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Jukka Mähönen

Lack of capital is one of the most important barriers to the adoption of sustainable and circular economy. Shifting from a linear to a circular business model requires novel innovations in distribution planning, inventory management, production planning and management of reverse logistics networks, with high upfront costs and long payback periods. As implementing a circular economy business model also demands continuous monitoring and improvement of the products’ lifecycle, resources must be allocated to keep all stakeholders in the life cycle value chain committed. The challenging finance gap between need of capital and cash flow generated is recognised one of the most important obstacles of circular economy. Due to its specific importance for circular economy and due to the intrinsic heterogeneity of corporate finance generally, it is crucial to analyse the drivers and obstacles different kind of investors have in creating sustainable value in sustainable and circular economy business models. Short-term legal and financial systems supporting ‘take, make and waste’ business models are not necessarily conducive to the new settings that circular economy requires. Private equity and venture capital is problematic for startups in circular economy as they lack the high growth and relatively fast payback (exit) horizons required by investors. Public listing of equity and bonds is challenging for circular economy business models as they require track record, size and maturity meeting the scale and requirements of capital markets and institutional investors. Albeit ‘near banks’ like Google, Apple and Amazon platforms provide new payment facilities and working capital solutions for circular economy enterprises, especially startups, the most promising vehicles for circular economy business model financing are owner-member-user-based crowdfunding and other forms of peer-to-peer financing and participation arrangements and platforms. They affect directly to the participants’ behaviour by strengthening an open, transparent and interactive lifecycle-based business model, engaging a high number of user participation and commitment, emphasising community and shared ownership aspects and limiting access of short-term profit and takeover-seeking investors. Crowdfunding is increasingly popular to create commitment-based funds for projects in which financial institutions and private equity investors are not investing. A cooperative is specific a peer-to-peer financing model for sustainable businesses especially in its multi-stakeholder form, opening the business to a heterogenous group of financier-member-owners, remaining however as hard to disrupt by takeovers. Cooperative form gives also the user-members a unique possibility to own sharing platforms and other market places themselves. In this chapter, crowdfunding and modern cooperative-based financing are discussed and compared to analyse what kind of dynamics are crucial for a successful financing of a sustainable circular economy business model. Specific attention is given to the drivers that increase the investors’ commitment for long-term circular economy-based behaviour.

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Edited by Ellen Eftestøl-Wilhelmsson, Suvi Sankari and Anu Bask

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Edited by Ellen Eftestøl-Wilhelmsson, Suvi Sankari and Anu Bask

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Emilie Yliheljo

This chapter explores the suitability of and regulatory barriers to using the European emissions trading scheme (EU ETS) to regulate the growing greenhouse gas (GHG) emissions from the transport sector. The inclusion of aviation in the EU ETS and road transport in the Californian scheme demonstrates that it is possible to regulate the sector through emissions trading. Experiences with the inclusion of aviation and the subsequent exemption of international aviation pursuant to progress under the International Civil Aviation Organization (ICAO) also show that for international sectors the scope of the EU ETS and the outcomes of international climate negotiations have a dynamic and interdependent relationship. Shipping is technically suitable for inclusion, but inclusion will depend on progress under IMO, as the EU’s preference is also for an international solution for shipping. The requirements for accurate data on emissions, the principle of direct emissions, and policy congestion constitute major barriers for the inclusion of road transport in the EU ETS that are currently difficult to overcome. The electrification of vehicles and vessels could, however, lead to the indirect inclusion of, in particular, road transport into the EU ETS through electricity producers.

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Daniel P. Murray

This chapter details the performance-based regulatory framework for space transportation developed by the US Federal Aviation Administration Office of Commercial Space Transportation (FAA AST). The aim of the framework adopted by the FAA AST is to ensure the protection of the public, property and the national security and foreign policy interests of the United States during commercial launch or re-entry activities, and it encourages, facilitates and promotes US commercial space transportation. In fulfilling its safety mission FAA AST grants a licence or a permit to a launch vehicle operator based on the operator’s demonstration that it has met the applicable requirements of the US Code of Federal Regulations. Given the success of this approach, the FAA AST has recently started undertaking international cooperation efforts to assist other administrations in developing a similar approach. Keywords: commercial space transportation; US federal law: safety; international cooperation

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Jan Wouters, Philip De Man and Rik Hansen

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Armel Kerrest

Although we have long moved on from a spacefaring environment dominated by the actions of two State powers, modern space law is still centred on the notion of ‘launching States’, including as the basic concept for applying the Liability Convention. This chapter asks whether the legal framework established at the time of adoption of the Liability Convention is still efficient for the regulation of commercial space ventures, in particular by questioning the continuing relevance and definition of the concept of ‘launching State’. This question will be considered in four steps, discussing in turn (1) the importance of the notion of launching States; (2) the interest of holding States liable for damage caused by a space object; (3) the implications of private entities getting involved in this framework; and (4) the entity carrying the risk created by private space activities. Keywords: launching State; liability; private actors

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Jeremy Stubbs

This chapter concentrates on the thought processes and challenges that were faced by the UK Civil Aviation Authority in carrying out a recent review to determine the requirements from an operational and regulatory perspective to enable spaceplanes to operate from the UK by 2018, pending demonstration of feasibility and a decision to do so. The chapter covers the following issues tackled by the review: (1) the extent to which the UK can support safe spaceplane operations; (2) possible options for the certification of spaceplanes, engines and associated systems; (3) the key characteristics and potential locations of a spaceport; and (4) a possible understanding of the future market for spaceplane operations. Keywords: commercial spaceplane operations; spaceport; certification; UK law

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Jean-Bruno Marciacq

This chapter discusses the role of the European Aviation Safety Agency, established in 2002 pursuant to a provision in the Treaty on the Functioning of the European Union, in regulating sub-orbital and orbital aircraft (SOA) airworthiness, their crew, operations, insertion into the traffic and utilisation of aerodromes. In particular, this chapter intends to update the approach initially proposed at the 3rd International Association for the Advancement of Space Safety conference and complemented at the 61st International Astronautical Congress. The chapter seeks to incorporate sub-orbital and orbital aircraft into the EU regulatory system and to establish a consistent regulatory framework allowing safe and environmentally controlled operations of SOA in Europe. In addition to this update, a discussion on why SOA are indeed aircraft and not rockets is attached as an appendix to the chapter. Keywords: sub-orbital and orbital aircraft; European Union; European Aviation Safety Agency; aircraft definition

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Katrin Nyman-Metcalf

This chapter discusses the impact of the dramatic broadening of the field of players engaged in spacefaring on the space law-making process at the international level. With space use growing constantly, new space regulation needs to fit a technologically complex and international area of activity, not falling under the jurisdiction of any one State, but to be used for the benefit of mankind, given that technological developments can be very fast. This chapter draws parallels in this respect between the areas of space law and cyberspace. For cyberspace, self-regulation has become an important regulation method while still maintaining the maximum freedom of action. Consequently, the chapter examines what self-regulation may have to offer for outer space. Keywords: global space governance; cyberspace; self-regulation; space tourism; space debris