The reasons which recently forced the World Bank into environmental improvements are discussed, so that other financial institutions can profit from this experience. The reasons include due recognition that environmental abuse is constraining economic development, that environmental damage has now assumed massive proportions, and that such abuse is intensifying. The electorates of the World Bank's industrial shareholding nations began to pressure their representatives. Advocates of the poor, and of people affected by environmentally-bungled development projects, joined forces with environmental NGOs and added to the pressure for environmental reform.

The World Bank's positive response led to a series of major institutional, procedural, and policy, reforms, which are provided as examples and suggestions to other financial bodies that need or at least desire to improve their environmental stance. The Bank's environmental policies are outlined, and the most powerful — Environmental Impact Assessment — is treated in detail.

Based on this experience, the environmental opportunities available to other financiers are discussed. The case is presented that financiers becoming environmentally prudent in the ways suggested will out-compete their environmentally imprudent colleagues. The latter will go bust or be prosecuted. The paper ends with a rich menu of ideas through prosecution of which environmental responsibility can be sought by financiers.

The Earth is entering a period or unprecedented change due to the destruction of the natural systems that have enabled and sustained human life over thousands of years. The public debate about the contributing factors to this destruction has begun, and many prominent leaders and major governments have demonstrated their awareness of the problem. Despite the shift in public opinion, and a new awareness, little has been achieved that is likely to prevent further damage. The damage is being caused mainly by processes that are fundamental to the production of food and industrial goods. It follows that preventive action in agricultural and industrial societies will need to be far-reaching and involve a reappraisal of both individual styles of life and major institutions.

The 1990 UN Bergen Conference recognized that education would need to be central to the process of reassessment and redirection. It also recognized that education takes place in the workplace as well as in schools and colleges. This article argues for an education that is linked to the development of a new intelligence. It further argues that banks are key institutions, acting as channels for investment in the future and staffed by highly-qualified professionals who are nevertheless constrained and ‘educated’ by their institutional roles. The article examines the new and emerging responsibilities of institutions such as banks. It proposes some steps towards recognizing and fulfilling these responsibilities, and also towards redirecting the educational and investment functions of banks.

The progressive depletion of land sources of construction materials poses increasingly acute supply problems to the building industry. Stricter rules than currently exist in relation to environmental concerns and their effective enforcement, while undoubtedly laudable, would exacerbate the situation and preclude opening, in many instances, new land-quarries. The search for alternative sources led naturally to exploitation of marine deposits. Beaches and near-shore areas have long been tapped for relatively small amounts of sand and gravel, but the new, greatly-increased demands for these materials poses a serious threat to many shores. Tourism and mining, unavoidably, have come into conflict. Beach protection, and, with increasing frequency, ‘renourishment’, is antipodal to granulates' mining. Offshore dredging has in some cases triggered accelerated beach erosion. The general rise of sea-level, and the consequences of exceptional-strength storms, have worsened erosion and greatly disturbed — occasionally irreversibly — the local sedimentary budget and transit. Technological progress, and more and more sophisticated equipment, permit greater efficiency in, and greater depth of, dredging operations.

Besides their use for construction materials, the search for minerals in the marine domain also affects sands and gravels: placers and ores are available here, and mining in the coastal zone is no longer a marginal undertaking. Exploitation of ‘granulates’ ranks today as the second most important marine mining activity after oil extraction. Hence it is a top-priority topic for Quaternary economic geologists and environment specialists alike, while public awareness has henceforth to be reckoned with. Communication and information techniques must consequently be designed and vigorously propagated.

If large areas of tropical rain-forest are replaced by grassland, there is likely to be about 300 mm less evapo-transpiration and 650–800 mm less rainfall during each year in these areas than is currently experienced. Lower rates of evapotranspiration will allow more energy to be used for sensible heat, and this will lead to surface air temperatures that are higher than currently by about 3°C. Reduced cloud-cover will also lead to even higher temperatures, because clouds have a net cooling effect. When this additional heat is combined with the extrasensible heating, the overall effect is expected to be a rise in temperature of about 4–5°C.

These contentions are based upon data obtained from ‘natural experiments’. They have given results which suggest that tropical deforestation will have a larger effect on temperature than was hitherto expected, and that the effect on both temperature and rainfall will be more widespread than has been expected hitherto. The effects on global climate cannot as yet be determined by a ‘natural experiment’.

The removal of so much of the tropical rain-forest as is now projected will have such a dramatic effect on local and even wider climate that no further replacement of the rain-forest ecocomplex by others or other land-uses should be allowed to take place.

This paper describes up to two decades of unassisted plant recovery from uncontrolled tracked-vehicle disturbance within tundra meadows on two physiographically distinct high-arctic coastal lowlands. Data are presented which emphasize the status of species-richness and above-ground vascular biomass. Although they exhibit similar vascular floristics, the undisturbed vegetation communities of the two sites differ greatly in terms of the abundance of dominant species. In particular, Salix spp. characterize the larger, more mesic hummocks of the Baffin Island site, while Cyperaceae characterize the more level and generally wetter meadows on Devon Island. Despite these differences, both vascular and cryptogamic species-richness are consistently reduced under a variety of low-intensity disturbance regimes in different vegetation-types. In many cases these reductions are significant. In addition, total vascular biomass is significantly reduced in 88% of all stands. Reductions are most severe among woody species and, in cases where the biomass of monocotyledons was increased, these increases were more than offset by the losses among dicotyledons. This is contrary to the situation in mesic low-arctic meadows, where significant biomass increases among graminoids have more than offset losses among dicotyledons after less than 8 growing-seasons.

The literature of mechanical disturbance in the high-arctic is briefly reviewed, and it is noted that few long-term data are available, there being virtually none which address either cryptogamic species-richness or vascular biomass. The data presented here reaffirm previous short-term findings that lateral reinvasion by rhizomatous graminoids is slower than in the low-arctic. In addition, it has been determined that even after 18–20 years, seedling establishment by dicotyledons is virtually lacking in multi-pass tracks, and is limited to only the driest microsites (hummock tops and sides) in single-pass tracks. The few colonists are mostly slow-growing, woody species and are not likely to recover to predisturbance levels of biomass in mesic sites in the foreseeable future.

The prospect for a natural return to predisturbance levels of species-richness among cryptogams is equally unlikely, as the microhabitats in which many of them were found are often significantly reduced in extent or are lacking altogether. In some cases, ruderal bryophytes that are not found in the undisturbed formation have colonized the disturbed substrates, that are apparently not being invaded by the original species — further exacerbating natural restoration.

At present, most of these impacts occur on a limited spatial scale, although cumulative impacts were also documented. However, even small patches recover quite slowly and with fewer species than were originally present. Bared surfaces, or strips, if larger than about 1 m across are, typically, invaded from the edges inwards, few types other than ruderal grasses (e.g. species of Phippsia and Alopecurus not found in the undisturbed formation) being able to colonize the centre. Only the wettest meadows, which are naturally poor in species, approach or match former levels of species-richness and vascular biomass.

Given that these impacts are of limited extent and relatively low intensity, by comparison with large-scale resource exploration and minerals' extraction, the findings indicate that the meadows of the high-arctic need to be considered separately from their low-arctic counterparts when planning for even the most mitigative developments. Many of Canada's high-arctic lowlands provide important seasonal or year-around habitats for the region's terrestrial herbivores, yet only one has received any legislative protection. As pressure continues to build-up for increased access to the region for purposes of resource exploitation (Hazell, 1991), wilderness recreation (MacLachlan, 1988), and military sovereignty (Hazell, 1991), it is worth considering the ability of the more productive components of these ecosystems to recover from even a fraction of the impacts which, unfortunately, we may expect them to incur.

Export of aquarium-fish from the Maldives began in 1980 and in 1989 almost 54,000 marine fishes, worth approximately US$ 130,000, were exported. The collection of aquarium species is confined to a relatively small area around the capital island, Malé. Estimates of annual exports of 95 species were obtained by examining packing-lists held by Maldivian Customs. In parallel, the population densities of about 70 aquarium-fish species were estimated by visual assessment. Using a number of assumptions, potential (maximum sustainable) yields for 65 of these species — those for which export data were available — were estimated for the area (530 km2) within a 13-km radius (one hour's journey by local boat) of Malé.

For 27 species there were some reasons for concern about the levels of exploitation, although only 12 of these species appeared to be ‘at risk’ in 1986 (the year of highest exploitation). If the assumptions made in estimating potential sustainable yields were valid, these 12 aquarium-fish species were being overexploited or exploited at levels close to maximum sustainable yields. Should the trade expand threefold, a further 12 species are considered to be potentially at risk of overexploitation. Two species of butterflyfish, Chaetodon meyeri and C. triangulum, which feed exclusively on coral polyps and generally die in captivity after a short time, were being exported in significant numbers. Both clownfishes (Amphiprion spp.) and their host sea-anemones were being heavily exploited. Because of the symbiotic relationship between these fishes and their anemone homes, this group may be particularly susceptible to overexploitation.

Damage to branching corals may result from the collection of specimens of Dascyllus aruanus, which shelter within them. With many thousands of individuals of this species being exported each year, this could represent considerable collateral coral damage. Although levels of exploitation of ‘cleaner wrasses’ (Labroides bicolor and L. dimidiatus) appear well below potentially sustainable ones, it is unclear whether the health of reef fishes might locally be adversely affected in heavily exploited areas.

Monitoring and regulation of the aquarium-fish trade is discussed, together with the need for collection of catch statistics by those involved in the trade. The importance of regulation of collection techniques, of standards of facilities, and of satisfactory packaging of fish for export, is stressed. If more accurate estimates of sustainable yields are to be obtained, there needs to be monitoring of populations of key aquarium-fish species in designated collecting areas where exploitation levels are known. Until such estimates become available, the cautious approach adopted in the Maldives to estimate yields and set species-based quotas will, it is hoped, prevent local overexploitation.