Energy Economics最新文献_第2页

A climate risk hedge? Investigating the exposure of green and non-green corporate bonds to climate risk 气候风险对冲？调查绿色和非绿色公司债券对气候风险的敞口

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-12 DOI: 10.1016/j.eneco.2025.108664

Nicola Bartolini, Silvia Romagnoli, Amia Santini

{"title":"A climate risk hedge? Investigating the exposure of green and non-green corporate bonds to climate risk","authors":"Nicola Bartolini, Silvia Romagnoli, Amia Santini","doi":"10.1016/j.eneco.2025.108664","DOIUrl":"10.1016/j.eneco.2025.108664","url":null,"abstract":"<div><div>We perform an in-depth analysis of climate risk in the corporate bond market, focusing on the green-bond issuers of the three largest European Union economies by GDP: Germany, France, and Italy. We do so by evaluating the impact, on the spreads of their green and non-green bonds, of a number of potential physical risk drivers, selected in line with the ECB climate stress tests and the extant literature, and through the fitting of ARIMAX models. Additionally, we include the log-returns of EU carbon allowances as a potential proxy of transition risk. We find that green and non-green bonds of the same issuer can differ in their exposure to the physical risk variables. Depending on the issuer, green bonds can be equally or less exposed than their non-green counterparts. Additionally, multiple firms in the renewable energy sector have green bonds which provide protection against physical risk. EU carbon allowances are not found to have a consistently significant impact on bond spreads. In line with these findings, we propose an extension of an intensity-based (reduced-form) credit risk model and assess its ability to describe and fit the bond data.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"149 ","pages":"Article 108664"},"PeriodicalIF":13.6,"publicationDate":"2025-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613149","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

Are geopolitical risks reshaping the global energy trade networks? A global perspective 地缘政治风险正在重塑全球能源贸易网络吗？全球视角

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-11 DOI: 10.1016/j.eneco.2025.108717

Youyi Deng , Hong-Dian Jiang

{"title":"Are geopolitical risks reshaping the global energy trade networks? A global perspective","authors":"Youyi Deng , Hong-Dian Jiang","doi":"10.1016/j.eneco.2025.108717","DOIUrl":"10.1016/j.eneco.2025.108717","url":null,"abstract":"<div><div>In recent years, the rise of the anti-globalization wave and multiple changes in international relations have intensified geopolitical risks (GPR), which bring uncertainty and instability to the global energy market and accelerate the evolution of the global energy trade networks (GETN). Based on this, this paper portrays the evolution of GETN by constructing a weighted directed trade network with a sample of 41 countries around the world from 2000 to 2022, and explores the impact and mechanisms of GPR on GETN. The findings show that (1) GETN presents three major trade circles: the European energy trade network, the Oceania-Asia energy trade network, and the Americas energy trade network. However, the Oceania-Asia energy trade network is gradually expanding due to the different development stages and speeds. (2) GPR has weakened the centrality of countries in GETN, and the impact is mainly realized through the reduction of trade scale. (3) Financial development and the advancement of the digitalization process can provide financial support and digital risk monitoring services for countries to participate in the GETN, which mitigates the negative impact of the GPR to a certain extent. (4) Testing for spatiotemporal heterogeneity finds that the current GETN is developing towards regionalization, with the formation of the European-Americas energy trade network and the Eurasian energy trade network.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"149 ","pages":"Article 108717"},"PeriodicalIF":13.6,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613150","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

Transitioning the energy landscape: AI's role in shifting from fossil fuels to renewable energy 能源格局转型：人工智能在从化石燃料转向可再生能源中的作用

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-10 DOI: 10.1016/j.eneco.2025.108729

Zhengzheng Li , Youze Xing , Xuefeng Shao , Yifan Zhong , Yun Hsuan Su

引用次数: 0

Legal traditions and the ratification of the Paris agreement 法律传统和巴黎协定的批准

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-10 DOI: 10.1016/j.eneco.2025.108719

Per G. Fredriksson , Swati Sharma , Jim R. Wollscheid

{"title":"Legal traditions and the ratification of the Paris agreement","authors":"Per G. Fredriksson , Swati Sharma , Jim R. Wollscheid","doi":"10.1016/j.eneco.2025.108719","DOIUrl":"10.1016/j.eneco.2025.108719","url":null,"abstract":"<div><div>We study whether legal traditions matter for the propensity of countries to ratify the Paris Agreement (PA), and thus their level of cooperation on addressing climate change. On the one hand, the economics literature argues that civil law countries are generally more prone to intervene to address negative externalities. On the other hand, the international law literature argues that the legal traditions' compatibility with international agreements depends on their designs. While civil law countries prefer binding obligations within international agreements, common law countries prefer nonbinding obligations. To test these hypotheses, we use survival analysis to analyze the timing of the ratification of the PA by 175 countries. Crucially, the PA includes nonbinding obligations, particularly the emissions-cut pledges denoted as Nationally Determined Contributions. Our baseline estimate suggests that common law countries have a 71 % higher conditional probability of ratifying the PA than do civil law countries, supporting the international law hypothesis. This novel result holds up to a host of robustness checks and may help inform the design of future agreements. Moreover, we find some further support for the hypothesis based on international law from the Kyoto Protocol. For this agreement, in a subsample of Annex I countries with binding obligations, common law countries instead have a lower conditional probability of ratification.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"149 ","pages":"Article 108719"},"PeriodicalIF":13.6,"publicationDate":"2025-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613222","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

Comparison of cost efficiency among electricity distribution companies in Northern Europe: A panel data stochastic frontier approach 北欧配电公司成本效率比较：面板数据随机前沿方法

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-10 DOI: 10.1016/j.eneco.2025.108654

Kjartan E. Rasmussen

{"title":"Comparison of cost efficiency among electricity distribution companies in Northern Europe: A panel data stochastic frontier approach","authors":"Kjartan E. Rasmussen","doi":"10.1016/j.eneco.2025.108654","DOIUrl":"10.1016/j.eneco.2025.108654","url":null,"abstract":"<div><div>Electricity distribution system operators (DSOs) in Denmark, Norway, Sweden, Finland, and Iceland, along with numerous other nations, operate as local natural monopolies. Regulatory bodies in each of these five countries are responsible for overseeing and regulating the local markets to offset this inherent market failure. Despite the many similarities in regulation between countries, cross-country studies on DSO performance are a rarity in the literature. This study addresses this gap by employing a panel data stochastic frontier analysis (SFA) to examine differences in cost efficiency levels between the aforementioned five countries. This includes the short-term adjustable time-varying efficiency, often called the managerial efficiency, endogenous to each DSO and the short-term unadjustable time-invariant efficiency, often called the organizational efficiency, exogenous to each DSO. The results of the analysis indicate vast differences in operational environments both within and between countries. When controlled for, efficiency distributions across countries mostly appear to be similar, indicating no significant difference in performance capabilities between DSOs across the countries examined.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"149 ","pages":"Article 108654"},"PeriodicalIF":13.6,"publicationDate":"2025-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613152","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

Does the development of the service outsourcing industry enhance green product exports? Quasi-natural experimental evidence from China 服务外包产业的发展是否促进了绿色产品的出口？来自中国的准自然实验证据

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-09 DOI: 10.1016/j.eneco.2025.108727

Wenjing Liang , Weihua Yu , Xin Yao

{"title":"Does the development of the service outsourcing industry enhance green product exports? Quasi-natural experimental evidence from China","authors":"Wenjing Liang , Weihua Yu , Xin Yao","doi":"10.1016/j.eneco.2025.108727","DOIUrl":"10.1016/j.eneco.2025.108727","url":null,"abstract":"<div><div>This paper considers the establishment of service outsourcing demonstration cities in China as a quasi-natural experiment, employing firm data from national tax survey data and Customs Database to investigate the impact of high-end services development in developing countries on the scale of green product exports. The results of the Heckman two-stage model indicate that the development of the service outsourcing industry not only increases the probability of green product exports by manufacturing firms but also significantly enhances the growth of green product exports. This positive effect is primarily attributed to the agglomeration of regional service sectors, enhancements in firms' green innovation capabilities, and upgrades in green product quality. The heterogeneity analysis reveals a stronger impact of service outsourcing demonstration city development in smaller cities, cities with stricter environmental regulations, larger enterprises, and foreign-invested firms. Further analysis using more granular firm-product-level data indicates that the impact of service outsourcing demonstration cities on green product exports varies across different production stages and trade modes. This study provides valuable insights for developing countries to enhance their green international competitiveness given the global division of labor and rising green trade barriers.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"149 ","pages":"Article 108727"},"PeriodicalIF":13.6,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144623858","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

Importing innovation or indigenous innovation: Evaluating the effect of climate finance on promoting environmental sustainability in developing countries 引进创新或自主创新：评估气候融资对促进发展中国家环境可持续性的影响

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-09 DOI: 10.1016/j.eneco.2025.108726

Jinhua Zhang , Yafei Li , Ruonan Du , Xiuping Hua

引用次数: 0

Geopolitical risks, financial system and the energy trilemma 地缘政治风险、金融体系和能源三难困境

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-09 DOI: 10.1016/j.eneco.2025.108724

Eric Evans Osei Opoku , Alex O. Acheampong , Josephine Frempong

{"title":"Geopolitical risks, financial system and the energy trilemma","authors":"Eric Evans Osei Opoku , Alex O. Acheampong , Josephine Frempong","doi":"10.1016/j.eneco.2025.108724","DOIUrl":"10.1016/j.eneco.2025.108724","url":null,"abstract":"<div><div>The literature on the intersection of geopolitical risks, financial development energy trilemma remains sparse. This study, therefore, seeks to investigate the influence of geopolitical risk and financial development on <em>energy trilemma (energy security, energy equity and environmental sustainability</em>). The energy trilemma presents a more comprehensive measure for understanding the effect of geopolitical risks on energy and environment: energy security, energy equity and environmental sustainability. Using the Feasible Generalized Least Squares, Discroll-Kraay technique and Lewbel's Two Stage Least Squares method and data from 40 countries from 2000 to 2021, our findings suggest a positive effect of geopolitical risks on both energy security and energy equity. In essence, an increase in geopolitical risks could potentially enhance countries' energy transition, improving their resilience and ability to recover quickly from shocks to the energy systems, thereby boosting their achievement of universal access and affordable energy for all. The results, however, generally suggest a negative effect of geopolitical risks on environmental sustainability. Further results indicate that the financial development measures show a nonlinear U-shaped relationship with the energy trilemma. We also show that the effect of geopolitical risk on energy trilemma is moderated by financial development. The relevance of this paper hinges on the growing global geopolitical risks and the urgent push for a clean and just energy transition that concurrently safeguards a secure, equitable, and sustainable future.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"149 ","pages":"Article 108724"},"PeriodicalIF":13.6,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613159","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

Elderly population migration and urban energy consumption: Voluntary relocation or forced displacement? 老年人口迁移与城市能源消耗：自愿迁移还是被迫迁移？

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-09 DOI: 10.1016/j.eneco.2025.108725

Chien-Chiang Lee , Jiangnan Li , Ziqian Xia , Linrui Xie

{"title":"Elderly population migration and urban energy consumption: Voluntary relocation or forced displacement?","authors":"Chien-Chiang Lee , Jiangnan Li , Ziqian Xia , Linrui Xie","doi":"10.1016/j.eneco.2025.108725","DOIUrl":"10.1016/j.eneco.2025.108725","url":null,"abstract":"<div><div>The Seventh National Census shows that the migrant population reached 376 million in 2020, while those living away from their households totaled 493 million. Against the backdrop of an accelerating aging process, the migration of the elderly, driven by various factors, has garnered significant attention. This growing mobile group is influencing energy consumption (EC) in various regions. Based on data from China's prefecture-level cities, this study explores how the migration of the elderly population affects EC. The findings indicate that elderly migration results in both aging and migration effects, which respectively demonstrate that elderly populations' demand for health and medical services, as well as their reliance on electricity and transportation, significantly contribute to increased EC. By focusing on three scenarios, this study tests the moderating effects of factors that drive the elderly population migration. The results show that family relocation, intergenerational care, and healthcare all exert negative moderating effects. In the heterogeneity analysis, we find that rural migrants, female populations, and those born in peaceful times display a stronger tendency towards EC. The Exponential Smoothing (ETS) model predicts continued growth in EC, and quantile regression confirms that regions with higher EC see greater contributions from migrants. This study highlights the elderly migrant population and applies demographic theory to the analysis of EC, offering new research approaches and perspectives for EC management and policy development.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"149 ","pages":"Article 108725"},"PeriodicalIF":13.6,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144614746","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

“Green BRICS”: How artificial intelligence can build the explicit structure and implicit order of energy transition “绿色金砖”：人工智能如何构建能源转型的显性结构和隐性秩序

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-08 DOI: 10.1016/j.eneco.2025.108713

Wei Zhang , Yunjia Zhang , Xuling Lan , Malin Song

{"title":"“Green BRICS”: How artificial intelligence can build the explicit structure and implicit order of energy transition","authors":"Wei Zhang , Yunjia Zhang , Xuling Lan , Malin Song","doi":"10.1016/j.eneco.2025.108713","DOIUrl":"10.1016/j.eneco.2025.108713","url":null,"abstract":"<div><div>In the context of global warming, artificial intelligence (AI) is increasingly playing a key role for the BRICS countries in energy transition strategies and practices aimed at combating climate change. AI facilitates the decarbonization of energy systems, while also influencing wider aspects of energy transition, including energy governance, energy equity, and energy security. This paper examines the effects and mechanisms of AI on explicit energy transition (EET) and implicit energy transition (IET) by analyzing panel data from the BRICS between 2005 and 2019. It uses a two-way fixed effects regression model to investigate these relationships, as well as to assess spillover and threshold effects. The result indicates that AI has a significant promoting effect on both EET and IET, and the positive impact of AI on EET can be achieved through the promotion of IET. Secondly, natural resource dependence (NRD) negatively moderates the relationship between AI and EET as well as between AI and IET, while knowledge production (KP) positively moderates the relationship between AI and IET. The moderation effects of NRD on the AI-EET relationship and KP on the AI-IET relationship display nonlinear traits. Finally, due to the unbalanced development of AI, its application currently shows negative spillover effects on energy transition within the BRICS. These findings provide valuable policy insights for the BRICS and other countries pursuing energy transition goals.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"149 ","pages":"Article 108713"},"PeriodicalIF":13.6,"publicationDate":"2025-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613160","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