Pub Date : 2025-12-13DOI: 10.1016/j.eneco.2025.109084
Georgios Papadopoulos
Company carbon disclosures are a fundamental piece of information for assessing firms’ environmental impact, and many policy actions are associated with them. Responding to a rising demand for transparency and regulatory requirements, firms disclose information on their greenhouse-gas (GHG) emissions and voluntarily engage with external assurance of the reported data. However, the possible existence of systematic differences in reported emissions with respect to their assurance status is under-explored. This study investigates the causal effect of external assurance on carbon disclosures in a sample of European companies. Findings suggest that, on average, non-assuring firms under-report their direct GHG emissions by a share similar to the largest annual emissions reduction in the EU, compared to the assured reports of their peers. Instead, assurance’s effect is much weaker in indirect emissions. These results demonstrate that third-party assurance could provide more prudent estimates of corporate GHG emissions which are important for all stakeholders, including companies, investors and policymakers, to mitigate climate change.
{"title":"The effect of external assurance on corporate carbon disclosures: Empirical evidence from Europe","authors":"Georgios Papadopoulos","doi":"10.1016/j.eneco.2025.109084","DOIUrl":"10.1016/j.eneco.2025.109084","url":null,"abstract":"<div><div>Company carbon disclosures are a fundamental piece of information for assessing firms’ environmental impact, and many policy actions are associated with them. Responding to a rising demand for transparency and regulatory requirements, firms disclose information on their greenhouse-gas (GHG) emissions and voluntarily engage with external assurance of the reported data. However, the possible existence of systematic differences in reported emissions with respect to their assurance status is under-explored. This study investigates the causal effect of external assurance on carbon disclosures in a sample of European companies. Findings suggest that, on average, non-assuring firms under-report their direct GHG emissions by a share similar to the largest annual emissions reduction in the EU, compared to the assured reports of their peers. Instead, assurance’s effect is much weaker in indirect emissions. These results demonstrate that third-party assurance could provide more prudent estimates of corporate GHG emissions which are important for all stakeholders, including companies, investors and policymakers, to mitigate climate change.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"153 ","pages":"Article 109084"},"PeriodicalIF":14.2,"publicationDate":"2025-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145731903","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-13DOI: 10.1016/j.eneco.2025.109090
Martin Enilov , Edna Delantar , Mamata Parhi
Fintech plays an instrumental role in advancing global ESG objectives, leveraging a more inclusive, transparent, and accountable financial system. Our paper explores the occurrence of dynamic linkages between Fintech and ESG across various dimensions, examining how the strength of their interconnectedness drives the energy transition towards clean technology. Using daily data from 31st May 2018 to 1st August 2024, we apply a time-varying parameter robust Granger causality method coupled with quantile technique to provide the first attempt in the literature on the dynamic causal patterns between the strength of Fintech-ESG connection and Cleantech energy transition risk (CETR). We find asymmetry in the connectedness across different quantiles, with Fintech sectors acting primarily as shock transmitters, while most ESG indexes are receivers. The 2022 Russia-Ukraine conflict reduces the connectedness between Fintech and ESG, with minimal effects on spillover direction. Our results show a heterogeneous response to shocks in developed markets, while developing ones tend to react more homogeneously. Additionally, we find strong evidence of a time-varying causal relationship between Fintech-ESG connectedness and CETR, with the conflict exacerbating asymmetry, especially at the lower quantile. Recent trends suggest a modest resurgence in this connection, signalling a re-emergence of the Fintech-ESG connection influence on CETR. The impact of extreme events tends to taper-off over time, suggesting that the prolonged conflict-driven market environment may have stabilized sufficiently to restore Fintech's role in promoting ESG initiatives, thereby supporting the ongoing transition to clean technology.
{"title":"The predictive effects of Fintech-ESG dynamic interdependence: A global perspective on Cleantech energy transition risk","authors":"Martin Enilov , Edna Delantar , Mamata Parhi","doi":"10.1016/j.eneco.2025.109090","DOIUrl":"10.1016/j.eneco.2025.109090","url":null,"abstract":"<div><div>Fintech plays an instrumental role in advancing global ESG objectives, leveraging a more inclusive, transparent, and accountable financial system. Our paper explores the occurrence of dynamic linkages between Fintech and ESG across various dimensions, examining how the strength of their interconnectedness drives the energy transition towards clean technology. Using daily data from 31st May 2018 to 1st August 2024, we apply a time-varying parameter robust Granger causality method coupled with quantile technique to provide the first attempt in the literature on the dynamic causal patterns between the strength of Fintech-ESG connection and Cleantech energy transition risk (CETR). We find asymmetry in the connectedness across different quantiles, with Fintech sectors acting primarily as shock transmitters, while most ESG indexes are receivers. The 2022 Russia-Ukraine conflict reduces the connectedness between Fintech and ESG, with minimal effects on spillover direction. Our results show a heterogeneous response to shocks in developed markets, while developing ones tend to react more homogeneously. Additionally, we find strong evidence of a time-varying causal relationship between Fintech-ESG connectedness and CETR, with the conflict exacerbating asymmetry, especially at the lower quantile. Recent trends suggest a modest resurgence in this connection, signalling a re-emergence of the Fintech-ESG connection influence on CETR. The impact of extreme events tends to taper-off over time, suggesting that the prolonged conflict-driven market environment may have stabilized sufficiently to restore Fintech's role in promoting ESG initiatives, thereby supporting the ongoing transition to clean technology.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"153 ","pages":"Article 109090"},"PeriodicalIF":14.2,"publicationDate":"2025-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145731905","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-11DOI: 10.1016/j.eneco.2025.109089
Qingying Zheng , Handan Li , Guochao Bu , Hongxun Liu
This paper first distinguishes green innovation into substantive innovation (GI) and strategic innovation (SI). It then employs evolutionary game and panel econometric models to examine firms' green innovation choices under varying intensities of carbon emission regulation, as well as the moderating role of green finance support. The results show that carbon regulation mitigates the insufficient incentive problem for green innovation. However, different levels of regulatory intensity induce firms to adopt distinct green innovation strategies. Using the comprehensive carbon price (TCP) as a proxy for regulation intensity, we identify an inverted U-shaped relationship between TCP and GI. When the TCP is below the critical value of 19.08 yuan/ton, an increase in carbon price effectively promotes GI, whereas beyond this threshold, further increases significantly inhibit GI. In contrast, TCP exhibits a significant positive linear relationship with SI, indicating that for each one-yuan increase in carbon price raises strategic green innovations by approximately 0.76 %. Green finance support alleviates the cost and risk pressures imposed by carbon emission regulation, raising the threshold to 20.56 yuan/ton and playing a significant moderating role. Moreover, heterogeneity analysis reveals that the inverted U-shaped relationship between TCP and GI varies across firms: the threshold shifts rightward for large-scale firms and those facing intense industry competition, but leftward for heavily polluting firms. These findings provide policy implications for optimizing carbon regulation and green finance mechanisms, and for addressing firms' overemphasis on the quantity rather than quality of green innovation.
{"title":"Navigating green innovation: The role of carbon regulation and green finance in corporate strategy","authors":"Qingying Zheng , Handan Li , Guochao Bu , Hongxun Liu","doi":"10.1016/j.eneco.2025.109089","DOIUrl":"10.1016/j.eneco.2025.109089","url":null,"abstract":"<div><div>This paper first distinguishes green innovation into substantive innovation (GI) and strategic innovation (SI). It then employs evolutionary game and panel econometric models to examine firms' green innovation choices under varying intensities of carbon emission regulation, as well as the moderating role of green finance support. The results show that carbon regulation mitigates the insufficient incentive problem for green innovation. However, different levels of regulatory intensity induce firms to adopt distinct green innovation strategies. Using the comprehensive carbon price (TCP) as a proxy for regulation intensity, we identify an inverted U-shaped relationship between TCP and GI. When the TCP is below the critical value of 19.08 yuan/ton, an increase in carbon price effectively promotes GI, whereas beyond this threshold, further increases significantly inhibit GI. In contrast, TCP exhibits a significant positive linear relationship with SI, indicating that for each one-yuan increase in carbon price raises strategic green innovations by approximately 0.76 %. Green finance support alleviates the cost and risk pressures imposed by carbon emission regulation, raising the threshold to 20.56 yuan/ton and playing a significant moderating role. Moreover, heterogeneity analysis reveals that the inverted U-shaped relationship between TCP and GI varies across firms: the threshold shifts rightward for large-scale firms and those facing intense industry competition, but leftward for heavily polluting firms. These findings provide policy implications for optimizing carbon regulation and green finance mechanisms, and for addressing firms' overemphasis on the quantity rather than quality of green innovation.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"153 ","pages":"Article 109089"},"PeriodicalIF":14.2,"publicationDate":"2025-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145730959","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Hydrogen is likely to play an important role in achieving China's carbon neutrality target which is crucial for coping with the global climate change. Given that different regions of China are heterogeneous in terms of resources and demand, this study developed a provincial-level China energy system optimization model that considers ultra-high voltage (UHV) electricity transmission and hydrogen pipeline transmission among provinces. With the model, we evaluated the optimal deployment of hydrogen in China under two paths to be carbon-neutral: a relatively loose path for the 2 °C Global Temperature Target and a relatively tight path for the 1.5 °C Global Temperature Target. This study found that the tight path indicates a faster substitution of blue and green hydrogen for gray hydrogen, which is associated with the relocation of hydrogen production from coal-rich provinces to renewable-rich ones. Compared with the loose path, the tight path would require approximately 100 %–120 % higher annual investment in China from 2025 to 2035. This study also revealed that both the paths would increase the inter-provincial carbon emission transfer from developed to less-developed provinces. A policy implication is that China should consider implementing carbon accounting at the demand side, which would be vital for an equitable regional development.
{"title":"Deployment of China's hydrogen production with loose or tight carbon-reduction paths","authors":"Liang Gui , Xingrong Zhao , Hongtao Ren , Tieju Ma","doi":"10.1016/j.eneco.2025.109085","DOIUrl":"10.1016/j.eneco.2025.109085","url":null,"abstract":"<div><div>Hydrogen is likely to play an important role in achieving China's carbon neutrality target which is crucial for coping with the global climate change. Given that different regions of China are heterogeneous in terms of resources and demand, this study developed a provincial-level China energy system optimization model that considers ultra-high voltage (UHV) electricity transmission and hydrogen pipeline transmission among provinces. With the model, we evaluated the optimal deployment of hydrogen in China under two paths to be carbon-neutral: a relatively loose path for the 2 °C Global Temperature Target and a relatively tight path for the 1.5 °C Global Temperature Target. This study found that the tight path indicates a faster substitution of blue and green hydrogen for gray hydrogen, which is associated with the relocation of hydrogen production from coal-rich provinces to renewable-rich ones. Compared with the loose path, the tight path would require approximately 100 %–120 % higher annual investment in China from 2025 to 2035. This study also revealed that both the paths would increase the inter-provincial carbon emission transfer from developed to less-developed provinces. A policy implication is that China should consider implementing carbon accounting at the demand side, which would be vital for an equitable regional development.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"153 ","pages":"Article 109085"},"PeriodicalIF":14.2,"publicationDate":"2025-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145786908","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-10DOI: 10.1016/j.eneco.2025.109087
Per Andersen, Alexander M. Dietrich
Does residential electricity demand respond to prices? Using a large, high-frequency smart meter dataset from Denmark combined with hourly prices, we estimate the short-run, hourly price elasticity of electricity demand at the household level. Although most households show no significant responsiveness to price signals, we find that nearly one third reduce their consumption significantly when prices rise. On average, a one Danish krone increase in electricity prices leads to a 2.6% decrease in demand. By linking smart meter data to administrative records, we further examine how price responsiveness varies across socio-demographic groups. We find that the price sensitivity is higher among households with higher educational attainment and overall electricity consumption, but lower among those aged 35 to 54.
{"title":"Price response in residential electricity demand: Evidence from Danish smart meter data","authors":"Per Andersen, Alexander M. Dietrich","doi":"10.1016/j.eneco.2025.109087","DOIUrl":"10.1016/j.eneco.2025.109087","url":null,"abstract":"<div><div>Does residential electricity demand respond to prices? Using a large, high-frequency smart meter dataset from Denmark combined with hourly prices, we estimate the short-run, hourly price elasticity of electricity demand at the household level. Although most households show no significant responsiveness to price signals, we find that nearly one third reduce their consumption significantly when prices rise. On average, a one Danish krone increase in electricity prices leads to a 2.6% decrease in demand. By linking smart meter data to administrative records, we further examine how price responsiveness varies across socio-demographic groups. We find that the price sensitivity is higher among households with higher educational attainment and overall electricity consumption, but lower among those aged 35 to 54.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"153 ","pages":"Article 109087"},"PeriodicalIF":14.2,"publicationDate":"2025-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145731904","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-10DOI: 10.1016/j.eneco.2025.108970
Yiying Li , Cheng Yan , Xiaohang Ren
{"title":"Corrigendum to ‘Do uncertainties affect clean energy markets? Comparisons from a multi-frequency and multi-quantile framework’ [Energy Economics Volume 121, May 2023, 106679]","authors":"Yiying Li , Cheng Yan , Xiaohang Ren","doi":"10.1016/j.eneco.2025.108970","DOIUrl":"10.1016/j.eneco.2025.108970","url":null,"abstract":"","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"153 ","pages":"Article 108970"},"PeriodicalIF":14.2,"publicationDate":"2025-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145730997","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-09DOI: 10.1016/j.eneco.2025.109081
Yong Jiang , Tony Klein , Yi-Shuai Ren , Yuan-Kun Xiong
This study investigates the impact of the U.S. climate policy uncertainty (CPU) on the green innovation output of firms, with a particular focus on Chinese A-share listed companies from 2009 to 2020. The findings reveal that the U.S. CPU can act as a catalyst for enhancing green innovation among Chinese firms. The heterogeneity analysis reveals that the U.S. CPU significantly influences green innovation in state-owned firms and heavy-polluting firms, firms with ownership by more institutional investors, and firms that are either in a growth or in a decline phase. Further mechanism analysis indicates that the increasing U.S. CPU enhances firms' green innovation outcomes via three channels: mitigating corporate financial distress risk, increasing government subsidies, and altering the competitive landscape. In addition, firms' climate risk exposure amplifies the effect of CPU, whereas proactive government climate policies tend to weaken it. Our research findings provide substantial insights for investors and governmental agencies in comprehending the effects of cross-border spillover from climate policies on firm innovation.
{"title":"Green innovation in the face of external uncertainty: Insights from US climate policies","authors":"Yong Jiang , Tony Klein , Yi-Shuai Ren , Yuan-Kun Xiong","doi":"10.1016/j.eneco.2025.109081","DOIUrl":"10.1016/j.eneco.2025.109081","url":null,"abstract":"<div><div>This study investigates the impact of the U.S. climate policy uncertainty (CPU) on the green innovation output of firms, with a particular focus on Chinese A-share listed companies from 2009 to 2020. The findings reveal that the U.S. CPU can act as a catalyst for enhancing green innovation among Chinese firms. The heterogeneity analysis reveals that the U.S. CPU significantly influences green innovation in state-owned firms and heavy-polluting firms, firms with ownership by more institutional investors, and firms that are either in a growth or in a decline phase. Further mechanism analysis indicates that the increasing U.S. CPU enhances firms' green innovation outcomes via three channels: mitigating corporate financial distress risk, increasing government subsidies, and altering the competitive landscape. In addition, firms' climate risk exposure amplifies the effect of CPU, whereas proactive government climate policies tend to weaken it. Our research findings provide substantial insights for investors and governmental agencies in comprehending the effects of cross-border spillover from climate policies on firm innovation.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"153 ","pages":"Article 109081"},"PeriodicalIF":14.2,"publicationDate":"2025-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145732702","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-08DOI: 10.1016/j.eneco.2025.109082
Jean-François Bégin , Fabio Gómez , Katja Ignatieva , Han Li
{"title":"Corrigendum to “The stochastic behavior of electricity prices under scrutiny: Evidence from spot and futures markets” [Energy Economics, 144, April 2025, 108296]","authors":"Jean-François Bégin , Fabio Gómez , Katja Ignatieva , Han Li","doi":"10.1016/j.eneco.2025.109082","DOIUrl":"10.1016/j.eneco.2025.109082","url":null,"abstract":"","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"153 ","pages":"Article 109082"},"PeriodicalIF":14.2,"publicationDate":"2025-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145731906","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-05DOI: 10.1016/j.eneco.2025.109078
Darryl Biggar , Mohammad Reza Hesamzadeh
Electric power systems are increasingly turning to energy storage systems to balance supply and demand. But how much storage is required? What is the optimal volume of storage in a power system and on what does it depend? In addition, what form of hedge contracts do storage facilities require? We answer these questions in the special case in which the uncertainty in the power system involves successive draws of an independent, identically-distributed random variable. We characterise the conditions for the optimal operation of, and investment in, storage and show how these conditions can be understood graphically using price-duration curves. We also characterise the optimal hedge contracts for storage units.
{"title":"The theory of storage in a power system with stochastic demand","authors":"Darryl Biggar , Mohammad Reza Hesamzadeh","doi":"10.1016/j.eneco.2025.109078","DOIUrl":"10.1016/j.eneco.2025.109078","url":null,"abstract":"<div><div>Electric power systems are increasingly turning to energy storage systems to balance supply and demand. But how much storage is required? What is the optimal volume of storage in a power system and on what does it depend? In addition, what form of hedge contracts do storage facilities require? We answer these questions in the special case in which the uncertainty in the power system involves successive draws of an independent, identically-distributed random variable. We characterise the conditions for the optimal operation of, and investment in, storage and show how these conditions can be understood graphically using price-duration curves. We also characterise the optimal hedge contracts for storage units.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"153 ","pages":"Article 109078"},"PeriodicalIF":14.2,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145696609","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-04DOI: 10.1016/j.eneco.2025.109083
Nicolae Stef , Sami Ben Jabeur
Countries can rely upon decarbonization policies that stimulate the green transition of energy systems to combat global warming. However, such policies can provide financial opportunities to local firms as they lead to changes in the performance of the national energy system. Using a sample composed of 5936 nonfinancial listed firms operating in 42 developing countries over the period 2015–2024, our study investigates how the decarbonization strategies of local authorities affect corporate financial performance. Panel regressions reveal that a more diversified network of energy suppliers contributes to an increase in the financial performance of firms from Southeast Asia and Latin America. Strengthening the decarbonization regulations and the political commitment to energy transition policies leads to high corporate performance in the region of Sub-Saharan Africa. Estimates also pointed out that listed firms from Middle East and North Africa can financially benefit from investments in energy system infrastructure. Interestingly, the mechanisms that could explain the positive effects of such decarbonization policies include reducing operational costs and enhancing firms' capacity to repay their debts.
{"title":"How do decarbonization policies affect a firm's financial performance? Evidence from emergent economies","authors":"Nicolae Stef , Sami Ben Jabeur","doi":"10.1016/j.eneco.2025.109083","DOIUrl":"10.1016/j.eneco.2025.109083","url":null,"abstract":"<div><div>Countries can rely upon decarbonization policies that stimulate the green transition of energy systems to combat global warming. However, such policies can provide financial opportunities to local firms as they lead to changes in the performance of the national energy system. Using a sample composed of 5936 nonfinancial listed firms operating in 42 developing countries over the period 2015–2024, our study investigates how the decarbonization strategies of local authorities affect corporate financial performance. Panel regressions reveal that a more diversified network of energy suppliers contributes to an increase in the financial performance of firms from Southeast Asia and Latin America. Strengthening the decarbonization regulations and the political commitment to energy transition policies leads to high corporate performance in the region of Sub-Saharan Africa. Estimates also pointed out that listed firms from Middle East and North Africa can financially benefit from investments in energy system infrastructure. Interestingly, the mechanisms that could explain the positive effects of such decarbonization policies include reducing operational costs and enhancing firms' capacity to repay their debts.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"153 ","pages":"Article 109083"},"PeriodicalIF":14.2,"publicationDate":"2025-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145689442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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