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We present the Alfred Wegener Institute's contribution to the Pliocene Model Intercomparison Project Phase 2 (PlioMIP2) wherein we employ the Community Earth System Models (COSMOS) that include a dynamic vegetation scheme. This work builds on our contribution to Phase 1 of the Pliocene Model Intercomparison Project (PlioMIP1) wherein we employed the same model without dynamic vegetation. Our input to the PlioMIP2 special issue of Climate of the Past is twofold. In an accompanying paper we compare results derived with COSMOS in the framework of PlioMIP2 and PlioMIP1. With this paper we present details of our contribution with COSMOS to PlioMIP2. We provide a description of the model and of methods employed to transfer reconstructed mid-Pliocene geography, as provided by the Pliocene Reconstruction and Synoptic Mapping Initiative Phase 4 (PRISM4), to model boundary conditions. We describe the spin-up procedure for creating the COSMOS PlioMIP2 simulation ensemble and present large-scale climate patterns of the COSMOS PlioMIP2 mid-Pliocene core simulation. Furthermore, we quantify the contribution of individual components of PRISM4 boundary conditions to characteristics of simulated mid-Pliocene climate and discuss implications for anthropogenic warming. When exposed to PRISM4 boundary conditions, COSMOS provides insight into a mid-Pliocene climate that is characterised by increased rainfall (+0.17 mm d−1) and elevated surface temperature (+3.37 ∘C) in comparison to the pre-industrial (PI). About two-thirds of the mid-Pliocene core temperature anomaly can be directly attributed to carbon dioxide that is elevated with respect to PI. The contribution of topography and ice sheets to mid-Pliocene warmth is much smaller in contrast – about one-quarter and one-eighth, respectively, and nonlinearities are negligible. The simulated mid-Pliocene climate comprises pronounced polar amplification, a reduced meridional temperature gradient, a northwards-shifted tropical rain belt, an Arctic Ocean that is nearly free of sea ice during boreal summer, and muted seasonality at Northern Hemisphere high latitudes. Simulated mid-Pliocene precipitation patterns are defined by both carbon dioxide and PRISM4 paleogeography. Our COSMOS simulations confirm long-standing characteristics of the mid-Pliocene Earth system, among these increased meridional volume transport in the Atlantic Ocean, an extended and intensified equatorial warm pool, and pronounced poleward expansion of vegetation cover. By means of a comparison of our results to a reconstruction of the sea surface temperature (SST) of the mid-Pliocene we find that COSMOS reproduces reconstructed SST best if exposed to a carbon dioxide concentration of 400 ppmv. In the Atlantic to Arctic Ocean the simulated mid-Pliocene core climate state is too cold in comparison to the SST reconstruction. The discord can be mitigated to some extent by increasing carbon dioxide that causes increased mismatch between the model and reconstruction in other regions.

Unraveling the drivers of climate variability during the Mid-Pleistocene Transition (MPT) remains a central challenge in paleoclimate research. This interval marked a shift from 41-kyr to 100-kyr glacial cycles associated with larger ice sheets. While previous studies emphasize interactions between climate and Northern Hemisphere ice sheets, Antarctica’s role remains unclear. We use the Parallel Ice Sheet Model to simulate Antarctic Ice Sheet evolution over the last 3 million years, applying a climate index approach. Our simulations show that between 1.9 and 0.8 Ma, several Antarctic drainage basins underwent structural re-organization at different times, including the formation of a stable marine-based West Antarctic Ice Sheet (WAIS). We analyze the drivers of these thresholds and their associated state transitions. Our findings reveal tri-stability in the Thwaites basin and suggest that WAIS thresholds and their complex interactions amplified  ~ 100-kyr climate variability before and during the MPT, providing new insights into long-term climate dynamics. During the Mid-Pleistocene Transition, the Antarctic ice sheet crossed several thresholds that formed a stable West Antarctic Ice Sheet and amplified 100,000-year variability.

Due to its involvement in numerous feedbacks, sea ice plays a crucial role not only for polar climate but also at global scale. We analyse state-of-the-art observed, reconstructed, and modelled sea-ice concentration (SIC) together with sea surface temperature (SST) to disentangle the influence of different forcing factors on the variability of these coupled fields. Canonical Correlation Analysis provides distinct pairs of coupled Arctic SIC–Atlantic SST variability which are linked to prominent oceanic and atmospheric modes of variability over the period 1854–2017. The first pair captures the behaviour of the Atlantic meridional overturning circulation (AMOC) while the third and can be associated with the North Atlantic Oscillation (NAO) in a physically consistent manner. The dominant global SIC–Atlantic SST coupled mode highlights the contrast between the responses of Arctic and Antarctic sea ice to changes in AMOC over the 1959–2021 period. Model results indicate that coupled SST–SIC patterns can be associated with changes in ocean circulation. We conclude that a correct representation of AMOC-induced coupled SST–SIC variability in climate models is essential to understand the past, present and future sea-ice evolution.

Deglacial transitions of the middle to late Pleistocene (terminations) are linked to gradual changes in insolation accompanied by abrupt shifts in ocean circulation. However, the reason these deglacial abrupt events are so special compared with their sub-glacial-maximum analogues, in particular with respect to the exaggerated warming observed across Antarctica, remains unclear. Here we show that an increase in the relative importance of salt versus temperature stratification in the glacial deep South Atlantic decreases the potential cooling effect of waters that may be upwelled in response to abrupt perturbations in ocean circulation, as compared with sub-glacial-maximum conditions. Using a comprehensive coupled atmosphere–ocean general circulation model, we then demonstrate that an increase in deep-ocean salinity stratification stabilizes relatively warm waters in the glacial deep ocean, which amplifies the high southern latitude surface ocean temperature response to an abrupt weakening of the Atlantic meridional overturning circulation during deglaciation. The mechanism can produce a doubling in the net rate of warming across Antarctica on a multicentennial timescale when starting from full glacial conditions (as compared with interglacial or subglacial conditions) and therefore helps to explain the large magnitude and rapidity of glacial terminations during the late Quaternary. Heat stored in the deep ocean due to salinity stratification contributed to rapid Antarctic warming during middle and late Pleistocene glacial terminations, according to coupled atmosphere–ocean general circulation model simulations.

Despite tectonic conditions and atmospheric CO 2 levels ( pCO 2 ) similar to those of present-day, geological reconstructions from the mid-Pliocene (3.3-3.0 Ma) document high lake levels in the Sahel and mesic conditions in subtropical Eurasia, suggesting drastic reorganizations of subtropical terrestrial hydroclimate during this interval. Here, using a compilation of proxy data and multi-model paleoclimate simulations, we show that the mid-Pliocene hydroclimate state is not driven by direct CO 2 radiative forcing but by a loss of northern high-latitude ice sheets and continental greening. These ice sheet and vegetation changes are long-term Earth system feedbacks to elevated pCO 2 . Further, the moist conditions in the Sahel and subtropical Eurasia during the mid-Pliocene are a product of enhanced tropospheric humidity and a stationary wave response to the surface warming pattern, which varies strongly with land cover changes. These findings highlight the potential for amplified terrestrial hydroclimate responses over long timescales to a sustained CO 2 forcing. In contrast to future projections, paleoclimate records often find wetter subtropics in tandem with elevated CO 2 . Here, a compilation of proxies and simulations are used to reveal the climate dynamics and feedbacks responsible for generating wet subtropics during the mid-Pliocene.

We compare results obtained from modeling the mid-Pliocene warm period using the Community Earth System Models (COSMOS, version: COSMOS-landveg r2413, 2009) with the two different modeling methodologies and sets of boundary conditions prescribed for the two phases of the Pliocene Model Intercomparison Project (PlioMIP), tagged PlioMIP1 and PlioMIP2. Here, we bridge the gap between our contributions to PlioMIP1 (Stepanek and Lohmann, 2012) and PlioMIP2 (Stepanek et al., 2020). We highlight some of the effects that differences in the chosen mid-Pliocene model setup (PlioMIP2 vs. PlioMIP1) have on the climate state as derived with COSMOS, as this information will be valuable in the framework of the model–model and model–data comparison within PlioMIP2. We evaluate the model sensitivity to improved mid-Pliocene boundary conditions using PlioMIP's core mid-Pliocene experiments for PlioMIP1 and PlioMIP2 and present further simulations in which we test model sensitivity to variations in paleogeography, orbit, and the concentration of CO2. Firstly, we highlight major changes in boundary conditions from PlioMIP1 to PlioMIP2 and also the challenges recorded from the initial effort. The results derived from our simulations show that COSMOS simulates a mid-Pliocene climate state that is 0.29 ∘C colder in PlioMIP2 if compared to PlioMIP1 (17.82 ∘C in PlioMIP1, 17.53 ∘C in PlioMIP2; values based on simulated surface skin temperature). On the one hand, high-latitude warming, which is supported by proxy evidence of the mid-Pliocene, is underestimated in simulations of both PlioMIP1 and PlioMIP2. On the other hand, spatial variations in surface air temperature (SAT), sea surface temperature (SST), and the distribution of sea ice suggest improvement of simulated SAT and SST in PlioMIP2 if employing the updated paleogeography. Our PlioMIP2 mid-Pliocene simulation produces warmer SSTs in the Arctic and North Atlantic Ocean than those derived from the respective PlioMIP1 climate state. The difference in prescribed CO2 accounts for 0.5 ∘C of temperature difference in the Arctic, leading to an ice-free summer in the PlioMIP1 simulation, and a quasi ice-free summer in PlioMIP2. Beyond the official set of PlioMIP2 simulations, we present further simulations and analyses that sample the phase space of potential alternative orbital forcings that have acted during the Pliocene and may have impacted geological records. Employing orbital forcing, which differs from that proposed for PlioMIP2 (i.e., corresponding to pre-industrial conditions) but falls into the mid-Pliocene time period targeted in PlioMIP, leads to pronounced annual and seasonal temperature variations. Our result identifies the changes in mid-Pliocene paleogeography from PRISM3 to PRISM4 as the major driver of the mid-Pliocene warmth within PlioMIP and not the minor differences in forcings.

The El Niño/Southern Oscillation (ENSO), the dominant driver of year-to-year climate variability in the equatorial Pacific Ocean, impacts climate pattern across the globe. However, the response of the ENSO system to past and potential future temperature increases is not fully understood. Here we investigate ENSO variability in the warmer climate of the mid-Pliocene (~3.0–3.3 Ma), when surface temperatures were ~2–3 °C above modern values, in a large ensemble of climate models—the Pliocene Model Intercomparison Project. We show that the ensemble consistently suggests a weakening of ENSO variability, with a mean reduction of 25% (±16%). We further show that shifts in the equatorial Pacific mean state cannot fully explain these changes. Instead, ENSO was suppressed by a series of off-equatorial processes triggered by a northward displacement of the Pacific intertropical convergence zone: weakened convective feedback and intensified Southern Hemisphere circulation, which inhibit various processes that initiate ENSO. The connection between the climatological intertropical convergence zone position and ENSO we find in the past is expected to operate in our warming world with important ramifications for ENSO variability.

Thermodynamic arguments imply that global mean rainfall increases in a warmer atmosphere; however, dynamical effects may result in more significant diversity of regional precipitation change. Here we investigate rainfall changes in the mid-Pliocene Warm Period (~ 3 Ma), a time when temperatures were 2–3ºC warmer than the pre-industrial era, using output from the Pliocene Model Intercomparison Projects phases 1 and 2 and sensitivity climate model experiments. In the Mid-Pliocene simulations, the higher rates of warming in the northern hemisphere create an interhemispheric temperature gradient that enhances the southward cross-equatorial energy flux by up to 48%. This intensified energy flux reorganizes the atmospheric circulation leading to a northward shift of the Inter-Tropical Convergence Zone and a weakened and poleward displaced Southern Hemisphere Subtropical Convergences Zones. These changes result in drier-than-normal Southern Hemisphere tropics and subtropics. The evaluation of the mid-Pliocene adds a constraint to possible future warmer scenarios associated with differing rates of warming between hemispheres.

Satellite observations covering the last four decades reveal an ocean warming pattern resembling the negative phase of the Pacific Decadal Oscillation. This pattern has therefore been widely interpreted as a manifestation of natural climate variability. Here, we re-examine the observed warming pattern and find that the predominant warming over the subtropical oceans, while mild warming or even cooling over the subpolar ocean, is dynamically consistent with the convergence and divergence of surface water. By comparison of observations, paleo-reconstructions, and model simulations, we propose that the observed warming pattern is likely a short-term transient response to the increased CO 2 forcing, which only emerges during the early stage of anthropogenic warming. On centennial to millennial timescales, the subpolar ocean warming is expected to exceed the temporally dominant warming of the subtropical ocean. This delayed but amplified subpolar ocean warming has the potential to reshape the ocean-atmosphere circulation and threaten the stability of marine-terminating ice sheets.

This thesis is focused on empirical examinations of commodity derivatives. Commodity futures and options are very important for companies in hedging their commodity price risks. Financial institutions participate also in commodity derivative markets either to gain exposure to commodity prices, diversify their portfolios, or hedge commodity price risk from financial transactions. But also retail investors have been more and more interested in commodity investments for some years. Because of their limited access to commodity markets, they have to rely on special commodity SFPs issued by banks. However, in contrast to derivatives with standard underlyings, such as stocks or bonds, there are various specific aspects to commodity derivatives. Especially interesting from academic as well as practitioners' point of view are the pricing relations between spot and derivative prices, which are closely linked to market fundamentals. But also from the financialization of commodity markets arise several subjects which require scientific examination. I identify in this thesis several unresolved research questions on commodity futures, options, and SFPs. This way it is possible to offer insights in derivative markets for industrial companies, financial institutions, and retail investors alike.