Energy transition has become a priority for adaptive policy and measures taken in response to climate change around the world. This is an opportunity and a challenge for the Taiwan government to establish a climate-resilient power generation mixed to ensure electricity security as well as climate change mitigation. This study adopted a sustainable development perspective and applied optimal control theory to establish a cost-effective model to evaluate a long-term (2050), climate-resilient power generation mix for Taiwan. Furthermore, this study applies the STIRPAT approach to predict the demand of electricity by 2050 for the demand side management. The results not only showed the share of various power generation mixed, but also recommended the trajectory of electricity saving by 2050.

The carbon emissions in China contribute to around one-third of the world total. Therefore, China plays a critical role in global carbon emissions reduction. Over the last few years, the Chinese government has implemented a range of counter-measures to accelerate the green transition. In this research, we empirically investigate the relationship between carbon intensity and the green transition. Based on provincial panel data of Chinese manufacturing industries from 2008 to 2019, we measure the relationship between carbon intensity and green transition capacity in 30 provinces, employing the Generalized Method of Moments (GMM) to examine their influencing mechanism and regional heterogeneity. Furthermore, we use an intermediary model to investigate the influence of financial development on the relationship between carbon intensity and manufacturing green transition. We find that a U-shaped relationship exists, where increasing carbon emissions restrain the green transition initially bu... [more]

Based on the panel data from 30 provinces in China from 2010 to 2020, this paper employs the panel vector autoregression (PVAR) model to investigate the dynamic relationship between a green economy and energy utilization level. The results show that: (1) the green economic development level and energy utilization level of 30 provinces in China have been continuously enhancing in recent years, the increase in green economic development level is higher than energy utilization level, and the geographical characteristics of both levels are significant, decreasing from East to West; (2) the causal relationship between the green economy and the energy utilization level has passed the Granger test; the two have formed a relatively high-level balanced relationship over a long period, showing a benign and orderly development trend; (3) the green economy generates a positive pulse response on energy utilization level in the initial period, but the impulse response weakens in the period of lag 1,... [more]

Climate change is a complex process that exists at the intersection of many human endeavors [...]

Risk disclosures contribute to financial stability by providing stakeholders with a better understanding of companies’ risk exposures and risk management practices. Presently, corporate risk has been accelerated by the COVID-19 pandemic, and the level of disclosure varies across industries, companies, and organizations. Due to the strategic importance of the energy industry, the paper aims to assess COVID-19-related risk disclosure in the biggest electricity companies in Central and Eastern European countries, and to identify the main determinants of the disclosure. For this purpose, risk disclosure was assessed based on publicly available data disclosed by the 10 biggest public electricity companies operating in this region. Our findings indicate that factors such as the company’s size, leverage, and profitability do not significantly affect COVID-19-related risk disclosure in financial reports; nevertheless, COVID-19 risk disclosure in non-financial reports is significantly correlate... [more]

The Chinese refined oil pricing reform in 2013 has brought its refined oil price to be more aligned with the international oil price, helping to mitigate prior distorted pricing mechanisms. Its impact on the correlation, tail risks, and spillover effects between the international crude oil market and Chinese sectoral stock markets warrants empirical assessments. Time-varying copula models and conditional VaR (CoVaR) are employed to examine the correlation between the international oil market and Chinese sectoral stock indexes before and after the 2013 pricing reform, as well as the tail risk and spillover effects of the extreme and moderate oil markets. The results show that: (1) the correlation between the oil market and all 11 Chinese stock sectors is positive both before and after the reform, but the correlation is weaker after the reform than before; (2) The downside tail risk of the extreme and moderate oil markets to most Chinese stock market sectors, and the upside tail risk of... [more]

China’s rapid industrialization has led to massive resource consumption, and the country has recently been highlighted as the World’s top carbon emitter. To pursue a sustainable economy via environmental upgrading, reductions in carbon emission levels are of great concern. The carbon emission reduction policy (CETP) is an environmental regulation aimed at cutting emissions and achieving environmental protection. Based on panel data of pilot and non-pilot regions, this study investigated the policy impact of the CETP on carbon emission reduction through difference-in-differences (DID). The findings, based on pooled OLS (ordinary least squares) and LSDV (least square dummy variable) regressions, revealed that the carbon emissions of the pilot regions (Beijing, Tianjin, Shanghai, Guangdong, Chongqing, and Hubei) had reduced by 12 percent more than the non-pilot regions. Thus, this implies that the CETP causes environmental upgrading. The results were further verified using a number of rob... [more]

The clean hydrogen in the prioritized value chain platform could provide energy incentives and reduce environmental impacts. In the current study, strengths, weaknesses, opportunities, and threats (SWOT) analysis has been successfully applied to the clean hydrogen value chain in different sectors to determine Japan’s clean hydrogen value chain’s strengths, weaknesses, opportunities, and threats as a case study. Japan was chosen as a case study since we believe that it is the only pioneer country in that chain with a national strategy, investments, and current projects, which make it unique in this way. The analyses include evaluations of clean energy development, power supply chains, regional energy planning, and renewable energy development, including the internal and external elements that may influence the growth of the hydrogen economy in Japan. The ability of Japan to produce and use large quantities of clean hydrogen at a price that is competitive with fossil fuels is critical to... [more]

Solar and wind power systems have been prime solutions to the challenges centered on reliable power supply, sustainability, and energy costs for several years. However, there are still various challenges in these renewable industries, especially regarding limited peak periods. Solar−wind hybrid technology introduced to mitigate these setbacks has significant drawbacks and suffers from low adoption rates in many geographies. Hence, it is essential to investigate the challenges faced with these technologies and analyze the viable solutions proposed. This work examined solar−wind hybrid plants’ economic and technical opportunities and challenges. In the present work, the pressing challenges solar−wind hybrids face were detailed through extensive case studies, the case study of enabling policies in India, and overproduction in Germany. Presently, the principal challenges of solar−wind hybrids are overproduction, enabling policies, and electricity storage. This review highlights specific, v... [more]

Energy transition in islands constitutes a major challenge. Apart from a necessity, it can also be a great opportunity for sustainable social and economic development. Toward this direction, a new, promising movement has emerged recently in Greek islands. Straight from the roots of the insular population, development of energy communities comes as the result of increased awareness of local people, raised also by the legacy of lighthouse projects and initiatives. Kythnos, Ikaria, Sifnos, Tilos, Agios Efstratios, Crete, and Chalki, are all islands that have embraced the implementation of successful, local-scale innovation projects and/or initiatives, generating meaningful results across different energy aspects and contributing to positive social change. Our study provides an overview of the broader energy transition aspects in Greek islands, discusses the impact of the aforementioned exemplary cases, and further elaborates on the model of energy communities. According to our analysis, l... [more]

Biomass use for energy and materials is, on the one hand, one of the key mitigation options to reach the 1.5 °C GMT target set in the Paris Agreement, as highlighted by the IPCC and many other key analyses. On the other hand, particularly in parts of the EU, a strong negative connotation has emerged in public debate and EC policy, with a particular emphasis on the (presumed) displacement effect in markets and land use. This is a remarkable contrast because the reasons to use sustainable biomass, on the one hand, and the possibilities and synergies for supplying sustainable biomass, on the other, are underpinned with strong evidence, also providing insights on how displacement issues can be avoided. Sustainable biomass supplies can contribute 20−30% of the future global and European energy supply, leading to reduced overall mitigation costs, including realizing the net CO2 removal from the atmosphere using BECCS concepts. This paper highlights which options, pathways and preconditions a... [more]

If global energy consumption returns to its pre-pandemic growth rate, it will be almost impossible to transition to a zero-emission or net-zero-emission energy system by 2050 in the absence of large-scale CO2 removal. Since relying on unproven technologies for CO2 removal is speculative and risky, this paper considers an energy descent scenario for reaching zero greenhouse gas emissions from energy by 2050. To drive the rapid transition from fossil fuels to carbon-free energy sources and ensure demand reduction, funding is needed urgently in order to implement four strategies: (i) technology change, i.e., implementing the growth of zero-carbon energy production, end-use energy efficiency and ‘green’ energy carriers, together with ongoing R&D on CO2 removal; (ii) reducing climate impacts; (iii) reducing energy consumption by social and behavioural changes; and (iv) improving human wellbeing while increasing social justice. Modern monetary theory explains how monetary sovereign governmen... [more]

The development of energy production from renewable sources includes the production of energy from photovoltaic installations by prosumers. In Europe, RES development is driven by political goals and requires subsidies during the deployment period, at least as long as the cost of renewable electricity does not reaches grid parity. The study attempts to determine the importance of factors in the development of energy production by prosumers from PV installations in Polish regions. In 2019, the ‘Moj Prad’ program was introduced, applying subsidies to investment costs and the settlement of energy production in the net-metering system. Almost 900 thousand prosumer PV installations were built by the end of 2021, with a total capacity of 5.9 GW. Solar energy share grew from 0.1 to 2.1%. Spatial econometrics models were use in research to determine factors of prosumer PV systems development in Poland (at NUTS-2). Spatial regimes were found in the studied regions, as indicated by a positive au... [more]

This paper reviews and assesses India’s energy policy in the context of its commitment to achieve the target of net-zero carbon emissions by 2070. It emphasizes the central role of green electrification, particularly through the expansion of solar power capacity. It discusses policies outside the energy sector that need to be part of a strategy of achieving this target, including the use of information technology, infrastructure development, and transportation. Furthermore, it examines possible policy options for accelerating the target date to 2050, especially with the use of carbon capture to manage the transition from the current heavy use of coal. The paper also discusses the possible financial and growth implications of various strategy options, arguing that feasible external financing commitments can allow India to achieve net-zero goals without sacrificing economic growth.

This study explores Malaysian oil and gas stocks’ exposure to oil and gas risk factors, paying special attention to subindustry classification, stock size, book-to-market value, and volatility state. The study employs firm-level weekly frequency data of oil and gas firms and several multi-asset pricing models within a GARCH (1,1)-X and Markov-switching framework. The empirical findings reveal that oil price, gas price, and exchange rate exhibit positive effects on the stock returns of all oil and gas sub-industries, but they exhibit negative effects on gas utilities sub-industry stock returns. The empirical findings also reveal that the extent of this effect varies across sub-industry, stock size, book-to-market value, and volatility states. Thus, the findings suggest the existence of asymmetric, heterogeneous, and non-linear exposures.

During the last decade, the rising trend in energy prices and its potential effect on food prices have become a controversial issue between policy-makers and economists. Therefore, research addressing the relationship between food and macroeconomic variables, such as energy prices, will be useful in providing information for the design of appropriate economic policies. This study uses data from Iran to examine the impacts (short- and long-term) of exchange rate and energy prices on food prices. Iran is a good case study as in recent years its consumers have faced a rapid increase in both fuel and food prices. The variables employed in this study are the prices of ten food products, exchange rate (the value of Iranian rial per US dollar), and petroleum prices. All data in this study are from the Statistical Centre of Iran (SCI). We employ the panel unit root test, Pedroni co-integration tests, Pooled Mean Group (PMG), Mean Group (MG), and Dynamic Fixed Effects (DFE) estimation technique... [more]

South Korea has been suffering from high PM2.5 pollution. Previous studies have contributed to establishing PM2.5 mitigation policies but have not considered provincial features and sector-interactions. In that sense, the integrated assessment model (IAM) could complement the shortcomings of previous studies. IAM, capable of analyzing PM2.5 pollution levels at the provincial level in Korea, however, has not been developed yet. Hence, this study (i) expands on IAM which can represent provincial-level spatial resolution in Korea (GCAM-Korea) with air pollutant emissions modeling which focuses on the road transportation sector and (ii) examines the zero-emission vehicles (ZEVs) subsidy policy’s effects on PM2.5 mitigation using the expanded GCAM-Korea. Simulation results show that PM2.5 emissions decrease by 0.6−4.1% compared to the baseline, and the Seoul metropolitan area contributes 38−44% to the overall PM2.5 emission reductions. As the ZEVs subsidy is weighted towards the light-duty... [more]

Energy transitions’ trend towards sustainable systems has prompted energy systems to shift from being fossil-fuel-based to rely on renewable energy. These transitions have led the power system to occupy the center of modern infrastructures, so assuring its security has become a priority for policy makers. This work presents a tool based on a multidimensional index, the Power System Security Index (PSIx), for the evaluation of policies affecting the security of the supply of electrical energy. The developed frame is applied to the current power system of Argentina, and it is compared to the system in year 2002. Availability of resources and infrastructure are the strengths of the country, while economic, governability, and research, development and innovation spheres leave room for improvement. The further incorporation of more economies to the study would substantially enrich the statistical analysis of the results.

As a countermeasure to the greenhouse gas problem, the world is focusing on alternative fuel vehicles (AFVs). The most prominent alternatives are battery electric vehicles (BEV) and fuel cell electric vehicles (FCEVs). This study examines FCEVs, especially considering hydrogen refueling stations to fill the gap in the research. Many studies suggest the important impact that infrastructure has on the diffusion of AFVs, but they do not provide quantitative preferences for the design of hydrogen refueling stations. This study analyzes and presents a consumer preference structure for hydrogen refueling stations, considering the production method, distance, probability of failure to refuel, number of dispensers, and fuel costs as core attributes. For the analysis, stated preference data are applied to choice experiments, and mixed logit is used for the estimation. Results indicate that the supply stability of hydrogen refueling stations is the second most important attribute following fuel... [more]

This paper presents a detailed life-cycle assessment of the greenhouse gas emissions, cumulative demand for total and non-renewable primary energy, and energy return on investment (EROI) for the domestic electricity grid mix in the U.S. state of California, using hourly historical data for 2018, and future projections of increased solar photovoltaic (PV) installed capacity with lithium-ion battery energy storage, so as to achieve 80% net renewable electricity generation in 2030, while ensuring the hourly matching of the supply and demand profiles at all times. Specifically—in line with California’s plans that aim to increase the renewable energy share into the electric grid—in this study, PV installed capacity is assumed to reach 43.7 GW in 2030, resulting of 52% of the 2030 domestic electricity generation. In the modelled 2030 scenario, single-cycle gas turbines and nuclear plants are completely phased out, while combined-cycle gas turbine output is reduced by 30% compared to 2018. Re... [more]

Due to market failures that allow uncompensated negative externalities from burning fossil fuels, there has been a growing call for climate change-related litigation targeting polluting companies. To determine the most intensive carbon dioxide (CO2)-emitting facilities in order prioritize liability for climate lawsuits, and risk mitigation strategies for identified companies as well as their insurers and investors, two methods are compared: (1) the conventional point-source method and (2) the proposed bottleneck method, which considers all emissions that a facility enables rather than only what it emits. Results indicate that the top ten CO2 emission bottlenecks in the U.S. are predominantly oil (47%) and natural gas (44%) pipelines. Compared to traditional point-source emissions methods, this study has demonstrated that a comprehensive bottleneck calculation is more effective. By employing an all-inclusive approach to calculating a polluting entity’s CO2 emissions, legal actions may b... [more]

This paper addresses the voltage control problem in medium-voltage distribution networks. The objective is to cost-efficiently maintain the voltage profile within a safe range, in presence of uncertainties in both the future working conditions, as well as the physical parameters of the system. Indeed, the voltage profile depends not only on the fluctuating renewable-based power generation and load demand, but also on the physical parameters of the system components. In reality, the characteristics of loads, lines and transformers are subject to complex and dynamic dependencies, which are difficult to model. In such a context, the quality of the control strategy depends on the accuracy of the power flow representation, which requires to capture the non-linear behavior of the power network. Relying on the detailed analytical models (which are still subject to uncertainties) introduces a high computational power that does not comply with the real-time constraint of the voltage control tas... [more]

This article presents a comparative analysis of energy governance with respect to renewable energy sources in Ecuador. The use of renewable energy sources increases energy security and enables countries to achieve their climate mitigation goals. Ecuador’s energy mix is dominated using fossil fuels and produces only 7.8% of its energy supply from renewable energy. The scenario analysis suggests that using the example of international renewable energy policies will achieve sustainable energy development in Ecuador. Relying less on fossil fuels and decentralizing the electricity sector from the use of thermoelectric plants is the great challenge for the country. Using the enormous water potential that Ecuador has and taking advantage of the sources of solar, biomass and wind energy available in the country will reduce the forecast of 60,233.70 KT CO2 by 2030 that would be reached if current consumption conditions and energy mix are maintained, while designing a long-term energy planning w... [more]

Air pollution has become an increasingly serious environmental problem in China. Especially in winter, the air pollution in northern China becomes even worse due to winter heating. The “coal to gas” policy, which uses natural gas to replace coal in the heating system in winter, was implemented in Beijing in the year 2013. However, the effects of this policy reform have not been examined. Using a panel dataset of 16 districts in Beijing, this paper employs a first difference model to examine the impact of the “coal to gas” policy on air quality. Strong evidence shows that the “coal to gas” policy has significantly improved the air quality in Beijing. On average, the “coal to gas” policy reduced sulfur dioxide (SO2), nitrogen dioxide (NO2), particulate matter smaller than 10 µm (PM10), particulate matter smaller than 2.5 µm (PM2.5) and carbon monoxide (CO) by 12.08%, 4.89%, 13.07%, 11.94% and 11.10% per year, respectively. We find that the “coal to gas” policy is more effective in areas... [more]

The main objective of our study was investigating the impact of norms and financial motivation on the disutility of energy management for Polish households. We analyzed consumer preferences and willingness to accept demand-side management (DSM) programs. Choice experiment was applied for electricity contracts including external control of electricity consumption. Ajzen’s theory of planned behavior provided the theoretical framework of the study, which tested hypotheses about the impact of social norms on consumer choices of electricity contracts. We show that people with higher descriptive social norms about electricity consumption are less sensitive to the level of compensation and more responsive to the number of blackouts. People willing to sign a contract for financial reasons were less sensitive to the external control of electricity consumption and less inclined toward the status quo option. Injunctive social norms and personal norms had a non-significant impact on consumer decis... [more]