to ground our fundamental freedoms in Natural Law. It is easy to see how strongly our Founders were influenced by Ciceros writings. Our nation wasnt influenced by atheist principles, but rather by principles grounded in a belief in God. The Declaration of Independence proudly proclaims that we as a nation believe in a Creator who has endowed us with our fundamental rights. Let us note that while our Constitution establishes and defines our government, it is the Declaration of Independence which establishes our nations value system. While the concept of Natural Law has clearly been around for a long time, the US Constitution was the first constitution to be based on this principle. What this means is that since our rights come from our Creator, these rights are beyond the reach of the government. The government cannot take these rights away or burden them in any meaningful way. Just as the Creator is more powerful and more significant than any nation or any government, our rights are paramount over any law that the government tries to enact to subordinate its people. Governments who do not acknowledge this supreme order of rights have no duty to recognize them. Consequently, peoples rights are subject to the whim and pleasure of the government. ie, Nazi Germany). The next task before the Founders was what kind of system to create. They knew what kinds of liberties had to be secured and protected, but what was the best system to protect them ? The Founders understood that throughout history, people have been ruled by systems that range anywhere from Kings Rule (tyranny) at one far end to complete Anarchy at the other far end (which is the absence of law). The Fo unders recognized the bad in both. Tyranny was oppressive and people alone, without laws, would become a mob and would resort to the lowest forms of human behavior. Consequently, they wanted to establish a system of Peoples Law, which is someplace halfway between Kings Rule and Anarchy halfway between tyranny and mob rule. Under Peoples Law, the government is kept under the control of the people and political power is maintained at the balanced center with enough government to maintain security, justice and good order, but not enough government to abuse the people and intrude in their lives. Peoples Law is in the middle between Rulers Law (King, or other tyrant is the rules; tyranny) and Anarchy (where there is no law at all). They embraced the system of Peoples Law, which derived from the Israelites and Anglo-Saxon common law and includes the concepts of government by consensus, natural or God-given rights for the people, power dispersed among the people, individual responsibility, rights being unalienable, a system of justice including reparations for wrongs, and a system to solve problems on the level on which they were created. The Founders, especially Thomas Jefferson, admired the institutes of freedom under Peoples Law. In fact, our system was strongly influenced after the system of government and the rules established by Moses after the Israelites were freed from their bondage in Egypt. In the Federalist Papers, No. 9, Alexander Hamilton refers to the sensations of horror and disgust which arise when a person studies the histories of those nations that are always in a state of perpetual vibration between the extremes of tyranny and anarchy. The Founders task was to somehow solve the enigma of the h uman tendency to rush headlong from anarchy to tyranny the very thing which later happened in the French Revolution. How could the American people be constitutionally structured so that they would take a fixed position at the balanced center of the political spectrum and forever maintain a government of the people, by the people, and for the people, which would not perish from the earth? The answer, the Founders believed, was minimal government with maximum individual liberty. And the way to achieve this was twofold: First, the Founders realized that most of the peoples power would have to remain within the State and relegated to the individual State. Limited power would be ceded by the States to the federal government on matters that would relate on matters touching on the nation as a whole, such as national security, conducting relations with foreign nations, raising an army, entering into treaties, establishing policy with the Native Indians, regulating commerce among states so that certain states dont have too much of an advantage in trade compared to others. And second, the powers delegated to the government would have to be limited and clearly-defined. James Madison described the division of labor between the states and the federal government as follows: The powers delegated by the proposed Constitution to the federal government are few and defined. Those which are to remain in the state governments are numerous and indefinite. The powers reserved to the several states will extend to all the objects which, in the ordinary course of affairs, concern the lives, liberties, and property of the people, and the internal order, improvement, and prosperity of the state. [The Federalist No. 45]. The fixing of the American eagle in the center of the spectrum was designed to maintain this political equilibrium between people in the states and the federal government. The idea was to keep the power base close to the people. The emphasis was on strong local self-government. The states would be responsible for internal affairs and the federal government would confine itself to those areas which could not be fairly or effectively handled by the states. The term, or concept, that relates to this division or sharing of power between the states and government is called Federalism. The concept of federalism makes sense when you consider the position of the individual states. Prior to the Constitutional Convention, the states were sovereign powers who viewed the idea of a strong centralized government with absolute distrust. They didnt want any entity exerting power over them, especially since theyd managed to exist for over 150 years successfully and independently. The colonies were es tablished to allow the settlers in each state to worship and practice as they desired and to establish communities which embraced their religious principles. The colonists were people who came from England and other European countries where they were repressed religiously or persecuted for their beliefs. The states took their sovereignty and their local laws and customs very seriously. At the time of our independence from England, each state was a sovereign little nation. [We refer to them as colonies which denotes something relatively unstructured, but the fact is that they were basically independent nations. They each had their own government and they had no legal ties to the other states, except through any arrangements they may have made for trade and commerce]. The states (colonies) fought long and hard for their independence from Britain, a nation with a tyrannical government. They wanted to make sure that they did not create a new tyrannical government in its place. They didnt want to give up their rights as sovereign states and they certainly didnt want a federal government that was more powerful than them. They didnt want a federal government to tell them what they can and cannot due within their boundaries. In Article II of the Articles of Confederation, the Founders attempted to make this guarantee by preventing the federal government from taking too much power from the states. In Article II, our Founders provided: Each state retains its sovereignty, freedom, and independence, and every power, jurisdiction, and right, which is not by this Confederation expressly delegated to the United States, in Congress assembled. (The Articles of Confederation failed because the states retained too much power and consequently, the central government lacked any meaningful enforcement power over them). At the Convention of 1787, the topic of states rights versus government powers again dominated the discussion. One of the predominant arguments was over which rights the federal government would have and which rights the states would retain. It was this heated debate that eventually would cause the st ates to approach the Constitution with caution and take four years plus ten amendments (Bill of Rights) before they would ratify it. There were the Federalists (who argued for a strong central government at the expense of the states) and the Anti-Federalists (who already thought the states had surrendered more than enough of their power). But most people at the time, as reflected by the delegates, wanted the majority of power to stay in the hands of local people and not in the hands of an insensitive central government. In order to form a more perfect union, the states realized they would have to surrender some of this power in order to create an effective federal government that could protect all the states. If we study the back and forth between the state representatives who attended the Constitutional Convention in Philadelphia, the only way the states delegates would sign the Constitution was if they were given assurances that they would only have to give up minimum jurisdiction and power. They only intended to give up just enough sovereign power to overcome the inadequacies of the Articles of Confederation and no more. On September 17, 1787, the final draft of the Constitution was signed. Of the 55 people who attended the Convention, 39 actually signed. Some, such as Oliver Ellsworth, left as the Convention progressed, while others refused to sign in protest, such as George Mason, Edmund Randolph, and Elbridge Gerry. But nevertheless, the delegates succeeded in the work they set out to do and the task of the Convention was complete. The Constitution was created. The Constitutional Convention of 1787 produced the most enduring written Constitution ever created by human hands. As Ben Franklin noted in a speech on that final day urging all delegates to sign the document and to do so immediately, the Constitution may have its faults, but it is possible that

Does Blogging Increase the Motivation of Boys in Class

Free Essays on The Story Of The A-Bomb Kid

John Aristotle Phillips is an Obscure Individual. He graduated from Princeton in 78’, repeating his senior year. He transferred to Princeton for his sophomore year, and landed an exclusive spot on the academic probation. He got average grades, and was on the path to flunking out. Then he did something that anything less of a genus couldn't accomplish. John Phillips is not a genius. John Phillips is an Obscure Individual who was Whoopeed. â€Å"Whoopee is a mass media action word. It describes the process which starts when an Obscure Individual does something Creative, Courageous, Frivolous, or Frightening (C2F2). The media decide that he will make a Good Copy (GC). Using millions of newspapers, magazines, radios, and television sets, the media form a peephole through which the public can scrutinize him. The Public's Impression through the Media Peephole (PIMP) suddenly makes him more important than what he has done. The Obscure Individual is now a Personality:† OBSCURE INDIVIDUAL ®C2F2 + GC + PIMP  ® PERSONALITY = WHOOPEE John Phillips wasn’t always such a personality. In fifth grade, his teachers believed he would never be able to handle abstract math. Although he wasn’t allowed to see, he tested below average on his IQ analysis. He grew up always encouraged by his parents that he could accomplish whatever he wanted to, no matter who told him he couldn’t or what stood in his way as means of an obstacle. In 1973, John goes to Berkeley in search of not only his college career, but as he named it â€Å"the movement† which always seemed to leave just as he got there. No exception here. Life turned into an endless party for young John. He joined a fraternity, and grew into a slum of drinking and dating sorority girls. He felt his brain was turning to mush. Being inspired by a Professor of Political Science he discovered his love of physics. During September of 1975, he transferred to Princeton, which wasn’t too... Free Essays on The Story Of The A-Bomb Kid Free Essays on The Story Of The A-Bomb Kid John Aristotle Phillips is an Obscure Individual. He graduated from Princeton in 78’, repeating his senior year. He transferred to Princeton for his sophomore year, and landed an exclusive spot on the academic probation. He got average grades, and was on the path to flunking out. Then he did something that anything less of a genus couldn't accomplish. John Phillips is not a genius. John Phillips is an Obscure Individual who was Whoopeed. â€Å"Whoopee is a mass media action word. It describes the process which starts when an Obscure Individual does something Creative, Courageous, Frivolous, or Frightening (C2F2). The media decide that he will make a Good Copy (GC). Using millions of newspapers, magazines, radios, and television sets, the media form a peephole through which the public can scrutinize him. The Public's Impression through the Media Peephole (PIMP) suddenly makes him more important than what he has done. The Obscure Individual is now a Personality:† OBSCURE INDIVIDUAL ®C2F2 + GC + PIMP  ® PERSONALITY = WHOOPEE John Phillips wasn’t always such a personality. In fifth grade, his teachers believed he would never be able to handle abstract math. Although he wasn’t allowed to see, he tested below average on his IQ analysis. He grew up always encouraged by his parents that he could accomplish whatever he wanted to, no matter who told him he couldn’t or what stood in his way as means of an obstacle. In 1973, John goes to Berkeley in search of not only his college career, but as he named it â€Å"the movement† which always seemed to leave just as he got there. No exception here. Life turned into an endless party for young John. He joined a fraternity, and grew into a slum of drinking and dating sorority girls. He felt his brain was turning to mush. Being inspired by a Professor of Political Science he discovered his love of physics. During September of 1975, he transferred to Princeton, which wasn’t too...

Exports are good for the U.S. economy Essay Example | Topics and Well Written Essays - 250 words

Exports are good for the U.S. economy - Essay Example In 2010, exports employed approximately 10 million people. It is clear that export is a source of employment. Creation of employment reduces the dependency ratio. Most people get employed thus able to earn a living. To the government, the money that would have been used to feed the unemployed population is reduced and utilized in other sectors such as health care. It ensures a good health of workers (Brux, 298). Secondly, in the US, firms that export their products are motivated to improve the quality of their products by high-income levels. The companies expand and employ more workers. When these companies are motivated to produce more, the US government earns more in terms of taxes. The amount earned indirectly from the exports contributes to the government’s growth domestic product. The money will in turn boost the government’s economy (Palmer). According to the US statistics, jobs that are export-intensive pay well. Huge salaries have enabled individuals to live an extravagant life. On similar lines, the US government benefits from these huge taxes from these huge salaries. It is clear that the higher the individual’s income, the higher the amount of tax levied. The huge taxes collected contribute to the government revenue thus used in the development (McEachern, 523). The fact that the US is known to export quality goods and services, many people believe that it is due to high skilled labor force and nearness to the raw materials. For this reason, it has called for direct investors who propose on setting up firms in the US. The firms create employment for the jobless but skilled individuals. More so, it results in the development of infrastructure such as road. In addition, the government maximizes its revenue by taxing these foreign direct investors (Turco and Maggioni 4). In summary, all countries should appreciate the exporting processes. More so they should ensure that exports exceed imports for the country’s economy to

Film Term Paper Example | Topics and Well Written Essays - 1500 words

Film - Term Paper Example Review of Chungking Express by Wong Kar-wai in 1994 Chungking Express was a film that was produced in 1994 by Wong Kar-wai. It was made in Hong Kong and this was during the period when they were handing over to China. The movie has so many thing going on because there were political matters along the way and again it was during a time when the citizens were starting to embrace freedom in the sense of a change in lifestyle and the economy. Chungking Express sough to express what Hong Kong was going through in a manner that was relating to them. As a result, this period also brought about the global spread of modern commercial culture to East Asia. This definitely had its advantages and disadvantages because with lifestyle changes, traditional values were abandoned and the people started to adopt new moral and modern values. According to the movie, the story revolves among two police officers; Takeshi Kaneshiro and Brigitte Lin Ching-hsia who have been abandoned and left lonely where t hey try to acquire individuals that they fall for. Kaneshiro is described as lonely because his girlfriend abandoned him and he still cannot believe that it happened and she left forever. Lin is related to drugs and the life she was living was not worthwhile as she sought to escape the country because she was in a deal that went sour. At this instance is when Kaneshiro meets Lin and tries to get to her. Another scene would be the one where the officer meets Faye Wong who falls for a police officer, who had broken up with his girlfriend, a flight attendant. During that time, the cop was very lonely and he was portrayed as a n individual who had already lost touch of his life. Faye becomes the person that cares for him as she sneaks into his house and the result is that she hopes that what she was doing for him would change his mind and focus on her. With no reason what Faye did with her heart did not deem successful and as a result she ditched that thought of getting to the cop. With regard to the movie, there is also a rise in the number of entertainment joints. Apparently, the people of Hong Kong were portrayed as people who love karaoke’s and music and this trend was apparently increasing thus the traditional thought of such traits was starting to disappear as the people were starting to adapt to a new culture and lifestyle. For example, Faye met with the cop when they were in the bar. Traditional culture was not based on love in that manner. A man would not meet their potential girlfriend or wife in entertainment places, but the movie sought to eliminate that gap and allow for love to be felt in a variety of places and that if why the characters were set to meet in a bar. With regard to sexual relationships, it can be concluded that Faye had an intention to have a sexual relationship with the cop. According to traditional values, traits such as pre-marital sex and one-night stand were not acceptable in the culture and the only way that one could indu lge in sexual relationships was when they got married. In addition to that, the movie portrays aspects such as loyalty when the officer is abandoned by his girlfriend but he still thinks about her and feels for her. The Personals by Chen Kuo-fu The Personals was a movie directed by Chen Kuo-fu. It is based on an opthamologist by the name of Du Jiazhen (Rene Liu) who goes ahead to critically search for a

Benetton Case Study Example | Topics and Well Written Essays - 500 words

Benetton - Case Study Example As Ganesan and Krishna (2003) comments, Benetton calls its advertising and marketing activities as its communication strategy. Problems Benetton’s so called innovative communication strategy was not adequate to enhance its sales growth. Although, this advertising strategy had initially produced fruitful effects, it gradually caused dissatisfaction among customers, retailers, government bodies, and various international non-profit organizations. In most of the times, Benetton’s ‘shock value’ advertisements produced negative impacts on the public Customers did not get the opportunity to evaluate Benetton’s products since the company had not adequately advertised its products. Most of the times, company’s advertisements hurt the religious, racial, or political sentiments of different communities. Solution The company should not post advertisements that would hurt racial, political or religious sentiments. It is recommendable for the company not t o practice ‘shock value’ advertisements as its effectiveness depends on the mental perceptions of the viewers. An ultimate customer would always wish to see the company’s product collections. Therefore, the company must give great emphasis on displaying its new clothing collections.

Evaluation of Turkeys Energy Consumption and Resources

Evaluation of Turkeys Energy Consumption and Resources 4. Energy and Environmental outlook of Turkey Energy is accepted as a most important factor in economic development. On the other hand environmental impacts of industrial and economical development becomes more evident in recent years. In order to mitigate the environmental effects of industrial and economical development is to take long term solutions for sustainable development. Therefore, this chapter explains the main characteristics of Turkey’s general energy outlook and environmental indicators. It starts begin to lay out the diversity of Turkey’s conventional energy resources and level of energy consumption (oil, coal, natural gas, etc) including electricity production and consumption. In the second part it analyses environmental impacts of industrial and economical development. Finally, in the third part it examines the  renewable energy sources and consumption (wind energy, Hydropower, Biomass, etc) which are used to replace the conventional energy resources to lower the Green House Gas Emissions (GHG) a nd establish sustainable development within Turkey. 4.1 Conventional Energy sources  and consumption of Turkey Large increase in energy demand is observed particularly for electricity and natural gas in Turkey. In 2002 %48 of total energy demand of Turkey is supplied by domestic production. Total energy demand will hit 308 one million tone of oil equivalent (Mtoe) in 2020. Energy import will hit 226 Mtoe and domestic production will reach 81 Mtoe in 2020 (Ogulata, 2002). Turkey’s five main energy sources are oil, natural gas, coal, hydroelectric and renewable energy sources. Also In 2006 Turkey’s total electric production reached 175.5 milliards kWh and energy demand reached 174 milliards kWh. In this period product of electrical power acquired from natural gas (%44), from hydraulic (%25,1), from lignite (%18,4), from imported coal (%6,3), from fuel oil (%3), from pit coal (%1,6) and from naphtha (%1,1) (Soyhan, 2009). As the data lays out Turkey main energy sources are conventional energy sources like oil, coal and natural gas. And regarding Turkey’s fossil fuel reserves, which total 254 Mtoe, Turkey will continue import energy in the years ahead. It is also important to emphasize that the main distinctive property of Turkish Economy is that (Gross National Product-GNP) per capita and energy use per capita both increased 2 percent per annum (Jobert et al, 2007).  While the economy continues to develop, energy demand increase simultaneously, particularly which are produced from fossil fuels. 4.1.1 Oil Oil is the main source of energy in Turkey. In 2008 Turkey’s domestic crude oil potential was 37,3 million ton/6,72 billion barrel according to Ministry of Energy and Natural resources of Turkey’s data. Turkeys oil consumption has continued to increase and hit the amount of 690 thousand barrel per day in 2007 and surpass domestic production levels. In 2007, Russia is  Turkeys top supplier of oil. Also Iran is Turkeys second largest crude oil provider.  (United States Energy Information Administration(EIA), 2009 http://www.eia.doe.gov/emeu/cabs/Turkey/Oil.html). Table1 As demonstrated in Table 1, the gap between Turkey’s oil production and consumption was getting larger between 1990 and 2004.  Oil has the main share of %44 in total energy consumption. Despite of the target of reducing the dependance on oil lower than 40% in 10 years, new investment on oil research is very essential.  Turkey’s Petrol’s and Anonym Association (TPAO) is undertakin oil researchs in Turkey,  in addition the surrounding areas (Soyhan, 2009) 4.1.2 Natural Gas According to diversification attempts of energy sources, natural gas was newly introduced to Turkish Economy. Since 1970 natural gas contribution in energy production was increased from 0% to 20,6%. Also in 2006 %44 of electric production came from natural gas. Turkey’s natural gas resources are limited so domestic production capacity in total consumtion is 3%. In 2005 total natural gas consumtion hit 27 milliard m3. In order to close the gap between demand and production Turkey began to import natural gas from Soviet Union in 1985.  At the present Natural gas is mainly used to produce electric power. 17% of natural gas is consumed in factories as energy source and 15% is consumed in housing. In 2005 Turkey was the 7th biggest consumer in Europe. In 2020 Turkey will consume 50 billion m3 natural gas (Soyhan, 2009) 4.1.3 Coal Turkey has large reserves of coal, especially of lignite. The lignite reserves are 8.0 billion tons. The total forecasted coal  reserves are 30 billion tons (Kaygusuz, 2002). Coal is one of the primary enery source by %24 of the total sorces of the country.  Coal is used primarly for power production, cement production and in steel industry.  The Turkish government intends to increase the coal supply from 20.1 Mtoe in 1999 to 118.4 Mtoe in 2020 (Soyhan, 2009). 4.1.4. Electricity Electricity is also major energy source for industry and home usage by itself.  The energy sources that are used to generate electricity can be renewable or conventional (non-renewable like coal, oil and natural gas). But electricity is mostly generated by conventional energy sources in Turkey so it is worth to mention in this chapter. Electricity production from domestic resources is about 40% at present and will decrease to 20% by the year 2020. So remaining electricity supply for the year 2020 must be ensured by imported resources. By 2020 68% of electricity demand will be met by coal, oil and natural gas. (Salvarli, 2006) Turkey may cover the extra-required energy from of hydroelectric, natural gas and renewable sources. If all hydroelectric power used, maximum production would hit 128 milliard kWh. If all of the coal sources would be consumed it is possible to produce 120 milliard kWh electricity, with all natural gas sources the electric production may hit  335 milliard kWh. None of the plans that are mentioned can cover the electric demand for 2020, sot Turkey would import extra electricity demand from abroad (Soyhan, 2009). 4.2 Environmental impacts of Industrial and Economical Development 2008 Environmental Performance Index (EPI) produced  by the World Economic Forum ranks Turkey 72nd out of 149 countries. Additional to EPI, Environmental Vulnerability Index (EVI) puts Turkey in a 62th place among 235 countries (Baykan, 2009). On the other hand when we look at the CO2 emisions, Turkey’s CO2 emissions were at 2.87 tons in 2003, far lower than the OECD average of 11.08 tons and also Turkey’s share in world emissions was 0.81% (Akbostanci et al, 2009). Although Turkey’s contribution to CO2 emissions quite low, unplanned urbanization, industrialization, coupled with increasing population cause a big pressure on Turkey’s environmental structure and cause to increase in CO2 emissions. Turkey is 7th country amon European Uninon (EU) member contries according to carbon dioxide volume (215 million tones) in 2005. Turkey also ranks first regarding the industrial emmisions (Baykan, 2009) CO2 emissions are also important regarding environmental impact. The TURKSTAT (Turkish Statistical Institute)  data shows that amount of CO2 emissions from consuming fossil energys sources stand at 223.4 (Giga Gram-Gg) as of 2004. TURKSTAT forecasts that the amount of CO2 emissions from energy production will hit 343 Gg by 2010 and to 615 Gg by 2020. The major part of CO2 emissions come from electricity production (Telli et al, 2008). Also TPES (total primary energy supply) will almost double between 2002 and 2020, with coal accounting for an important share, rising from 26% in 2002 to 36% in 2020, principally replacing oil, which is expected to drop from 40% to 27%. Such trends will lead to a significant rise in CO2 emissions, which are projected to reach nearly 600 Mt in 2020, over three times 2002 levels (International Energy Agency. Energy Policies of IEA Contries, 2005) Table 2 Turkey’s energy need has been increasing with a rate of 6% for decades as a result of fast urbanization and industrialization. The energy distribution according to sectors is like this industry 36%, heating 35%, transportation 20%, and other areas 9%. The major energy consumers of the industrial sectors are the iron and steel sector, chemicals and petrochemicals, and textile and leather industries. Because of the scarce domestic energy sources and production capacity, Turkey depends on import primarily on oil and gas. At present, about 30% of the total energy demand is met by domestic resources. (Okay et al, 2008). According to Table 3, it can be seen that rapid growth in CO2 emissions in all major sectors between 1973 and 2002. This trend will continue to persist because of the industralization and urban development. Table 3 Turkey’s rapid economic development comes with the environmental burden. One of the major concern is air pollution. The fast growth in energy consumption, especially the excalating use of lignite, increased  SO2 emissions in power sector. On the other hand NO2 emissions are lower than SO2 emissions in Turkey, but they tend to increase fast due to high energy demand (Kaygusuz, 2002).  The main contributer of SO2 emissions is the power sector. It contributes more than 50% of total emissions. The major pollutants related with energy use are sulfur oxides (SOx) and nitrogen oxides (NOx) and total suspenden particulates (TSP).  For Turkey these emissions come mainly from the combustion of coal, oil In the transport sector estimated growth of energy consumption is not as fast as that in the power generation and industrial sectors, the growth potential for pollutant emissions is large (M. Ocak et al, 2004). 4.3 Renewable Energy Sources and consumption of Turkey and Sustainable Development Sustainable development is a way of utilization that helps to meet human needs while preserving the environment so that these needs can be met for future generations (United Nations, 1987, http://www.un.org/documents/ga/res/42/ares42-187.htm). Regarding sustainable development, one of the main subject is the developing countries and their problems like in the case of Turkey.  Among the problems of the developing countries; unemployment, poverty, high population growth, migration from rural areas to the urban areas, rapid and unplanned urbanization, environmental pollution, inadequacy of infrastructure and services, excessive use of natural resources and energy can be observed (Levent, 1999) Turkey is a mainly energy importing country. Because of the increasing energy demand and consumption, pollutin is getting worse. But amongs other type of pollutions, air pollution needs immediate concern.  From this point of view renewable energy resources are one of most efficient and effective solutions for sustainable energy development and environmental pollution preventation in Turkey (Kaygusuz, 2002). As a candidate for EU membershirp, Turkey has to comply with the requriements of EU membership. EU countries will acquire 21% of their energy demand from renewable energy sources by the year 2010 which is mentioned in directive 2001/77/EC (27 March 2001) on Promotion of Electiricty Produced from Renewable Energy Sources in the International Electricity Market (Ozgur, 2008). Turkey has considerable potential for renewable energy sources and environmental technoligies. In fact Turkey has significant reserves of renewable energy sources. According to year 2000 data renewable energy production represented about 9.51 Mtoe and renewables are the second largest domestic energy source after coal. Slightly less than two-thirds of this production is supplied by biomass and animal waste; another one-third is supplied by hydropower and about 0.5% of the total is produced from geothermal, wind and solar sources (Kaygusuz, 2002). 4.3.1 Hydropower Turkey is poor regarding the main energy sources like oil and natural gas but has substantial hydropower potential. It is the second largest energy source in Turkey. Hydroelectric potential in Turkey is nearly 1% of the world potential, 16% of the European potential. Nearly 65% of hydroelectric potential are still not converted to energy (Soyhan, 2009) The Ministry of Energy and Natural Resources  (MENR) plans to expand hydro capacity to 35 000 Mwe (Mega Watt Electric) by the year 2020. Also goverment plans to construct 332 more hydro plants in long term. If the plans are achievedi the total number of plants reach to 485, and more than 19 GW (Giga Watt) of capacity to hydro system. The another importan project relating with hydro power is GAP (South-eastern Anatolia Project). It covers one tenth of Turkey’s total lan area. After it is complete GAP will add 7476 MW. All of these planned developments cost US$ 30.  Main advantages of hydro power are renewable source of energys, not polute the environment, operaiton cost is low billion (Nalan et al, 2009). 4.3.2 Solar Energy Because of the geographic location, Turkey has rich solar potential. Turkey with its average annual sunshine duration of 2610 h and an average solar intensity of 3.6 kWh. As Turkey lies near the sunny belt between 36 and 42 ºN latitudes, most of the locations in Turkey receive rich solar energy. Average annual temperature is 18–20  ºC on the south coast, falls down to 14–16 ºC on the west coast, and fluctuates 4–18 ºC in the central parts (Soyhan, 2009). The installed solar collecter area  was recorded as 7,5 million m2 in 2001 and 10 million m2 in 2004. From these collectors, commonly used in Mediterranean and Aegean regions, heat energy about 290 and 375 ktoe/year was provided in 2002 and 2004 respectively.  On the other hand PV (photovoltaic solar cells) and solar collectors used to produce electric energy from solar energy have high installing cost so no economical usage is available today.  Because of the economical and technical restraints only 5% of the technical potential is economically available for electiricty generation (Ozgur, 2009). 4.3.3 Wind Energy Wind energy is one of the most widely used renewable source of electricty around the world. In Turkey, the western, northern and south eastern coasts of Anatolia are identified as most favorable areas for wind power generation with an annual average wind speed and power density of about 2.5 m/s and 25.8 W/m2. Technical wind potential of Turkey is given as 88,000 GW and the economic potential is forecasted as 10,000MW. The current production situation of wind energy projects is between 727.96 and 817.96 MW. The main wind energy projects are concentrated in the Aegean (16 projects) and Meditrranean (9 projects). The installed capacity of wind energy is expected to reah 600 MW by 2010 and 1000 MW by 2020.  (Nalan et al, 2009) 4.3.4 Geothermal Amongst the most environmental friendly powers geothermal energy has a special place. It produces electricity with about one-sixth of the carbon dioxide that a natural gas-fueled power plant produces, and with small amount of the nitrous oxide or sulphur-bearing gases. Turkey has 170 number of geothermal surface where fluids are over than 49 ºC. C ¸anakkale-Tuzla, Kutahya-Simav, Aydin Salavatli, Aydin-Germencik, Denizli-Kizildere, Manisa-Salihli-Caferbeyli, Izmir Seferihisar, Dikili, and Denizli Golemezli are convenient to produce electricity while the rest are convenient only for instant usage. There are 51,600 housing equivalent heating is already accessible in Turkey and the thermal power hit 493 MWt. Furthermore totally 194 thermal springs are accessible for health tourism in Turkey equal to 327 MWt. According to world data Turkey is the fourth country using capacity with 820 MWt. Thermal potential hit nearly 2600 MWt. Probable geothermal volume is about 31,500 MWt in Turkey. It shows that  30% of the total houses (five million houses) can be heated by geothermal sources (equivalent to 32 billion cubic meters natural gas) in Turkey. In 2005, electricity production volume was got to 185 MWe and by building new geothermal electric plants, Turkey is planning to get 500 MWe in 2010 and 1000 MWe in 2020 (Soyhan,2009) 4.3.5 Biomass Biomass is a renewable energy source in which biological material acquired from living, or recently living organisms, such as wood, waste, and alcohol fuels. Biomass is generally plant matter grown to generate electricity or produce heat. For instance, forest residues (such as dead trees, branches and tree stumps), yard clippings and wood chips may be used as biomass. Biomass also contains plant or animal matter used for production of fibers or chemicals. Biomass may also contain biodegradable wastes that can be burnt as fuel. It eleminates organic material such as fossil fuel which has been transformed by geological processes into substances such as coal or petroleum (Wikipedia, 2009, http://en.wikipedia.org/wiki/Biomass) The biomass fuel period has near zero net emissions of CO2. But it is hard to gather large quantities of biomass wastes because of their scattered nature. The accesibility of some types of biomass is seasonal. On the other hand annual productions of most biomass are volatile between years depending on climate conditions. Biomass is also hard and costly to transport (Nalan et al; 2009) At present Turkey’s major renewable source is biomass and animal waste (67.4% of TPES) but anticipated to decline in share and absolute terms in the future as the convenience and options of oil, gas, coal, or electrical heating and cooking become available. Turkey’s total retrievable bioenergy capacity was 196.7 TWh (16.92 Mtoe) in 1998 out of which 55.9 TWh (4.81 Mtoe) was from crop residues, 50 TWh (43 Mtoe) from forestry and wood processing residues, 48.3 TWh (41.6 Mtoe) from firewood, 27.3 TWh (23.5 Mtoe) from animal wastes, and 15.1 TWh (13 Mtoe) from municipality wastes (Soyhan, 2009) 5. Kyoto Protocol and Beyond: Position of Turkey The threat of global warming and climate change has deepened in late 1980s. A main source of global warming was increased GHG (CO2 emissions, in particular), the first response was the adoption of the United Nations Framework Convention on Climate Change (UNFCCC) which was issued at the Rio Summit of 1992. According the UNFCCC the Annex-I countries dedicated, on a voluntary basis, to limit their gaseous emissions to 1990 levels. The OECD (1992) and EU countries further became a member to form the Annex-II bloc and complied to provide technical and financial assistance to those countries that remained outside the Annex-I to aid their environmental policies to reduce greenhouse gas (GHG) emissions (Telli, 2008) After UNFCCC agreement, 38 industrialized nation have compromised on the Kyoto Protocol to limit GHG emissions in December 1997.  The agreement which is bound by the law of nations requires worldwide GHG emissions to be cut by 5,2% percent compared to 1990 levels between 2008 and 2012. Additional to this, the Kyoto protocol allows emission trading. Each country can have credit for GHG reductions achieved in another member country by Joint Implementation (JI) and Clean Development Mechanism (CDM). These instrument provides access to trading oppotunities with non-member countries (i.e the less developed world) (Hackl et al, 1999). 5.1. Turkey’s Position Turkey which is the member of the OECD was initialy listed in both Annexes-I and II of the UNFCCC in 1992. But imposing for its special circumstances, Turkey did not become a member of the Convention. The major difference between Annex I and Annex II was that the countries with economies in transition to free market in Central and Eastern Europe were included in Annex I, but not in Annex II. During the negotiations on the UNFCCC, Turkey objected to being included in both Annexes and it continued its reservation to the Annexes after the Convention had been adopted. Turkey did not ratify the UNFCCC. For Turkey, its inclusion in Anexes I and II was problematic because the country’s per capita GHG emissions were much lower than those in the EU (almost a factor three less) and its economic profile too much different from the other Annex II countries to be able to commit itself to technology and financial transfers to developing countries. Eventually, Turkey requested the Conference of the Parties (COP) to recognise its special circumstances within Annex I. This resulted in Decision 26/CP.7 taken by COP-7 in 2001. Following that decision, Turkey officially announced that it would accede to the UNFCCC by publishing Law No.4990 in the Official Gazette on 16 October 2003. The official accession took place on 24 May 2004. (Joint Implementation Quarterly, 2007). Turkey also ratified the Kyoto Protocol on 5th of Februrary 2009, but Protocol does not put an additional load on Turkey until 2012. Turkey was not a party to the convention adopted in 1992, when the Kyoto Protocol was negotiated, and it is not currently included in the agreements Annex B, which includes 39 countries that are obliged to reduce their greenhouse emissions to 1990 levels between 2008 and 2012 (World Wildlife Fund, 2009) Turkey signed the protocol because Turkey wants to join the talks that shape the plan after the Kyoto Protocol’s commitment period (2008-2012). 5.2 Beyond the Kyoto Protocol: Copenhagen After the Kyoto Protocol biggest problem is to find a solution of sharin global emissions reduction between fast devoloping countries like China and India and industrialised regions like US and Europe.  In December 2007, goverment representatives from 190 countries  agreed to work out a new climate treaty by the end of 2009 (UN Climate Change Conference in Copenhagen, 7-18 December 2009). If the parties agreed upon on new deal, it would need to come into force before January 2013.  The main issues are long-term targets for cutting emissions and reverse dangerous climate change impacts. Addition to that the introduction of a technology-transfer mechanism to permit developing countries to act towards low-carbon economies. (Euractiv, 2009, http://www.euractiv.com/en/climate-change/climate-change-road-copenhagen/article-180706) Before UN Climate Change Conference in Copenhagen in December 2009, the main problem is funding for climate chage and adaptation in deceloping countries. The countries in the industrialisation phase insist that already developed countries have a historical responsibility for climate change. According to this less developed countries want to get assist from developed countiries in acquiring technologies needed to stop GHG. On the other hand developed countries like The EU members and US want to developing countries to join by compiling national emission reduction strategies before they give any money under the agreement for technology development. The other importan problem is the level of each party’s contribution to emissiond reduction. According to the figures  by the UNFCCC which are published on 11 August 2009, the emission reduction limits for industrialised countries would be in a 15-21% cut from 1990 levels. But the most important thing is that these levels exclude the US, which did not ratify the Kyoto Protocol. US would water down the overall goal as it only plans a return to 1990 emission levels by 2020 in its draft climate bill that pledges to cut emissions by 17% from 2005 levels (Euractiv, 2009, http://www.euractiv.com/en/climate-change/bonn-climate-talks-augur-badly-copenhagen-summit/article-184601) Both developed countries and major developing countries including Turkey, have be quick to address its binding commitments on GHG emissions  untill the next UN Climate Change Conference in Copenhagen, Denmark in 2009 (Pamukcu, 2008). 6. European Union Environmental Acquis There was no particular adaption regarding environmental protection in the agreements that establish the European Union. On the other hand, according to the major target of the Europen Union that promotes the living condition of the human kind, common attention is needed for the environment.  Another aspect to promote the environmental policies in European Union is that the environmental policies and regulations applied by each member separately can harm the quality of free competition (Atilgan, 2007). â€Å"Environment Acquis† is the organ of European law targeted the environment. Environment law includes horizontal or cross cutting legislation (for instance, Environmental Impact Assessment), and the entry of â€Å"Framework Directives† (e.g., air, waste, water) to better combine laws for the same environmental area. Applying of the Acquis into national laws is a operation includes acceptence of specific binding legal measures (e.g., quality and technical standards, testing and notification requirements) and country-specific decisions on optional and recommended legal measures (Journey to a Cleaner Future, The World Bank, 2007 http://siteresources.worldbank.org/INTECAREGTOPENVIRONMENT/Resources/511168-1191448157765/CleanerFutureRoadmap.pdf). In 1993, EU constituted â€Å"Copenhagen Criteria† inculiding â€Å"acquis communautaire† in the Copenhagen Summit. Acquis communautaire is formed of 31 topics inwhich the environment is 22th. EU assesses the adoption process of the candidate country in progress reports according to â€Å"acquis communautaire† including environment. The environmental acquis consist of several sub sections. First, Horizontal legislation of environmental acquis includes 6 main parts they are,  environmental impact assessment (EIA); accession to environmental information; reporting; the European Environment Agency; the Loan Instrument for the Environment (LIFE) and associated policy; and civil protection. Except horiziontal legislation, EU environmental acquis has 8 main legislation covering wide range of environmental areas. These are, water quality, air quality,  waste material management ,protection of nature, the prevention of industrial pollution and on risk management, chemical substances and genetically mutated organisms, noise, nuclear safety and precautions against radiation (Kayikci, 2005) In 1998, the European Council decided to combine EU Environment Law more emphatically with national government’s strategies, activating the â€Å"Cardiff Process.† The Cardiff Process concentrates on nine major sectors and has concluded in development of new environment-associated directives. According to these directives, implementation is more directly on sectoral authorities rather than the environment administration. As a result, the Environment Acquis is introducing not only possibilities for sustainable development and growth in Europe, but also complications and obstacles for implementation. Implementation needs an combined approach with government administration that includes coordination mechanisms across government, local responsibility and action, public participation, and accountability of state institutions. The EU also has constituted an Emissions Trading Directive in 2003 that brought a new cap and trade policy for carbon emissions, which necessitates each Member State to comply with the EU on a national allowance plan and introduce administrative systems to enable internal trade of carbon permit allowances. Two of the â€Å"heavy investment† directives under the Environment Acquis—the Industrial Pollution and Prevention Control (IPPC) Directive and the Large Combustion Plant (LCP) Directive introduces upgrades in air pollution control technologies and equipment in large industrial polluters. The private sector would normally afford improvement costs, except for state-owned industries (Journey to a Cleaner Future, The World Bank, 2007 http://siteresources.worldbank.org/INTECAREGTOPENVIRONMENT/Resources/511168-1191448157765/CleanerFutureRoadmap.pdf). In 2006 The European Union introduced an ambitious target to limit its GHG emissions, by 2020, to 20% below the level of 199 0; and call the rest of the industrialised countries and the less developed world to join to the Kyoto Protocol (Telli, 2008) 7. Harmonization of Environmental Policies of Turkey with European Union As for Turkey, complying with the environmental acquis and implementation are problematical. In order to comply with the acquis Turkey has to undertake a large number of expensive implementation. Additional to that, implementation has impact on competitiveness and resource that are used and needed by other importan social requirements (Van Ooik et al, 2009). According to The 2008 Turkey’s Pogress Report lays out the major areas relating adoption and tne implementation the environmental acquis. Regarding horizontal legislation, Turkey adopted most of the Environmental Impact Assessment (EIA) directive, but methods for consulting the public and trans-boundary consultations are not fully adjusted. Turkey signed the Kyoto Protocol but The Emissions Trading Directive has not been transfered. A GHG emissions trading scheme has not yet been constituted. Strategic Environmental Assessment (SEA) Directive also is at an early phase. There is no breakthrough transferring the acquis on environmental liability, public contribution and public admission to environmental information (Turkey 2008 Progress Report, EU, 2008, http://ec.europa.eu/enlargement/pdf/press_corner/key-documents/reports_nov_2008/turkey_progress_report_en.pdf)   The Energy Efficiency Law (EEL) of Turkey was improved according to Turkey’s missions of adopting the EU directives. Turkey expected to realise 25–30% savings in total energy consumption with the law which was came into force on 2007. The law utilises the efficient use of energy and adresses the administrative structuring, energy auditing, financial instruments and incentives, awareness raising and the establishment of an Energy Service Company (ESCO) market for energy efficiency (EE) services (Okay et al, 2008) Regarding air quality, Turkey made good adjusments relating to air quality framework legislation. The administrative potential for regional air quality has been enhanced by building a clean air centre in Marmara but there is no progress in the field of acquis on emissions of volatile organic compounds, on the sulphur content of certain liquid fuels or on national emission ceilings (Turkey 2008 Progress Report, EU, 2008, http://ec.europa.eu/enlargement/pdf/press_corner/key-documents/reports_nov_2008/turkey_progress_report_en.pdf) Some adjustments are made relating to the waste management acquis, although a national waste management plan is still insufficient. Also in the field of water quality, adjustments with the aquis is insufficient, but there is a little progress (Turkey 2008 Progress Report, EU, 2008, http://ec.europa.eu/enlargement/pdf/press_corner/key-documents/reports_nov_2008/turkey_progress_report_en.pdf). In the field of nature protection, Turkey got into line with the acquis regarding establishment and management of zoos but the level of implementation is still very low. A law on nature protection and implementing legislation on birds and habitats have not yet been internalised. A draft relating to a biodiversity strategy and action plan have been arranged, but not yet internalised by the government (Turkey 2008 Progress Report, EU, 2008, http://ec.europa.eu/enlargement/pdf/press_corner/key-documents/reports_nov_2008/turkey_progress_report_en.pdf). There is no progress in the field of industrial pollution control and risk management. Turkey got in the line with some provisions of the Seveso II Directive and with the Large Combustion Plants and Waste Incineration Directives (Turkey 2008 Progress Report, EU, 2008, http://ec.europa.eu/enlargement/pdf/ Evaluation of Turkeys Energy Consumption and Resources Evaluation of Turkeys Energy Consumption and Resources 4. Energy and Environmental outlook of Turkey Energy is accepted as a most important factor in economic development. On the other hand environmental impacts of industrial and economical development becomes more evident in recent years. In order to mitigate the environmental effects of industrial and economical development is to take long term solutions for sustainable development. Therefore, this chapter explains the main characteristics of Turkey’s general energy outlook and environmental indicators. It starts begin to lay out the diversity of Turkey’s conventional energy resources and level of energy consumption (oil, coal, natural gas, etc) including electricity production and consumption. In the second part it analyses environmental impacts of industrial and economical development. Finally, in the third part it examines the  renewable energy sources and consumption (wind energy, Hydropower, Biomass, etc) which are used to replace the conventional energy resources to lower the Green House Gas Emissions (GHG) a nd establish sustainable development within Turkey. 4.1 Conventional Energy sources  and consumption of Turkey Large increase in energy demand is observed particularly for electricity and natural gas in Turkey. In 2002 %48 of total energy demand of Turkey is supplied by domestic production. Total energy demand will hit 308 one million tone of oil equivalent (Mtoe) in 2020. Energy import will hit 226 Mtoe and domestic production will reach 81 Mtoe in 2020 (Ogulata, 2002). Turkey’s five main energy sources are oil, natural gas, coal, hydroelectric and renewable energy sources. Also In 2006 Turkey’s total electric production reached 175.5 milliards kWh and energy demand reached 174 milliards kWh. In this period product of electrical power acquired from natural gas (%44), from hydraulic (%25,1), from lignite (%18,4), from imported coal (%6,3), from fuel oil (%3), from pit coal (%1,6) and from naphtha (%1,1) (Soyhan, 2009). As the data lays out Turkey main energy sources are conventional energy sources like oil, coal and natural gas. And regarding Turkey’s fossil fuel reserves, which total 254 Mtoe, Turkey will continue import energy in the years ahead. It is also important to emphasize that the main distinctive property of Turkish Economy is that (Gross National Product-GNP) per capita and energy use per capita both increased 2 percent per annum (Jobert et al, 2007).  While the economy continues to develop, energy demand increase simultaneously, particularly which are produced from fossil fuels. 4.1.1 Oil Oil is the main source of energy in Turkey. In 2008 Turkey’s domestic crude oil potential was 37,3 million ton/6,72 billion barrel according to Ministry of Energy and Natural resources of Turkey’s data. Turkeys oil consumption has continued to increase and hit the amount of 690 thousand barrel per day in 2007 and surpass domestic production levels. In 2007, Russia is  Turkeys top supplier of oil. Also Iran is Turkeys second largest crude oil provider.  (United States Energy Information Administration(EIA), 2009 http://www.eia.doe.gov/emeu/cabs/Turkey/Oil.html). Table1 As demonstrated in Table 1, the gap between Turkey’s oil production and consumption was getting larger between 1990 and 2004.  Oil has the main share of %44 in total energy consumption. Despite of the target of reducing the dependance on oil lower than 40% in 10 years, new investment on oil research is very essential.  Turkey’s Petrol’s and Anonym Association (TPAO) is undertakin oil researchs in Turkey,  in addition the surrounding areas (Soyhan, 2009) 4.1.2 Natural Gas According to diversification attempts of energy sources, natural gas was newly introduced to Turkish Economy. Since 1970 natural gas contribution in energy production was increased from 0% to 20,6%. Also in 2006 %44 of electric production came from natural gas. Turkey’s natural gas resources are limited so domestic production capacity in total consumtion is 3%. In 2005 total natural gas consumtion hit 27 milliard m3. In order to close the gap between demand and production Turkey began to import natural gas from Soviet Union in 1985.  At the present Natural gas is mainly used to produce electric power. 17% of natural gas is consumed in factories as energy source and 15% is consumed in housing. In 2005 Turkey was the 7th biggest consumer in Europe. In 2020 Turkey will consume 50 billion m3 natural gas (Soyhan, 2009) 4.1.3 Coal Turkey has large reserves of coal, especially of lignite. The lignite reserves are 8.0 billion tons. The total forecasted coal  reserves are 30 billion tons (Kaygusuz, 2002). Coal is one of the primary enery source by %24 of the total sorces of the country.  Coal is used primarly for power production, cement production and in steel industry.  The Turkish government intends to increase the coal supply from 20.1 Mtoe in 1999 to 118.4 Mtoe in 2020 (Soyhan, 2009). 4.1.4. Electricity Electricity is also major energy source for industry and home usage by itself.  The energy sources that are used to generate electricity can be renewable or conventional (non-renewable like coal, oil and natural gas). But electricity is mostly generated by conventional energy sources in Turkey so it is worth to mention in this chapter. Electricity production from domestic resources is about 40% at present and will decrease to 20% by the year 2020. So remaining electricity supply for the year 2020 must be ensured by imported resources. By 2020 68% of electricity demand will be met by coal, oil and natural gas. (Salvarli, 2006) Turkey may cover the extra-required energy from of hydroelectric, natural gas and renewable sources. If all hydroelectric power used, maximum production would hit 128 milliard kWh. If all of the coal sources would be consumed it is possible to produce 120 milliard kWh electricity, with all natural gas sources the electric production may hit  335 milliard kWh. None of the plans that are mentioned can cover the electric demand for 2020, sot Turkey would import extra electricity demand from abroad (Soyhan, 2009). 4.2 Environmental impacts of Industrial and Economical Development 2008 Environmental Performance Index (EPI) produced  by the World Economic Forum ranks Turkey 72nd out of 149 countries. Additional to EPI, Environmental Vulnerability Index (EVI) puts Turkey in a 62th place among 235 countries (Baykan, 2009). On the other hand when we look at the CO2 emisions, Turkey’s CO2 emissions were at 2.87 tons in 2003, far lower than the OECD average of 11.08 tons and also Turkey’s share in world emissions was 0.81% (Akbostanci et al, 2009). Although Turkey’s contribution to CO2 emissions quite low, unplanned urbanization, industrialization, coupled with increasing population cause a big pressure on Turkey’s environmental structure and cause to increase in CO2 emissions. Turkey is 7th country amon European Uninon (EU) member contries according to carbon dioxide volume (215 million tones) in 2005. Turkey also ranks first regarding the industrial emmisions (Baykan, 2009) CO2 emissions are also important regarding environmental impact. The TURKSTAT (Turkish Statistical Institute)  data shows that amount of CO2 emissions from consuming fossil energys sources stand at 223.4 (Giga Gram-Gg) as of 2004. TURKSTAT forecasts that the amount of CO2 emissions from energy production will hit 343 Gg by 2010 and to 615 Gg by 2020. The major part of CO2 emissions come from electricity production (Telli et al, 2008). Also TPES (total primary energy supply) will almost double between 2002 and 2020, with coal accounting for an important share, rising from 26% in 2002 to 36% in 2020, principally replacing oil, which is expected to drop from 40% to 27%. Such trends will lead to a significant rise in CO2 emissions, which are projected to reach nearly 600 Mt in 2020, over three times 2002 levels (International Energy Agency. Energy Policies of IEA Contries, 2005) Table 2 Turkey’s energy need has been increasing with a rate of 6% for decades as a result of fast urbanization and industrialization. The energy distribution according to sectors is like this industry 36%, heating 35%, transportation 20%, and other areas 9%. The major energy consumers of the industrial sectors are the iron and steel sector, chemicals and petrochemicals, and textile and leather industries. Because of the scarce domestic energy sources and production capacity, Turkey depends on import primarily on oil and gas. At present, about 30% of the total energy demand is met by domestic resources. (Okay et al, 2008). According to Table 3, it can be seen that rapid growth in CO2 emissions in all major sectors between 1973 and 2002. This trend will continue to persist because of the industralization and urban development. Table 3 Turkey’s rapid economic development comes with the environmental burden. One of the major concern is air pollution. The fast growth in energy consumption, especially the excalating use of lignite, increased  SO2 emissions in power sector. On the other hand NO2 emissions are lower than SO2 emissions in Turkey, but they tend to increase fast due to high energy demand (Kaygusuz, 2002).  The main contributer of SO2 emissions is the power sector. It contributes more than 50% of total emissions. The major pollutants related with energy use are sulfur oxides (SOx) and nitrogen oxides (NOx) and total suspenden particulates (TSP).  For Turkey these emissions come mainly from the combustion of coal, oil In the transport sector estimated growth of energy consumption is not as fast as that in the power generation and industrial sectors, the growth potential for pollutant emissions is large (M. Ocak et al, 2004). 4.3 Renewable Energy Sources and consumption of Turkey and Sustainable Development Sustainable development is a way of utilization that helps to meet human needs while preserving the environment so that these needs can be met for future generations (United Nations, 1987, http://www.un.org/documents/ga/res/42/ares42-187.htm). Regarding sustainable development, one of the main subject is the developing countries and their problems like in the case of Turkey.  Among the problems of the developing countries; unemployment, poverty, high population growth, migration from rural areas to the urban areas, rapid and unplanned urbanization, environmental pollution, inadequacy of infrastructure and services, excessive use of natural resources and energy can be observed (Levent, 1999) Turkey is a mainly energy importing country. Because of the increasing energy demand and consumption, pollutin is getting worse. But amongs other type of pollutions, air pollution needs immediate concern.  From this point of view renewable energy resources are one of most efficient and effective solutions for sustainable energy development and environmental pollution preventation in Turkey (Kaygusuz, 2002). As a candidate for EU membershirp, Turkey has to comply with the requriements of EU membership. EU countries will acquire 21% of their energy demand from renewable energy sources by the year 2010 which is mentioned in directive 2001/77/EC (27 March 2001) on Promotion of Electiricty Produced from Renewable Energy Sources in the International Electricity Market (Ozgur, 2008). Turkey has considerable potential for renewable energy sources and environmental technoligies. In fact Turkey has significant reserves of renewable energy sources. According to year 2000 data renewable energy production represented about 9.51 Mtoe and renewables are the second largest domestic energy source after coal. Slightly less than two-thirds of this production is supplied by biomass and animal waste; another one-third is supplied by hydropower and about 0.5% of the total is produced from geothermal, wind and solar sources (Kaygusuz, 2002). 4.3.1 Hydropower Turkey is poor regarding the main energy sources like oil and natural gas but has substantial hydropower potential. It is the second largest energy source in Turkey. Hydroelectric potential in Turkey is nearly 1% of the world potential, 16% of the European potential. Nearly 65% of hydroelectric potential are still not converted to energy (Soyhan, 2009) The Ministry of Energy and Natural Resources  (MENR) plans to expand hydro capacity to 35 000 Mwe (Mega Watt Electric) by the year 2020. Also goverment plans to construct 332 more hydro plants in long term. If the plans are achievedi the total number of plants reach to 485, and more than 19 GW (Giga Watt) of capacity to hydro system. The another importan project relating with hydro power is GAP (South-eastern Anatolia Project). It covers one tenth of Turkey’s total lan area. After it is complete GAP will add 7476 MW. All of these planned developments cost US$ 30.  Main advantages of hydro power are renewable source of energys, not polute the environment, operaiton cost is low billion (Nalan et al, 2009). 4.3.2 Solar Energy Because of the geographic location, Turkey has rich solar potential. Turkey with its average annual sunshine duration of 2610 h and an average solar intensity of 3.6 kWh. As Turkey lies near the sunny belt between 36 and 42 ºN latitudes, most of the locations in Turkey receive rich solar energy. Average annual temperature is 18–20  ºC on the south coast, falls down to 14–16 ºC on the west coast, and fluctuates 4–18 ºC in the central parts (Soyhan, 2009). The installed solar collecter area  was recorded as 7,5 million m2 in 2001 and 10 million m2 in 2004. From these collectors, commonly used in Mediterranean and Aegean regions, heat energy about 290 and 375 ktoe/year was provided in 2002 and 2004 respectively.  On the other hand PV (photovoltaic solar cells) and solar collectors used to produce electric energy from solar energy have high installing cost so no economical usage is available today.  Because of the economical and technical restraints only 5% of the technical potential is economically available for electiricty generation (Ozgur, 2009). 4.3.3 Wind Energy Wind energy is one of the most widely used renewable source of electricty around the world. In Turkey, the western, northern and south eastern coasts of Anatolia are identified as most favorable areas for wind power generation with an annual average wind speed and power density of about 2.5 m/s and 25.8 W/m2. Technical wind potential of Turkey is given as 88,000 GW and the economic potential is forecasted as 10,000MW. The current production situation of wind energy projects is between 727.96 and 817.96 MW. The main wind energy projects are concentrated in the Aegean (16 projects) and Meditrranean (9 projects). The installed capacity of wind energy is expected to reah 600 MW by 2010 and 1000 MW by 2020.  (Nalan et al, 2009) 4.3.4 Geothermal Amongst the most environmental friendly powers geothermal energy has a special place. It produces electricity with about one-sixth of the carbon dioxide that a natural gas-fueled power plant produces, and with small amount of the nitrous oxide or sulphur-bearing gases. Turkey has 170 number of geothermal surface where fluids are over than 49 ºC. C ¸anakkale-Tuzla, Kutahya-Simav, Aydin Salavatli, Aydin-Germencik, Denizli-Kizildere, Manisa-Salihli-Caferbeyli, Izmir Seferihisar, Dikili, and Denizli Golemezli are convenient to produce electricity while the rest are convenient only for instant usage. There are 51,600 housing equivalent heating is already accessible in Turkey and the thermal power hit 493 MWt. Furthermore totally 194 thermal springs are accessible for health tourism in Turkey equal to 327 MWt. According to world data Turkey is the fourth country using capacity with 820 MWt. Thermal potential hit nearly 2600 MWt. Probable geothermal volume is about 31,500 MWt in Turkey. It shows that  30% of the total houses (five million houses) can be heated by geothermal sources (equivalent to 32 billion cubic meters natural gas) in Turkey. In 2005, electricity production volume was got to 185 MWe and by building new geothermal electric plants, Turkey is planning to get 500 MWe in 2010 and 1000 MWe in 2020 (Soyhan,2009) 4.3.5 Biomass Biomass is a renewable energy source in which biological material acquired from living, or recently living organisms, such as wood, waste, and alcohol fuels. Biomass is generally plant matter grown to generate electricity or produce heat. For instance, forest residues (such as dead trees, branches and tree stumps), yard clippings and wood chips may be used as biomass. Biomass also contains plant or animal matter used for production of fibers or chemicals. Biomass may also contain biodegradable wastes that can be burnt as fuel. It eleminates organic material such as fossil fuel which has been transformed by geological processes into substances such as coal or petroleum (Wikipedia, 2009, http://en.wikipedia.org/wiki/Biomass) The biomass fuel period has near zero net emissions of CO2. But it is hard to gather large quantities of biomass wastes because of their scattered nature. The accesibility of some types of biomass is seasonal. On the other hand annual productions of most biomass are volatile between years depending on climate conditions. Biomass is also hard and costly to transport (Nalan et al; 2009) At present Turkey’s major renewable source is biomass and animal waste (67.4% of TPES) but anticipated to decline in share and absolute terms in the future as the convenience and options of oil, gas, coal, or electrical heating and cooking become available. Turkey’s total retrievable bioenergy capacity was 196.7 TWh (16.92 Mtoe) in 1998 out of which 55.9 TWh (4.81 Mtoe) was from crop residues, 50 TWh (43 Mtoe) from forestry and wood processing residues, 48.3 TWh (41.6 Mtoe) from firewood, 27.3 TWh (23.5 Mtoe) from animal wastes, and 15.1 TWh (13 Mtoe) from municipality wastes (Soyhan, 2009) 5. Kyoto Protocol and Beyond: Position of Turkey The threat of global warming and climate change has deepened in late 1980s. A main source of global warming was increased GHG (CO2 emissions, in particular), the first response was the adoption of the United Nations Framework Convention on Climate Change (UNFCCC) which was issued at the Rio Summit of 1992. According the UNFCCC the Annex-I countries dedicated, on a voluntary basis, to limit their gaseous emissions to 1990 levels. The OECD (1992) and EU countries further became a member to form the Annex-II bloc and complied to provide technical and financial assistance to those countries that remained outside the Annex-I to aid their environmental policies to reduce greenhouse gas (GHG) emissions (Telli, 2008) After UNFCCC agreement, 38 industrialized nation have compromised on the Kyoto Protocol to limit GHG emissions in December 1997.  The agreement which is bound by the law of nations requires worldwide GHG emissions to be cut by 5,2% percent compared to 1990 levels between 2008 and 2012. Additional to this, the Kyoto protocol allows emission trading. Each country can have credit for GHG reductions achieved in another member country by Joint Implementation (JI) and Clean Development Mechanism (CDM). These instrument provides access to trading oppotunities with non-member countries (i.e the less developed world) (Hackl et al, 1999). 5.1. Turkey’s Position Turkey which is the member of the OECD was initialy listed in both Annexes-I and II of the UNFCCC in 1992. But imposing for its special circumstances, Turkey did not become a member of the Convention. The major difference between Annex I and Annex II was that the countries with economies in transition to free market in Central and Eastern Europe were included in Annex I, but not in Annex II. During the negotiations on the UNFCCC, Turkey objected to being included in both Annexes and it continued its reservation to the Annexes after the Convention had been adopted. Turkey did not ratify the UNFCCC. For Turkey, its inclusion in Anexes I and II was problematic because the country’s per capita GHG emissions were much lower than those in the EU (almost a factor three less) and its economic profile too much different from the other Annex II countries to be able to commit itself to technology and financial transfers to developing countries. Eventually, Turkey requested the Conference of the Parties (COP) to recognise its special circumstances within Annex I. This resulted in Decision 26/CP.7 taken by COP-7 in 2001. Following that decision, Turkey officially announced that it would accede to the UNFCCC by publishing Law No.4990 in the Official Gazette on 16 October 2003. The official accession took place on 24 May 2004. (Joint Implementation Quarterly, 2007). Turkey also ratified the Kyoto Protocol on 5th of Februrary 2009, but Protocol does not put an additional load on Turkey until 2012. Turkey was not a party to the convention adopted in 1992, when the Kyoto Protocol was negotiated, and it is not currently included in the agreements Annex B, which includes 39 countries that are obliged to reduce their greenhouse emissions to 1990 levels between 2008 and 2012 (World Wildlife Fund, 2009) Turkey signed the protocol because Turkey wants to join the talks that shape the plan after the Kyoto Protocol’s commitment period (2008-2012). 5.2 Beyond the Kyoto Protocol: Copenhagen After the Kyoto Protocol biggest problem is to find a solution of sharin global emissions reduction between fast devoloping countries like China and India and industrialised regions like US and Europe.  In December 2007, goverment representatives from 190 countries  agreed to work out a new climate treaty by the end of 2009 (UN Climate Change Conference in Copenhagen, 7-18 December 2009). If the parties agreed upon on new deal, it would need to come into force before January 2013.  The main issues are long-term targets for cutting emissions and reverse dangerous climate change impacts. Addition to that the introduction of a technology-transfer mechanism to permit developing countries to act towards low-carbon economies. (Euractiv, 2009, http://www.euractiv.com/en/climate-change/climate-change-road-copenhagen/article-180706) Before UN Climate Change Conference in Copenhagen in December 2009, the main problem is funding for climate chage and adaptation in deceloping countries. The countries in the industrialisation phase insist that already developed countries have a historical responsibility for climate change. According to this less developed countries want to get assist from developed countiries in acquiring technologies needed to stop GHG. On the other hand developed countries like The EU members and US want to developing countries to join by compiling national emission reduction strategies before they give any money under the agreement for technology development. The other importan problem is the level of each party’s contribution to emissiond reduction. According to the figures  by the UNFCCC which are published on 11 August 2009, the emission reduction limits for industrialised countries would be in a 15-21% cut from 1990 levels. But the most important thing is that these levels exclude the US, which did not ratify the Kyoto Protocol. US would water down the overall goal as it only plans a return to 1990 emission levels by 2020 in its draft climate bill that pledges to cut emissions by 17% from 2005 levels (Euractiv, 2009, http://www.euractiv.com/en/climate-change/bonn-climate-talks-augur-badly-copenhagen-summit/article-184601) Both developed countries and major developing countries including Turkey, have be quick to address its binding commitments on GHG emissions  untill the next UN Climate Change Conference in Copenhagen, Denmark in 2009 (Pamukcu, 2008). 6. European Union Environmental Acquis There was no particular adaption regarding environmental protection in the agreements that establish the European Union. On the other hand, according to the major target of the Europen Union that promotes the living condition of the human kind, common attention is needed for the environment.  Another aspect to promote the environmental policies in European Union is that the environmental policies and regulations applied by each member separately can harm the quality of free competition (Atilgan, 2007). â€Å"Environment Acquis† is the organ of European law targeted the environment. Environment law includes horizontal or cross cutting legislation (for instance, Environmental Impact Assessment), and the entry of â€Å"Framework Directives† (e.g., air, waste, water) to better combine laws for the same environmental area. Applying of the Acquis into national laws is a operation includes acceptence of specific binding legal measures (e.g., quality and technical standards, testing and notification requirements) and country-specific decisions on optional and recommended legal measures (Journey to a Cleaner Future, The World Bank, 2007 http://siteresources.worldbank.org/INTECAREGTOPENVIRONMENT/Resources/511168-1191448157765/CleanerFutureRoadmap.pdf). In 1993, EU constituted â€Å"Copenhagen Criteria† inculiding â€Å"acquis communautaire† in the Copenhagen Summit. Acquis communautaire is formed of 31 topics inwhich the environment is 22th. EU assesses the adoption process of the candidate country in progress reports according to â€Å"acquis communautaire† including environment. The environmental acquis consist of several sub sections. First, Horizontal legislation of environmental acquis includes 6 main parts they are,  environmental impact assessment (EIA); accession to environmental information; reporting; the European Environment Agency; the Loan Instrument for the Environment (LIFE) and associated policy; and civil protection. Except horiziontal legislation, EU environmental acquis has 8 main legislation covering wide range of environmental areas. These are, water quality, air quality,  waste material management ,protection of nature, the prevention of industrial pollution and on risk management, chemical substances and genetically mutated organisms, noise, nuclear safety and precautions against radiation (Kayikci, 2005) In 1998, the European Council decided to combine EU Environment Law more emphatically with national government’s strategies, activating the â€Å"Cardiff Process.† The Cardiff Process concentrates on nine major sectors and has concluded in development of new environment-associated directives. According to these directives, implementation is more directly on sectoral authorities rather than the environment administration. As a result, the Environment Acquis is introducing not only possibilities for sustainable development and growth in Europe, but also complications and obstacles for implementation. Implementation needs an combined approach with government administration that includes coordination mechanisms across government, local responsibility and action, public participation, and accountability of state institutions. The EU also has constituted an Emissions Trading Directive in 2003 that brought a new cap and trade policy for carbon emissions, which necessitates each Member State to comply with the EU on a national allowance plan and introduce administrative systems to enable internal trade of carbon permit allowances. Two of the â€Å"heavy investment† directives under the Environment Acquis—the Industrial Pollution and Prevention Control (IPPC) Directive and the Large Combustion Plant (LCP) Directive introduces upgrades in air pollution control technologies and equipment in large industrial polluters. The private sector would normally afford improvement costs, except for state-owned industries (Journey to a Cleaner Future, The World Bank, 2007 http://siteresources.worldbank.org/INTECAREGTOPENVIRONMENT/Resources/511168-1191448157765/CleanerFutureRoadmap.pdf). In 2006 The European Union introduced an ambitious target to limit its GHG emissions, by 2020, to 20% below the level of 199 0; and call the rest of the industrialised countries and the less developed world to join to the Kyoto Protocol (Telli, 2008) 7. Harmonization of Environmental Policies of Turkey with European Union As for Turkey, complying with the environmental acquis and implementation are problematical. In order to comply with the acquis Turkey has to undertake a large number of expensive implementation. Additional to that, implementation has impact on competitiveness and resource that are used and needed by other importan social requirements (Van Ooik et al, 2009). According to The 2008 Turkey’s Pogress Report lays out the major areas relating adoption and tne implementation the environmental acquis. Regarding horizontal legislation, Turkey adopted most of the Environmental Impact Assessment (EIA) directive, but methods for consulting the public and trans-boundary consultations are not fully adjusted. Turkey signed the Kyoto Protocol but The Emissions Trading Directive has not been transfered. A GHG emissions trading scheme has not yet been constituted. Strategic Environmental Assessment (SEA) Directive also is at an early phase. There is no breakthrough transferring the acquis on environmental liability, public contribution and public admission to environmental information (Turkey 2008 Progress Report, EU, 2008, http://ec.europa.eu/enlargement/pdf/press_corner/key-documents/reports_nov_2008/turkey_progress_report_en.pdf)   The Energy Efficiency Law (EEL) of Turkey was improved according to Turkey’s missions of adopting the EU directives. Turkey expected to realise 25–30% savings in total energy consumption with the law which was came into force on 2007. The law utilises the efficient use of energy and adresses the administrative structuring, energy auditing, financial instruments and incentives, awareness raising and the establishment of an Energy Service Company (ESCO) market for energy efficiency (EE) services (Okay et al, 2008) Regarding air quality, Turkey made good adjusments relating to air quality framework legislation. The administrative potential for regional air quality has been enhanced by building a clean air centre in Marmara but there is no progress in the field of acquis on emissions of volatile organic compounds, on the sulphur content of certain liquid fuels or on national emission ceilings (Turkey 2008 Progress Report, EU, 2008, http://ec.europa.eu/enlargement/pdf/press_corner/key-documents/reports_nov_2008/turkey_progress_report_en.pdf) Some adjustments are made relating to the waste management acquis, although a national waste management plan is still insufficient. Also in the field of water quality, adjustments with the aquis is insufficient, but there is a little progress (Turkey 2008 Progress Report, EU, 2008, http://ec.europa.eu/enlargement/pdf/press_corner/key-documents/reports_nov_2008/turkey_progress_report_en.pdf). In the field of nature protection, Turkey got into line with the acquis regarding establishment and management of zoos but the level of implementation is still very low. A law on nature protection and implementing legislation on birds and habitats have not yet been internalised. A draft relating to a biodiversity strategy and action plan have been arranged, but not yet internalised by the government (Turkey 2008 Progress Report, EU, 2008, http://ec.europa.eu/enlargement/pdf/press_corner/key-documents/reports_nov_2008/turkey_progress_report_en.pdf). There is no progress in the field of industrial pollution control and risk management. Turkey got in the line with some provisions of the Seveso II Directive and with the Large Combustion Plants and Waste Incineration Directives (Turkey 2008 Progress Report, EU, 2008, http://ec.europa.eu/enlargement/pdf/