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What REALLY drives clean energy stocks - Fear or Fundamentals? 驱动清洁能源股的真正因素是什么——恐惧还是基本面？
IF 13.6 2区 经济学
Energy Economics Pub Date : 2025-05-20 DOI: 10.1016/j.eneco.2025.108558
Yuqi Zheng , Brian Lucey
{"title":"What REALLY drives clean energy stocks - Fear or Fundamentals?","authors":"Yuqi Zheng ,&nbsp;Brian Lucey","doi":"10.1016/j.eneco.2025.108558","DOIUrl":"10.1016/j.eneco.2025.108558","url":null,"abstract":"<div><div>This study investigates the relationship between the S&amp;P Global Clean Energy Index and novel factors based on the GDELT Database, such as global news confidence levels, environmental sentiment, media coverage preferences in the US and China, and the ratio of environmental to overall reporting. We identify variables sourced from recent literature. Using the Isolation Forest method to select potential explanatory variables, Extreme Bounds Analysis reveals that “Fear” factors such as media sentiment and confidence show consistent and significant correlations with the S&amp;P Global Clean Energy Index. These findings highlight the influential role of media sentiment in driving market confidence and industry growth. In contrast, some traditionally popular “Fundamental” factors, such as the Global Financial Stress Indicator, Green Bond Index, and US Dollar Index, lack robustness. While they appear reliable under normal distribution models, they exhibit substantial uncertainty under alternative models, limiting their explanatory power.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"148 ","pages":"Article 108558"},"PeriodicalIF":13.6,"publicationDate":"2025-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144138012","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
Corrigendum to “Modelling time-varying volatility spillovers across crises: Evidence from major commodity futures and the US stock market” [Energy Economics Volume 143, March 2025, 108225] “模拟危机期间的时变波动溢出效应：来自主要商品期货和美国股市的证据”的勘误表[能源经济第143卷，2025年3月，108225]
IF 13.6 2区 经济学
Energy Economics Pub Date : 2025-05-19 DOI: 10.1016/j.eneco.2025.108552
Shietal Ramesh , Rand Kwong Yew Low , Robert Faff
{"title":"Corrigendum to “Modelling time-varying volatility spillovers across crises: Evidence from major commodity futures and the US stock market” [Energy Economics Volume 143, March 2025, 108225]","authors":"Shietal Ramesh ,&nbsp;Rand Kwong Yew Low ,&nbsp;Robert Faff","doi":"10.1016/j.eneco.2025.108552","DOIUrl":"10.1016/j.eneco.2025.108552","url":null,"abstract":"","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"147 ","pages":"Article 108552"},"PeriodicalIF":13.6,"publicationDate":"2025-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144084084","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
The economic burden of a carbon tax on Chinese residents: A gender and income perspective 碳税对中国居民的经济负担：性别和收入视角
IF 13.6 2区 经济学
Energy Economics Pub Date : 2025-05-19 DOI: 10.1016/j.eneco.2025.108601
Yan-Yan Yu , Chao-Yun Zhong , Shu-Xin Zhang , Hong-Dian Jiang
{"title":"The economic burden of a carbon tax on Chinese residents: A gender and income perspective","authors":"Yan-Yan Yu ,&nbsp;Chao-Yun Zhong ,&nbsp;Shu-Xin Zhang ,&nbsp;Hong-Dian Jiang","doi":"10.1016/j.eneco.2025.108601","DOIUrl":"10.1016/j.eneco.2025.108601","url":null,"abstract":"<div><div>Consumption-based carbon accounting helps identify key groups that influence emission reduction efforts, but current research primarily focuses on consumption differences among different income groups, neglecting the impact of gender characteristics on emissions and the potential differentiated effects of emission reduction policies on different gender groups. Therefore, on the basis of a detailed description of the consumption structure of residents grouped by income and gender, this study takes China as an example to examine the indirect carbon emissions from residents' product consumption. This study uses an input–output structural decomposition analysis model to investigate the contributions of five influencing factors to changes in consumption-based carbon emissions in China and uses an input–output price model to explore the economic burden of a carbon tax on residents grouped by gender and income. The results show that low-income females have the largest carbon tax burden ratio (i.e., the proportion of the carbon tax cost in the residents' total consumption expenditure), which is 1.12 times and 1.32 times higher than that of low-income residents and the average level, respectively. Specifically, 64.9 % (185.2 yuan) of females' carbon tax cost is related to housing consumption. Targeted implementation of supporting policies can obviously decrease the carbon tax cost of low-income residents and female residents, which can provide support for enhancing the fairness and inclusivity of emission reduction policies.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"147 ","pages":"Article 108601"},"PeriodicalIF":13.6,"publicationDate":"2025-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144147912","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
Persistent energy poverty for renters motivates policy reform 租房者持续的能源贫困促使政策改革
IF 13.6 2区 经济学
Energy Economics Pub Date : 2025-05-18 DOI: 10.1016/j.eneco.2025.108577
Rohan Best, Andrea Chareunsy, Fatemeh Nazifi
{"title":"Persistent energy poverty for renters motivates policy reform","authors":"Rohan Best,&nbsp;Andrea Chareunsy,&nbsp;Fatemeh Nazifi","doi":"10.1016/j.eneco.2025.108577","DOIUrl":"10.1016/j.eneco.2025.108577","url":null,"abstract":"<div><div>Energy poverty can be pronounced in a cost-of-living crisis, especially when combined with housing-cost pressure for renters. In Australia, energy poverty has been a persistent problem for over a decade, especially for renters. This paper uses four different Australian household surveys covering 2012–2024 to decompose energy poverty gaps between housing renters and non-renters. We find that the capacity to make investments explains up to 45 % of the difference in difficulty paying bills between renters and non-renters. Assets explain approximately a third of the renter-homeowner difference and are substantially more important than income. Renters being less likely to have solar panels explains a small proportion of the gap for bill-paying difficulty. These three results imply three different foci beyond past policies. Governments can use more investment support to complement income support, means testing can focus more on assets rather than income, and policies can support bundles of investments and not just one aspect such as solar panels.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"147 ","pages":"Article 108577"},"PeriodicalIF":13.6,"publicationDate":"2025-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144124037","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
Weather-induced power plant outages: Empirical evidence from hydro and thermal generators in Europe 天气引起的发电厂停电：来自欧洲水力和火力发电机的经验证据
IF 13.6 2区 经济学
Energy Economics Pub Date : 2025-05-16 DOI: 10.1016/j.eneco.2025.108549
Alberto Sergio , Francesco Pietro Colelli
{"title":"Weather-induced power plant outages: Empirical evidence from hydro and thermal generators in Europe","authors":"Alberto Sergio ,&nbsp;Francesco Pietro Colelli","doi":"10.1016/j.eneco.2025.108549","DOIUrl":"10.1016/j.eneco.2025.108549","url":null,"abstract":"<div><div>This paper investigates how extreme weather conditions affect power generators across Europe, with a focus on the differing vulnerabilities and adaptive responses of hydropower and thermal plants. Using a granular panel dataset of daily power plant outages and local weather conditions (2017–2023), we assess the influence of extreme temperatures, floods, and droughts on outage risks. We distinguish between forced and planned outages to identify how operators anticipate or react to weather-related stress. Our findings show that extreme weather events raise outage risks across multiple technologies, though their responses vary. Sudden shocks, such as unexpected temperature extremes, are more likely to trigger unplanned operational failures, while planned outages tend to align with longer-term maintenance cycles rather than immediate environmental pressures. These results highlight the need for climate-resilient strategies to protect energy systems from growing weather variability.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"148 ","pages":"Article 108549"},"PeriodicalIF":13.6,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144138013","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
Indirect import and enterprise pollution emissions: A perspective from industrial linkage 间接进口与企业污染排放：基于产业联动的视角
IF 13.6 2区 经济学
Energy Economics Pub Date : 2025-05-16 DOI: 10.1016/j.eneco.2025.108587
Lufeng Tai , Linnan Yan , Minjie Pan , Xinlei Qian
{"title":"Indirect import and enterprise pollution emissions: A perspective from industrial linkage","authors":"Lufeng Tai ,&nbsp;Linnan Yan ,&nbsp;Minjie Pan ,&nbsp;Xinlei Qian","doi":"10.1016/j.eneco.2025.108587","DOIUrl":"10.1016/j.eneco.2025.108587","url":null,"abstract":"<div><div>This study investigates the influence of import intermediate goods by upstream enterprises (indirect import) on the SO<sub>2</sub> emissions of downstream enterprises. Through a benchmark regression analysis of industrial enterprise data from China, we determine an inverse correlation between indirect imports and downstream enterprises' SO<sub>2</sub> emissions. This adverse impact is particularly pronounced when imported goods originate from developed countries, downstream enterprises are highly polluting industries, enterprises have strong technological absorption capability, or local environmental regulations are strict. Additionally, our findings indicate that energy efficiency enhancement, technological spillovers, and improvements in energy consumption structure resulting from indirect imports serve as intermediary factors affecting downstream enterprises' SO<sub>2</sub> emissions. Further investigation suggests that the primary driver behind the reduction in pollution by downstream enterprises is clean production rather than end-of-pipe treatment.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"147 ","pages":"Article 108587"},"PeriodicalIF":13.6,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144106595","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
Assessment of banking risk in the context of the oil and gas bubbles 石油和天然气泡沫背景下的银行风险评估
IF 13.6 2区 经济学
Energy Economics Pub Date : 2025-05-16 DOI: 10.1016/j.eneco.2025.108593
Stefano Dell'Atti , Andrea Paltrinieri , Caterina Di Tommaso , Grazia Onorato
{"title":"Assessment of banking risk in the context of the oil and gas bubbles","authors":"Stefano Dell'Atti ,&nbsp;Andrea Paltrinieri ,&nbsp;Caterina Di Tommaso ,&nbsp;Grazia Onorato","doi":"10.1016/j.eneco.2025.108593","DOIUrl":"10.1016/j.eneco.2025.108593","url":null,"abstract":"<div><div>This study offers empirical evidence indicating the transfer of price bubbles from the oil and gas markets to banking risk following Russia's invasion of Ukraine in February 2022 causing the outburst of a major energy crisis. Against this backdrop, the objective of this paper is threefold. First, we employ the Log-Periodic Power Law Singularity (LPPLS) model, to identify both positive and negative bubbles within the oil, gas, and banking markets, characterized by pronounced price fluctuations. As a second objective, the study employs a bivariate vector autoregression (VAR) model, to analyze the explosive price movements within the oil and gas markets and banking risk using the LPPLS series. To reach the third objective, we apply an autoregressive distributed lag (ARDL) model with cointegration, to scrutinize both the long-run and short-run effects of the oil and gas market on banking risk. The paper contributes to the literature on the predictability of bubbles in oil and gas markets and the shift of the transmission bubbles in other markets.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"147 ","pages":"Article 108593"},"PeriodicalIF":13.6,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144105695","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
A multi-scale analysis of spillover effects between the Chinese carbon market and related markets: The impact of the geopolitical risk 中国碳市场与相关市场溢出效应的多尺度分析：地缘政治风险的影响
IF 13.6 2区 经济学
Energy Economics Pub Date : 2025-05-15 DOI: 10.1016/j.eneco.2025.108543
Jing Liu , Xin Zhao , Lili Ding
{"title":"A multi-scale analysis of spillover effects between the Chinese carbon market and related markets: The impact of the geopolitical risk","authors":"Jing Liu ,&nbsp;Xin Zhao ,&nbsp;Lili Ding","doi":"10.1016/j.eneco.2025.108543","DOIUrl":"10.1016/j.eneco.2025.108543","url":null,"abstract":"<div><div>This study examines the spillover effects between China's carbon market and related markets, considering geopolitical factors. By using the spillover index method, MEMD decomposition, and the TVP-VAR model, the paper quantifies the spillovers at multiple scales. The findings indicate that: (1) significant spillover effects exist among China's carbon, energy, and financial markets, with the oil market being the major risk spillover source and the foreign exchange market playing an important intermediary role in risk transmission; (2) spillover effects are heterogeneous across time scales, with medium to long-term spillovers being the most prominent, suggesting long-term fundamental factors primarily drive risk spillovers; (3) spillover effects exhibit time-varying characteristics, with intensified spillovers typically triggered by economic crises, geopolitical events, policy changes, and other major incidents; (4) geopolitical risks have a significant impact on spillovers within the “carbon-energy-finance” system, though the impact's magnitude and direction vary depending on the specific geopolitical event. These results provide valuable guidance for policymakers and investors in China and other developing countries on the operation and investment of carbon markets.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"147 ","pages":"Article 108543"},"PeriodicalIF":13.6,"publicationDate":"2025-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144084090","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 between inclusive finance and green finance in alleviating energy poverty and the mediating role of energy structure 普惠金融与绿色金融缓解能源贫困的比较及能源结构的中介作用
IF 13.6 2区 经济学
Energy Economics Pub Date : 2025-05-15 DOI: 10.1016/j.eneco.2025.108597
Meirui Zhong , Ti Zhou , Qingtian Wu
{"title":"Comparison between inclusive finance and green finance in alleviating energy poverty and the mediating role of energy structure","authors":"Meirui Zhong ,&nbsp;Ti Zhou ,&nbsp;Qingtian Wu","doi":"10.1016/j.eneco.2025.108597","DOIUrl":"10.1016/j.eneco.2025.108597","url":null,"abstract":"<div><div>Drawing on panel data from 30 Chinese provinces from 2011 to 2017, this study investigates the comprehensive impact of inclusive finance and green finance on energy poverty, along with the mechanisms through which these effects occur. The findings demonstrate that both inclusive finance and green finance significantly alleviate energy poverty. Inclusive finance primarily influences energy poverty through income and consumption effects, while green finance contributes by improving energy efficiency and supporting the transition to low-carbon energy sources. Moreover, a synergistic effect exists between inclusive and green finance, with inclusive finance fostering the development of green finance—an effect that becomes more pronounced with increased investment in science and technology. Heterogeneity analysis reveals that inclusive finance has a greater impact in the western region, whereas green finance exerts stronger influence in the eastern region, highlighting differences in their operative mechanisms and levels of regional economic development. Building on existing literature concerning the relationship between financial inclusivity and energy structure, this study further explores their nonlinear relationship and examines the roles of energy consumption and technological advancement in this dynamic. The paper concludes with policy recommendations based on the combined effects of inclusive and green finance on energy poverty.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"147 ","pages":"Article 108597"},"PeriodicalIF":13.6,"publicationDate":"2025-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144147914","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
Manuscript title: The survival of global energy imports and the impact of geopolitical risks 论文题目：全球能源进口的生存与地缘政治风险的影响
IF 13.6 2区 经济学
Energy Economics Pub Date : 2025-05-15 DOI: 10.1016/j.eneco.2025.108595
Shiguang Peng , Le Wang , Yongyao Chen
{"title":"Manuscript title: The survival of global energy imports and the impact of geopolitical risks","authors":"Shiguang Peng ,&nbsp;Le Wang ,&nbsp;Yongyao Chen","doi":"10.1016/j.eneco.2025.108595","DOIUrl":"10.1016/j.eneco.2025.108595","url":null,"abstract":"<div><div>Based on Harmonized System 6-digit code data from 1995 to 2022, this study uses survival analysis to assess the survival of global energy imports, which characterizes resilience. Next, it quantitatively investigates the impact of geopolitical risks in exporting countries on import survival. The key findings are summarized as follows. First, the average length of the 300,971 trade spells is 3.269 years. Remarkably, 80.68 % of these spells have a length that does not exceed 3 years, whereas only 3.98 % persist beyond 18 years in length. Second, the hazard rate of global energy imports reaches 0.573 in the initial year, but it typically decreases as the import duration increases. Compared with other countries, Japan has superior resilience in terms of energy imports, whereas the United States has inferior resilience in this regard. With respect to product categories, global petroleum imports display greater resilience than coal and gas imports do. Third, elevated geopolitical risks in exporting countries significantly increase the hazard rate of global energy imports. Geopolitical risks intensify the hazard rate of global petroleum imports more than that of coal and gas imports. Furthermore, for OECD exporting countries, the enhancing impact of geopolitical risks on the hazard rate of trade disruptions is attenuated. Finally, drawing upon the primary conclusions, policy implications are suggested to increase import resilience and safeguard international energy security.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"147 ","pages":"Article 108595"},"PeriodicalIF":13.6,"publicationDate":"2025-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144072421","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
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