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Search Results (495)

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Keywords = international regulatory frameworks

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38 pages, 1886 KB  
Review
Uncovering the Security Landscape of Maritime Software-Defined Radios: A Threat Modeling Perspective
by Erasmus Mfodwo, Phani Lanka, Ahmet Furkan Aydogan and Cihan Varol
Appl. Sci. 2026, 16(2), 813; https://doi.org/10.3390/app16020813 (registering DOI) - 13 Jan 2026
Abstract
Maritime transportation accounts for approximately 80 percent of global trade volume, with modern vessels increasingly reliant on Software-Defined Radio (SDR) technologies for communication and navigation. However, the very flexibility and reconfigurability that make SDRs advantageous also introduce complex radio frequency vulnerabilities exposing ships [...] Read more.
Maritime transportation accounts for approximately 80 percent of global trade volume, with modern vessels increasingly reliant on Software-Defined Radio (SDR) technologies for communication and navigation. However, the very flexibility and reconfigurability that make SDRs advantageous also introduce complex radio frequency vulnerabilities exposing ships to threats that jeopardize vessel security, and this disrupts global supply chains. This survey paper systematically examines the security landscape of maritime SDR systems through a threat modeling lens. Following Preferred Reporting Items for Systematic Reviews and Meta-Analyses guidelines, we analyzed 84 peer-reviewed publications (from 2002 to 2025) and applied the STRIDE framework to identify and categorize maritime SDR threats. We identified 44 distinct threat types, with tampering attacks being most prevalent (36 instances), followed by Denial of Service (33 instances), Repudiation (30 instances), Spoofing (23 instances), Information Disclosure (24 instances), and Elevation of Privilege (28 instances). These threats exploit vulnerabilities across device, software, network, message, and user layers, targeting critical systems including Global Navigation Satellite Systems, Automatic Identification Systems, Very High Frequency or Digital Selective Calling systems, Electronic Chart Display and Information Systems, and National Marine Electronics Association 2000 networks. Our analysis reveals that maritime SDR threats are multidimensional and interdependent, with compromises at any layer potentially cascading through entire maritime operations. Significant gaps remain in authentication mechanisms for core protocols, supply chain assurance, regulatory frameworks, multi-layer security implementations, awareness training, and standardized forensic procedures. Further analysis highlights that securing maritime SDRs requires a proactive security engineering that integrates secured hardware architectural designs, cryptographic authentications, adaptive spectrum management, strengthened international regulations, awareness education, and standardized forensic procedures to ensure resilience and trustworthiness. Full article
(This article belongs to the Special Issue Data Mining and Machine Learning in Cybersecurity, 2nd Edition)
25 pages, 1757 KB  
Article
Sustainable Capacity Allocation and Iterative Equilibrium Dynamics in the Beijing–Tianjin Multi-Airport System Under Dual-Carbon Constraints
by Yafei Li and Yuhan Wang
Sustainability 2026, 18(2), 798; https://doi.org/10.3390/su18020798 (registering DOI) - 13 Jan 2026
Abstract
Despite growing research on sustainable aviation, multi-airport systems, and environmentally constrained capacity allocation, critical gaps persist. Existing studies often treat passenger choice, airline competition, and airport regulation in isolation, or evaluate environmental policies such as carbon taxation only as macro-level constraints. Consequently, the [...] Read more.
Despite growing research on sustainable aviation, multi-airport systems, and environmentally constrained capacity allocation, critical gaps persist. Existing studies often treat passenger choice, airline competition, and airport regulation in isolation, or evaluate environmental policies such as carbon taxation only as macro-level constraints. Consequently, the endogenous feedback among pricing, capacity reallocation, and regulatory intervention in shaping equilibrium outcomes within multi-airport systems remains underexplored, particularly within a unified dynamic framework that links low-carbon policies to operational decision-making. This study develops such a dynamic framework to support the sustainable transition of carbon-constrained multi-airport regions. Focusing on the Beijing–Tianjin multi-airport system and China’s “Dual Carbon” goals, we construct a three-layer iterative equilibrium game integrating passenger airport choice (modeled using a multinomial logit specification), airline capacity reallocation (formulated as an evolutionary game internalizing carbon taxes), and airport slot regulation (implemented through a multi-objective mechanism balancing economic revenue, hub connectivity, and environmental performance). An agent-based simulation of the Beijing/Tianjin–Nanchang route demonstrates robust convergence to a stable systemic equilibrium. Intensified competition reduces fares and improves accessibility, while capacity shifts from higher-cost Beijing airports to Tianjin Binhai Airport, whose market share rises from 10.6% to 34.0%. Airport utilization becomes more balanced, total airline profits increase slightly, and both total and per-passenger CO2 emissions decline, indicating improved carbon efficiency despite demand growth. The results further identify a range of carbon-tax levels that jointly promote emission reduction and traffic rebalancing with limited profit loss. Full article
(This article belongs to the Special Issue Sustainable Air Transport Management and Sustainable Mobility)
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19 pages, 2439 KB  
Review
Electromobility and Distribution System Operators: Overview of International Experiences and How to Address the Remaining Challenges
by Ilaria Losa, Nuno de Sousa e Silva, Nikos Hatziargyriou and Petr Musilek
World Electr. Veh. J. 2026, 17(1), 40; https://doi.org/10.3390/wevj17010040 - 13 Jan 2026
Abstract
The electrification of transport is rapidly reshaping power distribution networks, introducing new technical, regulatory, and operational challenges for Distribution System Operators (DSOs). This article presents an international review of electromobility integration strategies, analyzing experiences from Europe, Canada, Australia, and Greece. It examines how [...] Read more.
The electrification of transport is rapidly reshaping power distribution networks, introducing new technical, regulatory, and operational challenges for Distribution System Operators (DSOs). This article presents an international review of electromobility integration strategies, analyzing experiences from Europe, Canada, Australia, and Greece. It examines how DSOs address grid impacts through smart charging, vehicle-to-grid (V2G) services, and demand flexibility mechanisms, alongside evolving regulatory and market frameworks. European initiatives—such as Germany’s Energiewende and the UK’s Demand Flexibility Service—demonstrate how coordinated planning and interoperability standards can transform electric vehicles (EVs) into valuable distributed energy resources. Case studies from Canada and Greece highlight region-specific challenges, such as limited access in remote communities or island grid constraints, while Australia’s high PV penetration offers unique opportunities for PV–EV synergies. The findings emphasize that DSOs must evolve into active system operators supported by digitalization, flexible market design, and user engagement. The study concludes by outlining implementation barriers, policy implications, and a roadmap for DSOs. Full article
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35 pages, 802 KB  
Review
Integrated Microalgal–Aquaponic Systems for Enhanced Water Treatment and Food Security: A Critical Review of Recent Advances in Process Integration and Resource Recovery
by Charith Akalanka Dodangodage, Jagath C. Kasturiarachchi, Induwara Arsith Wijesekara, Thilini A. Perera, Dilan Rajapakshe and Rangika Halwatura
Phycology 2026, 6(1), 14; https://doi.org/10.3390/phycology6010014 - 12 Jan 2026
Abstract
The convergence of food insecurity, water scarcity, and environmental degradation has intensified the global search for sustainable agricultural models. Integrated Microalgal–Aquaponic Systems (IAMS) have emerged as a novel multi-trophic platform that unites aquaculture, hydroponics, and microalgal cultivation into a closed-loop framework for resource-efficient [...] Read more.
The convergence of food insecurity, water scarcity, and environmental degradation has intensified the global search for sustainable agricultural models. Integrated Microalgal–Aquaponic Systems (IAMS) have emerged as a novel multi-trophic platform that unites aquaculture, hydroponics, and microalgal cultivation into a closed-loop framework for resource-efficient food production and water recovery. This critical review synthesizes empirical findings and engineering advancements published between 2008 and 2024, evaluating IAMS performance relative to traditional agriculture and recirculating aquaculture systems (RAS). Reported under controlled laboratory and pilot-scale conditions, IAMS have achieved nitrogen and phosphorus recovery efficiencies exceeding 95% while potentially reducing water consumption by up to 90% compared to conventional farming. The integration of microalgal photobioreactors enhances nutrient retention, may contribute to internal carbon capture, and enables the generation of diversified co-products, including biofertilizers and protein-rich aquafeeds. Nevertheless, significant barriers to commercial scalability persist, including the biological complexity of maintaining multi-trophic synchrony, high initial capital expenditure (CAPEX), and regulatory ambiguity regarding the safety of waste-derived algal biomass. Technical challenges such as photobioreactor upscaling, biofouling control, and energy optimization are critically discussed. Finally, the review evaluates the alignment of IAMS with UN Sustainable Development Goals 2, 6, and 13, and outlines future research priorities in techno-economic modeling, automation, and policy development to facilitate the transition of IAMS from pilot-scale innovations to viable industrial solutions. Full article
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18 pages, 495 KB  
Article
Environmental Dynamics and Digital Transformation in Lower-Middle-Class Hospitals: Evidence from Indonesia
by Faisal Binsar, Mohammad Hamsal, Mohammad Ichsan, Sri Bramantoro Abdinagoro and Diena Dwidienawati
Healthcare 2026, 14(2), 182; https://doi.org/10.3390/healthcare14020182 - 12 Jan 2026
Abstract
Background/Objectives: Digital transformation is increasingly essential for healthcare organizations to improve operational efficiency and service quality. However, in developing countries such as Indonesia, many lower-middle-class hospitals lag due to limited financial, human, and infrastructural resources. This study examines how environmental dynamism—comprising regulatory [...] Read more.
Background/Objectives: Digital transformation is increasingly essential for healthcare organizations to improve operational efficiency and service quality. However, in developing countries such as Indonesia, many lower-middle-class hospitals lag due to limited financial, human, and infrastructural resources. This study examines how environmental dynamism—comprising regulatory changes, market pressures, and technological shifts—affects the digital capabilities of these hospitals. Methods: A quantitative, cross-sectional survey was conducted in Class C and D hospitals across Indonesia. Respondents included hospital directors, deputy directors, and IT heads. Data were collected through structured questionnaires measuring environmental dynamism and digital capability using a six-point Likert scale. Reliability testing yielded Cronbach’s alpha values above 0.96 for both constructs. Correlation analysis was performed to examine the relationship between environmental dynamism and digital capability. Results: Findings reveal a weak positive correlation (r = 0.1816) between environmental dynamism and digital capability. Although external factors such as policy regulations and technological competition encourage digital adoption, hospitals with limited internal resources struggle to translate these pressures into sustainable transformation. Key challenges include low ICT budgets, inconsistent staff training, and insufficient infrastructure. Conclusions: The results suggest that environmental change alone cannot drive digital readiness without internal capacity development. To foster resilient digital healthcare ecosystems, policy interventions should integrate regulatory frameworks with practical support programs that strengthen resources, leadership, and human capital in lower-middle-class hospitals. Full article
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38 pages, 1376 KB  
Review
Risk Assessment of Chemical Mixtures in Foods: A Comprehensive Methodological and Regulatory Review
by Rosana González Combarros, Mariano González-García, Gerardo David Blanco-Díaz, Kharla Segovia Bravo, José Luis Reino Moya and José Ignacio López-Sánchez
Foods 2026, 15(2), 244; https://doi.org/10.3390/foods15020244 - 9 Jan 2026
Viewed by 98
Abstract
Over the last 15 years, mixture risk assessment for food xenobiotics has evolved from conceptual discussions and simple screening tools, such as the Hazard Index (HI), towards operational, component-based and probabilistic frameworks embedded in major food-safety institutions. This review synthesizes methodological and regulatory [...] Read more.
Over the last 15 years, mixture risk assessment for food xenobiotics has evolved from conceptual discussions and simple screening tools, such as the Hazard Index (HI), towards operational, component-based and probabilistic frameworks embedded in major food-safety institutions. This review synthesizes methodological and regulatory advances in cumulative risk assessment for dietary “cocktails” of pesticides, contaminants and other xenobiotics, with a specific focus on food-relevant exposure scenarios. At the toxicological level, the field is now anchored in concentration/dose addition as the default model for similarly acting chemicals, supported by extensive experimental evidence that most environmental mixtures behave approximately dose-additively at low effect levels. Building on this paradigm, a portfolio of quantitative metrics has been developed to operationalize component-based mixture assessment: HI as a conservative screening anchor; Relative Potency Factors (RPF) and Toxic Equivalents (TEQ) to express doses within cumulative assessment groups; the Maximum Cumulative Ratio (MCR) to diagnose whether risk is dominated by one or several components; and the combined Margin of Exposure (MOET) as a point-of-departure-based integrator that avoids compounding uncertainty factors. Regulatory frameworks developed by EFSA, the U.S. EPA and FAO/WHO converge on tiered assessment schemes, biologically informed grouping of chemicals and dose addition as the default model for similarly acting substances, while differing in scope, data infrastructure and legal embedding. Implementation in food safety critically depends on robust exposure data streams. Total Diet Studies provide population-level, “as eaten” exposure estimates through harmonized food-list construction, home-style preparation and composite sampling, and are increasingly combined with conventional monitoring. In parallel, human biomonitoring quantifies internal exposure to diet-related xenobiotics such as PFAS, phthalates, bisphenols and mycotoxins, embedding mixture assessment within a dietary-exposome perspective. Across these developments, structured uncertainty analysis and decision-oriented communication have become indispensable. By integrating advances in toxicology, exposure science and regulatory practice, this review outlines a coherent, tiered and uncertainty-aware framework for assessing real-world dietary mixtures of xenobiotics, and identifies priorities for future work, including mechanistically and data-driven grouping strategies, expanded use of physiologically based pharmacokinetic modelling and refined mixture-sensitive indicators to support public-health decision-making. Full article
(This article belongs to the Special Issue Research on Food Chemical Safety)
20 pages, 1616 KB  
Systematic Review
Environmental, Social, and Governance (ESG) Factors in International Trade: A Systematic Review and Integrative Framework
by Georgios A. Deirmentzoglou, Eleni E. Anastasopoulou, Andreas Masouras and Panikos Symeou
Sustainability 2026, 18(2), 677; https://doi.org/10.3390/su18020677 - 9 Jan 2026
Viewed by 186
Abstract
Environmental, Social, and Governance (ESG) factors have become central to international trade, transforming how firms, industries, and governments engage in global markets. This study conducts a systematic literature review to synthesize current knowledge on the ESG–trade nexus. Using content analysis, three key thematic [...] Read more.
Environmental, Social, and Governance (ESG) factors have become central to international trade, transforming how firms, industries, and governments engage in global markets. This study conducts a systematic literature review to synthesize current knowledge on the ESG–trade nexus. Using content analysis, three key thematic clusters were identified: (i) ESG in supply chains and logistics, (ii) ESG in export performance and international competitiveness, and (iii) ESG and trade within geopolitics, energy, and resource security. The synthesis reveals that ESG has evolved from a voluntary corporate initiative into a structural determinant of global competitiveness, resilience, and legitimacy. Building on these findings, the study proposes an integrative ESG–Trade framework, which conceptualizes ESG as a multidimensional governance ecosystem comprising (i) institutional and regulatory, (ii) technological and operational, and (iii) geopolitical and strategic dimensions. This framework explains how sustainability regulations, digital transformation, and global political economy dynamics co-evolve to shape trade flows and industrial upgrading. The study highlights the need for greater regulatory coherence and strategic ESG integration while offering a foundation for future interdisciplinary and empirical research on sustainable trade governance. Full article
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18 pages, 2565 KB  
Review
Regulation of Antibiotic Use in Livestock: European and International Strategies to Prevent and Control Antimicrobial Resistance and Ensure Animal Welfare
by Michela Maria Dimuccio, Virginia Conforti, Francesco Emanuele Celentano, Elena Circella, Anna Salvaggiulo, Giancarlo Bozzo and Marialaura Corrente
Antibiotics 2026, 15(1), 67; https://doi.org/10.3390/antibiotics15010067 - 8 Jan 2026
Viewed by 201
Abstract
Antimicrobial resistance (AMR) represents a significant global concern, undermining the efficacy of treatments in both human and veterinary medicine. Livestock production plays a major role in the emergence and dissemination of AMR, primarily due to the extensive use of antibiotics for therapeutic, prophylactic, [...] Read more.
Antimicrobial resistance (AMR) represents a significant global concern, undermining the efficacy of treatments in both human and veterinary medicine. Livestock production plays a major role in the emergence and dissemination of AMR, primarily due to the extensive use of antibiotics for therapeutic, prophylactic, and metaphylactic purposes. Addressing this multifaceted issue necessitates a One Health approach. At the international level, regulatory frameworks are predominantly non-binding, relying on soft-law instruments developed by the World Health Organization (WHO), the Food and Agriculture Organization (FAO), and the World Organization for Animal Health (WOAH, formerly OIE), which advocate for harmonized guidelines and national action plans. In contrast, the European Union has implemented binding regulations, including Regulation (EU) 2019/6 and Regulation (EU) 2019/4, which restrict non-essential antimicrobial use (AMU) and reinforce veterinary accountability. Initiatives such as the Farm to Fork Strategy and platforms like ClassyFarm further advance antimicrobial stewardship by integrating animal welfare, sustainability, and access to EU funding. Achieving substantial reductions in AMR within livestock systems requires coordinated, cross-disciplinary, and multi-level governance efforts. The EU model illustrates how enforceable legal frameworks, combined with science-based monitoring and welfare incentives, can facilitate prudent antibiotic use and promote sustainable animal production. This review aims to provide an integrated overview of international and European strategies for regulating antibiotic use in food-producing animals, focusing on how scientific, veterinary and legal perspectives contribute to combating AMR and promoting animal welfare by emphasizing prevention, and a prudent and responsible AMU. Full article
(This article belongs to the Special Issue Antimicrobial Resistance from a One Health Perspective)
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14 pages, 1545 KB  
Article
CAR Intrinsic Design Pre-Shapes Transcriptional and Metabolic Networks in CAR T Cells
by Didem Agac Cobanoglu, Samantha Franklin, Yue Hu, Devon J. Boland and Xiaotong Song
Metabolites 2026, 16(1), 52; https://doi.org/10.3390/metabo16010052 - 7 Jan 2026
Viewed by 110
Abstract
Background/Objectives: Chimeric antigen receptor (CAR) T cells are a powerful cancer therapy, but their function depends heavily on internal signaling domains and metabolic adaptability. Most studies evaluate CAR behavior upon antigen exposure, yet intrinsic signaling properties may pre-program CAR T cell states even [...] Read more.
Background/Objectives: Chimeric antigen receptor (CAR) T cells are a powerful cancer therapy, but their function depends heavily on internal signaling domains and metabolic adaptability. Most studies evaluate CAR behavior upon antigen exposure, yet intrinsic signaling properties may pre-program CAR T cell states even in the absence of stimulation. This study investigates how CAR design and metabolic support shape baseline transcriptional programs, focusing on tonic signaling and NF-κB-related pathways. Methods: We engineered CAR T cells targeting HER2 or GPC3 antigens, incorporating either 4-1BB or CD28 co-stimulatory domains, respectively. A subset of cells was further modified with adenosine deaminase 1 (ADA1) and CD26 to degrade extracellular adenosine and supply inosine, a metabolic strategy termed metabolic refueling (MR). Bulk RNA-seq was performed on resting T cells without antigen stimulation. We analyzed differential gene expression, gene set enrichment (GO, KEGG, Hallmarks), and transcription factor activity (DoRothEA) to assess the impact of CAR design and MR on T cell programming. Results: All CAR T cells exhibited activation of NF-κB–centered inflammatory programs at baseline, indicating tonic signaling. GPC3 CAR T cells showed stronger baseline activation than HER2 CAR T cells. Metabolic refueling amplified these programs without altering their directionality, enhancing inflammatory, survival, and effector modules. Transcription factor activity scores mirrored these trends, highlighting RELA, FOS, and STATs as key regulatory nodes. Conclusions: CAR-intrinsic features, notably co-stimulatory domain choice, define the tonic NF-κB activation tone in resting CAR T cells. Metabolic refueling boosts these baseline states without overstimulation, suggesting it may be especially valuable for weaker CAR constructs. These findings provide a framework for tuning CAR T cell function through combinatorial design strategies targeting signaling and metabolism. Full article
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21 pages, 566 KB  
Article
A Framework for Mitigating Greenwashing in Sustainability Reporting
by Agne Sneideriene and Renata Legenzova
Sustainability 2026, 18(1), 524; https://doi.org/10.3390/su18010524 - 5 Jan 2026
Viewed by 445
Abstract
Greenwashing in environmental, social, and governance reporting poses a significant threat to corporate accountability and stakeholder trust. This article provides a comprehensive synthesis of existing research to evaluate the role and effectiveness of sustainability assurance as a primary mechanism to combat greenwashing and [...] Read more.
Greenwashing in environmental, social, and governance reporting poses a significant threat to corporate accountability and stakeholder trust. This article provides a comprehensive synthesis of existing research to evaluate the role and effectiveness of sustainability assurance as a primary mechanism to combat greenwashing and proposes a framework for it. Based on a systematic literature review, this paper consolidates empirical findings indicating that sustainability assurance has a significant inhibitory effect on corporate greenwashing and is positively valued by capital markets, as evidenced by lower equity capital costs. However, the analysis also reveals that the effectiveness of assurance is not uniform; it is moderated by contextual factors such as the strength of the national legal environment and, in particular, regulatory environments, which can be exploited to legitimize overstated disclosures. This paper proposes a conceptual framework for anti-greenwashing assurance that integrates five interconnected pillars (regulatory, stakeholder engagement, third-party verification, corporate culture and internal controls, and technologies), forming a synergistic ecosystem of deterrents which collectively shape the integrity and credibility of sustainability reporting practices. To enhance the effectiveness of greenwashing mitigation, the proposed framework must be further strengthened by integrating the core principles of transparency, materiality, and verifiability across all its pillars. Full article
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39 pages, 609 KB  
Article
Unveiling ESG Controversy Risks: A Multi-Criteria Evaluation of Whistleblowing Performance in European Financial Institutions
by George Sklavos, Georgia Zournatzidou and Nikolaos Sariannidis
Risks 2026, 14(1), 10; https://doi.org/10.3390/risks14010010 - 4 Jan 2026
Viewed by 194
Abstract
Financial institutions face increased reputational, regulatory, and ethical risks as the frequency and complexity of Environmental, Social, and Governance (ESG) controversies increase. Whistleblowing mechanisms are essential in the context of institutional resilience and the mitigation of internal governance failures. This study quantifies the [...] Read more.
Financial institutions face increased reputational, regulatory, and ethical risks as the frequency and complexity of Environmental, Social, and Governance (ESG) controversies increase. Whistleblowing mechanisms are essential in the context of institutional resilience and the mitigation of internal governance failures. This study quantifies the exposure of 364 European financial institutions to a variety of ESG controversies to assess the effectiveness of whistleblowing during the fiscal year 2024. A whistleblowing performance index that captures the relative influence of ESG-related risk factors—such as corruption allegations, environmental violations, and executive misconduct—is constructed using a hybrid Multi-Criteria Decision-Making (MCDM) framework that is based on Entropy Weighting and the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS). The results emphasize that the perceived efficacy of whistleblower systems is substantially influenced by the frequency of media-reported controversies and the presence of robust anti-bribery policies. The study provides a data-driven, replicable paradigm for assessing internal governance capabilities in the face of ESG risk pressure. Our findings offer actionable insights for regulators, compliance officers, and ESG analysts who are interested in evaluating and enhancing ethical accountability systems within the financial sector by connecting the domains of financial risk management, corporate ethics, and sustainability governance. Full article
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30 pages, 1801 KB  
Systematic Review
Systematic Review of Noise Pollution in Morocco: Regulatory Frameworks, Urban Impacts, and Policy Recommendations
by Mohamed El Malki, Ali Khettabi, Felipe A. P. de Figueiredo and Mohammed Serrar
Int. J. Environ. Res. Public Health 2026, 23(1), 73; https://doi.org/10.3390/ijerph23010073 - 4 Jan 2026
Viewed by 224
Abstract
Background: Driven by rapid urbanization, infrastructural development, socio-economic growth, and population increase, noise pollution has become a major public health and environmental policy challenge in Moroccan cities. However, current legislation and enforcement mechanisms remain insufficient to address rising exposure levels and associated health [...] Read more.
Background: Driven by rapid urbanization, infrastructural development, socio-economic growth, and population increase, noise pollution has become a major public health and environmental policy challenge in Moroccan cities. However, current legislation and enforcement mechanisms remain insufficient to address rising exposure levels and associated health risks. Methods: This systematic review followed PRISMA guidelines to examine urban noise levels, health implications, the regulatory frameworks, and policy actions related to noise pollution in Morocco. Various databases were systematically searched (Scopus, Web of Science, Google Scholar), along with reports from international organizations and government bodies for studies published between 2003 and 2025. Eligible documents included peer-reviewed publications and official reports directly addressing Moroccan noise pollution, legislation, urban impacts, or health outcomes. Results: Twenty-three Moroccan studies and additional regional, European, and legislative sources were included. Findings show that average noise levels in Moroccan urban centers generally exceed international safety thresholds and are associated with cardiovascular risks, sleep disturbances, and psychological stress. The regulatory framework suffers from weak enforcement, limited monitoring protocols, and an absence of noise mapping. Tangier, Béni Mellal, Témara, Marrakech, and Casablanca exhibit significant environmental inequalities, particularly in low-income districts. Conclusions: Morocco’s current noise-management system is inadequate to address the growing health and environmental impacts of urban noise. Urgent actions are needed, including a dedicated noise-control law, systematic monitoring, noise mapping, and integration of public-health considerations into environmental governance. Policy reforms must prioritize vulnerable populations and align with international best practices. Full article
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25 pages, 747 KB  
Article
Challenges of Market Maturity in Small-Scale Power Markets: The Cyprus Case
by Andreas Poullikkas
Energies 2026, 19(1), 259; https://doi.org/10.3390/en19010259 - 4 Jan 2026
Viewed by 352
Abstract
Cyprus launched its Competitive Electricity Market on 1 October 2025, marking a historic transition from monopolistic to liberalized electricity trading. This paper presents a comprehensive analysis of the market’s first month of operation, evaluating technical performance, price dynamics, market structure, and identifying critical [...] Read more.
Cyprus launched its Competitive Electricity Market on 1 October 2025, marking a historic transition from monopolistic to liberalized electricity trading. This paper presents a comprehensive analysis of the market’s first month of operation, evaluating technical performance, price dynamics, market structure, and identifying critical barriers to achieving competitive benefits. Analysis reveals technically successful operation of clearing mechanisms and settlement processes, but economically constrained performance driven by persistent structural limitations. The market exhibits extreme price volatility characteristic of isolated systems, ranging from zero to 500 EUR/MWh, with pronounced diurnal patterns reflecting solar generation dynamics. The monthly wholesale price averaged at 167.78 EUR/MWh. The market remains highly concentrated with only 17 participants, shallow liquidity, and heavy reliance on conventional generation (86%) despite installed renewable capacity exceeding 1000 MW. Critical infrastructure deficits including absent natural gas infrastructure, lack of utility-scale storage, electrical isolation, and incomplete smart metering deployment represent fundamental barriers to achieving EU Target Model objectives. Based on infrastructure deployment scenarios and international benchmarking, we suggest potential reductions in the wholesale price of 12.5% (base scenario) to 15% (optimistic scenario) by the end of 2027, dependent on timely natural gas commissioning, storage deployment, and regulatory reform. Policy recommendations address immediate regulatory actions, medium-term market development priorities, and critical infrastructure investments essential for transitioning from technically operational to economically beneficial market operation. This analysis contributes to understanding the challenges that small, isolated electricity markets face when implementing EU liberalization frameworks while highlighting policy interventions required for successful market maturation. Full article
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28 pages, 1079 KB  
Article
Information-Neutral Hedging of Derivatives Under Market Impact and Manipulation Risk
by Behzad Alimoradian, Karim Barigou and Anne Eyraud
Int. J. Financial Stud. 2026, 14(1), 2; https://doi.org/10.3390/ijfs14010002 - 1 Jan 2026
Viewed by 384
Abstract
The literature on derivative pricing in illiquid markets has mostly focused on computing optimal hedging controls, but empirical microstructure studies show that large order flow generates persistent and predictable price effects. Therefore, these controls can themselves induce endogenous market manipulation because traders can [...] Read more.
The literature on derivative pricing in illiquid markets has mostly focused on computing optimal hedging controls, but empirical microstructure studies show that large order flow generates persistent and predictable price effects. Therefore, these controls can themselves induce endogenous market manipulation because traders can internalize the impact of their own trades. We identify the key shortcoming as the absence of a formal separation between a large trader’s informational advantage and the mechanical price impact and temporary cost-of-hedging. To address this gap, we introduce a counterfactual informed observer—an agent who knows the large trader’s strategy but does not face trading frictions—and use this device to isolate informational order-flow effects from mechanical price impact, a distinction explicitly observed in microstructure data. We prove the existence of information-neutral probability measures under which the discounted asset is a martingale for this observer and derive a hedging framework that jointly accounts for transaction costs and permanent market impact. Numerical experiments show that because price pressure and order-flow effects create non-linear execution costs, the optimal hedge for an out-of-the-money call can deviate substantially from the Black–Scholes hedge, with implications for risk management and regulatory monitoring. Full article
(This article belongs to the Special Issue Market Microstructure and Liquidity)
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24 pages, 643 KB  
Article
Advancing Sustainable Development Through Improved Environmental and Social Impact Assessment Governance in Laos
by Vanhsai Homengern, Manchang Wu, Vixay Ounmixay, Somchith Phetmany and Bounmy Keohavong
Sustainability 2026, 18(1), 381; https://doi.org/10.3390/su18010381 - 30 Dec 2025
Viewed by 251
Abstract
Laos, a resource-rich and politically stable country in Southeast Asia, has experienced rapid economic expansion driven by foreign investments in hydropower, mining, and industrial park development. While these sectors have contributed substantially to national growth, they have also intensified environmental degradation and social [...] Read more.
Laos, a resource-rich and politically stable country in Southeast Asia, has experienced rapid economic expansion driven by foreign investments in hydropower, mining, and industrial park development. While these sectors have contributed substantially to national growth, they have also intensified environmental degradation and social pressures. This study critically evaluates the effectiveness of the Environmental and Social Impact Assessment (ESIA) system in Laos within the broader framework of environmental governance and sustainable development. A qualitative research design was employed, combining legal and policy document analysis, review of secondary literature, and case studies of three representative projects. The findings reveal that, although Laos has established a comprehensive ESIA regulatory framework, its implementation remains constrained by weak institutional capacity, overlapping administrative mandates, and limited technical resources. Furthermore, low levels of public participation and transparency reduce the inclusiveness and credibility of ESIA processes. Despite these challenges, recent legal reforms and growing international cooperation demonstrate gradual progress toward more accountable and integrated environmental governance. Strengthening institutional capacity, enhancing inter-ministerial coordination, and incorporating social considerations into project evaluations are essential steps to transform the ESIA framework from a procedural obligation into a robust tool for promoting sustainable and responsible investment in Laos. Full article
(This article belongs to the Section Social Ecology and Sustainability)
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