Optimal capital structure debt and equity - Free Essay Example

Sample details Pages: 5 Words: 1504 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Literature Review The capital structure of the firm is made of two things, one is the level of debt and the other is the proportion of equity. The management of the firm has to decide an appropriate mix of both the funding sources for the smooth running of the firm and the maximization of the shareholders wealth. Traditional view was that to increase gearing level to get weighted average cost of capital (WACC) low which will consequently give a higher present value of future cash flows and enhance shareholders wealth. Don’t waste time! Our writers will create an original "Optimal capital structure debt and equity" essay for you Create order However the higher level of debt will require a higher payment of interests before dividends which in turn leads the firm to become financially distressed and in extreme circumstances to be liquidised. Therefore, getting an optimal capital structure is essential. In this study I will discuss the two theories, optimal capital structure theory and the pecking order theory with the help of literature. Literature Review of Optimal Capital Structure Theory Franco Modigliani and Merton Miller (1958) developed a theory for optimal capital structure. At first they assumed that there is a perfect capital market which means that there are no income taxes and transaction costs. If the market is ideal then the firms capital structure is inappropriate to its value as the investors are prudent, the required return of equity is directly proportional to increase in gearing. There is thus a linear association between cost of equity and gearing. The boost in cost of equity precisely offsets the benefits of the cheaper debt finance and therefore the WAAC remains unaffected. A number of practical criticisms were made at the assumptions of perfect market specifically at the supposition of no taxes which seemed unrealistic because the debt interest is tax deductible the effect of tax could not be neglected. However when corporation income taxes and transaction costs came into play Miller and Modigliani(1963) changed their view of having a perfect market and rephrased their theory saying that because debt interest is tax deductible the optimal capital structure can be complete debt finance as substituting debt instead of equity generates extra tax savings which can not be achieved otherwise. Firms can then pass on this extra saving to share holders and other investors in the form of higher returns. Arnold. G (2004) further explains this modified view as a firm financed with 99% of debt and 1% of equity serves its shareholders better then one funded by 50% debt and 50% equity. This in turn means that debt finance is cheaper then equity and using as much debt as possible in a firms capital structure will make the performance and outcome outstanding in terms of returns to its investors. This raised a further question that if the debt reduces the tax payments and results in the higher dividends to share holders then does this mean that the firms financed largely by equity are paying unnecessary corporation tax on the share hol ders funds? Miller (1977) discussed this problem as by increasing the debt finance in capital structure of the company we can save money on tax payouts but this will not change the value of the entity because the money saved by increasing the debt finance is paid back to the share holders in the form of dividends. In other words if the interest payments of debt is greater than the equity returns then it removes the advantage of debt finance. (Anne P. Villamil) The problem with Miller and Modiglianis theories is that if the company is financed by 99% debt it will put the company in the utter most degree of risk because debt is riskier than equity as well as cheaper. What is meant by risk here is that lenders will want their return before company can do anything else with its earnings and if company have to pay large amounts of its revenue towards the lenders then other obligations such as payments to suppliers, dividends, wages and salaries and other business expenses will not be met by the company. This can also result in poor rating by agencies and will stop investors to invest in the company in future and there will be no other way then to liquidise the company. Pecking Order Theory This theory is managerial type in which Myer (1984, p581) gives the idea that there is no such thing as optimal capital structure instead he argues that firms should raise finance in three different ways in order to save costs. Firstly they should generate funds internally secondly the debt finance should be used and thirdly there should some new share issues as well if needed. The ranking of fund raising in this particular way is entirely based upon the issue costs of the three different types. Because internally generated funds have the lowest issue costs then issuing debt has moderate issue costs and issue new equity has the highest costs. Therefore firms when ever they need funds for what ever reason should first generate funds internally and then move on to the next category if they need to. The pecking order theory is best explained by perspective of asymmetric information and the existence of transaction costs. Asymmetric or uneven information costs exist when firms produ ce funding for them internally to bring an investments net present value (NPV) to be positive. The outside investors, when the market price of the equity is greater than the actual value can under or over estimate the price of equity because usually they have very limited information about the company as compared to the managers and this gives chance to the managers to issue securities at a higher price (Myers and Majluf 1984). Some elegant investors are aware of the incentives behind the issue of new equity when the market overvalues the existing equity therefore they will adjust the price accordingly and as a result of this the new securities will be under priced in the market. The impact of under priced new equity issue will be a loss to existing share holders because new investors detain more of the NPV of the new project. The managers acting in the favour of existing share holder in such circumstances will reject the project even if the NPV is positive. This under investment ca n be avoided by financing the new project internally. (Mayer and Majluf 1984). The pecking order theory can also be explained by way of transaction costs. The costs linked with external fund raising are the key to select the source of finance. The sources can be ranked in order of the transaction costs associated with them as explained in the start of the pecking order theory section. There is another reason for the managers to give internal financing preference over external financing that is the managers or owner do not want to lose control over the entity by giving chance to the new share holders to enter in the company and exercise control (Holmes and Kent, 1991; Hamilton and Fox, 1998) therefore managers will attempt to finance their activities as much as possible with internally generated funds. However if there are no sufficient funds available to support the activities then the next option manager will choose for financing will be the one which gives the investor no or ve ry less control over the entity such as short term and long term debt and the final choice if there is no other way to raise finance will be issue of new equity. The problem with the pecking order theory is that it presses the point of giving preference to internal funds. If this is the case then the firm would have gearing ratio equal to zero. However, for being able to have enough internally generated funds and to cope with growth or to finance the activities the firm should be well established and mature. In reality this is not possible for most of the growing firms which do not have that level of internal funds therefore they have no other choice but to rely on debt finance which means the gearing ratio tends to move away from zero. Conclusion There is no any optimum capital structure which a firm can adopt and start running its businesses. A firm can get the point of gearing where it can maximize the shareholders wealth but finding that point is the problem in the real world. The point of optimum level of gearing is different for different type of industries like some of them have small level of borrowings, References Modigliani F. and Miller M., 1958. The Cost of Capital, Corporation Finance, and The Theory of Investment. American Economic Review 48, 261-297. Myers S.C., 1984. The capital structure puzzle. Journal of Finance 34 (3), 575-592. Myers S.C. and Majluf N., 1984. Corporate Financing and Investment Decisions when Firms have Information Investors do not have. Journal of Financial Economics 13, 187-221. Hamilton R.T. and Fox M.A., 1998. The financing preferences of small firm owners. International Journal of Entrepreneurial Behaviour Research 4 (3), 239-248. Holmes S. and Kent P., 1991. An Empirical Analysis of the Financial Structure of Small and Large Australian Manufacturing Enterprises. Journal of Small Business Finance 1 (2), 141-154.

Key Elements Of Coaching Competencies - 917 Words

Core Competencies and Outcomes Key Elements of Coaching Competencies Coaching refers to the process of transporting people from the point of starting to the point of destination. The following are the key elements of coaching competencies. Getting Things Started One of the main competencies is to start the task that is assigned by the sponsors or owners of an organization. It is the crucial element to hire a coach who is expert in providing effective solutions and results to the organization. The employees of the organization are required to act as followers of the coach who is assigned to lead the team and set the direction towards success (Peltier, 2011). Gathering Information and Make a Plan The competency is referred to acknowledge the information that is mandatory for the task. A well-informed coach sets short and long-term objectives to achieve and make effective plans to follow. The plan must be clearly recognized and adopted by the coach. For example, the coach should adopt a new technology prevailing in the market for increasing the accuracy of system should be adopted (Peltier, 2011). Implementing Implementation is the crucial competency on which coaching is dependent. The coach has to implement effectively the plan and ensure that all employees remain at common path to achieve objectives. For example, communicating all employees to work on common accounting policies (Peltier, 2011). Locking in the Changes It refers to the changes that are to be made with theShow MoreRelatedGoals of Executive Coaching Essay992 Words   |  4 PagesGoals of Executive Coaching The principle of coaching is to provide the tools and practices which alter the client’s structure of interpretation (Flaherty, 2011). As a matter of convention, the traditional coaching relationship is generally focused on the achievement of specific executive related goals. 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Key Elements Of Coaching Competencies - 917 Words

Core Competencies and Outcomes Key Elements of Coaching Competencies Coaching refers to the process of transporting people from the point of starting to the point of destination. The following are the key elements of coaching competencies. Getting Things Started One of the main competencies is to start the task that is assigned by the sponsors or owners of an organization. It is the crucial element to hire a coach who is expert in providing effective solutions and results to the organization. The employees of the organization are required to act as followers of the coach who is assigned to lead the team and set the direction towards success (Peltier, 2011). Gathering Information and Make a Plan The competency is referred to acknowledge the information that is mandatory for the task. A well-informed coach sets short and long-term objectives to achieve and make effective plans to follow. The plan must be clearly recognized and adopted by the coach. For example, the coach should adopt a new technology prevailing in the market for increasing the accuracy of system should be adopted (Peltier, 2011). Implementing Implementation is the crucial competency on which coaching is dependent. The coach has to implement effectively the plan and ensure that all employees remain at common path to achieve objectives. For example, communicating all employees to work on common accounting policies (Peltier, 2011). Locking in the Changes It refers to the changes that are to be made with theShow MoreRelatedGoals of Executive Coaching Essay992 Words   |  4 PagesGoals of Executive Coaching The principle of coaching is to provide the tools and practices which alter the client’s structure of interpretation (Flaherty, 2011). As a matter of convention, the traditional coaching relationship is generally focused on the achievement of specific executive related goals. 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Authoritative change, which begins atRead MoreIq or Eq1187 Words   |  5 Pagesof achievement drive, commitment and initiative. Positive thinking is the key element of motivation. All people have a predisposition of either positive or negative attitude by nature, but catching a negative thought as it occurs and reframing it in a more positive term should be enough to have more optimistic views about ourselves and other things around us. Empathy, the ability to recognize how people feel, is another key category of EQ. People with high EQ are considered to be empathetic and theyRead MoreLeadership Development : An Effective Leader1238 Words   |  5 Pagesprograms, and coaching interventions. The use of coaching interventions to develop both executives and midlevel managers has increased exponentially over the past decade. Today, organizations are spending considerable amounts of time and money to develop leadership skills and competencies believed to guarantee optimal results. A recent report by the research firm IBISWorld declared the coaching industry to be in excess of $1B annually in the U.S. (Ashley, 2016). Core to the coaching value proposition

Key Elements Of Coaching Competencies - 917 Words

Core Competencies and Outcomes Key Elements of Coaching Competencies Coaching refers to the process of transporting people from the point of starting to the point of destination. The following are the key elements of coaching competencies. Getting Things Started One of the main competencies is to start the task that is assigned by the sponsors or owners of an organization. It is the crucial element to hire a coach who is expert in providing effective solutions and results to the organization. The employees of the organization are required to act as followers of the coach who is assigned to lead the team and set the direction towards success (Peltier, 2011). Gathering Information and Make a Plan The competency is referred to acknowledge the information that is mandatory for the task. A well-informed coach sets short and long-term objectives to achieve and make effective plans to follow. The plan must be clearly recognized and adopted by the coach. For example, the coach should adopt a new technology prevailing in the market for increasing the accuracy of system should be adopted (Peltier, 2011). Implementing Implementation is the crucial competency on which coaching is dependent. The coach has to implement effectively the plan and ensure that all employees remain at common path to achieve objectives. For example, communicating all employees to work on common accounting policies (Peltier, 2011). Locking in the Changes It refers to the changes that are to be made with theShow MoreRelatedGoals of Executive Coaching Essay992 Words   |  4 PagesGoals of Executive Coaching The principle of coaching is to provide the tools and practices which alter the client’s structure of interpretation (Flaherty, 2011). As a matter of convention, the traditional coaching relationship is generally focused on the achievement of specific executive related goals. 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The CNS responsibilities and competencies for St. Francis Hospital are as follows: †¢ Directs clinical practice to include expertise in advanced assessment, implementing nursing care, and evaluation outcomes. Provides direct and indirect to complex patients in collaboration with staff. †¢ Helps nurses integrate new evidence into practice by expert coaching, guidance and modeling clinical expertise. Emphasis is on mentoring and preceptor developmentRead MoreHigh Ethical And Moral Standards1029 Words   |  5 Pagesleadership competencies are the most important to possess. Depending upon which career field one chooses, some leadership competencies may be more important than others. However, many leadership competencies are interchangeable and almost all include but are not limited to: High ethical and moral standards; Empowerment including coaching and mentoring;Interpersonal relationships and communication; Team building;and Managing conflict. 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Authoritative change, which begins atRead MoreIq or Eq1187 Words   |  5 Pagesof achievement drive, commitment and initiative. Positive thinking is the key element of motivation. All people have a predisposition of either positive or negative attitude by nature, but catching a negative thought as it occurs and reframing it in a more positive term should be enough to have more optimistic views about ourselves and other things around us. Empathy, the ability to recognize how people feel, is another key category of EQ. People with high EQ are considered to be empathetic and theyRead MoreLeadership Development : An Effective Leader1238 Words   |  5 Pagesprograms, and coaching interventions. The use of coaching interventions to develop both executives and midlevel managers has increased exponentially over the past decade. Today, organizations are spending considerable amounts of time and money to develop leadership skills and competencies believed to guarantee optimal results. A recent report by the research firm IBISWorld declared the coaching industry to be in excess of $1B annually in the U.S. (Ashley, 2016). Core to the coaching value proposition

Key Elements Of Coaching Competencies - 917 Words

Core Competencies and Outcomes Key Elements of Coaching Competencies Coaching refers to the process of transporting people from the point of starting to the point of destination. The following are the key elements of coaching competencies. Getting Things Started One of the main competencies is to start the task that is assigned by the sponsors or owners of an organization. It is the crucial element to hire a coach who is expert in providing effective solutions and results to the organization. The employees of the organization are required to act as followers of the coach who is assigned to lead the team and set the direction towards success (Peltier, 2011). Gathering Information and Make a Plan The competency is referred to acknowledge the information that is mandatory for the task. A well-informed coach sets short and long-term objectives to achieve and make effective plans to follow. The plan must be clearly recognized and adopted by the coach. For example, the coach should adopt a new technology prevailing in the market for increasing the accuracy of system should be adopted (Peltier, 2011). Implementing Implementation is the crucial competency on which coaching is dependent. The coach has to implement effectively the plan and ensure that all employees remain at common path to achieve objectives. For example, communicating all employees to work on common accounting policies (Peltier, 2011). Locking in the Changes It refers to the changes that are to be made with theShow MoreRelatedGoals of Executive Coaching Essay992 Words   |  4 PagesGoals of Executive Coaching The principle of coaching is to provide the tools and practices which alter the client’s structure of interpretation (Flaherty, 2011). As a matter of convention, the traditional coaching relationship is generally focused on the achievement of specific executive related goals. 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Finally, he defines the coaching go als as objectives to improve the executive coachee’s performanceRead MoreHallmark Coaching Assignment : Coaching1136 Words   |  5 Pages Hallmark Coaching Assignment [Name of the Writer] [Name of the Institution] Hallmark Coaching Assignment Introduction The most useful way of developing people’s abilities and skills is coaching. Coaching boosts individual’s performance. It enables the client and individuals to achieve their ability’s maximum potential. It can also help individuals to deal with the challenges and issues of skills and competencies, before the issues become client’s major problem. The coaching sessions generallyRead MoreEvaluation And Evaluation Of The Cns Responsibilities And Competencies For St. Francis Hospital1172 Words   |  5 Pagesand also stipulated that it is used to evaluate the CNS. The CNS responsibilities and competencies for St. Francis Hospital are as follows: †¢ Directs clinical practice to include expertise in advanced assessment, implementing nursing care, and evaluation outcomes. Provides direct and indirect to complex patients in collaboration with staff. †¢ Helps nurses integrate new evidence into practice by expert coaching, guidance and modeling clinical expertise. Emphasis is on mentoring and preceptor developmentRead MoreHigh Ethical And Moral Standards1029 Words   |  5 Pagesleadership competencies are the most important to possess. Depending upon which career field one chooses, some leadership competencies may be more important than others. However, many leadership competencies are interchangeable and almost all include but are not limited to: High ethical and moral standards; Empowerment including coaching and mentoring;Interpersonal relationships and communication; Team building;and Managing conflict. High Ethical and Moral Standards: Although each competency may beRead MoreManagement Of The Change Workplace Essay1519 Words   |  7 Pagesunderstand it or not, change is important in an association for it to keep being aggressive as a business, or for it to develop as an immense division office. Essentially, associations don t change, the business atmosphere, and individuals do. The keys to managing change (Timothy, 2014) overseeing change heightens the likelihood of effective change inside the business. Shareholders can see change from two distinct perspectives; organizational and individual. Authoritative change, which begins atRead MoreThe Leader Follower Relationship : Defining, Designing, And Biblical Truth1634 Words   |  7 Pagesâ€Å"challenging set of competencies† (p. 384). The scope of these competencies can be relatively vast including adaptability across cultures, capability to develop individuals, global strategic thinking, ability to establish business in new markets, capacity to build global teams and competency in interacting with local political interests (Ball et al., 2013). Global Leadership Principles for Development Training and Assessment of Global Leadership, Personal Development Planning and Coaching, and AccountabilityRead MoreChange Management At The Workplace1537 Words   |  7 PagesWhether we understand it or not, change is important in an association for it to keep being relevant as a business, or for it to develop or sustain existence. Essentially, associations don t change, the business atmosphere, and individuals do.† The keys to managing change (Timothy, 2014) overseeing change heightens the likelihood of effective change in the business. Shareholders can see the change from two distinct perspectives; organizational and individual. Authoritative change, which begins atRead MoreIq or Eq1187 Words   |  5 Pagesof achievement drive, commitment and initiative. Positive thinking is the key element of motivation. All people have a predisposition of either positive or negative attitude by nature, but catching a negative thought as it occurs and reframing it in a more positive term should be enough to have more optimistic views about ourselves and other things around us. Empathy, the ability to recognize how people feel, is another key category of EQ. People with high EQ are considered to be empathetic and theyRead MoreLeadership Development : An Effective Leader1238 Words   |  5 Pagesprograms, and coaching interventions. The use of coaching interventions to develop both executives and midlevel managers has increased exponentially over the past decade. Today, organizations are spending considerable amounts of time and money to develop leadership skills and competencies believed to guarantee optimal results. A recent report by the research firm IBISWorld declared the coaching industry to be in excess of $1B annually in the U.S. (Ashley, 2016). Core to the coaching value proposition

Key Elements Of Coaching Competencies - 917 Words

Core Competencies and Outcomes Key Elements of Coaching Competencies Coaching refers to the process of transporting people from the point of starting to the point of destination. The following are the key elements of coaching competencies. Getting Things Started One of the main competencies is to start the task that is assigned by the sponsors or owners of an organization. It is the crucial element to hire a coach who is expert in providing effective solutions and results to the organization. The employees of the organization are required to act as followers of the coach who is assigned to lead the team and set the direction towards success (Peltier, 2011). Gathering Information and Make a Plan The competency is referred to acknowledge the information that is mandatory for the task. A well-informed coach sets short and long-term objectives to achieve and make effective plans to follow. The plan must be clearly recognized and adopted by the coach. For example, the coach should adopt a new technology prevailing in the market for increasing the accuracy of system should be adopted (Peltier, 2011). Implementing Implementation is the crucial competency on which coaching is dependent. The coach has to implement effectively the plan and ensure that all employees remain at common path to achieve objectives. For example, communicating all employees to work on common accounting policies (Peltier, 2011). Locking in the Changes It refers to the changes that are to be made with theShow MoreRelatedGoals of Executive Coaching Essay992 Words   |  4 PagesGoals of Executive Coaching The principle of coaching is to provide the tools and practices which alter the client’s structure of interpretation (Flaherty, 2011). As a matter of convention, the traditional coaching relationship is generally focused on the achievement of specific executive related goals. 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Finally, he defines the coaching go als as objectives to improve the executive coachee’s performanceRead MoreHallmark Coaching Assignment : Coaching1136 Words   |  5 Pages Hallmark Coaching Assignment [Name of the Writer] [Name of the Institution] Hallmark Coaching Assignment Introduction The most useful way of developing people’s abilities and skills is coaching. Coaching boosts individual’s performance. It enables the client and individuals to achieve their ability’s maximum potential. It can also help individuals to deal with the challenges and issues of skills and competencies, before the issues become client’s major problem. The coaching sessions generallyRead MoreEvaluation And Evaluation Of The Cns Responsibilities And Competencies For St. Francis Hospital1172 Words   |  5 Pagesand also stipulated that it is used to evaluate the CNS. 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Key Elements Of Coaching Competencies - 917 Words

Core Competencies and Outcomes Key Elements of Coaching Competencies Coaching refers to the process of transporting people from the point of starting to the point of destination. The following are the key elements of coaching competencies. Getting Things Started One of the main competencies is to start the task that is assigned by the sponsors or owners of an organization. It is the crucial element to hire a coach who is expert in providing effective solutions and results to the organization. The employees of the organization are required to act as followers of the coach who is assigned to lead the team and set the direction towards success (Peltier, 2011). Gathering Information and Make a Plan The competency is referred to acknowledge the information that is mandatory for the task. A well-informed coach sets short and long-term objectives to achieve and make effective plans to follow. The plan must be clearly recognized and adopted by the coach. 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Global Demand For Energy Has Increased Environmental Sciences Essay Free Essays

string(30) " investings to run into them\." Global demand for energy has increased from 1979 to the twelvemonth 2005 at a growing rate of 1.5 per twelvemonth. But from 2005 onward the planetary energy demand per twelvemonth has increased to 2. We will write a custom essay sample on Global Demand For Energy Has Increased Environmental Sciences Essay or any similar topic only for you Order Now 4. Keeping the same energy ingestion tendencies, it has been predicted that these demands would increased to 50 by 2030 as shown in the figure [ 2.1 ][ 1 ].1.jpg Fig. 2.1 Global Energy Consumption Growth is increased at 2.4 per twelvemonth after 2006 The developed states already consumed the most of the universe energy, but the energy demands in developing states are turning at much faster rate. Among developing states, China and India have the fastest turning rate. The energy demands in both states have increased at a fast rate ( 8 to 18 ) during 1980 to 2005. It has been estimated that China and India are projected to devour 25 of the universe energy by 2030[ 2 ]. These energy demands have increased due to rapid addition in population and rapid economic growing. In developing states per capita energy consumed has increased but still their ingestion is far behind the developed states like OECD Countries, as shown in Figure [ 2.2 ] . Entire universe energy demand demoing part of Non-OECD states and parts. Beginning: BP Statistical Review of World Energy. Fig. 2.2 Energy Consumption in developing states has been increased at a fast rate so developed states By and large the universe energy demands are fulfilled with assorted energy resources including crude oil, Coal, Gas, Nuclear energy, Hydro energy etc. But the chief part is coming from Petroleum, Coal A ; Gas. Petroleum is the universe ‘s premier beginning of energy, with oil carry throughing more than 30 of entire universe energy demands. Coal is going the 2nd largest and fast turning energy beginning, lending 25 of the planetary energy demands during the recent old ages, as shown in the Figure [ 2.3 ][ 3 ].Untitled-1.jpg Fig. 2.3 Global Energy Consumption is chiefly based on Non-renewable resources ( Oil, Coal A ; Gas ) 2.2 Adverse Impacts of Energy Consumption on Earth After the industrial revolution in the eighteenth cantury, most of the industrialised states have used non-renewable energy resources ( fossil fuels ) . As a consequence now more than 80 universe energy is derived from these non-renewable energy resources. The current energy ingestion forms are non-sustainable and besides consuming at a fast rate. At the same clip the usage of these non-renewable resources have assorted inauspicious impacts on our environment, with the uncontrolled emanation of GHG gases ( Green House Gases ) . In the current scenario, if no farther action is taken to cut down the energy ingestion, energy related CO2 emanations will increase 49 by 2030 as compared to in the twelvemonth 2005 as shown in the Figure [ 2.4 ][ 4 ].Untitled-1.jpg Fig. 2.4 Global CO2 emanations will increase 49 by 2030 as compared to in the twelvemonth 2005 This addition in GHG emanations due to lifting energy ingestion is ensuing in â€Å" Global Heating † . 2.2.1 Global Warming Global heating is the alteration in clime caused by the increased mean temperature of the lower ambiance due to inordinate sum of GHG ( nursery gases ) . Global heating is caused by assorted factors but the most ascendant is concerned with the human intervention peculiarly the inordinate emanation of GHG by devouring energy generated from fossil fuels. The chief Green House Gases in the Earth ‘s ambiance are ; Water Bluess Carbon Dioxide ( Co2 ) Methane Azotic Oxide and Ozone Greenhouse gases ( GHG ) , including C dioxide, methane, and H2O bluess act like a nursery around the earth.A These gases allow the heat from the Sun rays into the Earth ‘s ambiance, but non leting the heat to get away back into the infinite as shown in the Figure [ 2.5 ] .A The more nursery gases there are, the larger the per centum of heat that is trapped inside the Earth ‘s ambiance[ 5 ]. global20warming20diagram.jpg Fig. 2.5 Graphic Representation of Greenhouse Gases Emission Process With inordinate GHG emanations, the unnatural rise in Earth ‘s atmosphere temperatures cause the Global Warming. Global Warming has assorted inauspicious effects on Earth including ; Rise in Earth Temperature ( Earth Temperature will lift up to 3 grade Centigrade by 2030 ) Rise in Sea degree ( The sea degree due to runing of polar ice cap A ; other glaciers will lift 21 inches by 2050. Melting of polar ice cap A ; Glaciers ( From the twelvemonth 1979 to 2005 the 21 of the polar ice cap has already gone ) Abrupt alteration in clime ensuing inundations A ; hurricanes ( Due to alter in clime rain falls timings has been disturbed, rain falls are non coming at their coveted timings ) Decrease in air quality ( The Co2 constituents maximal bound is 350 p.p.m. â€Å" parts per million † , presently this figure has already reached to 388 p.p.m )[ 6 ] Break of H2O supplies will hold farther inauspicious impacts including ; Impacts on Economic Development Decrease in Agricultural Merchandises Disease epidemic 2.3 GHG Emissions by assorted Sectors As has been described earlier, the GHG emanations are caused by the energy ingestion by the assorted sectors. Building sector including residential and commercial is responsible for at least 40-50 of energy usage in most of the states[ 7 ]as shown in the Figure [ 2.6 ] . Presently this tendency is lifting fast due to present building roar in developing states such as China, UAE and India. Fig. 2.6 GHG emanations are caused by the energy ingestion by the assorted sectors The other sectors are Industrial and Transportation, devouring 31 and 28 severally. As industrial sector is besides associated with edifices, it has been identified that edifices sector, infact is devouring about 70 of universe energy for their operations. In other words, edifices are the major beginning of GHG emanations. Fig. 2.7 GHG emanations caused by assorted sectors 2.4 Energy Consumption Trends Energy is one of the major inputs for the economic development of any state. The energy sector assumes a critical importance in position of the of all time increasing energy demands necessitating immense investings to run into them. You read "Global Demand For Energy Has Increased Environmental Sciences Essay" in category "Essay examples" Economic growing is desirable for developing states, and energy is indispensable for economic growing. However, the relationship between economic growing and increased energy demand is non ever a straightforward linear one. In developing states the ingestion of coal, oil, gas, and electricity is expected to treble within the following 30 old ages.[ 8 ] Although the maximal universe ‘s population ( 80 ) lives in the development states ( a fourfold population addition in the past 25 old ages ) , their energy ingestion sums to merely 40 of the universe entire energy ingestion as shown in the Graph [ 2.1 ] . WORLD ENERGY CONSUMPTION Graph 2.1 Energy Distribution between Developed and Developing States from 1980-2005 The energy ingestion of assorted developed and developing states are shown in Graph [ 3.1 ][ 9 ]. It may be seen that developed states like USA, Canada, France, UK consume more energy in contrast to the developing states like China, India A ; Pakistan. It can besides be observed from the Graph [ 2.2 ] that developing state like Pakistan, the primary energy ingestion is merely 1/217th of the universe, 1/51th of USA, 1/11.6th clip of Japan and 6.5, 5.8, 5.0 times that of Canada, France and U.K severally. Graph 2.2 Prime Energy Consumption by 2005 In both developed and developing states the energy is consumed in four major sectors including domestic, commercial, industrial and transit. The part of each sector depends on their prevailing energy ingestion tendencies. Energy Consumption Trends in Developed Countries The most energy devouring sector in developed A ; developing states is the edifice sector. In USA the residential and commercial edifices are grouped together because they use energy in the same ways for warming and chilling, illuming, heating H2O, and runing contraptions. Together, abodes and commercial edifices consume more than a 3rd of the energy 39 used in the United States 2007, as shown in Graph [ 2.3 ] .[ 10 ] United Kingdom ( U.K. ) the universe ‘s 5th largest energy devouring state, both residential and commercial sector is devouring maximal energy of 49[ 11 ]as compared to in USA 39 as shown in the Graph [ 2.3 ] . But the common tendency in both USA and Canada remain same and indicates that edifice sector is devouring maximal energy. Graph 2.3 Energy Consumption by USA and UK 2007 Energy Consumption Trends in Developing States India is presently one of the fastest turning economic systems of the universe with more than one billion population. India is 2nd thickly settled state of the universe and stood fifth in the universe with respect to primary energy ingestion in 2009. With regard to assorted sectors, the edifice sector including residential and commercial become the largest consumer of the energy in footings of electricity, histories for 59. The industrial and agricultural sectors accounting for 31 of the entire energy consumed, followed by conveyance sector lending 10, as shown in the Graph [ 2.4 ] .[ 12 ] The adjacent state China ‘s economic growing is responsible for its lifting energy demand, and projections assume that reasonably rapid growing will go on. Gross domestic merchandise ( GDP ) grew at a rate of 9.8 per twelvemonth during the period 1985-1995 and is expected to average 6.6 per twelvemonth until 2020. China ‘s energy ingestion has grown and will go on to turn along with its economic system. China energy ingestions are about 10 of the entire universe energy in the twelvemonth 2009. The Industrial sector is the chief consumer of energy, accounting for 50, residential and commercial sector is responsible for 38 and conveyance sector is devouring about 12 of the entire energy produced as shown in the Graph [ 2.4 ] .[ 13 ] Graph 2.4 Total Energy Consumption in India Sector wise, 2009 It has been established from the treatment that edifice sector is a major consumer of energy. Therefore there is an pressing demand to conserve energy to extenuate GHG emanations every bit good as to run into the current and future energy demands. 2.5 Decrease of Green House Gases ( GHG ) Emissions It has already been identified that edifice sector usage more than 50 energy and 70 of electricity produced. Buildings are the major subscriber of GHG emanations and every bit responsible for the addition in Global heating. It is of import to minimise the energy usage in edifices to diminish the inauspicious impact of GHG and the Global heating. The GHG Emissions produced by edifices can be reduced significantly by utilizing energy more expeditiously and by utilizing energy from renewable beginnings of energy. Therefore, there is demand to plan and construct energy efficient edifices to get the better of the flourishing environmental crises. 2.6 Energy Situation in Pakistan Pakistan faces really serious energy jobs particularly for the last one decennary. Its energy resources base is limited. Its domestic production is non maintaining gait with the rise in demand ; its population is turning at a rate of 1.8 per twelvemonth[ 14 ]. Harmonizing to the Economic Survey of Pakistan during the twelvemonth 2006-07, the rapid growing in the Industrial/Manufacturing zones of Pakistan has created a large spread between demand and supply of the electricity during the recent old ages. It is besides concluded that the demand in electricity will be increased at a rate of 7.9 annually from 2008 to 2020.[ 15 ]The tabular array below summarizes the sector wise power demand till the twelvemonth 2020 as shown in the Fig. [ 2.8 ][ 16 ]. Demand AND SUPPLY Fig. 2.8 Supply and Demand of Electricity in Pakistan from 2008 to 2020 Presently the installed capacity of electricity by WAPDA A ; KESC can carry through the current energy demand of the state, but they are unable to bring forth the maximal capacity during the twelvemonth 2008-09, go forthing a immense spread of 4500 Megawatts between supply and demand. Untitled-1 Fig. 2.9 The electricity spread between demand A ; supply during the twelvemonth 2009 Fig. 2.18 The electricity coevals through assorted resorts, twelvemonth 2009 2.6.1 Energy ingestion in Pakistan The residential sector represents 40 of the entire electricity, with industry 31 and agricultural 15 accounting for the remainder,[ 17 ]as shown in the Graph [ 2.5 ][ 18 ]. Pakistan commercial sector includes private and authorities not residential edifices. The commercial sector represents about 5 of the electricity ingestion. Graph 2.5 demoing the electricity ingestion in assorted sectors, twelvemonth 2009 In the commercial sector electricity demand is increasing 14 every twelvemonth, which is higher than the entire energy growing of merely 6. The faster growing of electricity ingestion can be attributed to the increasing incursion of air conditioning, fans and other electric contraptions.[ 19 ] It has identified that the form of energy ingestion in Pakistan has a resemblance with the regional every bit good as the International energy ingestion tendencies where edifice sector is the chief consumer of energy except China where Industrial sector is devouring maximal energy as compared to the edifice sector as shown in the graph [ 2.6 ] below ; Graph 2.6 Comparison of Energy Consumption Trends in Pakistan with Regional A ; International Energy Consumption Trends, twelvemonth 2009 2.7 National Policies for Energy Efficiency 2.7.1 Importance of Energy Policy On the energy demand and supply side, Pakistan is confronting terrible deficits. More than 75 of the entire crude oil merchandise demand is being met by imports, enforcing a heavy load on foreign exchange. Country is besides confronting Peak power and mean energy deficits of 12 and 7 severally. In the current scenario Pakistan requires an energy policy to is seeking to its energy demands to speed up the developments procedure. In the current state of affairs Pakistan is fighting for the last one decennary to speed up its development procedure with the limited energy resources. The lone possibility of its economic growing is to conserve energy by following an energy policy formulated by the Government Authorities. This energy policy should move as a fanciful motion for energy preservation which can significantly cut down the energy ingestion in the coming old ages and can minimise its energy issues. It is of import to do attempt for its consciousness on national degree. It should be the duty of every Pakistani to lend in the execution of such energy policy. The Pakistan Government is seeking to develop and implement such policy for energy efficiency in assorted sectors, in a sustainable mode. The Pakistan National Policy for energy preservation has been prepared by The ENERCON. It is an attempt to advance the effectual usage of national energy resources by presenting different schemes A ; guidelines. These guidelines act as a roadmap for the Government to command the serious energy issues in the nearest hereafter. The policy explores the energy A ; environmental related plans to advance patterns A ; industrial fabrication related to energy preservation A ; energy efficiency. The policy is intended to bring forth an ambiance and consciousness on national degree to advance energy preservation patterns.[ 20 ] 2.7.2 The National Policy Framework Goals The National policy for â€Å" Energy Conservation † has the following strategic ends. The lifting degrees of energy ingestion in Pakistan will be fulfilled with the aid of energy preservation without seting extra load on the available energy resources. Energy efficient techniques and schemes can better Pakistan ‘s economic public presentation and positive impact on the energy resources. Energy efficiency and energy preservation policies can develop extra concern chances and can make employment to cut down poorness in the state. Energy preservation policies would be helpful in the extenuation of nursery gases ( GHG ) and to command their inauspicious impact on the environment. The efficient usage of energy in assorted sectors will increase the economic growing. 2.7.3 Aims The National policy for energy preservation has the following wide based aims Energy preservation should be promoted through modulating the energy resources and implementing the energy direction programmes in all economic sectors of Pakistan. To advance the importance of energy efficiency by presenting and marketing presentation undertakings throughout the state. Create an overall environment to cut down the energy ingestion from assorted economic sectors through appropriate policy steps for a sustainable development. Each economic sector should be appreciated by the Government on successful execution of the energy policies.[ 21 ] 2.7.4 Guidelines for Buildings and Households Sectors The National policy of energy preservation has developed a guideline for the commercial, industrial A ; family edifices are listed below ; Energy scrutinizing in commercial / industrial and house clasp should be introduced to place the job countries. The thermic belongingss of different edifice stuffs in usage should be evaluated with regard to different climatic zones and the edifice energy codifications. Different equipments, fixtures and contraptions used in commercial, industrial and family should be introduced following the energy public presentation codifications. Enhanced Energy efficient constructing systems like HVAC and interior lighting should be introduced to optimise the energy usage in the state. Energy efficient schemes for edifices should be incorporated through relevant governments in building undertakings. 2.8 Commercial / Office Buildings Trends in Pakistan In commercial edifices more than half of its energy is consumed in its infinite chilling, warming and interior lighting. During the last twosome of old ages the usage of glass in commercial edifices becomes the hottest tendency in edifice sector. In particularly commercial office edifices glass has become the symbol of edification and high-tech life manner, without sing its impact on the energy ingestion. This freshly emerging tendency can be seen in the modern metropoliss like Lahore, Karachi and Islamabad, where the new skyline is developing. Pakistan is an under developed state, enduring energy crises for the last many old ages in different sectors. In most of the states including Pakistan the edifices including commercial, residential, public and educational are devouring about 40 of their entire energy produced. The commercial sector includes offices, infirmaries, schools, hotels, shopping promenades A ; eating houses. Each edifice type has its ain alone energy demands. In commercial edifices more than half of its energy is consumed in its infinite chilling, warming and interior lighting. The last few old ages have seen glass go the ‘hottest manner statement ‘ in edifice building. In modern metropoliss like Lahore, Karachi A ; Islamabad skylines have emerged with high-rise edifices clad in gleaming glass, spelling out richness and manner. Peoples today are willing to fling on glass merely to acquire that ‘hi-tech ‘ and sophisticated expression. The latest tendency to capture the illusion of designers and builders is the usage of glass without sing its impact on the edifice energy ingestion. 2.8.1 Common Design Features of Commercial / Office Buildings in Pakistan In Pakistan there is a broad scope of commercial edifices, get downing from a individual floor construction to a high rise multi floor edifice. The commercial edifices which are added during the last one decennary are usually multistoried due to increased land cost. These edifices are designed for multi-functions to suit the activities like Shopping, Offices, and Apartments in order to acquire maximal commercial benefits. hypertext transfer protocol: //www.panoramio.com/photos/original/22689620.jpg Figure 2.10. Jeff Heights with multi map adjustment, Lahore Unfortunately, amongst designers and builders, there appears to be a inclination to restrict the design of commercial office edifices to the external frontage and the circulation system merely. The existent office infinites themselves are no more than readily salable blocks of insignificant infinite. The renters are expected to change over the characterless infinite into useable offices and besides provide the necessary comfortss for their employees. Part of the job lies in the fact that over their life span, office infinites do hold many different users/owners. Hafeez Centre.jpg Figure 2.11. With the alteration of Owners the Facade of Hafeez Centre has changed Foreign coactions / Multi-national Organizations are besides altering the acceptableness criterions in office environment. The new professional building companies both in the private every bit good as the public sectors are, hence, now puting up office edifices and composites with better installations. Now it has been realized that edifices can be designed to expose non merely the wealth but besides the company ‘s merchandises, for showing the societal concerns of the company. The majority of our office infinite is created as bad building and neither the owner/builder nor the designer is able to make much with these edifices. In this state of affairs, most designers concern themselves merely with the seeable elements of design. Mentor Graphics.jpg Figure 2.12. A Multinational Company ( Mentor Graphics ) Head Office Building designed with modern installations A ; International Standards The biggest ocular job is that of infinite chilling or air-conditioning equipment. Not many constructing frontages have infinite for the scope of air-conditioners and evaporative air-coolers soon available. The few efforts at covering with this job have met with partial success merely, and the job exists even in centrally air-conditioned edifices. No equipment maker has yet come out with an air conditioner that looks nice non merely from indoors but from outside as good. Al Hafeez Plaza.jpg Figure 2.13 Shows the AC Outdoor units are looking at the facade Although the chief ground for Windowss is to guarantee daytime, for assorted grounds, even when they have big Windowss, most office edifices are dependent on unreal lighting. In office edifices on tight urban sites the designer seldom gets to take the edifice orientation. The designer frequently forced to supply Windowss confronting unfavourable waies ensuing in ocular unpleasantness when the users have to put in blinds, sunblocks or solar movies. In large metropoliss of Pakistan the important facet of commercial edifices is fire safety which has been realized for the last twosome of old ages. This straight concerns the proprietors every bit good as the users. In building, the duty for put ining fire safety devices lies with the builder who is, unfortunately, non truly concerned about it. In this state of affairs the designer ‘s function becomes more important. Through appropriate design one can guarantee the built-in fire safety of a edifice, a characteristic which is utile if fire safety devices have non been installed. Dislocations in the supply of electricity are common in all our metropoliss. This requires that edifices should be designed for exigency operation even when power is non available. Lifts and exigency services have to be available all the clip. Yet there are few edifices that can run into this demand. In utmost instances people end up put ining inverters with storage batteries or little single petrol/kerosene generators. There are serious jobs of fire safety, environmental pollution and efficiency with all such devices. With the integrating of assorted activities and services, the office edifice can be made ‘intelligent ‘ . A few such edifices are now either on the pulling board or under building. In position of the above given illustrations it is rather obvious that the building of such multistory edifices to carry through the lifting life criterions are considered to be the causes of increased energy demand in edifice sector. A However, a critical rating is required in position of the local climatic conditions. Excessive usage of concrete and glass, high degrees of light and heavy trust on infinite conditioning equipment are a common characteristic of our edifices. 2.9 Research Area Energy ingestion in edifice sector has been an of import research country for developed amp ; developing states due to increasing energy demand worldwide and its inauspicious environmental, economical A ; societal impacts. In Pakistan the current tendency of commercial/office edifices is to build high rise edifices. These edifices require a immense sum of electricity to run. The demand of electricity in such edifices has increased at the rate of 14 per twelvemonth. The current research will research the energy ingestion in high rise office edifices and expression at the ways A ; means for efficient usage of energy in such edifices. 2.10 Aims of Research The chief aim of the research is to develop schemes for the design of energy efficient high rise office edifices in Lahore. In order to accomplish the above objective the undermentioned affairs besides needs to be addressed ; To place edifice constituents A ; systems responsible for increased energy ingestion in high-rise office edifices. To place the energy preservation criterions A ; codifications of pattern to be used as benchmark to find the energy efficiency of high rise office edifices. To look into the energy ingestion tendencies in bing high rise office edifices in Lahore. To develop guidelines for the design of Energy Efficient high rise Office edifices in Lahore. 2.11 Research Methodology A wide scope of information was needed to accomplish the aims of the proposed research. The undermentioned methods are used to roll up the necessary information. Literature Review It is of import to look into the edifice constituents and systems that are important with respect to energy ingestion in high rise office edifices. A list of such constituents and systems is developed after thorough reappraisal of the literature. A figure of energy codifications for edifices are practiced in different states. Different codes A ; criterions are identified and reviewed to choose the most appropriate codifications to be used as benchmark. Information was besides collected with respect to the techniques and tools that are used for the appraisal of edifice energy public presentation. This information is used to choose the most appropriate tool for the appraisal of energy public presentation of edifices. Field Survey It is decided to choose at least two bing tower block office edifices as instance surveies for elaborate probe, maintaining in position the clip available and other restraints. Most of the new commercial / office development are located at Gulberg in Lahore which is being developed as a new concern territory of the metropolis. Selection Criteria A ; Selection of Case Studies The undermentioned choice standards were established to choose the instance surveies ; Building should be complete and in usage at least for one twelvemonth. Building should hold a individual usage. The drawings A ; design parametric quantities of the selected edifices should be accessible. Most of the edifices surveyed in Gulberg are either multi-functional or under building. In some instances entree to drawings and design informations was non available. Therefore, it was decided to choose one instance survey from another country of Lahore. Harmonizing to the choice standards following edifices were selected. Bank of Punjab Tower, Gulberg Lahore JDEL Building at Descon World Headquaters, 18-Km, Ferozepure Road, Lahore The selected edifices were exhaustively surveyed and investigated. All the necessary drawings and design informations was collected through the adviser. In many instances the advisers were loath to supply the necessary information due to security grounds. However, through many attempts, all the necessary information was collected. How to cite Global Demand For Energy Has Increased Environmental Sciences Essay, Essay examples