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on Project, Program and Portfolio Management |
| By: | Mats Kröger |
| Abstract: | Public support systems and private investments in renewable energy are increasingly existing side-by-side and are both emphasized in policy proposals on the European and national levels. This paper assesses the interaction between the two approaches with respect to cream-skimming, i.e., the potential for low-cost projects to sign private contracts that increase the costs of publicly supported renewable energy. This paper uses a stylized microeconomic model and a numerical simulation to assess this question. It finds that the incentive to cream-skimming exists when governments employ any form of resource differentiation in their renewable energy contracts. The numerical analysis shows that, at current price levels, cream-skimming could increase power prices by 2-6% depending on the PPA’s mark-up. The effect is larger for a wider cost-distribution of renewable energy projects, which might occur as the energy transition proceeds. |
| Keywords: | Climate policy, renewable energy, distributional consequences, creamskimming, contracts for differences |
| JEL: | D44 Q42 Q48 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:diw:diwwpp:dp2092 |
| By: | WOOLFORD Jayne (European Commission - JRC); BACHTRÖGLER-UNGER Julia; BURTON Anna; LALANNE Marie (European Commission - JRC); GULDA Krzysztof |
| Abstract: | The significant role of human capital and higher education in place-based development and innovation in response to the twin transition is increasingly recognised within the European policy and funding context. This research attempts to quantify the extent to which the ERDF – as one of the most significant sources of public investment for research and innovation - and ESF – as Europe’s main instrument investing in human capital - supported the provision of high-quality education and training relevant to the needs of territories and their smart specialisation (S3) domains in the 2014-2020 programming period. Through the application of a keyword search approach to data reported on projects under the two funds throughout the 2014-2020 programming period, the research identified that between 8 and 10% of projects funded concerned skills-related activity relevant to S3. This represented around 24.0 bn € (11%) of ERDF and 14.9 bn € (17%) of ESF investment. Moreover, around 9% of all analysed ERDF as well as ESF lead beneficiaries were identified as Higher Education Institutes (HEIs) with, specifically, 1% of all ERDF (c. 6, 130 projects) and 4% of all ESF (c. 2, 580 projects) corresponding to S3 Skills projects led by a HEI. The share of Skills for S3 funding at national level varied from 48% to 2% under ERDF and between 53% and 2% under ESF, reflecting factors such as varying eligibility and funding strategies, levels of economic development and educational attainment, demographic, economic and labour market factors as well as the diversity of education systems and HEIs across the EU territory. The results enable a better understanding of the size of investments in skills for territorial development from different funding sources, and the variables that reflect territorial differences, for example the positive territorial correlation between high investments in S3 skills and thriving innovation eco-systems. The ex-post analysis can inform the alignment of funding in support of skills for S3 and productivity ex-ante across different funds and will be supported by a similar analysis on initial allocations and programming priorities for the 2021-2027 programming period, as well as for investments from the Recovery and Resilience Fund (RRF). |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc137083 |
| By: | Inès Guguen-Gicquel (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - Nantes Univ - IAE Nantes - Nantes Université - Institut d'Administration des Entreprises - Nantes - Nantes Université - pôle Sociétés - Nantes Univ - Nantes Université); Sabine Cullmann (BETA - Bureau d'Économie Théorique et Appliquée - AgroParisTech - UNISTRA - Université de Strasbourg - Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Hackathons serve as an exemplary illustration of ephemeral spaces for the collaborative construction of knowledge under constraints. They have been embraced in numerous domains and have developed a impressive script to considerably enhance the appeal of the event. However, there is a deficit of empirical research that focuses on the way these ad hoc project teams are constituted and structured, on their dynamics, and on their overall impact on the co-creation of knowledge in a context subject to significant constraints. Indeed, a hackathon is paradoxical in that it is both constrained by the necessity for co-creativity and subject to the tension between freedom and constraint. The objective of our research is to address this question through a funnel approach, beginning with an examination of the broader context of Grounds, then focusing on the specific constraints associated with hackathons, and finally, analyzing the dynamics of knowledge development within this context. Our research was conducted during a health hackathon and is based on the analysis of three case studies, documented during the fifty hours of the event using videos and observations. The analysis allows us to deconstruct the following elements: i) the dynamics of a Hackathon and the actors involved, belonging to the different creative territories; and ii) the coordination mechanisms for converting a creative idea into innovation and shared learning. |
| Abstract: | Les Hackathons sont l'illustration par excellence de la mise en œuvre d'espaces de co-construction de savoir sous contrainte temporelle, ils ont été repris dans de nombreux domaines et ont développé une scénarisation impressionnante pour augmenter considérablement l'attractivité de l'événement. Cependant, peu de recherches portent sur la manière dont ces équipes de projet ad hoc se constituent et se structurent, sur leurs dynamiques et leur effet global sur la cocréation de savoir dans un contexte soumis à des fortes contraintes. Effectivement, un Hackathon se positionne dans le paradoxe des contraintes de la co-créativité et de la mise en tension entre liberté et contrainte. L'objectif de notre travail est de répondre à cette question par une approche en entonnoir : des Grounds en général, aux contraintes spécifiques aux Hackathons puis les dynamiques de développement de savoir. Notre recherche a été menée pendant un Hackathon en santé et repose sur l'analyse de trois études de cas, documentées pendent les cinquante heures de l'événement à l'aide de vidéos et d'observations. Notre analyse permet de décomposer i) la dynamique d'un Hackathon et de ses acteurs appartenant aux différents territoires créatifs, et ii) les dispositifs de coordination du processus de transformation d'une idée créative vers l'innovation et d'apprentissage commun. |
| Keywords: | Hackathon, Co-creativity, Project teams, Learning space, Case studies, Co-créativité, Equipes de projet, Espace d'apprentissage, Etudes de cas |
| Date: | 2024–05–29 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04631679 |
| By: | David P. Glancy; Robert J. Kurtzman; Lara Loewenstein |
| Abstract: | We use microdata on the phases of commercial construction projects to document three facts regarding time-to-plan lags: (1) plan times are long—about 1.5 years—and highly variable, (2) roughly 40 percent of projects are abandoned in planning, and (3) property price appreciation reduces the likelihood of abandonment. We construct a model with endogenous planning starts and abandonment that matches these facts. The model has the testable implication that supply is more elastic when there are more "shovel ready" projects available to advance to construction. We use local projections to validate that this prediction holds in the cross-section for US cities. |
| Keywords: | commercial real estate; construction; time-to-plan |
| JEL: | R33 E22 E32 L74 |
| Date: | 2024–06–27 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedcwq:98508 |
| By: | Schaube, Philipp |
| Abstract: | This article aims to shed light on the contextual embeddedness of the diffusive dynamics of onshore wind energy in Argentina by employing the integrated MLP-TIS framework. Based on the methodology of constellation analysis, this paper analyses the various stages of development of onshore wind energy in Argentina since 1990. The objective is to investigate how exogenous dynamics have hindered or promoted the dissemination of wind energy in Argentina. Thereby, beyond the empirical findings, this study contributes to the growing body of sustainability transitions research. The results provide evidence of a variety of socio-technical niches across the five development phases of the focal TIS: pilot projects, self-generation by energy cooperatives, projects based on feed-in tariffs, state financed and operated wind farms, hydrogen production and compliance with legal requirements for large users. A key insight of this research is that the classification of the development phases of the technology trajectory in Argentina is particularly related to the effects of contextual factors. With the construction of South America's first wind farm in 1990, Argentina was the pioneer of wind energy in Latin America for almost a decade. This initial positive development was facilitated by a constellation of specific framework conditions: Stable exchange rates, liberalisation and privatisation of electricity markets, and subsequently wind energy as a business model for energy cooperatives. Moreover, since the 2000s, renewable energy has been perceived as part of the solution to the national energy crisis. However, the Argentine case also illustrates how, during later development phases, structural problems within the country, such as political instability or macroeconomic uncertainties, hampered access to international project finance and thus severely affected the further development of wind energy. Discontinuities in the basic orientation of the country's economic policy resulting from changes in government were identified as another relevant contextual factor. |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:wuppap:300574 |
| By: | Bosio, Andrea Odille; Croce, Annalisa; Toschi, Laura; Ughetto, Elisa |
| Abstract: | This paper highlights the main challenges faced by the Cleantech sector. Key barriers include limited access to external finance, with many respondents expecting to raise significant funds in the next five years. Additionally, stringent and uncertain standards and regulations create operational challenges. Expanding our understanding of the Cleantech sector can enhance targeted support schemes to accelerate clean technology adoption, reduce greenhouse gas emissions, and improve environmental sustainability. This is the latest paper resulting from a project on "The cleantech industry in the European Green Deal: policy challenges and the finance landscape for SMEs" (CLEU), initiated by EIF's Market Assessment and Research Division. Funded by the EIB Institute's University Research Sponsorship (EIBURS) programme, the project aims to enhance our understanding of the Cleantech sector and improve the design of support schemes to accelerate the green transition in the EU. The EIF Working Papers are designed to make available to a wider readership selected topics and studies in relation to EIF's business. The Working Papers are edited by the EIF and are typically authored or co-authored by EIF staff or are written in cooperation with EIF. |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:eifwps:300656 |
| By: | Ozili, Peterson K |
| Abstract: | The purpose of this article is to explore the role of artificial intelligence, or AI, in a central bank digital currency project and its challenges. Artificial intelligence is transforming the digital finance landscape. Central bank digital currency is also transforming the nature of central bank money. This study also suggests some considerations which central banks should be aware of when deploying artificial intelligence in their central bank digital currency project. The study concludes by acknowledging that artificial intelligence will continue to evolve, and its role in developing a sustainable CBDC will expand. While AI will be useful in many CBDC projects, ethical concerns will emerge about the use AI in a CBDC project. When such concerns arise, central banks should be prepared to have open discussions about how they are using, or intend to use, AI in their CBDC projects. |
| Keywords: | artificial intelligence, central bank digital currency, CBDC, machine learning, deep learning, cryptocurrency, CBDC project, CBDC pilot, blockchain |
| JEL: | E50 E51 E52 E58 O31 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:121567 |
| By: | Altenburg, Tilman; Kantel, Anne |
| Abstract: | Namibia is a highly competitive location for solar and wind energy, which can be utilised to produce green hydrogen and derivatives that are essential for decarbonising the global economy. Its government therefore has high hopes for this entire industrial complex, as do several European countries interested in importing green hydrogen and derivatives from Namibia. This Discussion Paper assesses the related opportunities and risks and offers policy recommendations with a view to maximising the societal benefits for Namibians. Scaling up renewables projects is a no regret option for Namibia, as there is demand for domestic electrification, clean electricity could be exported to South Africa, and using renewable to produce hydrogen and derivatives for export offers prospects for foreign exchange earnings and economic growth. Here, the most immediate opportunities lie in exporting green ammonia, yet other market opportunities may open up, including the export of sustainable aviation fuel, hot-briquetted iron and green fertiliser. At the same time, international investors are hesitant to implement their planned investments due to uncertainties regarding international offtake agreements and other risk factors, e.g. relating to shipping capacities and financial guarantees. This calls for a gradual scaling-up of hydrogen and ammonia investments, accompanied by continuous technology and market foresight, and carefully designed risk-sharing agreements with international investors. Hydrogen investments come with political and environmental risks. Politically, the sheer size of the planned projects creates incentives for socially exclusive rent-seeking deals. Unless strict transparency rules are applied, directly partaking in deals with large investors may create opportunities for legal or extra-legal enrichment. Hence, it is essential to have full transparency for tenders and contracts. Even if all deals were fully transparent, this would not guarantee widespread benefits for the Namibian people. We predict fewer employment and other socio-economic spillovers than anticipated in the country's current strategy. Also, projects may be less profitable than expected, and information asymmetries between large investors and Namibian policy-makers may translate into unfavourable risk- and benefit-sharing agreements. To ensure widely shared benefits, options for a pro-poor use of revenues from hydrogen projects should be explored to achieve socio-economic spillovers from financial investments in green hydrogen. These include direct dividend payments to citizens, earmarking of public revenues for development funds, mandatory oversizing of electricity generation and desalination to serve local communities, and co-ownership of energy projects. |
| Keywords: | Hydrogen, value chains, energy transition, industrial policy |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:diedps:300228 |