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Emerging Cement-Based Composites Secure Cities Against Disasters
Scientists have long been intrigued by the durability of Roman-built buildings. For instance, the famed Pantheon, which has the world’s largest unreinforced concrete dome, was built in 128 CE and still stands today. A Roman-era aqueduct, the Aqua Virgo, built of the same concrete, still supplies water.
A little over a year ago, Massachusetts Institute of Technology Professor Admir Masic and his Italian and Swiss collaborators published a startling discovery about the concrete used in ancient Rome. The researchers uncovered the presence of so-called lime clasts—granules of calcium carbonate that gave concrete self-healing properties—according to their paper published in the journal Science Advances.
The key was using hot mixing of quick lime (a reactive form of calcium that generates heat on mixing with water) instead of slaked lime (a cooler, slow-acting form). Because of the presence of the resulting lime clasts, cracks formed in concrete could heal themselves when they came in contact with moisture and pozzolanic materials, such as volcanic ash contained in the mix.
Ticking Time Bombs
Emerging knowledge like this could have incalculable value. Since English bricklayer Joseph Aspdin invented and patented Portland cement in 1824, reinforced concrete has been used worldwide in buildings, highway bridges, offshore platforms, dams, roads, etc. The typical service life of such structures is expected to be 50 years on average and up to 200 years if built with extra care and special provisions.Compared to concrete used in the Roman period, the massive infrastructures built in the last couple of centuries are ticking time bombs.
However, compared to concrete used in the Roman period, the massive infrastructures built in the last couple of centuries are ticking time bombs. They require frequent repair and maintenance during their service lives. They will also eventually need to be demolished or rebuilt.
There is an environmental impact, too: The buildings and infrastructure construction sector is estimated to contribute around 40% of greenhouse gas emissions in terms of embodied and operational carbon footprint, according to the UN Environment Programme and its Global Alliance for Buildings and Construction.
The race is now on to use this new knowledge about “self-healing” concrete and modify modern-day concrete to mimic the longevity and much lower carbon footprint of the ancient construction material.
The Need for Resilience
Resilience is the ability of any structure to withstand extreme load events, such as an earthquake, typhoon, explosion, etc., and recover from it as quickly as possible. The frequency of extreme natural (see Figure 1) and man-made disaster events, such as hurricanes, storms, floods, earthquakes, tsunamis, heat waves, fires, terrorism, etc., has been increasing in recent decades.
It has underscored the need for durable, safe, and securely built infrastructure. As a tragic example, a magnitude 7.8 earthquake hit the Turkey-Syria region on February 6, 2023. More than 160,000 buildings were destroyed or severely damaged, and more than 53,000 people died. Some 2.7 million were left homeless.
War-torn Syria is estimated to have 40 million tons of cement rubble, in addition to the cement debris from the 2023 earthquake. According to a 2023 article in The Guardian, which cited a study in the Journal of Materials in Civil Engineering, efforts are underway that demonstrate how to prepare—and strengthen—local rubble to rebuild the nation.
ESG Implementation in a Competitive Environment
Implementing ESG initiatives in a competitive business environment requires a well-defined strategy and a strong commitment to its principles. Companies should start by thoroughly understanding their current ESG performance and their goals for the future. This includes setting specific targets for the reduction of their environmental footprint, increasing social responsibility, and improving corporate governance.
Once a company has identified its ESG goals, it should create a plan to achieve them. This plan needs to include a detailed approach to implementation and monitoring, as well as a timeline for achieving the desired results. Additionally, the company should ensure that its strategies and initiatives are in line with industry best practices and regulations and that they are communicated effectively to all stakeholders.
A company needs to ensure that the ESG initiatives are aligned with the company’s core values, vision, and mission.
The company should also ensure that its ESG initiatives are integrated into its overall corporate strategy. This includes ensuring that the initiatives are aligned with the company’s core values, vision, and mission. And finally, the company should ensure that its ESG initiatives are integrated into its operations, from production processes to customer service.
Regulatory Frameworks and Standards
In developed countries, a variety of ESG regulatory frameworks and standards have been established. These include the Basel III framework, which sets out regulations for international banking, as well as the International Financial Reporting Standards (IFRS), which are used by many countries as the basis for their accounting standards. In the US, the Securities and Exchange Commission (SEC) takes a principles-based, accounting-focused approach that applies equally to ESG disclosures. In Europe, a more prescriptive disclosure framework is popular, for example, the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
Investment Results—With and Without ESG Considerations
Investments can yield different results depending on market conditions and timing. Investments in general, and ESG investments in particular, tend to provide higher returns over the long term. According to a study conducted by BlackRock, the average ten-year return of ESG-positive funds was 7.4%, compared to the benchmark index return of 6.2%. The study also found that ESG-positive funds in the US outperformed their benchmark index by 0.5%, while in Europe they outperformed by 1.1% because of strong corporate governance. Higher scoring firms in the Morgan Stanley Capital International (MSCI) ESG rating outperformed their peers by 1.5%.
“Investing in positive, solutions-oriented companies focused on sustainability is where the market is going and where investors will excel going forward.”
“By focusing on sustainability, we are able to potentially outperform the benchmark because the benchmark is comprised of the legacy economy, while sustainability-focused funds are looking forward to a new economy,” Peter Krull, CEO of Earth Equity Advisors, said, adding that “investing in positive, solutions-oriented companies focused on sustainability is where the market is going and where investors will excel going forward.”
‘Greenwashing’ and the Reality of ESG Implementation
Greenwashing is a serious problem that obscures the true extent of companies’ ESG implementation. Greenwashing means making exaggerated or false claims about sustainability performance to appear more socially and environmentally responsible or ethical. An egregious example is fossil fuel company claims about how environmentally benign they are.
Recently, it became known that research conducted as far back as the 1970s by some of the largest oil companies, such as Shell and Exxon, predicted global warming as a likely consequence of their business. They even put contingency plans in place to deal with sea level rise affecting their infrastructure.
Today, many companies are not actively working to reduce their environmental impact or improve their social practices but are instead investing in marketing and advertising campaigns to appear more socially and environmentally responsible. This makes it difficult for stakeholders, investors, and customers to accurately assess the true extent of a company’s ESG implementation.
Benefits and Risks
One key benefit associated with incorporating an ESG approach into investment decisions is that it can reduce risk in a portfolio by avoiding companies whose business practices may be seen as unethical or environmentally harmful. For example, by choosing not to invest in fossil fuel stocks due to concerns over climate change impacts, investors would avoid any financial losses should oil prices decline due to market forces or policy changes. Such changes are increasingly likely because governments around the world are setting up carbon emissions reduction targets.
In addition, integrating environmental considerations, such as renewable energy sources, into investment strategies can also protect against future regulatory compliance costs caused by legislation designed to tackle global warming issues.
Universally accepted ESG scoring metrics are still evolving, and for the investor to understand, evaluate, and select the appropriate ESG methodology can also be risky.
On the other hand, some potential risks are associated with implementing an effective long-term strategy based on sustainable development goals (SDGs) principles. Many organizations have publicly committed themselves to achieve SDGs through various initiatives, such as reducing greenhouse gas emissions levels. But these commitments often rely upon external factors beyond the control of individual businesses, for example, government subsidies and tax breaks. If these external conditions fail to materialize within the time frame expected, certain investments could become “stranded assets,” losing significant value. In addition, universally accepted ESG scoring metrics are still evolving. For the investor to understand, evaluate, and select the appropriate ESG methodology can also be risky.
Unintended Consequences of the “Invisible Hand”
The Chicago School of Economics popularized the moral philosopher and economist Adam Smith, whose birth tricentenary falls in 2023. One of the school’s eminent faculty members was Nobel laureate Milton Friedman, who said: “In the economic market, people who intend to serve only their own private interests are led by an invisible hand to serve public interests that was no part of their intention to promote.” However, the “invisible hand” is a much-misinterpreted concept that originated from Smith’s book, The Theory of Moral Sentiments. It was subsequently only once mentioned in a different context in his more famous book, The Wealth of Nations. This misinterpreted idea of Adam Smith seems to have brought forth a form of capitalism with unintended consequences on environmental, social, and governance fronts that need urgent redress. The best tribute to the great thinker would be that ESG could become a framework to rein in the worst aspects of free-market economics and save the planet from a climate catastrophe waiting to happen.
