Rural areas of sub-Saharan Africa have experienced limited progress towards the sustainable development goal of universal access to clean cooking. Energy-efficient biomass cookstoves (EEBCs) are considered a potential bridge technology, but EEBC models vary widely, and there is a lack of understanding about their real-world use implications. We conduct a randomized controlled trial in rural Senegal to compare a low-cost, locally produced stove designed to achieve fuel savings and an expensive, imported stove shown to be more efficient and emissions-reducing in the laboratory. We find that the two EEBCs perform similarly: both reduce fuel consumption but have no significant impact on cooking time and fuel collection, emissions, or objective health measures. We conclude that the technically advanced option is not cost effective for most of our sample, while the low-cost EEBC can be seen as a stop-gap solution that primarily reduces fuel use. The findings underpin the importance of customizing EEBC dissemination to local context and baseline cooking patterns.
{"title":"A bridge to clean cooking? The cost-effectiveness of energy-efficient biomass stoves in rural Senegal","authors":"Gunther Bensch , Marc Jeuland , Luciane Lenz , Ousmane Ndiaye","doi":"10.1016/j.eneco.2024.107974","DOIUrl":"10.1016/j.eneco.2024.107974","url":null,"abstract":"<div><div>Rural areas of sub-Saharan Africa have experienced limited progress towards the sustainable development goal of universal access to clean cooking. Energy-efficient biomass cookstoves (EEBCs) are considered a potential bridge technology, but EEBC models vary widely, and there is a lack of understanding about their real-world use implications. We conduct a randomized controlled trial in rural Senegal to compare a low-cost, locally produced stove designed to achieve fuel savings and an expensive, imported stove shown to be more efficient and emissions-reducing in the laboratory. We find that the two EEBCs perform similarly: both reduce fuel consumption but have no significant impact on cooking time and fuel collection, emissions, or objective health measures. We conclude that the technically advanced option is not cost effective for most of our sample, while the low-cost EEBC can be seen as a stop-gap solution that primarily reduces fuel use. The findings underpin the importance of customizing EEBC dissemination to local context and baseline cooking patterns.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 107974"},"PeriodicalIF":13.6,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532886","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-10-15DOI: 10.1016/j.eneco.2024.107968
Chiu-Lan Chang , Jiahui Zhang , Yu-En Lin
Climate policy uncertainty (CPU), driven by the need to address climate extremes and environmental degradation, significantly impacts the strategic corporate investments (CI) of energy firms. This study examines the influence of CPU on CI within the energy sector, with a particular focus on the moderating role of corporate social responsibility (CSR). Utilizing an empirical approach and a dataset of U.S. energy firms, the research reveals that CPU negatively affects CI, even after controlling for firm-specific factors such as size, financial leverage, and profitability. The study also uncovers a complex relationship between CSR and CI under conditions of CPU. While CSR is beneficial for firms' long-term growth and financial health by promoting sustainable practices, it can also intensify the negative impact of CPU on CI for firms with limited financial resources.
The findings highlight the critical need to investigate the interplay between CPU, CSR, and CI in the energy sector. This research contributes to energy economics by providing insights into how CPU and CSR shape CI, offering a nuanced perspective on the dual role of CSR in the context of CPU. The results are of academic significance and have practical implications for corporate strategy, policymaking, and investment decisions in an industry central to global climate action and economic progress.
由于需要应对极端气候和环境恶化，气候政策的不确定性（CPU）对能源企业的战略性企业投资（CI）产生了重大影响。本研究探讨了气候政策不确定性对能源行业企业战略投资的影响，尤其关注企业社会责任（CSR）的调节作用。利用实证方法和美国能源企业数据集，研究发现，即使在控制了企业规模、财务杠杆和盈利能力等特定因素后，CPU 仍会对 CI 产生负面影响。研究还揭示了企业社会责任与 CI 在 CPU 条件下的复杂关系。虽然企业社会责任通过促进可持续实践有利于企业的长期发展和财务健康，但对于财务资源有限的企业来说，它也会加剧中央政策组对企业社会责任的负面影响。研究结果凸显了研究能源行业中央政策组、企业社会责任和企业社会责任之间相互作用的迫切需要。这项研究深入探讨了中央政策组和企业社会责任如何影响企业社会责任，为能源经济学提供了一个关于企业社会责任在中央政策组背景下的双重作用的微妙视角。研究结果不仅具有重要的学术意义，而且对全球气候行动和经济进步的核心行业的企业战略、政策制定和投资决策具有实际意义。
{"title":"Climate policy uncertainty, corporate social responsibility and corporate investments of the energy firms","authors":"Chiu-Lan Chang , Jiahui Zhang , Yu-En Lin","doi":"10.1016/j.eneco.2024.107968","DOIUrl":"10.1016/j.eneco.2024.107968","url":null,"abstract":"<div><div>Climate policy uncertainty (CPU), driven by the need to address climate extremes and environmental degradation, significantly impacts the strategic corporate investments (CI) of energy firms. This study examines the influence of CPU on CI within the energy sector, with a particular focus on the moderating role of corporate social responsibility (CSR). Utilizing an empirical approach and a dataset of U.S. energy firms, the research reveals that CPU negatively affects CI, even after controlling for firm-specific factors such as size, financial leverage, and profitability. The study also uncovers a complex relationship between CSR and CI under conditions of CPU. While CSR is beneficial for firms' long-term growth and financial health by promoting sustainable practices, it can also intensify the negative impact of CPU on CI for firms with limited financial resources.</div><div>The findings highlight the critical need to investigate the interplay between CPU, CSR, and CI in the energy sector. This research contributes to energy economics by providing insights into how CPU and CSR shape CI, offering a nuanced perspective on the dual role of CSR in the context of CPU. The results are of academic significance and have practical implications for corporate strategy, policymaking, and investment decisions in an industry central to global climate action and economic progress.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 107968"},"PeriodicalIF":13.6,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532810","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}
Corporate energy innovation is a crucial means for countries worldwide to achieve sustainable development goals. Climate policy is one of the measures employed by government departments to address climate change and energy challenges. Existing research mostly focuses on the regional environmental consequences of climate policy, lacking consideration of the policy stringency, and there is a gap in understanding its sustainable energy benefits at the micro level. This study uses data from Chinese A-share listed enterprises from 2012 to 2022, combined with media text big data, to construct and measure a firm-level climate policy stringency indicator using machine learning methods. We explore the complex interplay between climate policy stringency and corporate energy innovation based on institutional theory and its legitimacy perspective. Empirical analysis results indicate that: 1) Climate policy stringency can incentivize companies to pursue energy innovation. 2) Climate policy stringency can promote the process of corporate energy innovation by helping companies acquire external economic resources and encouraging them to modify their internal sustainable development philosophy. 3) In state-owned enterprises, non-short-termism management enterprises, enterprises receiving higher government environmental subsidies, enterprises with higher media attention, enterprises belonging to regulated and polluting industries, and those in regions with high public environmental attention, the climate policy stringency is more likely to have positive effects on energy innovation. This study will help government practitioners and corporate managers comprehend the interplay between the climate policy stringency and corporate energy innovation. It also provides targeted management insights to advance green innovation transformation in the economy and society.
企业能源创新是世界各国实现可持续发展目标的重要手段。气候政策是政府部门应对气候变化和能源挑战的措施之一。现有研究多关注气候政策对区域环境的影响，缺乏对政策严格性的考量，在微观层面对其可持续能源效益的理解也存在空白。本研究利用中国 A 股上市企业 2012 年至 2022 年的数据，结合媒体文本大数据，采用机器学习方法构建并衡量企业层面的气候政策严格性指标。我们基于制度理论及其合法性视角，探讨了气候政策严格性与企业能源创新之间复杂的相互作用。实证分析结果表明1) 气候政策的严格性可以激励企业进行能源创新。2）气候政策的严格性可以通过帮助企业获取外部经济资源、鼓励企业改变内部可持续发展理念来促进企业能源创新的进程。3）在国有企业、非短期化管理企业、获得政府环境补贴较高的企业、媒体关注度较高的企业、属于管制型和污染型行业的企业以及公众环境关注度较高的地区，气候政策的严格性更有可能对能源创新产生积极影响。本研究有助于政府从业人员和企业管理者理解气候政策严格性与企业能源创新之间的相互作用。同时，它也为推动经济和社会的绿色创新转型提供了有针对性的管理见解。
{"title":"Assessing the impact of climate policy stringency on corporate energy innovation: Insights from China","authors":"Zhongzhu Chu , Qiyuan Zhang , Weijie Tan , Pengyu Chen","doi":"10.1016/j.eneco.2024.107959","DOIUrl":"10.1016/j.eneco.2024.107959","url":null,"abstract":"<div><div>Corporate energy innovation is a crucial means for countries worldwide to achieve sustainable development goals. Climate policy is one of the measures employed by government departments to address climate change and energy challenges. Existing research mostly focuses on the regional environmental consequences of climate policy, lacking consideration of the policy stringency, and there is a gap in understanding its sustainable energy benefits at the micro level. This study uses data from Chinese A-share listed enterprises from 2012 to 2022, combined with media text big data, to construct and measure a firm-level climate policy stringency indicator using machine learning methods. We explore the complex interplay between climate policy stringency and corporate energy innovation based on institutional theory and its legitimacy perspective. Empirical analysis results indicate that: 1) Climate policy stringency can incentivize companies to pursue energy innovation. 2) Climate policy stringency can promote the process of corporate energy innovation by helping companies acquire external economic resources and encouraging them to modify their internal sustainable development philosophy. 3) In state-owned enterprises, non-short-termism management enterprises, enterprises receiving higher government environmental subsidies, enterprises with higher media attention, enterprises belonging to regulated and polluting industries, and those in regions with high public environmental attention, the climate policy stringency is more likely to have positive effects on energy innovation. This study will help government practitioners and corporate managers comprehend the interplay between the climate policy stringency and corporate energy innovation. It also provides targeted management insights to advance green innovation transformation in the economy and society.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 107959"},"PeriodicalIF":13.6,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532811","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 : 2024-10-15DOI: 10.1016/j.eneco.2024.107957
Yuyuan Yu , Muhammad Qayyum , Shijie Li
Trade in environmental goods, primarily renewable energy plants and wastewater management equipment, facilitates the dissemination of technologies essential for ecological preservation. Traditional indicators like trade intensity fail to capture the network advantage that a country may possess in advancing environmental-related technologies. Therefore, this study develops a directed trade network of environmental goods (EGTN) from 2002 to 2021 across 234 countries or regions. By applying network topology, we investigate the structural features and dynamic changes of the EGTN. Our analysis reveals that the EGTN has become increasingly interconnected, predominantly influenced by certain OECD countries (i.e., France, Germany and the US) and developing countries (i.e., South Africa, China, and India). Utilizing panel data from 27 OECD countries and 5 BRICS countries between 2002 and 2019, our baseline quantile regressions show that enhanced trade central status can significantly promote green innovation across all percentiles. Non-linear and U-shaped relationships are detected for betweenness centrality and closeness centrality variables. In contrast, the effects of eigenvector centrality diminish in more innovative countries. The above findings remain robust after accounting for potential endogeneity problems. Moreover, while stricter environmental policies tend to promote the development of green innovations in OECD countries, non-market-based policies in BRICS may pose challenges to advancing such innovations. Policies that facilitate information dissemination and strengthen partnerships with influential trade partners can help local organizations leverage their network advantages to spur innovation.
{"title":"Trade dynamics of environmental goods within global energy economy and their impacts on green technological innovation: A complex network analysis","authors":"Yuyuan Yu , Muhammad Qayyum , Shijie Li","doi":"10.1016/j.eneco.2024.107957","DOIUrl":"10.1016/j.eneco.2024.107957","url":null,"abstract":"<div><div>Trade in environmental goods, primarily renewable energy plants and wastewater management equipment, facilitates the dissemination of technologies essential for ecological preservation. Traditional indicators like trade intensity fail to capture the network advantage that a country may possess in advancing environmental-related technologies. Therefore, this study develops a directed trade network of environmental goods (EGTN) from 2002 to 2021 across 234 countries or regions. By applying network topology, we investigate the structural features and dynamic changes of the EGTN. Our analysis reveals that the EGTN has become increasingly interconnected, predominantly influenced by certain OECD countries (i.e., France, Germany and the US) and developing countries (i.e., South Africa, China, and India). Utilizing panel data from 27 OECD countries and 5 BRICS countries between 2002 and 2019, our baseline quantile regressions show that enhanced trade central status can significantly promote green innovation across all percentiles. Non-linear and U-shaped relationships are detected for betweenness centrality and closeness centrality variables. In contrast, the effects of eigenvector centrality diminish in more innovative countries. The above findings remain robust after accounting for potential endogeneity problems. Moreover, while stricter environmental policies tend to promote the development of green innovations in OECD countries, non-market-based policies in BRICS may pose challenges to advancing such innovations. Policies that facilitate information dissemination and strengthen partnerships with influential trade partners can help local organizations leverage their network advantages to spur innovation.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 107957"},"PeriodicalIF":13.6,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142552631","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 : 2024-10-15DOI: 10.1016/j.eneco.2024.107955
Xiqiang Xia, Jun Chen, Wei Wang, Haijie Wang
In current remanufacturing supply chains, whether the original equipment manufacturer (OEM) independently engages in remanufacturing or delegating (authorizing or outsourcing) to a third-party remanufacturer (TPR) is influenced by the government's differentiated carbon tax. However, our understanding of the factors influencing the optimal choice among the three remanufacturing strategies (i.e., self-remanufacturing, authorizing remanufacturing, and outsourcing remanufacturing) is fairly limited. In particular, little attention has been paid to differentiated carbon taxes, which involve the government imposing a high carbon tax on new products and a low carbon tax on remanufactured products. To fill these gaps, this study develops game models that include an OEM and a TPR. Our analysis reveals four main findings. First, with the increase in carbon tax on new products, the price of both new and remanufactured products rises. By contrast, once the carbon tax on remanufactured products increases, only the price of remanufactured products rises. Second, when the carbon tax gap between new and remanufactured products is small and the ratio of environmental impact per unit of remanufactured products to that of new products is less than consumer preference, both outsourcing remanufacturing and self-remanufacturing could achieve a win-win situation in reducing environmental impact and enhancing consumer surplus. Third, regardless of the governments' setting of the differentiated carbon tax, the OEM, as a profit-seeker, will decline the authorizing remanufacturing to expand profits in any case. Further, when the carbon tax gap between new and remanufactured products is less than a certain threshold, the optimal mode for the OEM is outsourcing remanufacturing, followed by self-remanufacturing. Fourth, our numerical analysis indicates that the carbon tax gap between new and remanufactured products plays a vital role in optimal remanufacturing strategy selection. Notably, both the recycling scale of wasted products and consumer preferences for remanufactured products should be taken into account when making an optimal remanufacturing selection.
{"title":"Impact of differentiated carbon taxes on remanufacturing mode selection","authors":"Xiqiang Xia, Jun Chen, Wei Wang, Haijie Wang","doi":"10.1016/j.eneco.2024.107955","DOIUrl":"10.1016/j.eneco.2024.107955","url":null,"abstract":"<div><div>In current remanufacturing supply chains, whether the original equipment manufacturer (OEM) independently engages in remanufacturing or delegating (authorizing or outsourcing) to a third-party remanufacturer (TPR) is influenced by the government's differentiated carbon tax. However, our understanding of the factors influencing the optimal choice among the three remanufacturing strategies (i.e., self-remanufacturing, authorizing remanufacturing, and outsourcing remanufacturing) is fairly limited. In particular, little attention has been paid to differentiated carbon taxes, which involve the government imposing a high carbon tax on new products and a low carbon tax on remanufactured products. To fill these gaps, this study develops game models that include an OEM and a TPR. Our analysis reveals four main findings. First, with the increase in carbon tax on new products, the price of both new and remanufactured products rises. By contrast, once the carbon tax on remanufactured products increases, only the price of remanufactured products rises. Second, when the carbon tax gap between new and remanufactured products is small and the ratio of environmental impact per unit of remanufactured products to that of new products is less than consumer preference, both outsourcing remanufacturing and self-remanufacturing could achieve a win-win situation in reducing environmental impact and enhancing consumer surplus. Third, regardless of the governments' setting of the differentiated carbon tax, the OEM, as a profit-seeker, will decline the authorizing remanufacturing to expand profits in any case. Further, when the carbon tax gap between new and remanufactured products is less than a certain threshold, the optimal mode for the OEM is outsourcing remanufacturing, followed by self-remanufacturing. Fourth, our numerical analysis indicates that the carbon tax gap between new and remanufactured products plays a vital role in optimal remanufacturing strategy selection. Notably, both the recycling scale of wasted products and consumer preferences for remanufactured products should be taken into account when making an optimal remanufacturing selection.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 107955"},"PeriodicalIF":13.6,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532897","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 : 2024-10-14DOI: 10.1016/j.eneco.2024.107965
Puneet Vatsa , Tatjana Miljkovic , Dragan Miljkovic
We employ dynamic time warping (DTW), a non-parametric pattern recognition technique based on a dynamic programming algorithm, to analyze whether futures markets for crude oil and natural gas have facilitated price discovery over the last decade. Should futures prices absorb and reflect information before spot prices, they will move first and lead spot prices, suggesting that they dominate spot prices and play an important role in price discovery. The results show that natural gas futures prices led spot prices more frequently between 2019 and 2023 than during the five years preceding this turbulent period. In the case of crude oil, however, futures prices lagged spot prices more often than leading them. The evidence suggests that futures prices have not consistently fulfilled their price discovery role in the two energy markets. The results also indicate that short-term futures contracts play a more dominant role in price discovery than long-term contracts. Additionally, we demonstrate the advantages of DTW: it lends itself well to analyzing small samples with different orders of integration; it can discover linear and nonlinear relationships between time series; notably, it can detect period-to-period changes in the duration and direction of lead-lag associations between two series and present the results intelligibly.
{"title":"Price discovery redux—Analyzing energy spot and futures prices using a dynamic programming approach","authors":"Puneet Vatsa , Tatjana Miljkovic , Dragan Miljkovic","doi":"10.1016/j.eneco.2024.107965","DOIUrl":"10.1016/j.eneco.2024.107965","url":null,"abstract":"<div><div>We employ dynamic time warping (DTW), a non-parametric pattern recognition technique based on a dynamic programming algorithm, to analyze whether futures markets for crude oil and natural gas have facilitated price discovery over the last decade. Should futures prices absorb and reflect information before spot prices, they will move first and lead spot prices, suggesting that they dominate spot prices and play an important role in price discovery. The results show that natural gas futures prices led spot prices more frequently between 2019 and 2023 than during the five years preceding this turbulent period. In the case of crude oil, however, futures prices lagged spot prices more often than leading them. The evidence suggests that futures prices have not consistently fulfilled their price discovery role in the two energy markets. The results also indicate that short-term futures contracts play a more dominant role in price discovery than long-term contracts. Additionally, we demonstrate the advantages of DTW: it lends itself well to analyzing small samples with different orders of integration; it can discover linear and nonlinear relationships between time series; notably, it can detect period-to-period changes in the duration and direction of lead-lag associations between two series and present the results intelligibly.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 107965"},"PeriodicalIF":13.6,"publicationDate":"2024-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532894","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 : 2024-10-13DOI: 10.1016/j.eneco.2024.107963
Muhetaer Siyiti, Xin Yao
Efficient management of natural resources plays an important role in improving urban low-carbon development. Based on panel data from 277 prefecture-level cities in China, this paper investigates the impact of the “Natural Resource Assets Management Audit” (NRAMA) policy on urban carbon emission efficiency (CEE) using the staggered DID approach. Our findings reveal that the NRAMA policy significantly improves urban CEE and shows heterogeneity from the perspective of regional features, city size, resource dependency, government intervention, and marketization level. The mechanism test results suggest that the pilot policy affects urban CEE through efficient natural resource utilization, better environmental protection, government audit, fiscal expenditures, and urban green innovation. Additionally, population density plays a significant moderating role. Our study supplements new evidence on the relationship between natural resource assets management and efficient carbon emission reduction and provides key insights regarding the effective implementation of the NRAMA policy.
自然资源的高效管理对提高城市低碳发展水平具有重要作用。本文基于中国 277 个地级市的面板数据，采用交错 DID 方法研究了 "自然资源资产管理审计"（NRAMA）政策对城市碳排放效率（CEE）的影响。研究结果表明，"自然资源资产管理审计 "政策显著提高了城市碳排放效率，并在区域特征、城市规模、资源依赖度、政府干预和市场化水平等方面表现出异质性。机制检验结果表明，试点政策通过有效的自然资源利用、更好的环境保护、政府审计、财政支出和城市绿色创新影响城市 CEE。此外，人口密度也起着重要的调节作用。我们的研究补充了自然资源资产管理与有效碳减排之间关系的新证据，并为有效实施自然资源资产管理政策提供了重要启示。
{"title":"Natural resource assets management and urban carbon emission efficiency: Evidence from quasi-natural experiment in China","authors":"Muhetaer Siyiti, Xin Yao","doi":"10.1016/j.eneco.2024.107963","DOIUrl":"10.1016/j.eneco.2024.107963","url":null,"abstract":"<div><div>Efficient management of natural resources plays an important role in improving urban low-carbon development. Based on panel data from 277 prefecture-level cities in China, this paper investigates the impact of the “Natural Resource Assets Management Audit” (NRAMA) policy on urban carbon emission efficiency (CEE) using the staggered DID approach. Our findings reveal that the NRAMA policy significantly improves urban CEE and shows heterogeneity from the perspective of regional features, city size, resource dependency, government intervention, and marketization level. The mechanism test results suggest that the pilot policy affects urban CEE through efficient natural resource utilization, better environmental protection, government audit, fiscal expenditures, and urban green innovation. Additionally, population density plays a significant moderating role. Our study supplements new evidence on the relationship between natural resource assets management and efficient carbon emission reduction and provides key insights regarding the effective implementation of the NRAMA policy.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 107963"},"PeriodicalIF":13.6,"publicationDate":"2024-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532890","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 : 2024-10-13DOI: 10.1016/j.eneco.2024.107964
Juntao Du , Hongwei Gu , Zhiyang Shen , Malin Song , Michael Vardanyan
Energy security is an essential driver of economic growth and social well-being. Countries worldwide are facing threats to their energy independence stemming from climate change, geopolitical instability, and rising energy prices. Given the significance of China's economy, any threat to its energy security is likely to have a negative impact on the global economy. We assess regional energy security in China using a panel of provinces for the period 2000–2019. We rely on multiple factors likely to affect regional energy independence to define an index of energy security. The entropy weight method, Dagum Gini ratio decompositions, and kernel density estimates are subsequently used to assess the differences in energy security levels across China's regions and their evolution over time. Our results provide evidence of a gradual decline in China's overall energy security, accompanied by increasing disparities in regional energy independence over time. Notably, more than half of the total gap in energy security can be attributed to regional differences among China's eastern, central, western, and northeastern provinces. In addition to their relevance to policymakers in China, our findings provide insights into strategies other developing countries can use to promote their energy independence.
{"title":"Assessing regional energy security characteristics: Evidence from Chinese province-level data","authors":"Juntao Du , Hongwei Gu , Zhiyang Shen , Malin Song , Michael Vardanyan","doi":"10.1016/j.eneco.2024.107964","DOIUrl":"10.1016/j.eneco.2024.107964","url":null,"abstract":"<div><div>Energy security is an essential driver of economic growth and social well-being. Countries worldwide are facing threats to their energy independence stemming from climate change, geopolitical instability, and rising energy prices. Given the significance of China's economy, any threat to its energy security is likely to have a negative impact on the global economy. We assess regional energy security in China using a panel of provinces for the period 2000–2019. We rely on multiple factors likely to affect regional energy independence to define an index of energy security. The entropy weight method, Dagum Gini ratio decompositions, and kernel density estimates are subsequently used to assess the differences in energy security levels across China's regions and their evolution over time. Our results provide evidence of a gradual decline in China's overall energy security, accompanied by increasing disparities in regional energy independence over time. Notably, more than half of the total gap in energy security can be attributed to regional differences among China's eastern, central, western, and northeastern provinces. In addition to their relevance to policymakers in China, our findings provide insights into strategies other developing countries can use to promote their energy independence.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 107964"},"PeriodicalIF":13.6,"publicationDate":"2024-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532889","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 : 2024-10-12DOI: 10.1016/j.eneco.2024.107958
Yefei Sun , Michael Hanemann
We use high-frequency electricity consumption data (17.58 million observations) at level of household to parameterize the relationship between household electricity consumption and temperature for southern China. We find that although urban households are more sensitive to extreme temperature than rural households, with climate warming, rural households would adopt climate change adaptive behavior (e.g. installing air-conditioning), and rural households' sensitivity to temperature would increase significantly. Considering the long-run response, we find that climate warming as predicted under the RCP8.5 scenario would lead to an increase of 23.42 % and 22.28 % in the summer peak electricity consumption of rural and urban households in 2061–2080. Compared with the results of short-run response, ignoring the long-run response would lead to the summer peak electricity consumption of rural and urban households being underestimated by 56.13 % and 20.11 %. Only for our research sample, the economic losses in rural and urban areas caused by climate warming are as high as 1.358 billion Chinese yuan and 0.617 billion Chinese yuan in 2061–2080 under the RCP 8.5 scenario. Climate change would bring serious losses to rural residents.
{"title":"Climate change adaptation in China: Differences in electricity consumption between rural and urban residents","authors":"Yefei Sun , Michael Hanemann","doi":"10.1016/j.eneco.2024.107958","DOIUrl":"10.1016/j.eneco.2024.107958","url":null,"abstract":"<div><div>We use high-frequency electricity consumption data (17.58 million observations) at level of household to parameterize the relationship between household electricity consumption and temperature for southern China. We find that although urban households are more sensitive to extreme temperature than rural households, with climate warming, rural households would adopt climate change adaptive behavior (e.g. installing air-conditioning), and rural households' sensitivity to temperature would increase significantly. Considering the long-run response, we find that climate warming as predicted under the RCP8.5 scenario would lead to an increase of 23.42 % and 22.28 % in the summer peak electricity consumption of rural and urban households in 2061–2080. Compared with the results of short-run response, ignoring the long-run response would lead to the summer peak electricity consumption of rural and urban households being underestimated by 56.13 % and 20.11 %. Only for our research sample, the economic losses in rural and urban areas caused by climate warming are as high as 1.358 billion Chinese yuan and 0.617 billion Chinese yuan in 2061–2080 under the RCP 8.5 scenario. Climate change would bring serious losses to rural residents.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 107958"},"PeriodicalIF":13.6,"publicationDate":"2024-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532805","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 : 2024-10-12DOI: 10.1016/j.eneco.2024.107953
Vipul Kumar Singh , Pawan Kumar
In today's interconnected commodity markets, understanding volatility spillover dynamics is crucial. This research builds on Diebold & Yilmaz (2012, 2014) to estimate System Resilience, a vital measure for investors and policymakers. By using connectedness-based estimates, a unique stability score for each system component is constructed and aggregated to estimate overall System Resilience. This concept is applied to three key commodity segments: Energy, Agriculture, and Metals. Results show that most commodities, especially bullion, maintain moderate stability, offering investment alternatives even during periods of heightened systemic risk. The study also examines rolling estimates of System Resilience to identify early warning signals through increased standard deviation in successive resilience series. Tipping points indicate critical slowdowns where recovery to a stable state is hindered. Findings suggest that apart from the Global Financial Crisis (GFC), commodity portfolios remain relatively stable. The implications are significant for energy policymakers, traders, and financial investors. Early detection of warning signals supports strategic risk management. This research contributes to academic discourse and provides actionable insights, highlighting the importance of early warning indicators in enhancing financial resilience in an ever-evolving market landscape. It underscores the value of foresight in navigating global financial stability.
{"title":"Beyond volatility: Systemic resilience and risk mitigation in interconnected commodity markets","authors":"Vipul Kumar Singh , Pawan Kumar","doi":"10.1016/j.eneco.2024.107953","DOIUrl":"10.1016/j.eneco.2024.107953","url":null,"abstract":"<div><div>In today's interconnected commodity markets, understanding volatility spillover dynamics is crucial. This research builds on Diebold & Yilmaz (2012, 2014) to estimate System Resilience, a vital measure for investors and policymakers. By using connectedness-based estimates, a unique stability score for each system component is constructed and aggregated to estimate overall System Resilience. This concept is applied to three key commodity segments: Energy, Agriculture, and Metals. Results show that most commodities, especially bullion, maintain moderate stability, offering investment alternatives even during periods of heightened systemic risk. The study also examines rolling estimates of System Resilience to identify early warning signals through increased standard deviation in successive resilience series. Tipping points indicate critical slowdowns where recovery to a stable state is hindered. Findings suggest that apart from the Global Financial Crisis (GFC), commodity portfolios remain relatively stable. The implications are significant for energy policymakers, traders, and financial investors. Early detection of warning signals supports strategic risk management. This research contributes to academic discourse and provides actionable insights, highlighting the importance of early warning indicators in enhancing financial resilience in an ever-evolving market landscape. It underscores the value of foresight in navigating global financial stability.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 107953"},"PeriodicalIF":13.6,"publicationDate":"2024-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532895","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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