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Financial Development and Energy Consumption Nexus II

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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 (29 October 2023) | Viewed by 7903

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Special Issue Editor

Prof. Dr. Yuriy Bilan

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Guest Editor

Faculty of Management, Rzeszow University of Technology, Aleja Powstancow Warszawy 12, PL-35959 Rzeszow, Poland
Interests: economics; energy and society; energy consumtion; environmental science
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Special Issue has the aim to present high-quality research on the investments in the energy sector linked to the most recent advances in the energy market development in its macro- and microeconomic aspects. The SI will be also addressing the impact of CO₂, green and white certificates on electricity prices, energy market vs. economic growth issues, the impact of weather and climate conditions on energy consumption, blackout risks, the development of renewable energy, the possibility of using weather derivatives in the energy sector, and the socioeconomic and geopolitical aspects of energy security. Special emphasis is placed on different success rates and indicators of the European integration plan taking, into account the limits of countries’ energy potential. In parallel to searching for some new renewable energy strategies, some states are also eager to find the right strategy to overcome energy poverty. This matter is also covered in this Special Issue.

Prof. Dr. Yuriy Bilan
Guest Editor

Manuscript Submission Information

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Keywords

financing of sustainable energy sector development
responsible financing of energy sector
financing of renewables
financing of energy transition
risks, returns, and investment across energy sectors
climate change mitigation and energy investments
financial measures to promote renewables and energy efficiency
financial measures to promote energy security
financial measures to promote energy affordability
modelling and forecasting of energy consumption

Related Special Issue

Financial Development and Energy Consumption Nexus in Energies (18 articles)

Published Papers (6 papers)

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Research

19 pages, 6272 KiB

Open AccessArticle

The Nexus between Green Bonds and European Banks: A Cross-Quantilogram Approach

by Iulia Lupu, Radu Lupu and Adina Criste

Energies 2023, 16(24), 7974; https://doi.org/10.3390/en16247974 - 8 Dec 2023

Viewed by 720

Abstract

Financial markets have the potential to magnify the adverse impacts of carbon-intensive assets, mainly in the case of a swift and unforeseen shift toward a low-carbon economy. Given that green bonds are already in the process of standardization and actively support the funding of environmental goals, this paper aims to explore their relationship with the European banking system. To achieve this objective, we utilize a cross-quantilogram approach, analyzing daily data gathered from July 2014 to January 2021 and examining bi-directional dependence. Our unique contribution lies in revealing the relationships between the green bond index and the stock market dynamics of European banks compared to their relationships with conventional stock market indices, which is a novel endeavor to the best of our knowledge. The results are consistent with prior research findings regarding the relationships between the green bond index and various companies and financial assets. These results confirm that other financial instruments impact green bonds, whereas the influence exerted by green bonds on other assets is minimal. Additionally, our study provides evidence indicating that the COVID-19 pandemic has altered the connections between these financial assets. Full article

(This article belongs to the Special Issue Financial Development and Energy Consumption Nexus II)

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14 pages, 338 KiB

Open AccessArticle

Nuclear Energy and Financial Development for a Clean Environment: Examining the N-Shaped Environmental Kuznets Curve Hypothesis in Top Nuclear Energy-Consuming Countries

by Bartosz Jóźwik, Samet Gürsoy and Mesut Doğan

Energies 2023, 16(22), 7494; https://doi.org/10.3390/en16227494 - 8 Nov 2023

Cited by 1 | Viewed by 913

Abstract

This research aims to reassess the impact of nuclear energy consumption and financial development on environmental quality using annual data from 1993 to 2019 for 11 countries with the highest nuclear energy consumption. Additionally, the study seeks to test the validity of the N-shaped EKC hypothesis. The findings of this study indicate a long-term cointegration relationship between the variables. According to the PCSE model results, increased nuclear energy consumption among the top 11 countries leads to decreased carbon emissions. Furthermore, the study reveals an N-shaped relationship between economic growth and environmental degradation. There is a strong recommendation for enhancing investments and grants directed towards research and development endeavours to identify and implement innovative solutions to reduce carbon emissions and improve environmental quality, particularly in less technologically advanced countries. Such efforts could include allocating more substantial funding to new technologies and encouraging collaborations between academic institutions and industry. Furthermore, considering regulatory adjustments like the liberalization of the energy market with the pro-ecological initiatives mainly carried out by public utilities is crucial as part of a comprehensive strategy to address environmental challenges. Full article

(This article belongs to the Special Issue Financial Development and Energy Consumption Nexus II)

20 pages, 1090 KiB

Open AccessArticle

Energy Transformation in Municipal Areas—Key Datasets and Their Influence on Process Evaluation

by Mantas Svazas, Yuriy Bilan, Valentinas Navickas and Małgorzata Okręglicka

Energies 2023, 16(17), 6193; https://doi.org/10.3390/en16176193 - 25 Aug 2023

Cited by 2 | Viewed by 733

Abstract

The energy transformation that began in 2022 led to a breakthrough in green energy. It has opened opportunities to develop regional areas, as they have the land needed to build wind and solar power plants, as well as biomass waste power plants. Energy transformation enables regions to solve long-standing social problems determined by the inconvenient geographical location and the growth of agglomerations. However, in order to assess the potential of the regions, it is necessary to use different data groups, covering economic, social, environmental, and governance aspects. This article aims to create conditions for gathering quantitative and qualitative data that would allow us to assess the extent of energy transformation in regional areas. The article presents the case of Lithuania. Since the beginning of the energy crisis, there has been a breakthrough in the fields of wind and solar energy in the regions of Lithuania. This article is relevant because it aims to solve the problem of insufficient use of renewable energy resources in the regions. This article will present the regions’ potential to contribute to the energy transformation. The “research by design” formula was used for the research, which was chosen as the basis for further research. Based on this method, quality information was collected from interested parties—energetically innovative Lithuanian municipalities. Full article

(This article belongs to the Special Issue Financial Development and Energy Consumption Nexus II)

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49 pages, 598 KiB

Open AccessArticle

An Analysis of Industrial Policy Mechanisms to Support Commercial Deployment of Bitumen Partial Upgrading in Alberta

by Garret Kent Fellows, Jennifer Winter and Alaz Munzur

Energies 2023, 16(6), 2670; https://doi.org/10.3390/en16062670 - 13 Mar 2023

Viewed by 1517

Abstract

Partial upgrading of bitumen (PUB) improves the quality (increases the value) of crude oil from bituminous sands to the level where pipeline specifications are met without—or with reduced use of—costly diluent. By reducing the cost of transportation to downstream refineries, PUB can serve as a solution to market access challenges and takeaway capacity constraints for oil sand producers. However, despite significant government and private investments, proponents in the Canadian province of Alberta still face challenges in commercializing the technology. We used a capacity investment model to explore the expected effects of different policy support types on a firm’s decision to invest in a partial upgrading facility integrated with an existing oil sands extraction facility. We evaluated 10 potential policy interventions and their expected effects on investments in partial upgrading. We focused our analysis of these policy interventions on the revenues and costs of firms, risk sharing, and overall public benefits and costs. We find that the majority of interventions are transferred from government to private interests, with little public benefits. Defensible policy actions include capital investment at the demonstration phase, providing incentives for industry collaboration, equity investment at the commercial stage, and reforming the government’s bitumen valuation methodology. Full article

(This article belongs to the Special Issue Financial Development and Energy Consumption Nexus II)

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16 pages, 1079 KiB

Open AccessArticle

Modelling of the Risk of Budget Variances of Cost Energy Consumption Using Probabilistic Quantification

by Łukasz Kuźmiński, Zdzisław Kes, Veselin Draskovic, Andrzej Gawlik, Marcin Rabe, Katarzyna Widera, Agnieszka Łopatka and Maciej Śniegowski

Energies 2023, 16(5), 2477; https://doi.org/10.3390/en16052477 - 5 Mar 2023

Viewed by 1761

Abstract

Budgets in organisational units are considered to be traditional management support tools. On the other hand, budgetary control is the essence of control measures, allowing for the increase in the efficiency of an enterprise through appropriate allocation of resources. The methodology used in the analysis of budget variances (obtained as a result of applying budgetary control) undoubtedly influences the management efficiency of almost every organizational unit. The authors indicate a research gap of methodological and application nature in the area of risk measurement in the analysis of budget variances. Therefore, the aim of the article is to create universal and flexible models enabling probabilistic quantification of the risk of budget variance regardless of the nature of the cost, the person budgeting and the budgeting unit. Extreme value theory was used to develop the model. The results of the work are models allowing for the estimation of the limit level of deviation for assumed probabilities and models determining the level of deviation for a given probability level. The application of these models in budgetary control will allow for a synthetic assessment of the degree of budget execution in the company, comparing the quality of budget execution over time as well as between units, defining the limits of materiality of budget variances. For the purpose of model verification, the authors have used budget variances of cost energy consumption, which have been determined on the basis of empirical distributions obtained from data coming from the system of budgetary control implemented at a university located in a larger European city. Full article

(This article belongs to the Special Issue Financial Development and Energy Consumption Nexus II)

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22 pages, 3451 KiB

Open AccessArticle

The Keys to Clean Energy Technology: Impact of Environmental Taxes on Biofuel Production and Consumption

by Yuriy Bilan, Yaryna Samusevych, Serhiy Lyeonov, Marcin Strzelec and Iryna Tenytska

Energies 2022, 15(24), 9470; https://doi.org/10.3390/en15249470 - 14 Dec 2022

Cited by 10 | Viewed by 1666

Abstract

The growing level of modern environmental problems and the need to ensure energy security creates new challenges for the development of the energy sector. Nowadays, countries must balance their international competitiveness and progress in achievement the Sustainable Development Goals. This provides a necessity for the development of alternative energy technologies. Modern trends in the development of alternative energy indicate a gradual increase in the relevance of biofuel production. At the same time, the development of clean energy technologies needs significant investments, and their commercial implementation is a long process. Moreover, energy industry transformations require significant changes in the functioning of complementary spheres. That makes necessary the use of additional incentives for the development of the bioenergy sector. Thus, an assessment of the impact of environmental taxes on biofuel production and consumption becomes crucial. This research is aimed at the identification of contextual and causal relationships between environmental taxation (transport and energy taxes) and biofuel production and consumption. Contextual links were identified by the methods of bibliometric analysis (VOSviewer and Google Books Ngram Viewer results), while causal links were determined by the methods of panel regression modeling (panel-corrected standard errors model) with a time lag from 0 to 4 years. A sample of nine European countries (Austria, France, Germany, Hungary, Italy, The Netherlands, Poland, Spain, U.K.) was formed for the assessment. The research period includes 2010–2020. The conducted bibliometric analysis proved the presence of a wide range of relationships between environmental taxation and the development of the bioenergy industry. Panel regression modeling proved the existence of a significant impact of environmental taxation on the volumes of biofuel production and consumption. The increase in revenues from transport and energy taxes determines the growth in indicators of biofuel production and consumption. Such effects are medium term for transport taxes and short term for energy taxes. These results made a huge contribution in the development of the system of state regulation methods of alternative energy stimulation and energy production and consumption transformations. Full article

(This article belongs to the Special Issue Financial Development and Energy Consumption Nexus II)

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