Energy Economics最新文献_第10页

Achieving clean energy transitions: How green innovation and financial development shape energy usage 实现清洁能源转型：绿色创新和金融发展如何影响能源使用

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-08-23 DOI: 10.1016/j.eneco.2025.108851

Umer Shahzad

{"title":"Achieving clean energy transitions: How green innovation and financial development shape energy usage","authors":"Umer Shahzad","doi":"10.1016/j.eneco.2025.108851","DOIUrl":"10.1016/j.eneco.2025.108851","url":null,"abstract":"<div><div>Clean energy usage plays a key role in reducing reliance on fossil fuels and mitigating global environmental degradation. This study aims to address environmental challenges by examining the impact of green innovation and financial development on total, clean, and dirty energy usage in 49 high-income countries from 1990 to 2023 by employing the Common Correlated Effects Estimator (CS-ARDL). The findings reveal that green innovation significantly reduces total and dirty energy usage while increasing clean energy usage, underscoring its critical role in promoting sustainable energy transitions. In contrast, financial development alone increases total energy usage, as well as both dirty and clean energy usage. However, the interaction between financial development and green innovation yields favorable outcomes, reducing total and dirty energy usage while enhancing clean energy usage. The interaction of GDP and population growth with financial development is found to increase total and dirty energy usage. Moreover, financial markets encourage clean energy usage, while financial institutions tend to reduce it. Furthermore, financial development, green innovation, population, and GDP exhibit bidirectional causal relationships with total, clean, and dirty energy usage. In addition, Quantile Regression Analysis confirms that green innovation effectively reduces total and dirty energy usage while boosting clean energy usage, especially at higher quantiles. Meanwhile, financial development also decreases total and dirty energy usage in higher quantiles and promotes clean energy usage in the middle quantile. These findings highlight the importance of coordinated policies that combine green innovation with financial development to achieve sustainable energy systems and address global environmental challenges.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"150 ","pages":"Article 108851"},"PeriodicalIF":14.2,"publicationDate":"2025-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144920987","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}

引用次数: 0

Digital economy, technical progress reversal, and climate change governance–insights on digital technology and data factor 数字经济、技术进步逆转与气候变化治理——基于数字技术和数据因素的洞察

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-08-22 DOI: 10.1016/j.eneco.2025.108848

Jixin Cheng , Dingjian Yang , Lan Xu

{"title":"Digital economy, technical progress reversal, and climate change governance–insights on digital technology and data factor","authors":"Jixin Cheng , Dingjian Yang , Lan Xu","doi":"10.1016/j.eneco.2025.108848","DOIUrl":"10.1016/j.eneco.2025.108848","url":null,"abstract":"<div><div>The rise of the digital economy has undoubtedly created favorable conditions for advancing low-carbon development and strengthening climate change governance. This study develops a model of directed technical change that incorporates both digital technology and the data factor to explore the dynamic relationships among the digital economy, directed technical progress, and climate change. Building on these theoretical insights, the study further proposes a policy mix for effective climate governance enabled by the digital economy. The results suggest that: (1) The application of digital technology and the data factor generates a “multiplier effect”, causing technical progress to favor the sector that accumulates more data. (2) In the absence of climate policies and with equivalent levels of digital technology application across sectors, climate deterioration will accelerate. (3) Governments can reverse the direction of technical progress by implementing a mix of policies, including temporary carbon and resource taxes, temporary clean R&D subsidies, and permanent subsidies for data usage and machinery purchases. Through the mechanism of the multiplier effect, the use of pollution-intensive intermediate goods will decline more rapidly, thereby helping to avert potential climate disasters. (4) The development of the digital economy can reduce the intensity of required climate policies while improving social welfare. The findings of this study provide policy guidance and a theoretical basis for effective climate governance in the era of the digital economy.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"150 ","pages":"Article 108848"},"PeriodicalIF":14.2,"publicationDate":"2025-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144896094","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}

引用次数: 0

Design of sustainable performance targets: Mitigating greenwashing in sustainability-linked loans 设计可持续绩效目标：减少与可持续发展相关的贷款中的“漂绿”现象

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-08-21 DOI: 10.1016/j.eneco.2025.108843

Bing Xia , Qi Ma , Yong Jun Pan

{"title":"Design of sustainable performance targets: Mitigating greenwashing in sustainability-linked loans","authors":"Bing Xia , Qi Ma , Yong Jun Pan","doi":"10.1016/j.eneco.2025.108843","DOIUrl":"10.1016/j.eneco.2025.108843","url":null,"abstract":"<div><div>Sustainability-linked loans (SLLs) are an innovative, sustainable financial tool that ties preferential interest rates (PIRs) to a company's sustainability-performance targets (SPTs). This study addresses two common greenwashing (GW) behaviours in SLLs, project misrepresentation and weak SPTs, focusing on carbon-emission (CE) targets as a key SPT indicator. A signaling game model is used, involving a bank and two companies with differing decarbonising capabilities and production risks. We compare the SPT signaling mechanism with traditional loan request (LR) signaling based on signal cost criteria. The results show that a separating equilibrium in the SPT signaling game only exists when the green process's decarbonising capability exceeds a certain threshold. Furthermore, a smaller gap in production risk and a larger difference in decarbonising capabilities enhance the SPT-signaling effectiveness. To address weak SPTs, we propose a feasible range for CE targets that ensures company participation, covers bank risks, and accurately identifies green companies. Finally, we suggest how banks can set favourable interest rates (IRs) to support enforcing stricter CE targets, thereby enhancing the SLLs' sustainability incentives.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"150 ","pages":"Article 108843"},"PeriodicalIF":14.2,"publicationDate":"2025-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144916921","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}

引用次数: 0

Two-stage hybrid electricity market trading strategy optimization with renewable electricity under cap-and-trade policy 限额与交易政策下可再生电力两阶段混合电力市场交易策略优化

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-08-20 DOI: 10.1016/j.eneco.2025.108764

Weisi Zhang , Qingsong Mao , Xia Pan , Rui Luo , Ling Liang

{"title":"Two-stage hybrid electricity market trading strategy optimization with renewable electricity under cap-and-trade policy","authors":"Weisi Zhang , Qingsong Mao , Xia Pan , Rui Luo , Ling Liang","doi":"10.1016/j.eneco.2025.108764","DOIUrl":"10.1016/j.eneco.2025.108764","url":null,"abstract":"<div><div>With the trial operation of a two-stage electricity trading mechanism, and the pilot of cap-and-trade policy in the electricity sector, optimizing strategies within a hybrid electricity market has emerged as a hot research topic. To explore the scenario of integrating renewable electricity to form a hybrid electricity market, and to analyze the impact of cap-and-trade policy on electricity market transactions, this study employs game theory to establish a two-stage electricity market analysis framework, which encompasses transactions by traditional thermal electricity generator and renewable electricity generator in the forward and spot markets. The research findings indicate that widespread integration of renewable electricity lowers spot electricity prices but may cause forward prices to rise during significant spot market volatility. It also significantly reduces carbon emissions, while an initial surge in emissions could occur, in the early stages of renewable electricity integration with low spot market demand volatility. Two-stage trading could mitigate spot price and enhance profitability of traditional thermal electricity generators, during periods of substantial market volatility. Regarding the cap-and-trade policy, it generally leads to lower electricity prices in both forward and spot markets under conditions of loose carbon emission constraints, and the impact on generators' profitability is contingent. Specifically, the policy does not invariably negatively affect traditional thermal electricity generator. Under loose emission reduction constraints, the policy does not necessarily increase the profits of renewable electricity generator.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"150 ","pages":"Article 108764"},"PeriodicalIF":14.2,"publicationDate":"2025-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144920974","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}

引用次数: 0

Mutually beneficial pricing strategies for corporate power purchase agreements 企业购电协议的互利定价策略

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-08-20 DOI: 10.1016/j.eneco.2025.108802

Julia Barbosa, Mario Beykirch, Florian Steinke

{"title":"Mutually beneficial pricing strategies for corporate power purchase agreements","authors":"Julia Barbosa, Mario Beykirch, Florian Steinke","doi":"10.1016/j.eneco.2025.108802","DOIUrl":"10.1016/j.eneco.2025.108802","url":null,"abstract":"<div><div>Renewable power plant owners require new business models as governments phase out subsidy schemes. Meanwhile, the interest of corporations in renewable power procurement to reduce their carbon footprint and hedge against electricity price volatility increases. Corporate power purchase agreements (CPPAs), as direct agreements between producers and consumers, can conciliate both interests and are thus growing in number. This paper provides a formal framework to analyze the price and volumetric conditions under which a CPPA is mutually beneficial for a wind power plant (WPP) owner and a large electricity consumer considering the uncertainty of the spot market electricity prices and the wind generation. We show that although the players’ cash flows in a CPPA constitute a zero-sum game, the cash flows’ variances can be reduced mutually. This variance reduction is valuable as it can be translated into bonuses for each contracting party. To quantify these bonuses we consider either a reduced capital costs for the upfront investment on the WPP side or a reduced liquid capital need for covering the market risk on the consumer side. We use historic electricity market and wind availability data to evaluate different price-volume configurations of an exemplary CPPA with the proposed framework. We conclude that the mutually beneficial pricing strategies for CPPAs are enabled and determined by the risk aversion behavior of third parties such as shareholders and lenders.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"150 ","pages":"Article 108802"},"PeriodicalIF":14.2,"publicationDate":"2025-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144886289","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}

引用次数: 0

Identifying efficient policy mix under emission mitigation and inflation targeting: A case of India 确定减排和通货膨胀目标制下的有效政策组合：以印度为例

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-08-20 DOI: 10.1016/j.eneco.2025.108837

Sayar Ahmad Shah , Bhavesh Garg , Pravakar Sahoo

引用次数: 0

Renewable energy support: Pre-announced policies and efficiency 可再生能源支持：预先公布的政策和效率

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-08-19 DOI: 10.1016/j.eneco.2025.108801

Nandeeta Neerunjun , Hubert Stahn

引用次数: 0

Greening up their act: Corporate carbon emissions reduction in response to political risk 绿色行动：企业减少碳排放以应对政治风险

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-08-19 DOI: 10.1016/j.eneco.2025.108847

Pradip Banerjee , Sudipta Bose , Sandip Dhole , Cameron Truong

{"title":"Greening up their act: Corporate carbon emissions reduction in response to political risk","authors":"Pradip Banerjee , Sudipta Bose , Sandip Dhole , Cameron Truong","doi":"10.1016/j.eneco.2025.108847","DOIUrl":"10.1016/j.eneco.2025.108847","url":null,"abstract":"<div><div>This study explores whether firms decrease their carbon emissions in response to heightened political risk. Political risk often imposes significant economic consequences, prompting companies to engage in costly strategies such as political lobbying. Alternatively, firms may opt to manage their emissions to partially mitigate political risk. We posit that high carbon emissions can attract unwanted political scrutiny, making emissions reduction a strategic response to escalating political risk. Our findings demonstrate that firms indeed lower their emissions in response to political risk. Moreover, we find that specific firm characteristics can affect the relationship between political risk and carbon emissions. Finally, we show that firms achieve emissions reductions through investments in environmental innovation. To investigate robustness, we employ multiple identification strategies, including entropy balancing, instrumental variable analysis, and quasi-natural experiments. Our findings highlight the strategic importance of emissions reduction as a response to political risk, offering insights for policymakers, investors, and corporate decision-makers on aligning sustainability efforts with risk management strategies.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"150 ","pages":"Article 108847"},"PeriodicalIF":14.2,"publicationDate":"2025-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144902942","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}

引用次数: 0

Commodity price risk, supply chain, and lending 商品价格风险、供应链和贷款

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-08-19 DOI: 10.1016/j.eneco.2025.108808

Marta Degl’Innocenti , Gianluca Santilli , Alex Sclip , Si Zhou

引用次数: 0

Geopolitical risks and energy market dynamics 地缘政治风险和能源市场动态

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-08-19 DOI: 10.1016/j.eneco.2025.108814

Niraj P. Koirala , Linus Nyiwul , Zhining Hu , Rashid Al-Hmoud , Dhiroj Prasad Koirala

{"title":"Geopolitical risks and energy market dynamics","authors":"Niraj P. Koirala , Linus Nyiwul , Zhining Hu , Rashid Al-Hmoud , Dhiroj Prasad Koirala","doi":"10.1016/j.eneco.2025.108814","DOIUrl":"10.1016/j.eneco.2025.108814","url":null,"abstract":"<div><div>In this paper, we examine the relationship between geopolitical risks and energy markets, focusing on how these risks impact energy consumption, trade, and the transition to renewable energy. Using the System Generalized Methods of Moments (SYS-GMM) on energy market-related data from the World Bank, we find that geopolitical risks do not have statistically significant impacts on overall energy consumption in our full sample. However, further analyses suggest that geopolitical risks have heterogeneous impacts on overall energy consumption based on the status of development and whether countries are net energy exporters or importers. Specifically, we find that geopolitical risks are associated with increased energy consumption in both developed and developing countries. However, developing countries increase not only the level but also the intensity of consumption, highlighting the need to increase energy stockpiles. This finding remains robust to alternative measurements of geopolitical risks and estimation approaches, such as the Instrumental Variable (IV) method. In addition to energy consumption, we also find that geopolitical risks positively affect renewable energy growth in developed countries while increasing reliance on fossil fuels at the same time. This finding suggests a delicate balance developing countries need to strike while maintaining current energy demands and promoting energy sovereignty by promoting renewable energy at the same time. Lastly, we find that geopolitical risks decrease both energy exports and imports. However, such a shrinkage in energy trade is followed by strong exports and imports signifying a profit seeking behavior of exporter countries and a need to rely on imported fuels to maintain domestic energy security of importers. These findings underscore the importance of geopolitical risks in understanding energy market dynamics.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"150 ","pages":"Article 108814"},"PeriodicalIF":14.2,"publicationDate":"2025-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145105393","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}

引用次数: 0