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on Energy Economics |
| By: | Yoshifumi Konishi (Faculty of Economics, Keio University); Sho Kuroda (Faculty of Commerce, Waseda University); Shunsuke Managi (Department of Urban and Environmental Engineering, School of Engineering, Kyushu University) |
| Abstract: | We empirically examine the distributional consequences of income-based versus place-based recycling of carbon tax revenues when automobile demand varies substantially over geographic space. Using a large household dataset from Japan, we estimate a discrete-continuous choice model that parsimoniously accounts for the geographic distribution of incomes, public transit, and portfolio preferences. The model outperforms a naive random-coefficient model in explaining the observed spatial distribution of automobile demand, and allows us to estimate the price and income elasticities that vary by income and public transit density. The estimated model is used to simulate the distributional impacts of income-based versus place-based revenue recycling on carbon emissions and consumer welfare. Our results show the following: first, the improvement in consumer welfare from rebates substantially outweighs the increase in negative externalities from the rebound in carbon emissions; second, place-based recycling outperforms income-based recycling in mitigating welfare losses for low-income and rural households, which face the greatest welfare losses from the carbon tax. |
| Keywords: | Carbon dividend, climate justice, equity-efficiency trade-off |
| JEL: | H23 H31 L62 Q54 Q56 |
| Date: | 2024–08–29 |
| URL: | https://d.repec.org/n?u=RePEc:keo:dpaper:2024-019 |
| By: | Chunyan Dai; Michael G Pollitt |
| Keywords: | Emission Trading System (ETS), Carbon Border Adjustment Mechanism (CBAM), European Union Emissions Trading System (EU ETS), China’s national Emissions Trading System (CN-ETS), China’s local Emissions Trading System (CL-ETS) |
| JEL: | Q54 |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:enp:wpaper:eprg2417 |
| By: | Claire Brunel (American University School of International Service); Arik Levinson (Department of Economics, Georgetown University) |
| Abstract: | We evaluate the economic and environmental consequences of taxes on imported goods based on their carbon content. The analysis uses the simplest possible partial equilibrium framework, with one small open economy and a global pollution externality. It relies on graphs of supply and demand, rather than equations or formulas, hoping to reach readers familiar with basic economics. Despite its simplicity, the framework imparts numerous lessons. (1) Absent a domestic price on carbon, a carbon tariff imposes the same costs on domestic consumers as a domestic carbon price, but a carbon tariff also subsidizes domestic pollution. (2) If one small country imposes a carbon tariff, with or without a domestic carbon tax, the economic incidence of the tariff falls on its consumers. (3) If a holdout country joins the rest of the world by enacting its own carbon regulation and consequently imports more from other countries, those increased imports are not “leakage.” They are the cessation of leakage from when the holdout country’s policy was lax. And (4) if other countries do not appropriately regulate emissions, no single small country can use a combination of carbon taxes and carbon tariffs to fully correct the problem caused by its consumers or producers. |
| Keywords: | climate change, tariffs, CBAM |
| JEL: | Q5 Q56 |
| Date: | 2024–10–08 |
| URL: | https://d.repec.org/n?u=RePEc:geo:guwopa:gueconwpa~24-24-05 |
| By: | Oguzhan Cepni (Ostim Technical University, Ankara, Turkiye; University of Edinburgh Business School, Centre for Business, Climate Change, and Sustainability; Department of Economics, Copenhagen Business School, Denmark); Luis A. Gil-Alana (Faculty of Economics and ICS, University of Navarra, E-31080 Pamplona, Spain; Universidad Francisco de Vitoria, Facultad de Ciencias Juridicas y Empresariales, Madrid, Spain); Rangan Gupta (Department of Economics, University of Pretoria, Private Bag X20, Hatfield 0028, South Africa.); Onur Polat (Department of Public Finance, Bilecik Seyh Edebali University, Bilecik, Turkiye) |
| Abstract: | We estimate models of fractional integration to determine the degree of persistence for two recently developed metrics of carbon price uncertainty: the Carbon VIX and Carbon Implied Volatility (CIV) covering the period of the 1st week of September 2013 to the 4th week of December 2022. First, we find the two metrics to be highly persistent but depicting mean-reversion with long-memory. Second, time-varying (recursive) estimation revealed that the underlying persistence is on a downward trend. Third, we show that the recent declines in persistence of carbon price uncertainties is a result of declining carbon policy uncertainty, the metric of which we develop using aggregate information on squared surprises of carbon futures price of various maturities. Given that carbon price uncertainty has been shown to negatively affect decarbonization investments, our findings have important implications for the European Union Emissions Trading System (EU-ETS). |
| Keywords: | Carbon Price Uncertainty, Fractional Integration, Persistence, Regulatory Events, Carbon Policy Uncertainty |
| JEL: | C22 C32 D80 Q52 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:pre:wpaper:202446 |
| By: | Eßer, Jana; Flörchinger, Daniela; Frondel, Manuel; Hiemann, Philipp; Sommer, Stephan |
| JEL: | D12 D81 H23 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:vfsc24:302368 |
| By: | Louise Bernard; Andy Hackett; Robert D. Metcalfe; Andrew Schein |
| Abstract: | Heat pumps have been proposed as the leading technology in the electrification of domestic heat and therefore could play a crucial part in the transition to low-carbon energy systems. However, there is very little causal evidence of the impact of heat pumps on energy demand and the impact of marginal prices to help optimize energy demand with heat pumps. We leverage a staggered roll-out of heat pumps from Octopus Energy Group to show that: (1) heat pumps have a large impact on energy demand, on average causing a 90% reduction in home gas use and a 61% increase in home electricity use – overall, households reduced total energy demand by 40% and carbon dioxide emissions by 36% in 2024 (with an average of 68% emissions savings over the lifetime of the heat pump); (2) a time-of-use tariff designed for heat pumps can provide large demand flexibility benefits, halving electricity consumption during the evening peak to help balance the grid, and that load shifting is possible on the coldest days and from all building types in our sample; (3) the marginal value of public funds of the current UK heat pump subsidy is £1.24 (for every £1 spent by the Government). Overall, we find that heat pumps can meaningfully decarbonize heat and subsidies to encourage heat pumps can be welfare-enhancing. |
| JEL: | H2 Q40 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33036 |
| By: | Moritz, Michael (Energiewirtschaftliches Institut an der Universitaet zu Koeln (EWI)); Czock, Berit Hanna (Energiewirtschaftliches Institut an der Universitaet zu Koeln (EWI)); Ruhnau, Oliver (Energiewirtschaftliches Institut an der Universitaet zu Koeln (EWI)) |
| Abstract: | To tackle climate change, residential heating must become climate-neutral. Which technology cost-efficiently achieves this goal is a complex question, given the heterogeneity of buildings and existing infrastructure, as well as the uncertainty regarding future energy prices and grid fees. This article aims to disentangle this complexity by comparing the future costs of various decentralized and centralized climate-neutral heating options. Using Germany as a case study, we calculate the future levelized cost of eleven heating technologies for different building and settlement types and a wide range of assumptions for uncertain parameters, such as energy prices and infrastructure costs. We find that electric heat pumps are most often the economical choice within the modeled range of inputs when they are deployed either decentrally, in rural areas, or centrally, with heating grids in more urban areas. Hydrogen boilers can also be cost-efficient, mainly in rural areas and in scenarios with low hydrogen prices and grid fees or high electricity grid fees. By contrast, heating with synthetic natural gas seems unlikely to be economical across our broad range of plausible input assumptions. |
| Keywords: | Infrastructure costs; Energy prices; Heat pumps; Hydrogen; Decarbonization; Technoeconomic analysis; Levelized costs of heating; Residential heating; Building energy |
| JEL: | D61 E61 Q40 Q42 Q48 |
| Date: | 2024–10–09 |
| URL: | https://d.repec.org/n?u=RePEc:ris:ewikln:2024_005 |
| By: | Jeremy Lin; Alessio Saretto; Anastasia Shcherbakova |
| Abstract: | We use emergency outages of coal generators as an exogenous source of variation in the power generation stack to study how changes in marginal fuel affect real-time prices. Contrary to anecdotal evidence, we find that wholesale prices are less volatile when natural gas is on the margin more often. |
| Keywords: | policy; spillovers; electricity; price volatility; Fuel; Environmental policy |
| JEL: | Q41 |
| Date: | 2024–10–15 |
| URL: | https://d.repec.org/n?u=RePEc:fip:feddwp:98977 |
| By: | Costas Arkolakis; Conor Walsh |
| Abstract: | In this paper we assess the economic impacts of moving to a renewable-dominated grid in the US. We use projections of capital costs to develop price bounds on future wholesale power prices at the local geographic level. We then use a class of spatial general equilibrium models to estimate the effect on wages and output of prices falling below these bounds in the medium term. Power prices fall anywhere between 20% and 80%, depending on local solar resources, leading to an aggregate real wage gain of 2-3%. Over the longer term, we show how moving to clean power represents a qualitative change in the aggregate growth process, alleviating the “resource drag” that has slowed recent productivity growth in the US. |
| JEL: | E60 O4 Q40 Q42 Q43 Q57 R13 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33028 |
| By: | Viteri, Christian; Taylor, David; Leamy, Michael |
| Abstract: | High charging loads associated with fleets of commercial electric vehicles (EVs) are expected to significantly stress electric power distribution networks, leading to high costs seen by fleet operators. To address these challenges, this report presents a highly flexible smart charging (SC) algorithm for managing EV fleets that arrive and depart from a common depot on a schedule. The algorithm features (i) primary consideration of multiple fleet operator preferences (e.g. minimizing cost, using carbon-free energy), (ii) secondary consideration of grid impact that leverages the existence of multiple optimal (or near-optimal) ways to satisfy fleet operator preferences, and (iii) automatic detection and handling of infeasibility due to large energy demands (characteristic of fleet charging). Provided in this document are two numerical impact assessment studies in which the SC algorithm is shown to be superior to conventional rapid charging, and conventional ‘smart’ charging solutions on the market. These studies utilize a set of synthetic, but realistic fleet charging requirements, a physics-based model of a real feeder and one year of real, hourly load data for that feeder. The first numerical study shows that the proposed SC algorithm can lead to significant (up to 44%, but scenario-dependent) reductions in a fleet operator’s annual electricity bill. The second numerical study shows that significant transformer overloading and voltage drop issues can be associated with conventional fleet charging methods, and that the proposed SC algorithm eliminates these issues, thereby enabling higher EV penetration levels and offsetting infrastructure upgrades. View the NCST Project Webpage |
| Keywords: | Engineering, Physical Sciences and Mathematics, Electric vehicles, commercial fleets, smart charging, convex optimization, grid impact |
| Date: | 2024–09–01 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:itsdav:qt6d64d2tk |
| By: | Hunt Allcott; Reigner Kane; Maximilian S. Maydanchik; Joseph S. Shapiro; Felix Tintelnot |
| Abstract: | We study electric vehicle (EV) tax credits in the US Inflation Reduction Act (IRA), the largest climate policy in US history, with three goals. First, we provide the first ex-post microeconomic welfare analysis of this central component of the IRA. Event studies around changes in eligibility for EV tax credits find that short-run economic incidence falls largely on consumers. Additionally, domestic content restrictions on tax credits for purchased vehicles have driven enormous shifts to leasing. Our equilibrium model shows that compared to pre-IRA policy, IRA EV credits generated $1.87 of US benefits per dollar spent in 2023, at taxpayer cost of $32, 000 per additional EV sold. Compared to scenarios with no EV credits, however, the IRA EV credits created only $1.02 of benefits per dollar of government spending. Second, we characterize the gains from policies targeting heterogeneity in externalities across vehicles. We find that relative to uniform credits, differentiating credits across EVs according to their heterogeneous externalities would substantially increase policy benefits. Third, we quantify tradeoffs in the IRA EV credits between foreign and domestic welfare and between trade and the environment. We find that the IRA EV credits benefit the environment but undermine trade, since they decrease global carbon emissions but use profit shifting to decrease foreign producer surplus. A controversial IRA loophole that removes domestic content restrictions on tax credits for EV leases has negative domestic benefits. |
| JEL: | F18 H23 L11 Q58 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33032 |
| By: | Lucie Letrouit (AME-SPLOTT - Systèmes Productifs, Logistique, Organisation des Transports et Travail - Université Gustave Eiffel); Martin Koning (AME-SPLOTT - Systèmes Productifs, Logistique, Organisation des Transports et Travail - Université Gustave Eiffel) |
| Abstract: | Building on the exogenous shock linked with the first COVID-19 lockdown in France (March-May 2020), we propose an original approach relying on econometric modelling to estimate the impacts of road freight transport on the concentration of NO2, NOx and PM10 in Paris. We argue that this shock led to a significant change in the composition of road traffic, with an increase in the relative share of freight vehicles with respect to passenger cars, due to the combined exodus of numerous inhabitants, the prohibition of non-mandatory trips and the promotion of home-deliveries. As light-duty vehicles and trucks pollute more than passenger cars, we hypothesize that it led to a rise in the average emissions of pollutants per kilometer traveled in Paris. We confirm this assumption by applying a simple econometric analysis to a rich dataset containing hourly pollutant concentrations and hourly traffic flows recorded in various locations of the French capital city. Relying on the econometric results and on additional back-of-the-envelope computations, we propose tentative estimates of the health impacts of road freight transport. As compared to a counterfactual in which freight traffic in Paris would have declined in the same proportion as cars during the sanitary crisis, hence resulting in a larger decrease in pollutants concentrations, we conclude that around 6 lives have been lost. Crossing this estimate with the official value of statistical life in France, our central scenario approximates at 0.114 euro/vkm the excess external cost of the local pollution emitted by freight vehicles as compared to cars. |
| Keywords: | Road freight traffic, Air pollution, COVID-19 lockdown, Health, External cost |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04695669 |
| By: | Lipman, Timothy E. PhD |
| Abstract: | Electric vehicles (EVs) are proliferating in California, with over 1.8 million operating in the state. Modern EVs have considerably larger battery packs than early models, in many cases 80-100 kWh for 250-300-mile driving ranges. Charging power for EVs is also increasing. With the appropriate wiring, residential charging at Level 2 has reached up to 19.2 kW though 7-10 kW is more typical, making EVs among the most demanding household power loads. These charging loads can stress local electricity distribution feeders, particularly in the early evening when power use typically peaks. |
| Keywords: | Engineering |
| Date: | 2024–10–01 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:itsrrp:qt8474n9tk |
| By: | Krupnick, Alan (Resources for the Future); Russo, Suzanne (Resources for the Future); Burtraw, Dallas (Resources for the Future); Holmes, Brandon (Resources for the Future); Roy, Nicholas (Resources for the Future); Toman, Michael A. (Resources for the Future) |
| Abstract: | Carbon dioxide removal (CDR) involves the application of chemical or biological processes by which CO2 can be removed from the atmosphere and stored in reservoirs including living biomass (like forests), long-lived wood products, soils, oceans, and underground (geologic) storage sites. CDR is a complement to mitigating (avoiding) GHGs to prevent their buildup in the atmosphere, the cause of climate change.The 2015 Paris Agreement, adopted by nearly 200 countries under the auspices of the 1992 United Nations Framework Convention on Climate Change, established the aim of limiting the global average temperature increase from global emissions of greenhouse gases (GHGs) to less than 2.0°C, and as close to 1.5°C as possible, to limit dangerous consequences of climate change. Achieving that aim will require a concerted international effort to reduce the release of GHGs to the atmosphere to zero by midcentury.Many analysts have concluded that achieving the Paris temperature limits is infeasible without major increases in CDR, even with aggressive measures to limit GHGs—which have not yet been achieved. Furthermore, net-negative emissions removal (above and beyond what is achieved by a net-zero economy) will be necessary to reduce the stock of atmospheric CO2 if, as is currently feared, emissions overshoot the trajectory for achieving the Paris temperature limits.However, few countries have set removal goals (Smith et al. 2023; Coalition for Negative Emissions 2021; Environmental Defense Fund 2021; Committee on Developing a Research Agenda for Carbon Dioxide Removal and Reliable Sequestration et al. 2019; IPCC 2018). Moreover, the nature and design of policies to motivate and finance the necessary amounts of CDR have received little attention until quite recently. Meeting the technological and economic challenges requires rapid and significant advances in CDR capability, plus financing and installing massive amounts of CDR going forward. Policymakers must ensure that reliable CDR gets built and used, with technologies that are reasonably ready for commercial-scale application; that investments are cost-effective; and that equity and fairness issues are addressed with attention to community effects, community participation, environmental protection, and environmental justice.This paper examines a pioneering effort to establish a policy structure for CDR in California. Submitted to the California legislature in early 2023, Senate Bill (SB) 308, the Carbon Dioxide Removal Market Development Act, proposed that participants in the state’s emissions trading system (ETS) be required to reduce their remaining emissions by increasing percentages over time through investing in CDR (or other means). The fundamental aim was to kickstart a commercial CDR market. The original version of the bill included provisions for regulatory oversight of CDR projects, financial responsibility of project developers, monitoring and verification, and the interests of communities adjacent to CDR facilities. The bill was substantially revised in ways that removed the CDR mandate and other key provisions, leaving decisions to be made subsequently by regulators. The bill did not make it out of the State Assembly’s appropriations committee and died near the end of the legislative session, in August 2024.SB308 brought to the fore issues that need to be addressed in any subsequent effort to establish a CDR program in California, or any other jurisdiction. The intent of this retrospective analysis is to highlight those issues, discuss how SB308 addressed them, and identify gaps that could be filled and changes that could be made in future efforts. |
| Date: | 2024–10–22 |
| URL: | https://d.repec.org/n?u=RePEc:rff:dpaper:dp-24-19 |
| By: | Afia Malik (Pakistan Institute of Development Economics); Ayesha Rehman (Young Researcher Development Intern, RASTA-PIDE) |
| Abstract: | Net metering (NM)—an effective tool to meet carbon emission target. No transmission requirement, no losses, no large investments required, and no exposure to dollar fluctuations. It can be a source of carbon credits through a comprehensive policy overhaul. NM is not reducing demand, but commercial load shedding, slow economic activity, and tariff escalation is. The financial impact of distribution losses is much higher—in FY23, distribution losses were 22286 GWh, exceeding NM exported units of 482 GWh. There is no evidence to support the claim that consumers without NM are subsidizing NM consumers. Do revise NM policy/ regulation but upgrade the grid infrastructure first. Enhance grid monitoring through automated metering infrastructure to check the misuse of this facility. |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:pid:kbrief:2024:124 |
| By: | Si-yao Wei; Wei-xing Zhou |
| Abstract: | Resilience serves to assess the ability of financial markets to resist external shocks. The intensity and duration, used to indicate resilience, are calculated for China's financial markets in this paper, focusing on the performance of each financial market during and after several crises. Given that climate issues have been recognized as an important source of risk by financial markets, we also investigate the spillover effects and mechanism of China's climate policy uncertainty on its financial markets resilience. We have found that the two resilience indicators of each market have a relatively consistent trend, but spillovers among markets have different sensitivities to the both. In addition, China's climate policy uncertainty shocks its financial markets resilience by increasing the investor sentiment index and the non-performing loan ratio of commercial banks and by reducing the capital and financial account balance. It is further found that China's financial markets' consensus on the unswerving implementation of climate policy, which provides the reference for other countries on how to balance climate policies introduction and financial markets development. |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2409.18422 |
| By: | Gale Boyd; Matthew Doolin; Yu Ma |
| Abstract: | Three basic pillars of industry-level decarbonization are energy efficiency, decarbonization of energy sources, and electrification. This paper provides estimates of a decomposition of these three components of carbon emissions by industry: energy intensity, carbon intensity of energy, and energy (fuel) mix. These estimates are constructed at the six-digit NAICS level from non-public, plant-level data collected by the Census Bureau. Four quintiles of the distribution of each of the three components are constructed, using multiple imputation (MI) to deal with non-reported energy variables in the Census data. MI allows the estimates to avoid non-reporting bias. MI also allows more six-digit NAICS to be estimated under Census non-disclosure rules, since dropping non-reported observations may have reduced the sample sizes unnecessarily. The estimates show wide variation in each of these three components of emissions (intensity) and provide a first empirical look into the plant-level variation that underlies carbon emissions. |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:cen:wpaper:24-46 |
| By: | Chen, Jen-Eem; Ahmad, Mahyudin; Mohd Zulkifli, Shaliza Azreen; Tan, Yan-Ling; Mustofa, Moh. Solehatul |
| Abstract: | Tourism is widely recognized as a key driver of economic growth and development, yet its dependence on the energy sector has raised concerns regarding its environmental impact. Aiming to elucidate the roles of tourism and renewable energy in shaping the environmental outcomes, this study investigates the nexus between tourism development, renewable energy utilization, and environmental quality across 10 ASEAN countries over a 25-year period from 1995 to 2019 by employing panel estimators robust to heterogeneity and cross-sectional dependence such as Panel Corrected Standard Errors (PCSE), Feasible Generalized Least Squares (FGLS), and Augmented Mean Group (AMG) that are rarely utilized in the ASEAN context. Our findings reveal that tourism activity contributes to CO2 and greenhouse gas emissions, with a 1% increase in tourist arrivals associated with a 0.1 to 0.3% rise in emissions. Moreover, we observe a significant mitigating effect of renewable energy on tourism-induced emissions. Our analysis also lends strong support to the Environmental Kuznets Curve (EKC) hypothesis, indicating a threshold level of GDP per capita of USD 13, 000, beyond which the adverse environmental impact of GDP turns positive. The common dynamic process in AMG estimator is found to raise emissions, implying the ASEAN strategic policies on sustainable tourism and energy cooperation may not yet come to fruition given the region’s heavy reliance on non-renewable energy sources to sustain tourism and meet population demands. We conclude with policy implications aimed at fostering sustainable tourism and development in the region. |
| Keywords: | CO2 emissions, Environmental Kuznets Curve, Environmental quality, Renewable energy, Tourism development. |
| JEL: | O13 Q56 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:122212 |
| By: | Gormsen, Niels Joachim; Huber, Kilian; Oh, Sangmin S. |
| Abstract: | Firms’ perceived cost of green capital has decreased since the rise of sustainable investing. Green and brown firms perceived their cost of capital to be the same before 2016, but after the post-2016 surge in sustainable investing, green firms perceived their cost of capital to be on average 1 percentage point lower. This difference has widened as sustainable investing has intensified. Within some of the largest energy and utility firms, managers have started applying a lower cost of capital to greener divisions. The changes in the perceived cost of green capital incentivize cross-firm and within-firm reallocation of capital toward greener investments. JEL Classification: G10, G12, G31, G32, G41, Q54 |
| Keywords: | cost of capital, discount rates, ESG, sustainable investing |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:ecb:ecbwps:20242990 |
| By: | Fulton, Lewis PhD |
| Abstract: | While hydrogen fuel-cell electric vehicles (FCEVs) are seen as a part of California’s efforts to decarbonize transportation, especially for the heavy-duty vehicle sector, their role remains unclear. This may change, however, with the launch of the California Alliance for Renewable Clean Energy Hydrogen Energy Systems (ARCHES) developed by the California Governor’s Office of Business and Economic Development (GO-Biz) as a public-private partnership. The U.S. Department of Energy and ARCHES recently signed a $12.6 billion agreement to build a clean, renewable Hydrogen Hub in California, including up to $1.2 billion in federal funding. The transportation sector will play a central role in this effort, including commitments to deploy 6, 000 FCEVs, mainly trucks and buses, along with 60 refueling stations and other investments. |
| Keywords: | Engineering |
| Date: | 2024–10–01 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:itsdav:qt98x3b8tv |
| By: | Kerem Yavuz Arslanli; Ayse Buket Onem; Cemre Ozipek; Maide Donmez; Belinay Hira Guney; Maral Tascilar |
| Abstract: | The research focuses on creating an estimation tool designed to automatically evaluate both environmental and economic benefits arising from low-carbon investments in the real estate sector, with a particular emphasis on large building stocks. The tool offers a swift and dependable assessment of energy consumption related to heating, hot water, cooling, and electricity in buildings, considering specific features like building geometry and orientation.Assessing a building's energy demand involves comparing the existing state (pre-retrofit) and the proposed design (post-retrofit). The annual energy savings and net monetary gains achieved over the entire investment cost will be attributed to the renovation investment after a predefined period. This tool is poised to streamline the evaluation process for the impact of low-carbon initiatives in real estate, providing valuable insights into the potential environmental and economic advantages of such investments. Ultimately, it aims to facilitate informed decision-making for stakeholders involved in large-scale building renovations, contributing to a more sustainable and economically viable real estate sector. |
| Keywords: | Energy Demand Modelling; low carbon; Post-Disaster Settlements |
| JEL: | R3 |
| Date: | 2024–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:arz:wpaper:eres2024-051 |
| By: | Romuald Le Frioux Author-Name : André de Palma Author-Name : Nadège Blond (CY Cergy Paris Université, THEMA) |
| Abstract: | This study explores how speed limit regulations for cars in Île-de-France affect air pollution from road trac and the economic costs linked to the population's exposure to this pollution. Using an enhanced version ofthe comprehensive and integrative modeling system, METRO-TRACE (Le Frioux, de Palma, and Blond, 2023), the research combines detailed geographical data, a mobility model to simulate population movements, and an air quality model to assess the economics costs associated with population exposure to road trac related air pollution . The ndings show that the yearly cost of population exposure to road trac pollution is 118.6 e per person. Implementing speed limit policies may not signicantly reduce these costs unless they are substained over the long term or accompanied by behavioral adjustments. The study highlights the intricate relationship between speed limits, pollutant emissions, and their economic consequences. |
| Keywords: | Trac pollution, population exposure, integrated chain of model, dynamic transport model, air pollution exposure monetarization |
| JEL: | R48 Q51 Q58 Q53 |
| URL: | https://d.repec.org/n?u=RePEc:ema:worpap:2024-10 |
| By: | Yue Zhang |
| Abstract: | The global call for reducing greenhouse gas emissions has highlighted the importance of sustainable transitions in buildings as an effective means to optimize energy, waste, and other resources utilization. However, balancing environmental impact and green retrofit costs still need to be justified carefully. Though various studies have identified price and rental premiums for green buildings (GB), there is a lack of research delving into the dynamics behind the supply of green buildings. This research aims to investigate the underlying mechanisms and peer effects on green building supply. Thus, the research questions are as follows: (1) What value determinants contribute to green building premia? (2) How does the entry of a green building affect the possibility of nearby buildings turning into green?By using a sample of 59079 office property transactions spanning the period of 2013 to 2022 in Hong Kong, we found that certified office properties command a rental premium of approximately 9.8% compared to non-certified properties. The sample consisted of transactions involving green buildings certified by HKBEAM, BEAM-Plus, and LEED, which accounted for 15% of the total sample.To understand the mechanisms and externalities of GB, we constructed a hedonic model-based rental index. We compared the responsiveness and volatility between GB and non-GB. The provisional results showed that the rental level of certified office properties is more responsive and volatile than non-certified properties and varies across different areas. In the next phase, we plan to use local Moran’s I and Getis-Ord Gi* statistic, which measure the local spatial autocorrelation and hot spots of green buildings. Then by employing Google’s geocoding and distance matrix APIs, we will define neighborhoods flexibly, e.g. we can classify buildings located within k-meter walking distance from a green building as peers. A difference-in-difference method will be used to detect the externalities, where a dummy variable was introduced measuring whether there is an entry of newly certified green buildings into an area within 100 meters of property i over a one-year window before time t (100 meters and 1 year here are arbitrary and subject to robustness checks). Confirming a positive coefficient for this variable would support the hypothesis of urban externalities.This study aims to enhance our understanding of the market mechanism of commercial property and the decision-making of stakeholders. It provides empirical evidence regarding green commercial real estate while offering valuable insights for investors and tenants who are concerned about climate change and energy uncertainty." |
| Keywords: | commercial real estate; Green Building; sustainability; Urban externalities |
| JEL: | R3 |
| Date: | 2024–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:arz:wpaper:eres2024-039 |
| By: | Makino, Keita; Compostella, Junia; Lee, Yongsung; Circella, Giovanni |
| Abstract: | Prior studies of travel mode choice in airport ground transportation identified several important relationships between traveler/trip attributes and the selected ground access mode(s). However, those studies did not comprehensively account for qualitative aspects of ground access mode choice, such as general and transportation-specific attitudes and perceptions of mode-specific airport infrastructure. To add insights into air travelers’ ground transportation choices, this study collected a dataset with a survey administered among travelers using four major airports in Northern California in the post-pandemic era.Among the analyses presented in the report, airport ground access mode choice was analyzed, and its relationships with travelers’ socio-demographics, attitudes toward transportation and related topics (e.g., environmental friendliness), and opinions about transportation infrastructure and services (e.g., airport parking fees). The authors identified relationships between air travelers’ attitudes or opinions and their mode choice not examined in prior studies. Specifically, travelers with pro-environment attitudes preferred public transit and ridehailing services over private vehicles. Travelers are more likely to choose public transit often if they highly rate its service frequency and accessibility from their home to a nearby station. The results suggest policymakers, airport authorities, and transit agencies consider electrification of ridehailing fleets, expansion of bus and rail service availability, and higher parking fees to reduce driving in private vehicles to the airport. View the NCST Project Webpage |
| Keywords: | Social and Behavioral Sciences, Airport ground access, Travel Mode Choice, Attitudes and Perceptions, Airport infrastructure, Transportation Network Company (TNC) |
| Date: | 2024–08–01 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:itsdav:qt21x0c45b |
| By: | Fujing Ma; Torsten Schröder; Juliette Bekkering |
| Abstract: | Background: In the building industry, the concept of the circular economy is gaining a lot of importance, as the construction industry has a very high environmental impact (operational and embodied, energy consumption, and related CO2eq emissions, material consumption, waste generation, etc) increasingly concerned with energy-saving and CO2 reduction during the construction and operation phases of buildings, i.e. reduction of raw materials and reduction of residues and waste. The Dutch government declared an ambitious goal: to have the building industry 100% circular by 2050. In this context, circular design and circular renovation play a crucial role in reaching the government’s goals.The research's goals: This research aims to explore how to optimize the energy efficiency and circular renovation associated with educational building renovations in the context of climate change. We aim to maximize the use of existing buildings and combine the following three strategies: First, to develop a transferable circular design strategy for educational building renovations. These include “circular design” to transform educational buildings (bio-based material design, reuse design, demountable design, etc). Second, to develop zero energy renovation strategies (investigations into building envelope improvements, HVAC and the integration of renewable energy sources, etc), and third, to develop architectural transformation for future learning environments (flexibility, adaptability, materiality, and programmatically diversity, etc).Methods: The research adopts a mixed-method qualitative approach comprising analysis of multiple-case studies to extend theoretical knowledge and framework by integrating strategies and measures from real-world cases. The selected cases are exemplary for implementing circular principles in the building or sustainable renovation. This research selects six building cases and analyzes and summarizes the circulation strategies of Matrix(by ir. S.J. Van Embden), Neuron(by ir. S.J. Van Embden), Floriade (by DP6), Circl (by de Architekten Cie), Echo(by UNStudio), and Emergis(by Emergis Living Lab).Results: This research will analyze and compare these building cases to analyze and summarize the circulation strategies of Matrix, Neuron, Floriade, Circl, Echo, and Emergis, and show results in diagrams. To inform design practices that not only enhance energy efficiency and reduce environmental impact but also contribute to creating educational spaces that are adaptable, sustainable, and conducive to diverse learning needs." |
| Keywords: | Architectural transformation; Circular design; Circular economy; Zero-energy renovation |
| JEL: | R3 |
| Date: | 2024–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:arz:wpaper:eres2024-129 |
| By: | Lee, Minju (Korea Institute for Industrial Economics and Trade); Lee, Sora (Korea Institute for Industrial Economics and Trade) |
| Abstract: | The prices of crude oil and natural gas have long demonstrated a relationship in which their prices move together, as they are both industrial resources and economic substitutes. This relationship owes to the pricing mechanism at work in the natural gas market, in which the price of gas is linked to the price of oil in order to protect its price competitiveness. For the natural gas industry, price competitiveness is crucial because in commercial applications, it is more difficult to utilize natural gas than crude oil. For one, natural gas is less energy dense than crude oil, making it inherently less economical to transport and store. Thus, the natural gas industry has adopted a pricing mechanism that connects the price of gas to oil and sets them at a lower rate to ensure continued price competitiveness. However, since the late 2000s, the price correlation between crude oil and natural gas has weakened. One of the main causes of this decoupling phenomenon is the increase in shale gas production in the United States. The production of shale gas in the US has increased global supply, affecting natural gas prices. In addition, changes to the contract method for natural gas have fostered competition within the natural gas market, further weakening its linkages to oil prices. As oil and gas are two resources that fuel global industry, their prices can significantly impact the cost structure of firms in various industries. And so the newly-independent pricing mechanisms being observed in the natural gas market carry significant implications. In this paper we investigate the causes of the changes in the price relationship between these two resources and describe their potential impacts on major industries in Korea. |
| Keywords: | oil; oil prices; natural gas; natural gas prices; energy markets; energy; energy pricing; Korea; KIET |
| JEL: | Q40 Q41 Q43 Q48 |
| Date: | 2024–07–01 |
| URL: | https://d.repec.org/n?u=RePEc:ris:kieter:2024_019 |
| By: | Karin Mayr-Dorn |
| Abstract: | Climate change is one of the pressing issues of our time, and carbon emissions caused by industrial production are among its most important drivers. This paper analyses how multi-product firms adjust to an increase in the cost of emissions (e.g. due to the introduction of emissions pricing) in terms of their output, product mix, and technology, and how their emissions change in response, depending on firm-specific production patterns and cost structures. My model delivers a (qualitative and quantitative) assessment of changes in aggregate emissions via conventional margins of firm adjustment that have not been sufficiently studied in the literature so far. In numerical simulations, I find that negative effects of emissions pricing on emissions of multi-product firms can be sizeable. |
| Keywords: | emissions, carbon tax, multi-product firms, product mix, technology |
| JEL: | Q54 Q56 D24 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:jku:econwp:2024-10 |
| By: | Ibrahim Abada; Andreas Ehrenmann; Yves Smeers |
| Keywords: | Marginal pricing, power markets, duality, mathematical programming |
| JEL: | C61 D4 Q41 |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:enp:wpaper:eprg2415 |
| By: | Dobkowitz, Sonja |
| JEL: | H21 H23 O3 Q54 Q55 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:vfsc24:302410 |
| By: | Lécureur, Clairelou |
| Abstract: | This first issue of the Enseignements du Lab collection provides a transversal reading of the results of four collective projects linked to the ecological transition in working-class neighbourhoods. It focuses on the sociological dimension of the climate crisis and, more specifically, on environmental inequalities. The link between environmental issues and inequalities is not new, but it is increasingly being studied, mainly through the prism of working-class neighbourhoods. Indeed, residents of low-income urban areas are more vulnerable to the consequences of climate change. And this, even though they contribute to it the least, through their consumption. After presenting the specific context and potential of working-class neighbourhoods to contribute to the social and ecological transition, this publication answers the following question: what actions are possible in working-class neighbourhoods to address environmental inequalities and move towards greater environmental justice? |
| Date: | 2024–10–11 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:d4pwh |
| By: | Monica Billio (Ca’ Foscari University of Venice); Massimo Guidolin (Bocconi University, GREEN; Baffi-CAREFIN Centre); Francesco Rocciolo (Nazarbayev University, Graduate School of Business) |
| Abstract: | We propose a theory of responsible investing under conditions of ambiguity induced by climate uncertainty in which a representative agent is ambiguity averse. This new theory delivers three novel insights. First, in our setting, the climate-related ambiguity perceived for asset returns is a strictly decreasing function of the environmental sustainability of the firm issuing the security. Second, we show the conditions under which ambiguity aversion endogenously lead to the expression of preferences that make an agent environmentally motivated. In particular, we show that in an economy with climate change uncertainty, environmentally motivated agents allocate their wealth according to a three-dimensional, mean-variance-ambiguity efficient frontier as well as to their attitudes towards risk and ambiguity, exactly as an ambiguity averse decision-maker would do. Third, we prove that the agents rationally select "green" portfolios in order to reduce their exposure towards ambiguity and maximize their ambiguity-adjusted Sharpe ratio. Our theoretical predictions are consistent with the empirical literature on the realized rewards-to-risks trade-off of responsible investing. |
| Keywords: | Ambiguity, Uncertainty, Asset Pricing, Portfolio Choice, Climate Uncertainty, Environmental Awareness, ESG, Sustainable Investing |
| JEL: | D81 G11 G12 Q50 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ven:wpaper:2024:15 |
| By: | Dr. Marc-Antoine Ramelet; Anna Zeitz |
| Abstract: | We provide evidence on the transmission of oil price movements to individual incomes for a large oil-importing economy. To do so, we trace the footprint of oil price surprises on the income elements of a representative household panel for Germany. An inflationary oil price shock persistently increases the likelihood of unemployment and leads to a sticky decline in contracted labour incomes even though hours worked remain unaffected. These responses are underlined by marked heterogeneity: more vulnerable household groups (namely, the young, less educated, and those with lower incomes) are more affected overall. Our results also highlight the importance of general equilibrium effects since the responses do not depend on the oil intensity of employment sectors. |
| Keywords: | Oil price shocks, Employment, Labour income, Household heterogeneity |
| JEL: | E32 E24 Q43 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:snb:snbwpa:2024-11 |
| By: | Bruno Conte; Klaus Desmet; Esteban Rossi-Hansberg |
| Abstract: | Using a multisector dynamic spatial integrated assessment model (S-IAM), we argue that a carbon tax introduced by the European Union (EU) and rebated locally can, if not too large, increase the size of Europe’s economy by concentrating economic activity in its high-productivity non-agricultural core and by incentivizing immigration to the EU. The resulting change in the spatial distribution of economic activity improves global efficiency and welfare. A carbon tax introduced by the US generates similar effects. This stands in sharp contrast with standard models that ignore trade and migration in a world shaped by economic geography forces. |
| Keywords: | economic geography, climate change, carbon taxes |
| JEL: | R12 Q54 H23 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:bge:wpaper:1464 |
| By: | Joseph Ikechukwu Uduji (University of Nigeria, Nsukka, Nigeria); Elda Nduka Okolo-Obasi (University of Nigeria, Nsukka, Nigeria); Damian Uche Aja (University of Nigeria, Nsukka, Nigeria); Deborah Chinwendu Otei (University of Nigeria, Nsukka, Nigeria); Happiness Ozioma Obi-Anike (University of Nigeria, Nsukka, Nigeria); Samuel Chukwuemeka Ezuka (University of Nigeria, Nsukka, Nigeria); Emmanuel Ejiofor Nwamuo (University of Nigeria, Nsukka, Nigeria); Steve Emeka Emengini (University of Nigeria, Nsukka, Nigeria) |
| Abstract: | Nigeria's oil-producing region is experiencing a surge in community-based vigilante violence, potentially escalating conflict dynamics and increasing fear of injury. The reason it matters is that neighborhood vigilante groups are more likely to participate in criminal, political, and ethnic plotting and are not always controllable. This prompted us to look into whether GMoU cluster interventions by MOCs could lower the heat map of fatalities from vigilante violence in Nigeria's Niger Delta. The results of logit regression and propensity score matching demonstrate that the MOCs' limited CSR efforts to protect the area have been successful in creating, formalizing, equipping, and managing vigilante groups. The results also show that the CSR initiatives have reduced vigilante violence within and between host communities, as well as violence against their residents. This implies that raising awareness of CSR with the goal of strengthening vigilante control will strengthen the local security apparatus, discourage resurgence in the various rural areas, safeguard the workers and equipment of oil firms, and provide a favorable business environment in the area. |
| Keywords: | Vigilante violence, environmental justice, corporate social responsibility, oil producing communities, sub-Saharan Africa |
| Date: | 2024–01 |
| URL: | https://d.repec.org/n?u=RePEc:exs:wpaper:24/025 |
| By: | Halkos, George E; Aslanidis, Panagiotis-Stavros; Landis, Conrad; Papadaki, Lydia; Koundouri, Phoebe |
| Abstract: | The present review examines the primary (heatwaves and air pollution) and cascading (population density, traffic and noise, health issues, and biodiversity loss) hazards in urban settlements. The motivation is to understand the interaction between hazards in urban areas to develop a novel holistic approach that enhances urban sustainability. Three objectives are (i) to monitor valuation studies that reveal willingness to pay (WTP) for major urban-related challenges, (ii) to assess non-marketed valuation studies, and (iii) to examine the interactions between the hazards and their impacts on people and the environment. Based on Environmental Valuation Reference Inventory and Ecosystem Services Valuation Database, from 5329 studies, 80 were retrieved that focus solely on the economic measures of 220 WTP values for different ecological and recreational issues during the period 2000-2023. The findings show that regarding the mean WTP (MWTP) values, the valuation studies reveal a MWTP of 142€ for heatwaves mitigation, whereas for air pollution 76€. Moreover, in terms of cascading hazards, the highest MWTP was for population density (298€), followed by biodiversity loss (96€), health issues (63€), and lastly by traffic and noise with 42€. However, biodiversity loss is the most significant stressor for all target groups (citizens, workers, and flora and fauna), therefore, policymakers should invest in green and blue infrastructure, energy-saving technologies, and transportation alternatives in order to improve urban resilience, safeguarding both human health and the natural environment. |
| Keywords: | climate change, heatwaves, air pollution, biodiversity loss, population density, WTP, valuation studies |
| JEL: | Q50 Q54 Q57 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:122262 |
| By: | Pazhanisamy, R.; Muruganandam, Bharathi |
| Abstract: | The Organization of Petroleum Exporting Countries (OPEC) has been one of the most influential organizations in the global energy sector which controls a significant portion of the world’s oil reserves and has often influenced global oil prices through international trade policies such as quotas and strategic decision-making. The rapid global shift towards renewable energy, increased awareness of climate change, and technological advancements in energy production pose various challenges to OPEC's relevance and future. As a member of OPEC, Qatar's economic strategies and policies are intricately linked to the future of OPEC’s economy. In this context this paper attempted to explore the future of the OPEC economy with the perspective of energy transitions and how this could shape Qatar's economic policies so that its economy can mov forward. The central premise of this paper is that while OPEC's influence on global oil markets may diminish due to energy transitions and global environmental initiatives, member countries such as Qatar will need to adopt innovative economic policies that ensure sustained prosperity even in a low-oil-demand scenario. With energy diversification gaining momentum globally, this paper outline what kind of policy decisions today will significantly impact the economic and political stability of OPEC for sustainability. |
| Keywords: | Zero carbon solution to Qatar, Challenges of OPEC, Economic Policy for Qatar, Sustainable oil trade, Global Energy transitions, OPEC alternative Economic Policies |
| JEL: | E6 F4 H3 L51 M1 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:303529 |
| By: | Toyo A. M. Dossou (Abomey-Calavi, Benin); Dossou K. Pascal (Abomey-Calavi, Benin); Emmanuelle N. Kambaye (Chengdu, China.); Simplice A. Asongu (Johannesburg, South Africa); Alastaire S. Alinsato (Abomey-Calavi, Benin) |
| Abstract: | Although the impact of financial development on renewable energy consumption has been extensively examined in recent years, the study regarding the moderation of governance quality on the financial development on renewable energy consumption nexus is sparse. By filling the gap in the energy economics literature, this study investigates the moderating effect of governance quality on the relationship between financial development on renewable energy consumption for a panel of 33 African countries over the period 2000-2020. The fully modified ordinary least square (FMOLS) estimation techniques has been used to account for the cointegration and cross-sectional dependence, respectively. The results unveil that the impact of governance quality and financial development on renewable energy consumption is negative and statistically significant. Moreover, the results reveal that the FD-governance quality interactions are significant and negative. Governance quality thresholds at which the negative incidence of financial development on renewable energy consumption is completely nullified are 0.825; 2.15; 2.86; 3.52;3.36; and 0, 1, respectively. |
| Keywords: | Financial development, renewable energy consumption, governance quality, Africa |
| Date: | 2024–01 |
| URL: | https://d.repec.org/n?u=RePEc:exs:wpaper:24/020 |
| By: | Laura E. McCann; Jeffrey D. Michler; Maybin Mwangala; Osaretin Olurotimi; Natalia Estrada Carmona |
| Abstract: | Population pressure is speeding the rate of deforestation in Sub-Saharan Africa, increasing the cost of biomass cooking fuel, which over 80 percent of the population relies upon. Higher energy input costs for meal preparation command a larger portion of household spending which in turn induces families to focus their diet on quick cooking staples. We use a field experiment in Zambia to investigate the impact of solar cook stoves on meal preparation choices and expenditures on biomass fuel. Participants kept a detailed food diary recording every ingredient and fuel source used in preparing every dish at every meal for every day during the six weeks of the experiment. This produces a data set of 93, 606 ingredients used in the preparation of 30, 314 dishes. While treated households used the solar stoves to prepare around 40 percent of their dishes, the solar stove treatment did not significantly increase measures of nutritional diversity nor did treated households increase the number of dishes per meal or reduce the number of meals they skipped. However, treated households significantly reduced the amount of time and money spent on obtaining fuel for cooking. These results suggest that solar stoves, while not changing a household's dietary composition, does relax cooking fuel constraints, allowing households to prepare more meals by reducing the share of household expenditure that goes to meal preparation. |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2410.02075 |
| By: | Wimmers, Alexander; von Hirschhausen, Christian |
| JEL: | Q48 L52 P18 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:vfsc24:302433 |
| By: | Lukas Vashold (Department of Economics, Vienna University of Economics and Business); Gustav Pirich (Department of Economics, Vienna University of Economics and Business); Maximilian Heinze (Department of Economics, Vienna University of Economics and Business); Nikolas Kuschnig (Department of Economics, Vienna University of Economics and Business) |
| Abstract: | Minerals are essential to fuel the green transition, can foster local employment and facilitate economic development. However, their extraction is linked to several negative social and environmental externalities. These are particularly poorly understood in a development context, undermining efforts to address and internalize them. In this paper, we exploit the discontinuous locations of mines along rivers and their basins to identify causal effects on agricultural yields in Africa. We find considerable impacts on vegetation and yields downstream, which are mediated by water pollution and only dissipate slowly with distance. Our findings suggest that pollution from mines may play a role in the limited adoption of intensive agriculture. They underscore an urgent need for domestic regulations and international governance to limit negative externalities from mining in vulnerable regions. |
| Keywords: | pollution, agriculture, river basin, mining, earth observation |
| JEL: | Q53 O13 Q15 C23 |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:wiw:wiwwuw:wuwp368 |
| By: | Elvis K. Ofori (Taiyuan University of Technology, China); Festus V. Bekun (Istanbul, Turkey); Bright A. Gyamfi (Ä°stanbul Ticaret University, Turkey); Ali E. Baba (Ural Federal University, Russia); Stephen T. Onifade (KTO Karatay University, Konya, Turkey); Simplice A. Asongu (Johannesburg, South Africa) |
| Abstract: | The current study thus explored the impact of technological innovation and trade openness on clean energy while accounting for economic growth, access to electricity, pollution, industrial restructuring, and urbanization using data from 1990 to 2020 for both the MINT and BRICS economies. A series of test were performed for a robust analysis using second generation econometrics approaches before proceeding to investigate the long-run linkages between renewable energy and the duo of innovation and trade using the Prais-Winsten regression model with panel-corrected standard errors (PCSE) while the Driscoll-Kraay standard errors test was applied for robustness checks. The results, firstly confirm the presence of heterogeneity, cross-sectional dependence, and cointegration among the selected variables. Secondly, technological innovation as a renewable energy determinant demonstrated negative elasticities in both BRICS countries and the full sample, but a positive elasticity in the MINT countries. Thirdly, concerning trade liberalisation, negative elasticities were obtained for the full sample and MINT countries, while the elasticities were positive for the BRICS bloc. Fourthly, the roles of economic growth and environmental pollution reveal a negative impact on renewable energy consumption for all samples while urbanisation and industrial restructuring promote renewable energy developments only in the BRICS bloc. Policy implications are discussed. |
| Keywords: | Renewable energy, trade liberalization, technological innovation, Prais-Winsten regression |
| Date: | 2024–01 |
| URL: | https://d.repec.org/n?u=RePEc:exs:wpaper:24/022 |
| By: | Kazeem B. Ajide (University of Lagos, Lagos, Nigeria); Olorunfemi Y. Alimi (University of Lagos, Lagos, Nigeria); Simplice A. Asongu (Johannesburg, South Africa) |
| Abstract: | The research investigates the relationship between intelligence quotient (IQ) and environmental degradation, aiming to understand how cognitive abilities influence environmental outcomes across different nations and time periods. The objective is to examine the impact of intelligence quotient (IQ) on environmental indicators such as carbon emissions, ecological demand, and the Environmental Kuznets Curve (EKC), seeking insights to inform environmental policy and stewardship. The study utilizes statistical techniques including Ordinary Least Squares (OLS), Two Stage Least Squares (2SLS), and Iteratively Weighted Least Squares (IWLS) to analyze data from 147 nations over the years 2000 to 2017. These methods are applied to explore the relationship between IQ and environmental metrics while considering other relevant variables. The findings reveal unexpected positive associations between human intelligence quotient and carbon emissions, as well as ecological demand, challenging conventional notions of "delay discounting." Additionally, variations in the Environmental Kuznets Curve (EKC) hypothesis are identified across different pollutants, highlighting the roles of governance and international commitments in mitigating emissions. The study concludes by advocating for the adoption of a "delay discounting culture" to address environmental challenges effectively. It underscores the complex interactions between intelligence, governance, and population dynamics in shaping environmental outcomes, emphasizing the need for targeted policies to achieve sustainability objectives. |
| Keywords: | Human capital; intelligence quotient; population; output; carbon emission; EKC, World |
| JEL: | C52 O38 O40 Q50 I20 |
| Date: | 2024–01 |
| URL: | https://d.repec.org/n?u=RePEc:exs:wpaper:24/017 |
| By: | Bierl, Konrad; Eisenack, Klaus; von Dulong, Angelika; Wieland, Peter |
| JEL: | Q28 Q48 R50 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:vfsc24:302400 |
| By: | Arel-Bundock, Vincent (Université de Montréal); Pelc, Krzysztof |
| Abstract: | Political reforms are often impeded by concentrated interest groups who lobby to block change that would benefit the majority. One under-examined policy response is to compensate the recalcitrant group in exchange for agreeing to the reform. We refer to such mass compensation schemes as public buyouts. After laying out the theoretical case for and against buyouts, we design a series of survey experiments to gauge the determinants of public support for buyouts linked to three reforms---phasing out coal energy, simplifying tax filing, and amnesty for dictators. Partisanship appears systematically related to attitudes towards buyouts, as does program design: buyouts find significantly more favour when they target individual workers, rather than companies. Yet the chief objection to buyouts is normative: individuals' "moral aversion" to compensating actors who hold up beneficial reforms dominates other salient concerns, like moral hazard. Our results also highlight a vexing credibility problem: those who support reform also support reneging on the compensation once the reform is passed. Recipients may thus be right to fear policy reversals. Buyouts appear democratically viable as a means of passing beneficial reforms that have been blocked for decades---yet their design proves decisive. |
| Date: | 2024–09–17 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:6nctb |
| By: | Bez, Charlotte; Steckel, Jan; Naumann, Lennard |
| JEL: | D72 L72 Q52 N56 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:vfsc24:302390 |
| By: | Adel Ben Youssef (Université Côte d'Azur, CNRS, GREDEG, France); Mounir Dahmani (University of Gafsa); Mohamed Wael Ben Khaled (ThÉMA, ESC Tunis, University of Manouba; Université Côte d'Azur, CNRS, GREDEG, France) |
| Abstract: | The transition to low-carbon energy systems in the Middle East and North Africa (MENA) region is critical for environmental protection, energy security, and socio-economic resilience. This paper uses neo-institutional theory to examine the impact of formal and informal institutions on the region's energy transition. Despite abundant renewable energy resources, governance inefficiencies, regulatory inconsistencies, and entrenched socio-cultural norms hinder progress. Through a literature review, the study presents an analytical framework focused on the Just and Sustainable Energy Transition (JSET) model, which emphasizes equity, sustainability, and inclusive governance. The study offers recommendations for institutional change and highlights the importance of collaboration among governments, industry stakeholders, and international partners to unlock the region's renewable energy potential and advance global sustainability goals. |
| Keywords: | Renewable energy, low-carbon transition, institutional barriers, neo-institutional economics, energy policy, MENA region |
| JEL: | Q42 Q54 Q58 O13 P48 |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:gre:wpaper:2024-22 |
| By: | Hermann Lebherz; Annelie Stumpp |
| Abstract: | "At the ERES conference in Milano 2010 we delivered a paper on state of the art geothermal piles for a shopping centre with offices. 14 years later, in the process of a due dilligence report, our company was informed that the geo- thermal heating an cooling plant was in excellent condition and the technical documentation was excellent. But we got asked: „WHY GOT THE GEOTHERMAL PLANT NEVER AT WORK?“A very puzzeling question. The asset managers have rather used electrical engery to cool down or heat a 60 million asset and spent hundred tousands of Euros, rather than starting and monitoring the cooling and heating with the geothermal plant. The system of geothermal modelling is that you have to monitor the ammount of heat you are extracting in the winter period through several 40 m deep concrete piles with intergrated pipes of cirulating liquid. In the summer period one has to monitor the amount of warm energy which is pumped in the piles with tubes which are heating-up the surroundig soil. So a balance has to be calculated between winter heat extraction and a summer cooling extraction over a year period. For this calculations a computer programme monitors all the heating and cooling energy, but it has to be operated by university trained engineers, which have to be trained on the job as well. WLS is assuming that the competion for the job, was awarded to the lowest bid, to an asset management company which employed standard craft men with no knowledge how to handle such a system. A way forward is not to have isolated pants run by individual staff, but to have all plants to be integrated by a internet conection to a monitoring and controlling centre which is staffed with adequately educated and adequately paid university engieering staff, to run and monitor the plants energy efficient. Other clients of WLS introduced now a system by controlling all asset management company duties of their assets on a 2 year cycle." |
| Keywords: | controlling of asset management companies; digital web monitoring of plants; geothermal power plant; the need of technically higher educated asset management |
| JEL: | R3 |
| Date: | 2024–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:arz:wpaper:eres2024-015 |
| By: | Li, Xinwei; Jenn, Alan |
| Abstract: | This study delves into the energy and emissions impacts of Shared Autonomous and Electric Vehicles (SAEVs) on disadvantaged communities in California. It explores the intersection of evolving transportation technologies—electric, autonomous, and shared mobility—and their implications for equity, energy consumption, and emissions. Through high-resolution spatial and temporalanalyses, this research evaluates the distribution of benefits and costs of SAEVs across diverse populations, incorporatingenvironmental justice principles. Our quantitative findings reveal that electrification of the vehicle fleet leads to a 63% to 71% decrease in CO2 emissions even with the current grid mix, and up to 84%-87% under a decarbonized grid with regular charging. The introduction of smart charging further enhances these benefits, resulting in a 93.5% - 95% reduction in CO2 emissions. However, the distribution of these air quality benefits is uneven, with disadvantaged communities experiencing approximately 15% less benefits compared to more advantaged areas. The study emphasizes the critical role of vehicle electrification and grid decarbonization in emissions reduction, and highlights the need for policies ensuring equitable distribution of SAEV benefits to promote sustainable and inclusive mobility. View the NCST Project Webpage |
| Keywords: | Engineering, Social and Behavioral Sciences, Shared, autonomous, electric vehicles, equity, environmental justice, disadvantaged communities |
| Date: | 2024–09–01 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:itsdav:qt08h3p0r6 |
| By: | Plataniotis, Angelos; Koundouri, Phoebe; Alamanos, Angelos; Stavridis, Charalambos; Landis, Conrad; Chiatto, Elisa; Halkos, Georgios; Perifanos, Konstantinos; Devves, Stathis |
| Abstract: | The European Green Deal (EGD) is the growth strategy for Europe, covering multiple domains, and aiming to an equitable, carbon neutral European Union by 2050. The UN Agenda 2030, with its 17 Sustainable Development Goals (SDGs) set the bases for a global sustainability transition. However, the integration of the SDGs into the EGD is an overlooked issue in the literature, although it is particularly important, given Europe’s slow progress to achieve the sustainability targets. In this paper, 22 central policies and strategies published during 2020–21 to support the EGD's implementation are assessed on how they align with Agenda’s 2030 aspirations, using novel text-mining methodologies: one human-based and one machine-learning-based. The results outline an alignment of EGD policies to the main SDGs themes relevant to Food, Land, Oceans, Energy, but also a strong indication that the progress towards sustainability passes through "Peace, Justice, and Strong Institutions" (SDG16) and international "Partnerships for the Goals" (SDG17). We further explain the underlying policy mechanisms of the established ‘necessary transformations’ to build a sustainable Europe, along with the relevance of valuing the natural capital and integrating it into future investment and financial decisions. |
| Keywords: | European Green Deal, SDGs, Sustainability, Policy alignment, Text-mining, Machine Learning |
| JEL: | F5 H5 |
| Date: | 2023–03–21 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:122042 |
| By: | Han Li; Rianne Appel-Meulenbroek; Theo Arentze; Hoes Pieter-Jan |
| Abstract: | Buildings account for 30% of global energy consumption. Although applying energy efficiency programs or energy saving campaigns has helped to conserve energy use in offices, the consumption figures are still increasing. It might be that the scarcely studied user behavioural factors are partly at fault for this. Hence, this study will explore occupants’ energy-related behaviour under multi-model indoor discomfort situations, particularly focusing on office environments.A modified discrete choice experiment design is used to reveal the preference of occupants for adjusting four types of building comfort control system (i.e., windows, blinds, lighting, and thermostat). In addition, these occupants’ choice preferences for four types of personal comfort adaptation measures are included (i.e., adjust clothing, have cold/hot beverages, use of personal heater and fan.). The choices are made under randomly assigned context scenarios based on attributes including weather, task, location, the preceding indoor environmental quality situation, and general attributes like demographics and current building control features. The data collected from the discrete choice experiment is used to build a predictive model that estimates the likelihood of occupants choosing a specific building control system under multi-model discomfort situations. The model offers guidance to building stakeholders in decision-making processes regarding the development and management of building energy transition/conservation strategies. Additionally, it will promote building consumption related researchers in creating more holistic building simulations models in the pursuit of more holistic sustainable building practices for future application. |
| Keywords: | Building Energy Efficiency; Indoor Environmental Quality; Occupant Behaviour; Sustainable Buildings |
| JEL: | R3 |
| Date: | 2024–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:arz:wpaper:eres2024-013 |
| By: | Youngho Chang (Singapore University of Social Sciences, SG); Ridwan D. Rusli (Technische Hochschule Köln, DE); Jackson The (Nanyang Technological University, SG) |
| Abstract: | The natural gas supply disruptions and European energy crisis following the Ukraine-Russia war and the West’s economic sanctions made energy security a top priority issue for the German government. We use the 4A framework of energy security to analyze Germany’s energy transition (“Energiewende”) over the last 20 years. While the acceptance of climate change policies is very high among its society and voters, affordability to energy consumers and availability of energy resources have steadily decreased in recent years. High feed-in tariffs and fuel taxes force German households to pay the highest electricity tariffs and among the highest fuel prices worldwide. More of the country’s fiscal capacity is required to support energy-intensive industries and fund energy subsidies. Exit from nuclear and coal electricity production necessitates increasing natural gas imports, requiring new LNG terminals, extensive collaboration with European neighbors and partially undermining the environmental benefits of the coal exit. Moreover, growth in renewables capacity has slowed down, hampered in part by local public resistance and increasing bureaucratic hurdles. The technological leadership of the country’s multinationals and SMEs has been challenged by increasingly sophisticated and efficient competitors, for example from China. To ensure Germany’s energy security the country must accelerate domestic renewables capacity and infrastructure, expand European gasand power interconnector investments and diversify its natural gas supply options. |
| Keywords: | Energy transition; Energy security; 4-A framework; Energiewende; Power interconnector investments; Diversification. |
| JEL: | Q41 Q42 Q48 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:luc:wpaper:24-09 |
| By: | Julian di Giovanni; Galina Hale; Neel Lahiri; Anirban Sanyal |
| Abstract: | While policies to combat climate change are designed to address a global problem, they are generally implemented at the national level. Nevertheless, the impact of domestic climate policies may spill over internationally given countries’ economic and financial interdependence. For example, a carbon tax charged to domestic firms for their use of fossil fuels may lead the firms to charge higher prices to their domestic and foreign customers; given the importance of global value chains in modern economies, the impact of that carbon tax may propagate across multiple layers of cross-border production linkages. In this post, we quantify the spillover effects of climate policies on forward-looking asset prices globally by estimating the impact of carbon price shocks in the European Union’s Emissions Trading System (EU ETS) on stock prices across a broad set of country-industry pairs. In other words, we measure how asset markets evaluate the impact of changes to the carbon price on growth and profitability prospects of the firms. |
| Keywords: | climate policy shocks; stock markets; international spillovers |
| JEL: | F4 G12 Q5 |
| Date: | 2024–10–10 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fednls:98959 |
| By: | Pablo Garcia; Pascal Jacquinot; Crt Lenarcic; Kostas Mavromatis; Niki Papadopoulou; Edgar Silgado-Gómez |
| Abstract: | We analyze the economic impact of the green transition in the euro area by extending the Euro Area and Global Economy (EAGLE) model to include green and brown energy sectors. In this model, energy goods are consumed both as final goods by households and as inputs by intermediate goods firms. A carbon tax acts as a cost-push shock, creating stagflation ary effects, particularly when fiscal interventions are not primary-balance neutral. Without subsidies for green energy firms, the green transition is limited to a shift in household ex penditure towards green energy goods. However, when authorities provide subsidies to green energy firms, intermediate goods firms also increase their demand for green energy inputs, thereby strengthening the demand channel in the green energy market and driving its price upward. When carbon taxes are raised globally and governments redistribute carbon tax revenues to green energy firms, the recession in the euro area deepens, and inflationary pres sures increase, partly due to a weakening euro. Taxes on brown capital investment are also contractionary but lead to lower inflation. In this scenario, subsidies for investment in green energy capital can help mitigate the recession. However, overall, taxes on brown capital investment are less effective in driving the green transition compared to carbon taxes. Classification-JEL: C53, E32, E52, F45, H30, Q48 |
| Keywords: | DSGE Modelling, International Spillovers, Monetary Union, Euro Area, COVID-19 Climate Policy, Carbon Taxation, Monetary Policy, Fiscal Policy, Euro Area, DSGE modeling |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:bcl:bclwop:bclwp190 |
| By: | Giovanardi, Francesco; Kaldorf, Matthias |
| JEL: | E44 G21 G28 Q58 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:vfsc24:302379 |
| By: | Ezio Micelli; Giulia Giliberto; Eleonora Righetto; Greta Tafuri |
| Abstract: | The international commitment to the energy transition of the housing stock is essential to meet the global challenges of decarbonisation and reduce CO2 emissions. The building sector is responsible for 40% of fossil fuel consumption and 30% of CO2 emissions, making energy performance upgrades urgent. Recent research highlights the impact of energy performance on property value, revealing inequalities related to energy efficiency. The research investigates whether highly efficient homes present a premium price over less efficient ones and whether this premium differs according to the city's size and vibrancy of the housing market. The study focuses on six Italian cities, three metropolitans (Milan, Turin, and Florence) and three medium-sized (Padua, Mestre, and Bergamo), analysing over 2, 935 ask prices. The methodology employs the Hedonic Price Model to estimate the premium price related to different energy performance levels. The results show a market segmentation according to energy efficiency, with premium prices converging in medium-sized and metropolitan cities. The average gap between high-efficiency properties (class A) and low-efficiency properties (class G) is about 30% for medium-sized cities, narrowing to 14% between class D and class G properties. For metropolitan cities, the average gap between high-efficiency properties (class A) and low-efficiency properties (class G) is about 15%, decreasing to 6% between class D properties compared to class G properties.The findings highlight a higher depreciation in properties in less active medium-sized cities compared to those in more dynamic metropolitan areas. Metropolitan cities seem to be less affected by their position in the EPC ranking, while the energy transition shows more significant effects in medium-sized cities. This implies a possible additional difficulty for struggling territories, accentuating social and economical inequalities. |
| Keywords: | Built Environment; Energy transition; Hedonic Prices; Real Estate Market |
| JEL: | R3 |
| Date: | 2024–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:arz:wpaper:eres2024-123 |
| By: | Berle, Erika (UiS); Jørgensen, Kjell (BI); Ødegaard, Bernt Arne (University of Stavanger) |
| Abstract: | We investigate whether the sustainability profile of a firm affects the terms at which the firm list on a stock market. Given the evidence that sustainable firms have a lower cost of capital, we expect this to also be reflected in the issue terms at an IPO. The laboratory for our investigation is stock listings (IPOs) at Euronext Oslo. We find that firms which emphasize environmental issues (ESG) in their prospectus have lower implied cost of capital. We find no link between the degree of underpricing and ESG issues. We also provide evidence on recent changes in the IPO landscape, where pure listings are becoming more common, and stock exchanges introduce tiered markets that attract younger and smaller companies. |
| Keywords: | IPO; Cost of Capital; Underpricing; ESG; Euronext Oslo |
| JEL: | G12 G24 G30 |
| Date: | 2024–10–12 |
| URL: | https://d.repec.org/n?u=RePEc:hhs:stavef:2024_001 |
| By: | Koundouri, Phoebe; Alamanos, Angelos; Sachs, Jeffrey |
| Abstract: | Multiple challenges have emerged over the last decades, threatening human, socio-economic and environmental systems. Climate change impacts, degradation of limited natural resources, unsustainable demand, production and consumption practices, diseases, crises in the energy, food and biodiversity sectors, economic recessions, and many more, interconnected dynamic threats, require coordinated and efficient solutions. Under the UN's Sustainable Development Solutions Network (SDSN) we developed the Global Climate Hub (GCH), an international initiative for tackling such challenges. After 12 years of SDSN's action, we present the structure and ways of operation of the GCH, along with the principles that allow it to successfully bridge holistic scientific approaches with the society, for implementing fair and publicly acceptable sustainable pathways. The GCH's five innovations are analyzed, namely, the use of integrated 'cutting-edge models', with the support of 'digital AI-driven data-handling infrastructure', for the development of case-specific 'socio-economic narratives' and 'stakeholder engagement' for co-designing solutions. Moreover, the nine units of the GCH are scrutinized in terms of scope, methods, and tools. These cover a wide range of expertise in digital applications, climate science, energy, transport, land, water, food, biodiversity, and marine systems, public health, solutions' application, policy, finance, labour markets, participatory approaches, education and training. This contribution provides a complete picture of a global, developing - and successful so far - vision for a climate-neutral, resilient and sustainable world. |
| Keywords: | Innovation, Innovating for Sustainability, sustainability, Climate Change, SDSN, UN, multiple challenges, socio-economic |
| JEL: | H0 O2 Z1 Z18 |
| Date: | 2024–02 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:121978 |
| By: | Samantha Gonsalves Wetherell; Anna Josephson |
| Abstract: | We examine the propensity of individuals to donate to climate activism, evaluating the impact of different informational treatments on an incentive compatible charitable donation and stated climate change-related concerns. Participants were evaluated on climate literacy and general climate attitudes before being randomly assigned to a treatment which provided either education or neutral language about climate change, either with or without images of protest. After the treatment, participants engaged in an incentive compatible dictator game. We find that participants gave more to climate activism than seen in previous dictator game and charitable giving experiments, in both average amount given and proportion of participants who gave their entire endowment. However, we determine that climate activism information negatively influenced the amount of money donated. We also found that protest imagery moderated this negative effect and had a positive significant effect of increasing participants' climate concern. Finally, we found that the climate concern was significantly positively correlated with donations, while being a male was significantly negatively associated with donation amounts. |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2409.17378 |
| By: | Knight, Kelli Anne; Miller, Sabbie A. |
| Abstract: | Recent California regulatory efforts, United States goals, and industry roadmaps all target net-zero greenhouse gas (GHG) emissions from the cement and concrete industries within a few decades. While changes in production of cement and concrete, including varying constituents, can greatly reduce GHG emissions, carbon dioxide removal (CDR) will be needed to meet this net-zero goal. Hydrated cement in concrete can carbonate (i.e., form carbon-based minerals with atmospheric CO2) and thus act as a CDR mechanism. This process occurs faster with a large surface area, such as crushed concrete at its end-of-life (EoL), which can be uniquely leveraged by transportation infrastructure projects. In this work, a literature review of key parameters that can facilitate desired CO2 uptake for transportation projects at their end of life is conducted and an initial meta-analyses of data from the literature to inform CO2 uptake for individual projects is performed. Initial considerations for what concomitant impacts may arise from this process are presented. Finally, experiments to fill a key gap in understanding how thin crushed concrete must be spread to maximize uptake reactions are conducted. Cumulatively, findings will inform whether carbonation can be implementedin a way that would support policies that include carbonation as a route for reducing emissions from cement-based materials in transportation applications View the NCST Project Webpage |
| Keywords: | Engineering, Concrete, Carbonation, Direct Air Capture, Carbon dioxide removal |
| Date: | 2024–09–01 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:itsdav:qt30d5k089 |
| By: | Oumarou, Mohamadou; Sali, Oumarou; Hamadou, Alioum |
| Abstract: | Do natural resource endowments influence the relationship between economic growth and income inequality in Sub-Saharan African (SSA) countries? This is the main question of this article. To this end, we use polynomial non-linear modeling and non-parametric and semi-parametric modeling applied to a panel of 43 SSA countries between 2000 and 2020. The data used come from World Development Indicators (WDI) and the University of Texas Inequality Project. In order to enrich the empirical literature on the subject, four indices measure income inequality in the econometric tests. All other things being equal, the results show that the growth-inequality link is non-linear, with a positive trend that changes convexity with the level of growth. Rents from non-renewable natural resources (oil, gas and other minerals) accentuate the negative effect of growth on inequality, while income from renewable resources (water and forests) has the effect of reducing inequality. Furthermore, these results show that rents from a single product (a single natural resource) have no impact on inequality. On the other hand, income from the export of several natural resources accentuates the effect of growth on inequality. Consequently, SSA countries need to put in place a general policy to reduce inequalities and a strategy to reduce their dependence on the exploitation of natural resources. This can be achieved through the structural transformation of economies and the development of global value chains. |
| Date: | 2024–09–15 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:5sczh |