Pub Date : 2025-01-24DOI: 10.1016/j.enpol.2025.114500
John Abdulai Jinapor , Joshua Yindenaba Abor , Michael Graham
In line with the quest to achieve inclusive and sustainable growth, this paper examines the potential impact of energy consumption and foreign direct investment (FDI) and their interactive effect on inclusive growth for 32 Sub-Saharan Africa (SSA) countries from 2000 to 2019. The results of the two-stage system generalised method of moment (2SGMM) show that energy consumption induces inclusive growth. However, there is evidence of a non-linear relationship between FDI and inclusive growth, where FDI dampens inclusive growth to a certain point and begins to induce it after that point. Notably, the results reveal that FDI can effectively form synergies with both renewable and non-renewable energy consumption to promote inclusive growth in SSA. Also, our empirical results from the GMM is robust to Diskroll and Kraay methodology, which caters for cross-sectional dependence. We recommend that African leaders focus on attracting FDI to finance their energy needs, particularly in the area of low-carbon or renewable energy sources, by leveraging private sector capital investments to achieve inclusive growth and also promote sustainable development.
{"title":"Energy consumption and inclusive growth in Sub-Saharan Africa: Does foreign direct investment make a difference?","authors":"John Abdulai Jinapor , Joshua Yindenaba Abor , Michael Graham","doi":"10.1016/j.enpol.2025.114500","DOIUrl":"10.1016/j.enpol.2025.114500","url":null,"abstract":"<div><div>In line with the quest to achieve inclusive and sustainable growth, this paper examines the potential impact of energy consumption and foreign direct investment (FDI) and their interactive effect on inclusive growth for 32 Sub-Saharan Africa (SSA) countries from 2000 to 2019. The results of the two-stage system generalised method of moment (2SGMM) show that energy consumption induces inclusive growth. However, there is evidence of a non-linear relationship between FDI and inclusive growth, where FDI dampens inclusive growth to a certain point and begins to induce it after that point. Notably, the results reveal that FDI can effectively form synergies with both renewable and non-renewable energy consumption to promote inclusive growth in SSA. Also, our empirical results from the GMM is robust to Diskroll and Kraay methodology, which caters for cross-sectional dependence. We recommend that African leaders focus on attracting FDI to finance their energy needs, particularly in the area of low-carbon or renewable energy sources, by leveraging private sector capital investments to achieve inclusive growth and also promote sustainable development.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"198 ","pages":"Article 114500"},"PeriodicalIF":9.3,"publicationDate":"2025-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143099651","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 : 2025-01-23DOI: 10.1016/j.enpol.2025.114503
Mashkhurbek Jalalov , Jeong Hwan Bae
The Renewable Energy 100 (RE100) initiative, which encourages companies to commit to 100% renewable energy usage, plays a crucial role in advancing the global transition to sustainable energy. This study analyzes data from 677 companies between 2014 and 2022, employing a two-stage approach. In the first stage, we apply hierarchical linear modeling (HLM) within the framework of the conditional mixed-process model (CMP) to examine factors influencing firms' decisions to join RE100 and the subsequent impact on their financial performance. The findings reveal that firm size, financial performance, peer pressure, institutional quality, GDP and the renewable energy share in the host country significantly increase the likelihood of participation. Additionally, the study demonstrates that joining RE100 positively impacts profit margins, both directly and indirectly through improvements in operational efficiency. The results provide key insights for policy recommendations, emphasizing the need for incentives for small and midsize enterprises, industry collaboration, enhanced access to renewable energy, and supportive regulatory frameworks to foster broader adoption of renewable energy initiatives.
{"title":"Exploring the motivations behind corporate participation in the RE100 initiative and its impact on financial performance","authors":"Mashkhurbek Jalalov , Jeong Hwan Bae","doi":"10.1016/j.enpol.2025.114503","DOIUrl":"10.1016/j.enpol.2025.114503","url":null,"abstract":"<div><div>The Renewable Energy 100 (RE100) initiative, which encourages companies to commit to 100% renewable energy usage, plays a crucial role in advancing the global transition to sustainable energy. This study analyzes data from 677 companies between 2014 and 2022, employing a two-stage approach. In the first stage, we apply hierarchical linear modeling (HLM) within the framework of the conditional mixed-process model (CMP) to examine factors influencing firms' decisions to join RE100 and the subsequent impact on their financial performance. The findings reveal that firm size, financial performance, peer pressure, institutional quality, GDP and the renewable energy share in the host country significantly increase the likelihood of participation. Additionally, the study demonstrates that joining RE100 positively impacts profit margins, both directly and indirectly through improvements in operational efficiency. The results provide key insights for policy recommendations, emphasizing the need for incentives for small and midsize enterprises, industry collaboration, enhanced access to renewable energy, and supportive regulatory frameworks to foster broader adoption of renewable energy initiatives.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"198 ","pages":"Article 114503"},"PeriodicalIF":9.3,"publicationDate":"2025-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143094955","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 : 2025-01-23DOI: 10.1016/j.enpol.2025.114498
Abdul Khalique , Yichen Wang , Khalid Ahmed
Although “COP28 UAE Leaders' Declaration” reiterated the critical importance of making finance inclusively available, the gap remains wide even across EU region, hindering the region's collective climate goals. Thus, this study takes on varying socio-economic challenges and diverse environmental policies across the EU-22 nations, and investigates the role of Government's Climate Significant Investment (GCSI) in carbon mitigation through clean energy transitions under the 2030 and 2050 climate commitments of Europe Union countries from 2007 to 2021. Using a novel panel fixed effects model, followed by dynamic panel data estimation techniques and structural equation modeling, a latent class modeling approach, the study controls for factors like Foreign Direct Investment (FDI), economic growth and urbanization. The empirical findings indicate that the effectiveness of environmental regulations in reducing carbon emissions is mediated by GCSI, which, in turn, is influenced by renewable energy transitions. This implies that regulatory measures have an indirect effect measurable through GCSI and renewables, and can be considered key performance indicators. Moreover, based on dynamic panel data estimations technique, the most of the statistically significant coefficients are found to be inelastic (<1), echoing a yet to achieve breakeven when it comes to tradeoff between environment and economic sustainability for overall EU-22 panel. Despite some high-income nations achieving significant environmental sustainability goals, uneven performance across the EU-22 highlights persistent challenges. Stricter environmental regulations have the potential to reduce carbon emissions without negatively impacting GDP. However, countries with less GCSI and FDI investment may struggle to meet climate targets, necessitating policy interventions, and government institutions to ensure green growth pathways.
{"title":"Europe's environmental dichotomy: The impact of regulations, climate investments, and renewable energy on carbon mitigation in the EU-22","authors":"Abdul Khalique , Yichen Wang , Khalid Ahmed","doi":"10.1016/j.enpol.2025.114498","DOIUrl":"10.1016/j.enpol.2025.114498","url":null,"abstract":"<div><div>Although “COP28 UAE Leaders' Declaration” reiterated the critical importance of making finance inclusively available, the gap remains wide even across EU region, hindering the region's collective climate goals. Thus, this study takes on varying socio-economic challenges and diverse environmental policies across the EU-22 nations, and investigates the role of Government's Climate Significant Investment (GCSI) in carbon mitigation through clean energy transitions under the 2030 and 2050 climate commitments of Europe Union countries from 2007 to 2021. Using a novel panel fixed effects model, followed by dynamic panel data estimation techniques and structural equation modeling, a latent class modeling approach, the study controls for factors like Foreign Direct Investment (FDI), economic growth and urbanization. The empirical findings indicate that the effectiveness of environmental regulations in reducing carbon emissions is mediated by GCSI, which, in turn, is influenced by renewable energy transitions. This implies that regulatory measures have an indirect effect measurable through GCSI and renewables, and can be considered key performance indicators. Moreover, based on dynamic panel data estimations technique, the most of the statistically significant coefficients are found to be inelastic (<1), echoing a yet to achieve breakeven when it comes to tradeoff between environment and economic sustainability for overall EU-22 panel. Despite some high-income nations achieving significant environmental sustainability goals, uneven performance across the EU-22 highlights persistent challenges. Stricter environmental regulations have the potential to reduce carbon emissions without negatively impacting GDP. However, countries with less GCSI and FDI investment may struggle to meet climate targets, necessitating policy interventions, and government institutions to ensure green growth pathways.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"198 ","pages":"Article 114498"},"PeriodicalIF":9.3,"publicationDate":"2025-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143099649","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 : 2025-01-22DOI: 10.1016/j.enpol.2025.114496
Daniel Andersen, Siobhan Powell
Flexible electric vehicle (EV) charging could benefit the electricity system and help integrate renewables, if given the right incentives. Bidirectional vehicle-to-grid (V2G) technology increases EV flexibility and could increase those benefits. However, the business case for small-scale V2G is unclear, limiting widespread deployment. Here, we assess the impacts of different time-of-use electricity tariffs and compare three policymaker tools to improve profitability for V2G aggregators: regulating the reimbursement of network charges and taxes on discharged energy, subsidizing new stations, and increasing the spread between low and high time-of-use prices. We use an agent-based EV model in a case-study of workplace charging in Switzerland. We model the aggregator’s maximization of V2G revenues over electricity, hardware, installation, and operating costs as a mixed-integer linear program. We find that different tariffs better support renewable integration or reduce peak demand. Profitability is highly sensitive to the cost of V2G stations and the difference between the lowest charging and highest discharging prices. Some subsidies will be needed until V2G station costs fall at least below 8706 ± 942 CHF. Policymakers could regulate reimbursement of network charges or taxes for discharged energy or stretch tariff price spreads to support deployment of distributed V2G.
{"title":"Policy and pricing tools to incentivize distributed electric vehicle-to-grid charging control","authors":"Daniel Andersen, Siobhan Powell","doi":"10.1016/j.enpol.2025.114496","DOIUrl":"10.1016/j.enpol.2025.114496","url":null,"abstract":"<div><div>Flexible electric vehicle (EV) charging could benefit the electricity system and help integrate renewables, if given the right incentives. Bidirectional vehicle-to-grid (V2G) technology increases EV flexibility and could increase those benefits. However, the business case for small-scale V2G is unclear, limiting widespread deployment. Here, we assess the impacts of different time-of-use electricity tariffs and compare three policymaker tools to improve profitability for V2G aggregators: regulating the reimbursement of network charges and taxes on discharged energy, subsidizing new stations, and increasing the spread between low and high time-of-use prices. We use an agent-based EV model in a case-study of workplace charging in Switzerland. We model the aggregator’s maximization of V2G revenues over electricity, hardware, installation, and operating costs as a mixed-integer linear program. We find that different tariffs better support renewable integration or reduce peak demand. Profitability is highly sensitive to the cost of V2G stations and the difference between the lowest charging and highest discharging prices. Some subsidies will be needed until V2G station costs fall at least below 8706 ± 942 CHF. Policymakers could regulate reimbursement of network charges or taxes for discharged energy or stretch tariff price spreads to support deployment of distributed V2G.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"198 ","pages":"Article 114496"},"PeriodicalIF":9.3,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143099638","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 : 2025-01-21DOI: 10.1016/j.enpol.2025.114495
Yunteng Zhang , Yueyue Fan
This paper presents an empirical study that evaluates the distribution of opportunities and burdens brought by public Electric Vehicle (EV) charging resources (PEVCR) in the Sacramento Area Council of Governments (SACOG) region in California. A community’s EV charging opportunities are measured by its accessibility to reachable charging stations and the supply to demand ratio of those stations. Burdens are measured by charging cost. Findings show a 334% increase in PEVCR since 2018, with 95% concentrated in central and established areas, exhibiting a significant spatial clustering effect. No correlation was found between a community’s income level and its spatial access to PEVCR when factored in charging demand, which might suggest little income-based disparities in infrastructure access. In terms of distribution of burdens, significant equity challenges related land use and residential types were observed. Renters, who rely more on PEVCR, face higher EV recharging costs despite lower charging demand. These findings highlight an imperative need for strategic planning and policy interventions to shape the future public EV charging infrastructure to deliver affordable and equitable charging services for all communities.
{"title":"Equity evaluation of community-based public EV charging services – A case study of the Sacramento region","authors":"Yunteng Zhang , Yueyue Fan","doi":"10.1016/j.enpol.2025.114495","DOIUrl":"10.1016/j.enpol.2025.114495","url":null,"abstract":"<div><div>This paper presents an empirical study that evaluates the distribution of opportunities and burdens brought by public Electric Vehicle (EV) charging resources (PEVCR) in the Sacramento Area Council of Governments (SACOG) region in California. A community’s EV charging opportunities are measured by its accessibility to reachable charging stations and the supply to demand ratio of those stations. Burdens are measured by charging cost. Findings show a 334% increase in PEVCR since 2018, with 95% concentrated in central and established areas, exhibiting a significant spatial clustering effect. No correlation was found between a community’s income level and its spatial access to PEVCR when factored in charging demand, which might suggest little income-based disparities in infrastructure access. In terms of distribution of burdens, significant equity challenges related land use and residential types were observed. Renters, who rely more on PEVCR, face higher EV recharging costs despite lower charging demand. These findings highlight an imperative need for strategic planning and policy interventions to shape the future public EV charging infrastructure to deliver affordable and equitable charging services for all communities.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"198 ","pages":"Article 114495"},"PeriodicalIF":9.3,"publicationDate":"2025-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143099545","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 : 2025-01-21DOI: 10.1016/j.enpol.2024.114489
Job Taminiau
The requisite deep decarbonization in order to stave off environmental degradation will need to come from not merely technological change but also positive transformation of social conditions that can deliver ‘sustainability for all’. Within the United States electric power sector, a prominent proposal to advance competition and accommodate citizen demand was the introduction of private electricity retail choice options. The impact of retail competition on electricity prices remains open for debate. Several recent state-wide investigations conducted in the United States conclude that customers, especially those on lower incomes, pay more for electricity from these ‘competitive supply’ (CS) options compared to standard utility rates. In turn, consumer advocates in multiple states are calling for the discontinuation or severe restriction of individual residential CS in an attempt to avoid aggravating existing energy burdens. An alternative model – in the form of Community Choice Energy (CCE) – operating in Massachusetts and other jurisdictions aggregates community-wide electricity demand and offers electricity service choice. Analysis of the Massachusetts electricity supply market indicates that CCE programs have generally resulted in lower costs compared to alternative supply options, with benefits for both general and low-income households.
{"title":"Community choice energy: Bridging the gap between sustainability and affordability in electricity supply","authors":"Job Taminiau","doi":"10.1016/j.enpol.2024.114489","DOIUrl":"10.1016/j.enpol.2024.114489","url":null,"abstract":"<div><div>The requisite deep decarbonization in order to stave off environmental degradation will need to come from not merely technological change but also positive transformation of social conditions that can deliver ‘sustainability for all’. Within the United States electric power sector, a prominent proposal to advance competition and accommodate citizen demand was the introduction of private electricity retail choice options. The impact of retail competition on electricity prices remains open for debate. Several recent state-wide investigations conducted in the United States conclude that customers, especially those on lower incomes, pay more for electricity from these ‘competitive supply’ (CS) options compared to standard utility rates. In turn, consumer advocates in multiple states are calling for the discontinuation or severe restriction of individual residential CS in an attempt to avoid aggravating existing energy burdens. An alternative model – in the form of Community Choice Energy (CCE) – operating in Massachusetts and other jurisdictions aggregates community-wide electricity demand and offers electricity service choice. Analysis of the Massachusetts electricity supply market indicates that CCE programs have generally resulted in lower costs compared to alternative supply options, with benefits for both general and low-income households.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"198 ","pages":"Article 114489"},"PeriodicalIF":9.3,"publicationDate":"2025-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143099639","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 : 2025-01-18DOI: 10.1016/j.enpol.2024.114480
Anushka Chauhan, Mohanasundari Thangavel
This paper assesses the performance of the iron and steel sector in the Perform, Achieve, and Trade (PAT) scheme's cycles I and II from firm-level data between 2004 and 2019. The two-way fixed effects difference-in-difference regression employed showed a decline of 1.7% in the energy intensity due to the scheme. To check for heterogeneity in the results, the quantile treatment estimator and centered regression showed that the PAT scheme was ineffective in firms with higher energy intensity than in firms with lower and medium energy intensity, implying structural and technical difficulties in reducing energy use. In the heterogeneity analysis, private Indian and private foreign firms performed better than government-owned firms. In the mechanism analysis, research and development intensity, repair intensity, exports, and efficiency in using net fixed assets have all contributed to meeting the targets of the PAT firms. Key policy recommendations include higher energy-saving targets, which should be set concerning energy consumption; a more decentralized approach should be taken in forming energy-saving targets for the firms considering heterogeneity in their characteristics; longer time may be given to materialize the effects of energy-efficient investments and adjust the factor inputs.
{"title":"Assessing the impact of the Perform, Achieve, and Trade scheme on energy efficiency in India's iron and steel sector","authors":"Anushka Chauhan, Mohanasundari Thangavel","doi":"10.1016/j.enpol.2024.114480","DOIUrl":"10.1016/j.enpol.2024.114480","url":null,"abstract":"<div><div>This paper assesses the performance of the iron and steel sector in the Perform, Achieve, and Trade (PAT) scheme's cycles I and II from firm-level data between 2004 and 2019. The two-way fixed effects difference-in-difference regression employed showed a decline of 1.7% in the energy intensity due to the scheme. To check for heterogeneity in the results, the quantile treatment estimator and centered regression showed that the PAT scheme was ineffective in firms with higher energy intensity than in firms with lower and medium energy intensity, implying structural and technical difficulties in reducing energy use. In the heterogeneity analysis, private Indian and private foreign firms performed better than government-owned firms. In the mechanism analysis, research and development intensity, repair intensity, exports, and efficiency in using net fixed assets have all contributed to meeting the targets of the PAT firms. Key policy recommendations include higher energy-saving targets, which should be set concerning energy consumption; a more decentralized approach should be taken in forming energy-saving targets for the firms considering heterogeneity in their characteristics; longer time may be given to materialize the effects of energy-efficient investments and adjust the factor inputs.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"198 ","pages":"Article 114480"},"PeriodicalIF":9.3,"publicationDate":"2025-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143099616","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 : 2025-01-18DOI: 10.1016/j.enpol.2025.114499
Erik Hille, Cian Angerpointner
In light of the energy crisis following the Russian invasion of Ukraine, policymakers postulated to lower fossil fuel consumption. Focusing on Europe, we analyze whether domestic energy consumption was reduced in the past because of increased geopolitical risk (GPR) in fossil fuel supplier countries. For this purpose, we adopt an aggregate GPR measure that combines information on GPR in supplier countries with rich bilateral trade data for oil, natural gas, and coal. We estimate the impact of GPR related to fossil fuel imports utilizing an instrumental variable approach and a growth-energy use model. Our results indicate that during the period 2000–2019, increased GPR in coal supplier countries entailed reductions in both coal and total energy consumption. Moreover, economic growth effects on fossil fuel consumption were partly reduced by risks related to coal and natural gas imports. Similarly, if mediated by a high domestic import dependency or government effectiveness, GPR partly lowered the consumption of coal and natural gas. Regarding the energy transition, we find indications of a partial shift from fossil fuels to renewable energy in response to GPR abroad. That is, concurrent to the partial reduction in fossil fuel consumption, GPR in coal supplier countries increased renewable energy consumption.
{"title":"Did geopolitical risks in supplier countries of fossil fuels lead to reduced domestic energy consumption? Evidence from Europe","authors":"Erik Hille, Cian Angerpointner","doi":"10.1016/j.enpol.2025.114499","DOIUrl":"10.1016/j.enpol.2025.114499","url":null,"abstract":"<div><div>In light of the energy crisis following the Russian invasion of Ukraine, policymakers postulated to lower fossil fuel consumption. Focusing on Europe, we analyze whether domestic energy consumption was reduced in the past because of increased geopolitical risk (GPR) in fossil fuel supplier countries. For this purpose, we adopt an aggregate GPR measure that combines information on GPR in supplier countries with rich bilateral trade data for oil, natural gas, and coal. We estimate the impact of GPR related to fossil fuel imports utilizing an instrumental variable approach and a growth-energy use model. Our results indicate that during the period 2000–2019, increased GPR in coal supplier countries entailed reductions in both coal and total energy consumption. Moreover, economic growth effects on fossil fuel consumption were partly reduced by risks related to coal and natural gas imports. Similarly, if mediated by a high domestic import dependency or government effectiveness, GPR partly lowered the consumption of coal and natural gas. Regarding the energy transition, we find indications of a partial shift from fossil fuels to renewable energy in response to GPR abroad. That is, concurrent to the partial reduction in fossil fuel consumption, GPR in coal supplier countries increased renewable energy consumption.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"198 ","pages":"Article 114499"},"PeriodicalIF":9.3,"publicationDate":"2025-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143099650","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 : 2025-01-17DOI: 10.1016/j.enpol.2025.114497
Nader Naifar
This paper examines the interactions between oil shocks (supply, demand, and risk shocks), renewable energy investments (solar, wind, biofuels, geothermal, and fuel cell), and renewable energy tokens (Powerledger and WePower), focusing on the impact of COP26 policies. Using a partial and decomposed connectedness methodology, key findings indicate that oil demand shocks are the primary net receiver of spillovers, while solar energy plays a central role as a net transmitter within the clean energy market. The results also reveal a decline in connectedness between oil shocks and renewable energy markets post-COP26, highlighting the growing resilience of renewable energy sectors to oil price volatility. Furthermore, the increasing integration of renewable energy tokens with traditional clean energy investments suggests that digital assets are gaining traction within the renewable energy market. The findings offer policy implications for international climate agreements, emphasizing the importance of continued support for renewable energy markets and the need for regulatory frameworks to manage the emerging role of renewable energy tokens.
{"title":"Interactions between renewable energy tokens, oil shocks, and clean energy investments: Do COP26 policies matter?","authors":"Nader Naifar","doi":"10.1016/j.enpol.2025.114497","DOIUrl":"10.1016/j.enpol.2025.114497","url":null,"abstract":"<div><div>This paper examines the interactions between oil shocks (supply, demand, and risk shocks), renewable energy investments (solar, wind, biofuels, geothermal, and fuel cell), and renewable energy tokens (Powerledger and WePower), focusing on the impact of COP26 policies. Using a partial and decomposed connectedness methodology, key findings indicate that oil demand shocks are the primary net receiver of spillovers, while solar energy plays a central role as a net transmitter within the clean energy market. The results also reveal a decline in connectedness between oil shocks and renewable energy markets post-COP26, highlighting the growing resilience of renewable energy sectors to oil price volatility. Furthermore, the increasing integration of renewable energy tokens with traditional clean energy investments suggests that digital assets are gaining traction within the renewable energy market. The findings offer policy implications for international climate agreements, emphasizing the importance of continued support for renewable energy markets and the need for regulatory frameworks to manage the emerging role of renewable energy tokens.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"198 ","pages":"Article 114497"},"PeriodicalIF":9.3,"publicationDate":"2025-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143099658","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 : 2025-01-17DOI: 10.1016/j.enpol.2024.114493
J. Schmidt , H. Mitter , M. Baumann , B. Boza-Kiss , D. Huppmann , S. Wehrle , L. Zwieb , M. Klingler
The Austrian government has pledged to achieve climate neutrality by 2040, but so far, there is a lack of consistent net-zero scenarios. Therefore, we integrate a comprehensive stakeholder with a techno-economic modelling process, coupling an energy and a power system model, to co-create qualitative scenario narratives and quantitative model-based scenarios for Austria's energy system, assuming all non-energetic emissions are eliminated. All four scenarios reach climate neutrality by 2040, but differ in terms of energy demand and trade in energy carriers. In the scenario narratives, variations in the local acceptance of renewables and of sufficiency lifestyles explain these differences. All scenario narratives emphasize that commitment of all societal actors is required to reach climate neutrality by 2040. We find that the quantitative model-based scenarios consistently point at far-ranging electrification of transport and heat supply, the buildup of renewables, and a switch in steel producing technology until 2030. Long-term developments are more diverse and show either elevated imports of synthetic fuels or a more pronounced expansion of domestic renewables. Consistently across scenarios, significant fossil fuel infrastructure must be retired before end of life and the required speed of change in energy infrastructure is unprecedented in the history of the Austrian energy system.
{"title":"Need for speed: Co-creating scenarios for climate neutral energy systems in Austria in 2040","authors":"J. Schmidt , H. Mitter , M. Baumann , B. Boza-Kiss , D. Huppmann , S. Wehrle , L. Zwieb , M. Klingler","doi":"10.1016/j.enpol.2024.114493","DOIUrl":"10.1016/j.enpol.2024.114493","url":null,"abstract":"<div><div>The Austrian government has pledged to achieve climate neutrality by 2040, but so far, there is a lack of consistent net-zero scenarios. Therefore, we integrate a comprehensive stakeholder with a techno-economic modelling process, coupling an energy and a power system model, to co-create qualitative scenario narratives and quantitative model-based scenarios for Austria's energy system, assuming all non-energetic emissions are eliminated. All four scenarios reach climate neutrality by 2040, but differ in terms of energy demand and trade in energy carriers. In the scenario narratives, variations in the local acceptance of renewables and of sufficiency lifestyles explain these differences. All scenario narratives emphasize that commitment of all societal actors is required to reach climate neutrality by 2040. We find that the quantitative model-based scenarios consistently point at far-ranging electrification of transport and heat supply, the buildup of renewables, and a switch in steel producing technology until 2030. Long-term developments are more diverse and show either elevated imports of synthetic fuels or a more pronounced expansion of domestic renewables. Consistently across scenarios, significant fossil fuel infrastructure must be retired before end of life and the required speed of change in energy infrastructure is unprecedented in the history of the Austrian energy system.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"198 ","pages":"Article 114493"},"PeriodicalIF":9.3,"publicationDate":"2025-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143094954","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}
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