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Climate Change in Times of Energy and Economic Crisis – the Role of Innovation and Economic Openness

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A special issue of Energies (ISSN 1996-1073). This special issue belongs to the section "C: Energy Economics and Policy".

Deadline for manuscript submissions: closed (31 March 2024) | Viewed by 5864

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Prof. Dr. Alina Cristina Nuta

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Faculty of Economics, Finance and Business Administration Department, “Danubius” University Galati, Galati Bvd, No. 3, 800654 Galaţi, Romania
Interests: finance; public finance; taxation; public spending; fiscal and budgetary policies; social policy; green finance; energy economics; environmental economics; FinTech; stock market; public economics

Dr. Muhammad Hafeez

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Institute of Business Management Sciences, University of Agriculture, Faisalabad 38040, Pakistan
Interests: finance (financial economics); environmental economics; corporate governance; finance of agriculture; agribusiness; shared economy

Prof. Dr. Florian Nuta

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Doctoral School of Social and Human Sciences, Ştefan cel Mare University, 720229 Suceava, Romania
Interests: environmental accounting; climate change economics; energy economics; urban environmental accounting; carbon accounting; green taxation; public policy

Special Issue Information

Dear Colleagues,

Climate change is a tremendous challenge for human society and its options for future development. Furthermore, the energy transitions and readjustments due to environmental protection targets and the energy market crisis are putting more pressure on policymakers and entire communities worldwide. It has been agreed that underdeveloped and developing economies are most vulnerable and need to be supported for contributing to climate change mitigation. Still, as the economic crisis is a menace for developed economies, new policy options are targeted with innovation and economic cooperation in the frontline. Adding the energy and economic crisis to already consecrated climate change effects, biodiversity loss, and pollution sets the premise for a challenging situation for both developed and developing countries worldwide that needs to be assessed and forecasted, considering environmental protection, energy security, social development, and economic resilience.

Prof. Dr. Alina Cristina Nuta
Dr. Muhammad Hafeez
Prof. Dr. Florian Nuta
Guest Editors

Manuscript Submission Information

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Keywords

energy
economic crisis
innovation
climate change
carbon emissions

Published Papers (4 papers)

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Research

33 pages, 958 KiB

Open AccessArticle

Transformation of the Polish Heating Sector Based on an Example of Select Heat Energy Companies Supplying Energy to Local Government Units

by Sławomir Stec, Elżbieta Jadwiga Szymańska, Jolanta Stec-Rusiecka and Jolanta Puacz-Olszewska

Energies 2023, 16(22), 7550; https://doi.org/10.3390/en16227550 - 13 Nov 2023

Cited by 1 | Viewed by 1070

Abstract

The aim of this study was to identify changes in the Polish heating sector and assess modernization investments in the field of energy transformation. This research covered 30 municipalities in Poland that applied for the II National Competition for Local Government Units for the Most Energy Innovative Local Government. In terms of changes, the analysis covered the years 2002–2021 and in the investment assessment, data from 2021 were used, as well as plans and strategies of enterprises and local governments. To assess planned investments in district heating companies, an original method of assessing social needs and the ability and readiness of enterprises to modernize the infrastructure in the field of heating was developed. It considers the emissivity factor of a heating plant and the assessment of investments by experts according to nine criteria. The method was used to assess changes in the district heating system in 30 municipalities in Poland. The shaping of the energy strategy in Poland is influenced by the climate and energy policy of the European Union (EU), which assumes that by 2040, households and industries will be heated with system heat or low-emission energy sources. Poland is the second-largest district heating market in the European Union, but heat production in the country is dependent on coal, which is why this sector requires transformation in the coming years. Research shows that thermal energy companies modernizing their installations more often use low-emission technologies than zero-emission ones. The main objectives of investments in energy production are the decarbonization of the heating system and a reduction in greenhouse gas emissions, as well as social needs in the field of connecting houses and flats to the system networks. Full article

(This article belongs to the Special Issue Climate Change in Times of Energy and Economic Crisis – the Role of Innovation and Economic Openness)

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19 pages, 2021 KiB

Open AccessArticle

Exploring Precursors of Renewable Energy Portfolio Diversification Using TPB

by Oana-Daniela Lupoae, Riana Iren Radu, Alexandru Capatina, Violeta Maria Isai and Nicoleta Bărbuță-Mișu

Energies 2023, 16(18), 6714; https://doi.org/10.3390/en16186714 - 20 Sep 2023

Cited by 1 | Viewed by 876

Abstract

Renewable energy is produced from natural sources that can regenerate quickly, such as the sun, wind, water, biomass and the earth’s heat. This implies that the resources used do not have a significant negative impact on the environment, which aligns with current concerns for protecting the planet and ecosystems. This study aims to explore the behavior of entrepreneurs regarding the processing of resources that can be introduced in the circular economy and the development of the renewable energy portfolio by transforming horse manure into bioenergy. Employing Structural Equation Modeling (PLS-SEM) and based on an extensive dataset comprising 104 responses from entrepreneurs engaged in or aspiring to participate in the renewable energy sector, this research reveals a noteworthy finding. Contrary to prevailing expectations, it demonstrates that the perceived interest in safeguarding future resources and the environment among these entrepreneurs is currently low. This study not only enriches the understanding of entrepreneurial behavior within the renewable energy domain but also extends the Theory of Planned Behavior. In doing so, it underscores the critical significance of sustainability factors as drivers of future business development and underscores the need for comprehensive policy initiatives that compel greater commitment to renewable energy and circular economy practices. Full article

(This article belongs to the Special Issue Climate Change in Times of Energy and Economic Crisis – the Role of Innovation and Economic Openness)

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13 pages, 289 KiB

Open AccessArticle

Exploring the Influence of Innovation and Technology on Climate Change

by Simona Andreea Apostu, Elena Mirela Nichita, Cristina Lidia Manea, Alina Mihaela Irimescu and Marcel Vulpoi

Energies 2023, 16(17), 6408; https://doi.org/10.3390/en16176408 - 04 Sep 2023

Viewed by 1432

Abstract

Considering the negative effect of anthropological activities on climate in recent decades, all countries entailed a universal commitment to fight against climate change by boosting innovation and introducing new technologies. In this context, our paper aimed to investigate the impact of innovation input in terms of research and development (R&D) costs and technology expressed as technical equipment and machinery (TEM) on the reported greenhouse gas (GHG) emissions in chemical industry companies in five Central and Eastern European countries. This study employed a panel regression model with fixed effects and covered data from 2015 to 2020. The empirical results emphasize a negative relationship between R&D costs and GHG emissions, indicating the companies’ commitment to developing innovative solutions that contribute to lower destructive emissions. Additionally, the findings related to the influence of TEM on GHG emissions reveal a positive impact, highlighting the need to improve manufacturing technologies. The practical implications of our findings can be meaningful for both policymakers and businesses operating in the chemical industry in developing countries. Policymakers should offer financial incentives to support research and investments in clean technologies, while businesses should prioritise such investments to mitigate GHG emissions. Full article

(This article belongs to the Special Issue Climate Change in Times of Energy and Economic Crisis – the Role of Innovation and Economic Openness)

39 pages, 3975 KiB

Open AccessArticle

Forecasting the Return of Carbon Price in the Chinese Market Based on an Improved Stacking Ensemble Algorithm

by Peng Ye, Yong Li and Abu Bakkar Siddik

Energies 2023, 16(11), 4520; https://doi.org/10.3390/en16114520 - 04 Jun 2023

Viewed by 1293

Abstract

Recently, carbon price forecasting has become critical for financial markets and environmental protection. Due to their dynamic, nonlinear, and high noise characteristics, predicting carbon prices is difficult. Machine learning forecasting often uses stacked ensemble algorithms. As a result, common stacking has many limitations when applied to time series data, as its cross-validation process disrupts the temporal sequentiality of the data. Using a double sliding window scheme, we proposed an improved stacking ensemble algorithm that avoided overfitting risks and maintained temporal sequentiality. We replaced cross-validation with walk-forward validation. Our empirical experiment involved the design of two dynamic forecasting frameworks utilizing the improved algorithm. This incorporated forecasting models from different domains as base learners. We used three popular machine learning models as the meta-model to integrate the predictions of each base learner, further narrowing the gap between the final predictions and the observations. The empirical part of this study used the return of carbon prices from the Shenzhen carbon market in China as the prediction target. This verified the enhanced accuracy of the modified stacking algorithm through the use of five statistical metrics and the model confidence set (MCS). Furthermore, we constructed a portfolio to examine the practical usefulness of the improved stacking algorithm. Empirical results showed that the improved stacking algorithm could significantly and robustly improve model prediction accuracy. Support vector machines (SVR) aggregated results better than the other two meta-models (Random forest and XGBoost) in the aggregation step. In different volatility states, the modified stacking algorithm performed differently. We also found that aggressive investment strategies can help investors achieve higher investment returns with carbon option assets. Full article

(This article belongs to the Special Issue Climate Change in Times of Energy and Economic Crisis – the Role of Innovation and Economic Openness)

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