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A special issue of Energies (ISSN 1996-1073). This special issue belongs to the section "C: Energy Economics and Policy".

Deadline for manuscript submissions: closed (30 August 2022) | Viewed by 21703

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Prof. Dr. Carla Oliveira Henriques

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Guest Editor

1. Polytechnic of Coimbra, Coimbra Business School Research Centre|ISCAC, 3040-316 Coimbra, Portugal
2. INESC Coimbra, DEEC, University of Coimbra, 3030-290 Coimbra, Portugal
Interests: input–output analysis; economy–energy–environment interactions; multiobjective linear programming; interval programming

Prof. Dr. Elisabete Neves

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Guest Editor

1. Polytechnic of Coimbra, Coimbra Business School Research Centre|ISCAC, 3040-316 Coimbra, Portugal
2. Centre for Transdisciplinary Development Studies (CETRAD), University of Trás-os-Montes and Alto Douro, 5000-801 Vila Real, Portugal
Interests: corporate finance; qualitative analysis; energy economics; research methodology; corporate governance; qualitative research; corporate social responsibility; capital markets; mutual funds; bank efficiency
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Special Issue Information

Dear Colleagues,

Currently, climate change poses one of the biggest threats to global development. Over the last two centuries, developed countries have been responsible for a higher level of per capita emissions than developing countries. Hence, while the former should be responsible for leading the crusade against climate change, the latter need to establish a trend for rapid growth while resorting to a very distinct energy and carbon-intensive path of early growth stages in developed countries. Consequently, it is urgent to avoid environmental damage through the adoption of innovative sources of sustainable development, taking advantage of emerging and environmentally friendly technologies and funding opportunities, that allow building up a low carbon economy and a climate-resilient society.

Therefore, contributions are expected to cover a wide range of topics including the following: applications explicitly using methods from finance, such as portfolio theory, in the assessment of all sorts of environmental investment problems and energy investment decisions; updated reviews of studies using methods from finance that address energy and environmental investment options with a discussion of the major challenges and the suggestion of possible ways to overcome the problems involved. Contributions reporting the application of other mathematical programming and econometric tools to real-world case studies are also appreciated.

All papers will undertake a rigorous review process according to the quality standards of Energies. Papers must consist of original research and numerical illustrations should refer to realistic case studies for which data should be given (in the paper or as supplementary material) to guarantee the replicability of results. Papers should contribute novel and noteworthy research relative to the relevant literature.

Prof. Dr. Carla Oliveira Henriques
Prof. Dr. Elisabete Neves
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Energies is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

climate change policies
renewable energy
clean technology
energy economics
energy finance

Published Papers (10 papers)

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Research

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17 pages, 1174 KiB

Open AccessArticle

Nexus between Nuclear Energy Consumption and Carbon Footprint in Asia Pacific Region: Policy toward Environmental Sustainability

by Nihal Ahmed, Farhan Mahboob, Zeeshan Hamid, Adnan Ahmed Sheikh, Muhammad Sibt e Ali, Waldemar Glabiszewski, Aneta Wysokińska-Senkus, Piotr Senkus and Szymon Cyfert

Energies 2022, 15(19), 6956; https://doi.org/10.3390/en15196956 - 22 Sep 2022

Cited by 14 | Viewed by 2295

Abstract

The distribution of energy sources is regarded to be an act of compassion in many of the Sustainable Development Goals outlined by the United Nations. In order to build a firm foundation for competitiveness and prosperity, nations should maintain equilibrium with the three key aspects of the global energy trilemma, which are energy affordability, energy access, and ecological balance. In light of this, the purpose of this research was to investigate the impact that nuclear energy, technological advancements, renewable energy, non-renewable energy, and natural resources have had on carbon footprints. We selected the top five nuclear energy countries by consumption in the Asia Pacific region, including China, India, Japan, Pakistan, and South Korea. We devised an exhaustive and all-encompassing empirical inquiry and used contemporary econometric methods. The second-generation panel’s long-run cointegration promotes the idea of long-term relationships between the series. According to the data, using nuclear and renewable sources of energy significantly contributes to an improvement in environmental quality. On the other hand, advancements in technology and the use of energy sources that do not replenish themselves considerably decrease environmental sustainability. In addition, natural resources end up playing a negative role in the long term. The results of the panel’s investigation into the chain of events that led to the development of nuclear power showed that the chain of events was unidirectional. In addition, there is causality that runs in both directions between technological innovation, renewable energy sources, non-renewable energy sources, and natural resources that have a carbon footprint. In light of this, it is recommended that these countries should combine energy policy actions and build energy strategy consistency by harmonizing the essential features of global nuclear energy in order to aid in the development of a well-calibrated energy structure. Full article

(This article belongs to the Special Issue Economics and Finance of Energy and Climate Change)

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19 pages, 724 KiB

Open AccessArticle

The Impact of Economic Factors on the Sustainable Development of Energy Enterprises: The Case of Bulgaria, Czechia, Estonia and Poland

by Anna Misztal, Magdalena Kowalska and Anita Fajczak-Kowalska

Energies 2022, 15(18), 6842; https://doi.org/10.3390/en15186842 - 19 Sep 2022

Cited by 2 | Viewed by 1530

Abstract

The sustainable development of enterprises is based on three pillars: economic, social, and environmental. Sustainable development aims to limit climate change and its negative impact on the natural environment. The main aim of this paper is to assess the impact of selected energy economy factors (government expenditure, environmental taxes, outlays on renewable energy sources, prices of futures contracts for CO₂ emissions, outlays on R&D, and the EU Emissions Trading System (ETS_EU)) on the sustainable development of the energy sectors in Bulgaria, Czechia, Estonia, and Poland, from 2008 to 2022. We use the correlation coefficients, the Ordinary Least Squares (OLS), Vector Autoregressive (VAR) Models, and the simultaneous equation. The research results indicate a variation in the direction and strength of the influence of individual economic factors in the studied countries (p < 0.05). The results can support operational and strategic decisions sustaining the sustainable development of enterprises in the analyzed countries. The results indicate the need to reform selected economic factors, with an emphasis on the increased importance of environmental taxes and the reform of the EU ETS, which is a key tool for reducing greenhouse gas emissions cost-effectively. Full article

(This article belongs to the Special Issue Economics and Finance of Energy and Climate Change)

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17 pages, 305 KiB

Open AccessArticle

Does Economic Globalisation Harm Climate? New Evidence from European Union

by Nela Vlahinić Lenz and Barbara Fajdetić

Energies 2022, 15(18), 6699; https://doi.org/10.3390/en15186699 - 13 Sep 2022

Cited by 3 | Viewed by 1796

Abstract

The issue of globalisation-induced greenhouse gas emissions is an ongoing topic and a major challenge to the EU climate goals of achieving non-zero emissions by 2050. In the light of this ongoing debate on the globalisation–environment nexus, the paper examines the impact of economic globalisation on climate in EU countries over the period 2000–2019 and provide some new empirical evidence. After applying the panel cointegration analysis and the Granger causality test, the dynamic panel analysis is performed for 26 EU countries using the Arellano–Bond estimator. For the policy perspective, the analysed sample of countries is grouped into two subpanels according to their level of development—EU countries with above-average and below-average GDP per capita. After testing the effects of different dimensions of economic globalisation and environmental taxes on GHG emissions, the results revealed the following: (1) Trade globalisation is detrimental to the climate, as trade openness significantly increases emissions in both country groups. Financial globalisation has a weaker impact and increases emissions only in below-average countries, suggesting that FDI inflows could be important for the transfer of green technologies when a country reaches higher development level. (2) Passenger transport reduces GHG emissions in both groups of countries, while FDI are beneficiary for the climate in above-average countries. (3) Environmental taxes as a proxy for environmental policy show statistically significant results, but with different outcomes in the two groups; they have a negative impact on emissions in countries that are below the GDP p/c average, indicating the shortcomings of the tax system in addressing climate change. (4) The total energy consumption increases emissions in both country groups and, thus, harms the climate. Therefore, despite the current unfavourable circumstances, EU countries should continue to expand the green economy, increase energy consumption from renewables, and develop low-carbon technologies that do not depend on imported fossil fuels. Full article

(This article belongs to the Special Issue Economics and Finance of Energy and Climate Change)

34 pages, 767 KiB

Open AccessArticle

A Model of Risk Information Disclosures in Non-Financial Corporate Reports of Socially Responsible Energy Companies in Poland

by Elżbieta Izabela Szczepankiewicz, Windham Eugene Loopesko and Farid Ullah

Energies 2022, 15(7), 2601; https://doi.org/10.3390/en15072601 - 02 Apr 2022

Cited by 10 | Viewed by 2552

Abstract

Risk management is critical for corporate finance management systems, in addition to corporate social responsibility (CSR) and sustainable development (SD) programs. Stakeholders need risk information to make informed judgments as to their involvement. No studies exist to date concerning disclosure of non-financial and financial risks in corporate annual statements and Polish strategic sector company reports. The authors sought to determine whether energy companies disclosed risks in non-financial annual reports in 2011–2020 (e.g., CSR, integrated, and board activity reports), and whether one can assess threats, including business activity risks and SD, based on these reports. We assessed the reports of all large Polish energy companies on a three- and five-degree scale to develop a model for risk information disclosures. We have three key empirical findings. Only half the analysed companies disclose annual financial data, threats, and risks. Less than half have implemented and operate enterprise risk management systems. The current ‘soft’ regulatory solutions give energy companies appreciable risk disclosure options, which often is counterproductive. We suggest developing a single integrated European Union (EU) regulation (e.g., directives, standards, or official principles) for non-financial risk disclosures. Our model classifies Polish energy company risks to business activity operations and risk management systems. Other sectors can use this universal model. Our results constitute progress in identifying company risks and may encourage continuing studies of other energy companies, especially in Central and Eastern Europe (CEE), which should be intensively developed. Research should also occur in other strategic sectors. Full article

(This article belongs to the Special Issue Economics and Finance of Energy and Climate Change)

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17 pages, 792 KiB

Open AccessArticle

The Role of Large Cities in the Development of Low-Carbon Economy—The Example of Poland

by Aldona Standar, Agnieszka Kozera and Dawid Jabkowski

Energies 2022, 15(2), 595; https://doi.org/10.3390/en15020595 - 14 Jan 2022

Cited by 13 | Viewed by 1926

Abstract

The main objective of the article is to evaluate the investment activity of large cities in Poland in the area of developing a low-carbon economy in 2014–2020, co-financed by European Union funds. This article poses several research questions, namely: Do large cities with environmental problems actively obtain EU funding to develop a low-carbon economy? What are the main socio-economic and environmental determinants of the level of the EU funding absorption among large cities in the research area? The empirical research was conducted on the basis of the data from the Ministry of Investment and Economic Development in Poland, which is responsible for the implementation of cohesion policy funds and from the Local Data Bank of Statistics Poland. Under the 2014–2020 perspective, 223 such projects have been implemented for a total of PLN 21 billion (EUR 4.74 billion). The projects focused on: transportation, electricity, gaseous fuels, steam, hot water and air for air conditioning systems, and environmental and climate change activities. In terms of both the number and the value of EU funds spent, great variation has been observed. Analysis of the correlation relationships showed a highly positive correlation between selected indicators of investment activity in the field of low-carbon economy co-financed by EU funds (especially taking into account the value of investments per area) and socio-economic indicators of Polish metropolises. Metropolises with high demographic, economic, and financial potential have proven to be more effective beneficiaries. Interestingly, no correlation was found between investment activity in the low-carbon economy and the level of environment pollution in large cities. This means that, unfortunately, pro-environmental activities depend on the state of finances of the cities, and not necessarily on the actual needs, even taking into account the fact that the EU covers a large proportion of the costs. Full article

(This article belongs to the Special Issue Economics and Finance of Energy and Climate Change)

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22 pages, 1736 KiB

Open AccessArticle

A GIS-MCDA Approach Addressing Economic-Social-Environmental Concerns for Selecting the Most Suitable Compressed Air Energy Storage Reservoirs

by Catarina R. Matos, Júlio F. Carneiro, Patrícia Pereira da Silva and Carla O. Henriques

Energies 2021, 14(20), 6793; https://doi.org/10.3390/en14206793 - 18 Oct 2021

Cited by 6 | Viewed by 1597

Abstract

This article presents an assessment of the most suitable compressed air energy storage (CAES) reservoirs and facilities to better integrate renewable energy into the electricity grid. The novelty of this study resides in selecting the best CAES reservoir sites through the application of a multi-criteria decision aid (MCDA) tool, specifically the simple additive weighting (SAW) method. Besides using geographic information systems (GIS) spatial representation of potential reservoir areas, for the MCDA method, several spatial criteria, environmental and social constraints, and positive incentives (e.g., the proximity to existing power generation facilities of renewable energy sources) were contemplated. As a result, sixty-two alternatives or potential reservoir sites were identified, and thirteen criteria (seven constraints and six incentives) were considered. The final stage of this study consisted of conducting a sensitivity analysis to determine the robustness of the solutions obtained and giving insights regarding each criterion’s influence on the reservoir sites selected. The three best suitable reservoir sites obtained were the Monte Real salt dome, Sines Massif, and the Campina de Cima—Loulé salt mine. The results show that this GIS-MCDA methodological framework, integrating spatial and non-spatial information, proved to provide a multidimensional view of the potential reservoir CAES systems incorporating both constraints and incentives. Full article

(This article belongs to the Special Issue Economics and Finance of Energy and Climate Change)

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15 pages, 587 KiB

Open AccessArticle

Determinants of Renewable Energy Production: Do Intellectual Property Rights Matter?

by Wu-Shun Tee, Lee Chin and Abdul Samad Abdul-Rahim

Energies 2021, 14(18), 5707; https://doi.org/10.3390/en14185707 - 10 Sep 2021

Cited by 15 | Viewed by 2621

Abstract

Climate change and finite energy supply issues have received substantial public attention in recent times. It has been argued that a sustainable energy supply associated with the promotion of clean energy is an important engine of growth, which calls for sound protection to reinforce investments in the renewable energy market. This paper examined the effect of intellectual property rights (IPRs) on renewable energy production using the dynamic panel generalised method of moments (GMM) technique on data from 59 sample countries. The empirical results provided strong evidence that IPRs significantly drive renewable energy production. Greater protection rights motivate renewable energy firms to increase energy production from renewable resources. Our findings further revealed that stronger protection propagates the deployment of renewable energy technologies that ultimately promote renewable energy production. Full article

(This article belongs to the Special Issue Economics and Finance of Energy and Climate Change)

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17 pages, 539 KiB

Open AccessArticle

Regional Climate Change Competitiveness—Modelling Approach

by Agnieszka Karman, Andrzej Miszczuk and Urszula Bronisz

Energies 2021, 14(12), 3704; https://doi.org/10.3390/en14123704 - 21 Jun 2021

Cited by 5 | Viewed by 1627

Abstract

The article deals with the competitiveness of regions in the face of climate change. The aim was to present the concept of measuring the Regional Climate Change Competitiveness Index. We used a comparative and logical analysis of the concept of regional competitiveness and heuristic conceptual methods to construct the index and measurement scale. The structure of the index includes six broad sub-indexes: Basic, Natural, Efficiency, Innovation, Sectoral, Social, and 89 indicators. A practical application of the model was presented for the Mazowieckie province in Poland. This allowed the region’s performance in the context of climate change to be presented, and regional weaknesses in the process of adaptation to climate change to be identified. The conclusions of the research confirm the possibility of applying the Regional Climate Change Competitiveness Index in the economic analysis and strategic planning. The presented model constitutes one of the earliest tools for the evaluation of climate change competitiveness at a regional level. Full article

(This article belongs to the Special Issue Economics and Finance of Energy and Climate Change)

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14 pages, 295 KiB

Open AccessArticle

Financial Development, Financial Inclusion and Primary Energy Use: Evidence from the European Union Transition Economies

by Yilmaz Bayar, Mehmet Hilmi Ozkaya, Laura Herta and Marius Dan Gavriletea

Energies 2021, 14(12), 3638; https://doi.org/10.3390/en14123638 - 18 Jun 2021

Cited by 20 | Viewed by 2108

Abstract

The main objective of the research is to analyze the impact of financial sector development indicators and financial institutions access on primary energy use based on a sample of European Union transition members over 20 years period (1996–2017) through panel cointegration and causality tests that allow for cross-section dependence. The causality analysis revealed that the direction of the causality among financial development indicators, financial institutions access, and primary energy use varied among the countries. On the other side, panel cointegration coefficients disclosed that the financial development index positively affected the primary energy use, but private credit did not have a significant effect on the primary energy use. Furthermore, financial institutions’ access had a significant negative impact on primary energy use. However, country-level cointegration coefficients indicated that the financial development index positively affected the primary energy use in Bulgaria, Croatia, Czechia, Hungary, and Slovenia, and private credit also had a positive impact on primary energy use in Bulgaria, Czechia, Estonia, Hungary, Lithuania, Poland, and Slovakia, but the effect of financial development index on primary energy use was found to be very higher than that of private credit. Moreover, financial institutions’ access negatively affected the primary energy use in Croatia, Estonia, Hungary, Poland, and Romania. Full article

(This article belongs to the Special Issue Economics and Finance of Energy and Climate Change)

Review

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26 pages, 2328 KiB

Open AccessReview

A Review on Economic Input-Output Analysis in the Environmental Assessment of Electricity Generation

by C. Oliveira Henriques and S. Sousa

Energies 2023, 16(6), 2930; https://doi.org/10.3390/en16062930 - 22 Mar 2023

Cited by 2 | Viewed by 2083

Abstract

This paper aims to review one of the least used, but no less important, approaches in the assessment of the environmental implications of electricity generation: the Economic Input-Output Life Cycle Assessment (EIO-LCA). This methodology is a top-down approach intertwined with the environmental satellite accounts provided by the national statistical office. Through the use of economic input-output (IO) tables and industrial sector-level environmental and energy data, the EIO-LCA analysis allows for broad impact coverage of all sectors directly and indirectly involved with electricity generation. In this study, a brief overview of this methodology and the corresponding assumptions is presented, as well as an updated review of the different applications of the EIO-LCA approach in electricity generation, suggesting a possible classification of the many studies developed in this context. The different ways of overcoming the problem of disaggregation in the electricity sector are also addressed, namely by considering different IO table formats (i.e., symmetric or rectangular tables). This is a particularly relevant feature of our review, as the way in which electricity generation is modeled can result in different calculations of the costs and benefits of environmental policies. In this context, this paper further contributes to the literature by explaining and providing examples of distinct approaches to modeling the electricity sector in IO models on a detailed level. Full article

(This article belongs to the Special Issue Economics and Finance of Energy and Climate Change)

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