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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: 16 June 2025 | Viewed by 8786

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Prof. Dr. Alina Cristina Nuta

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1. Faculty of Economics, Finance and Business Administration Department, “Danubius” University Galati, Galati Bvd, No. 3, 800654 Galaţi, Romania
2. Women Researchers Council, Azerbaijan State University of Economics (UNEC), Istiqlaliyyat Str. 6, 1001 Baku, Azerbaijan
Interests: finance; public finance; taxation; public spending; fiscal and budgetary policies; social policy; green finance; energy economics; environmental economics; FinTech; stock market; public economics
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Dear Colleagues,

International organizations have set the ambitious target of achieving global carbon neutrality in order to reduce climate change and ensure a fair transition. Previous research documented that the use of fossil fuels since the beginning of the industrial revolution has significantly contributed to carbon emissions, leading to intensive pollution and, ultimately, to climate change and global warming. New sources of energy have been identified in the meantime, and they are intended to be used extensively to replace traditional ones. However, the process of phasing out fossil fuels and transitioning to renewable energy is still in its early stages and remains costly, while renewable energy sources’ efficiency levels are still a matter of debate. The optimism surrounding the environmental benefits of renewable energy sources is tempered by the high costs of the transition, massive investment costs in technological developments, and the fact that the timeline for phasing out coal and oil is still distant and uncertain. Policymakers intensively discussing the need to increase energy efficiency is a significant step forward for accomplishing the phase-out of coal and oil. There is also general agreement that developing countries will need financial assistance to follow the green path and cope with the massive costs involved.

Under these circumstances, finance plays a crucial role in supporting the structural changes needed for the decarbonization process and enhancing the socio-economic resilience of affected communities. In this regard, financial tools connected to environmental goals and social impacts are essential for ensuring a sustainable energy-based future.

Prof. Dr. Alina Cristina Nuta
Guest Editor

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Keywords

energy economics
renewable energy
non-renewable energy
carbon emissions
environmental costs and benefits
energy markets
sustainable finance
green finance
just transition
climate-related policies

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Published Papers (8 papers)

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Research

33 pages, 3047 KiB

Open AccessArticle

Leveraging System Dynamics to Predict the Commercialization Success of Emerging Energy Technologies: Lessons from Wind Energy

by Svetlana Lawrence, Daniel R. Herber and Kamran Eftekhari Shahroudi

Energies 2025, 18(8), 2048; https://doi.org/10.3390/en18082048 - 16 Apr 2025

Viewed by 191

Abstract

The United States urgently needs to tackle the climate crisis while enhancing energy security and resiliency. The complexity of the U.S. energy system, with its interconnected elements, makes predicting future states challenging, especially with the introduction of novel energy systems like wind, solar, clean hydrogen, and advanced nuclear technologies. Modern systems engineering methods and tools can provide deeper insights into these dynamics and future behaviors. This research aims to develop a comprehensive model that captures the main elements and behaviors of new energy technologies within the existing energy system. We hypothesized that the market uptake of novel energy systems is influenced by multiple diverse factors, such as technological learning, availability of resources, and economic incentives; examined the history of electricity generation using land-based wind technologies; and developed a system dynamics model to investigate the relationships between capacity growth and influencing factors, both internal and external. The developed model yielded outcomes that confirmed the hypothesized dynamics of wind energy system diffusion through a quantitative comparison of installed capacity and highlighted the significant influence of resource availability, federal incentives (production tax credits), and technological learning on capacity growth and cost reduction. This research aims to support informed decision-making for investments in novel energy systems and aid in developing effective policies for technology deployment. Full article

(This article belongs to the Special Issue Energy Economics, Finance and Policy Towards Sustainable Energy)

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30 pages, 4285 KiB

Open AccessArticle

Efficiency of Renewable Energy Potential Utilization in European Union: Towards Responsible Net-Zero Policy

by Ewa Chodakowska, Joanicjusz Nazarko and Łukasz Nazarko

Energies 2025, 18(5), 1175; https://doi.org/10.3390/en18051175 - 27 Feb 2025

Viewed by 484

Abstract

This study evaluates the efficiency of EU countries in utilizing their geographical potential for wind and solar energy production. A two-stage radial network data envelopment analysis (NDEA) is used to estimate the efficiency of the utilization of natural resources. The research is of a computational-empirical nature on the basis of publicly available data. The basic variables included in the model are: mean wind speed, Global Horizontal Irradiance, population, land area, wind energy capacity, solar PV capacity, wind energy generation, and solar power generation. The relationship between the environmental potential and the installed power capacity is evaluated in the first stage. In the second stage, the actual production from the installed capacity is analyzed. The efficiency trends over time are also investigated. This approach offers a comprehensive assessment by considering both the technical performance and environmental constraints. Considering all studied countries together, a slight increase in the relative efficiency of renewable energy potential utilization is observed—from 23.2% in 2018 to 28.7% in 2022. Germany and the Netherlands achieved 100% relative efficiency in 2022. The results reveal that the development of alternative energy sources and the efficiency of the installed power capacity utilization are not always in line with the local environmental conditions. The average efficiency of the analyzed countries from this perspective was 26.8% in 2018, with an improvement to 37.4% in 2022. The relative efficiency of the installed capacity utilization was high in both periods (76.3% and 74.9%, respectively). The impact of exogenous variables on performance (GDP and R&D expenditures) is discussed. Broader implications of the results for a responsible renewable energy policy in the EU demonstrate the need to combine overarching targets with a flexible governance system. That flexibility should allow for individual energy transition pathways, cooperative mechanisms, market integration, and targeted funding in order to account for the diversity of renewable resource utilization potentials among countries. Full article

(This article belongs to the Special Issue Energy Economics, Finance and Policy Towards Sustainable Energy)

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31 pages, 4165 KiB

Open AccessArticle

Analysis of Sustainable Energy and Environmental Policies in Agriculture in the EU Regarding the European Green Deal

by Ioan Prigoreanu, Bianca Antonela Ungureanu, George Ungureanu and Gabriela Ignat

Energies 2024, 17(24), 6428; https://doi.org/10.3390/en17246428 - 20 Dec 2024

Cited by 3 | Viewed by 1168

Abstract

The paper analyzes energy and environmental policies in agriculture in the context of the European Green Deal, emphasizing the contribution of the Common Agricultural Policy in supporting sustainability objectives. The study explores how Member States implement specific measures to reduce greenhouse gas emissions, conserve natural resources, and protect biodiversity by 2030. The analysis focuses on three main objectives: reducing emissions and adapting to climate and energy changes, managing natural resources sustainably and ensuring energy efficiency, and promoting organic farming and conserving biodiversity. Using a methodology that aligns Green Deal goals with CAP measures, this research involves a comparative analysis between Member States, highlighting disparities in policy implementation, particularly between Eastern and Western Europe, suggesting that a coordinated EU approach is needed to support equitable progress. The paper provides a detailed perspective on the progress made and offers recommendations for harmonizing agricultural policies in the EU, supporting farmers in adopting ecological and energy efficient practices, and ensuring a consistent approach in achieving Green Deal objectives by 2030. Full article

(This article belongs to the Special Issue Energy Economics, Finance and Policy Towards Sustainable Energy)

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45 pages, 3083 KiB

Open AccessArticle

Simulation Model of a Unified Energy System for Different Scenarios of Planned Disturbances

by Iryna Bashynska, Viktoriia Kryvda, Dariusz Sala, Liubov Niekrasova, Oleksii Maksymov and Vladyslav Suvorov

Energies 2024, 17(23), 6136; https://doi.org/10.3390/en17236136 - 5 Dec 2024

Viewed by 832

Abstract

The study established that the application of graph theory enables the creation of a model of a country’s power system structure in the form of a tiered graph. This allows complex structural elements of the system, such as generating units, electrical substations, and power transmission lines, to be represented as nodes and edges in simulation models that can be used for analysis, dispatch control, and optimization of system operation. A simulation model of the unified power system has been developed to analyze operational efficiency and performance under various planned disturbance scenarios. To solve the given task, it is necessary to develop a model of the power system in the form of a tiered graph, where the nodes are generating equipment stations, transmission system substations with voltages from 330 kV to 750 kV, and distribution system substations with voltages from 110 kV to 220 kV, and the edges are power transmission lines with voltages from 110 kV to 750 kV. The model takes into account the generated and transmitted power, the nominal capacity and the number of transformers at the substations, the cross-section and maximum throughput of the power transmission lines, which made it possible to determine complex interconnections between its nodes and integrate the equipment into a unified power system for efficiency and performance analysis. Full article

(This article belongs to the Special Issue Energy Economics, Finance and Policy Towards Sustainable Energy)

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18 pages, 1854 KiB

Open AccessArticle

Do Environmental Tax and Energy Matter for Environmental Degradation in the UK? Evidence from Novel Fourier-Based Estimators

by Kwaku Addai, Souha Hanna Al Geitany, Seyed Alireza Athari, Panteha Farmanesh, Dervis Kirikkaleli and Chafic Saliba

Energies 2024, 17(22), 5732; https://doi.org/10.3390/en17225732 - 15 Nov 2024

Cited by 3 | Viewed by 1195

Abstract

Currently, the UK has ambitious plans to reach net zero by 2050, despite other countries such as Russia and India targeting 2060 and 2070, respectively. Assuming that the UK emissions unceasingly decline at a given rate annually towards achieving net zero by 2050, its economy would need to ensure a reduction of 105 MtCO2 per year of its emissions from the current 2021 levels. Given that global greenhouse gas emissions have not peaked and continue to rise, the UK seeks to implement costly and aggressive emission reduction policies towards fulfilling commitments under the 2021 Glasgow Climate Pact. This paper investigates the effect of environmental taxes on environmental degradation in the UK between 2000Q1 and 2019Q4 using novel Fourier approaches. Using the novel Fourier ARDL estimator, the long-run equilibrium estimates indicate that gross domestic product and environmental tax cause a fall in carbon emissions. However, in trade and primary energy use, a unit change caused rising carbon emissions in the UK. Especially, the results indicate that environmental taxes have a negative effect on environmental degradation in the UK, and ecological tax policy could be considered as an effective channel to attain environmental sustainability. The outcome provides the following policy insights: (i) The government of the UK should support international environmental tax coordination mechanisms, especially on carbon pricing, to avoid relocation of carbon-intensive investments. (ii) The UK government must note that imposing more taxes to encourage emissions reductions could bring complexity to the tax system and unnecessarily bring costly ways to deal with climate change. Higher domestic electricity prices could disproportionately hit low-income households and create distributional cost concerns, which require benefit payouts or compensation schemes. (iii) Switching to electric vehicles simultaneously requires investments in charging infrastructure and battery technologies. To avoid this chicken-and-egg problem, the government of the UK could play a coordinating role, including deploying targeted subsidies, regulations, direct government involvement, or setting higher carbon prices in special cases. Full article

(This article belongs to the Special Issue Energy Economics, Finance and Policy Towards Sustainable Energy)

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15 pages, 2724 KiB

Open AccessArticle

The Significance of Economic Complexity and Renewable Energy for Decarbonization in Eastern European Countries

by Alina Cristina Nuta

Energies 2024, 17(21), 5271; https://doi.org/10.3390/en17215271 - 23 Oct 2024

Cited by 2 | Viewed by 1153

Abstract

Emerging states’ path to enhancing the welfare of their citizens has been strongly accompanied by environmental degradation; climate change effects often abrogate their economic results. This zero-sum game must change, and environmental concerns should be considered when the development of a country is discussed and assessed. In this sense, this study’s objective is to analyze the impact of economic complexity and renewable energy consumption in the presence of economic growth and urbanization in selected emerging European countries from 1995 to 2021. We used a multiple-methodologic approach to highlight the supportive effects of economic complexity and renewable energy consumption in mitigating carbon emissions. Furthermore, the effects of economic growth and urbanization were emphasized by applying the cointegration regression (CCR), fully modified OLS, and dynamic OLS (FMOLS–DOLS) approaches. Additionally, we used Driscoll–Kraay estimation regression to test the robustness of our results. The results reveal the beneficial role of renewable energy consumption and economic complexity in the decarbonization process of selected countries. Furthermore, the study highlighted the detrimental influence of urbanization and economic growth, which were feasible considering the emerging status of the countries included in the panel. Full article

(This article belongs to the Special Issue Energy Economics, Finance and Policy Towards Sustainable Energy)

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19 pages, 3527 KiB

Open AccessArticle

Do the Energy-Related Uncertainties Stimulate Renewable Energy Demand in Developed Economies? Fresh Evidence from the Role of Environmental Policy Stringency and Global Economic Policy Uncertainty

by Chafic Saliba

Energies 2024, 17(18), 4746; https://doi.org/10.3390/en17184746 - 23 Sep 2024

Cited by 4 | Viewed by 1020

Abstract

Despite earlier research on green energy, there is still a significant gap in understanding how energy-related uncertainties affect renewable energy consumption (REN), especially in developed nations. Thus, this study explicitly looks into how the energy-related uncertainty index (EUI) can promote (or diminish) REN in sixteen wealthy nations between 2000 and 2020. Furthermore, we attempt to specify the factors of REN and explore whether environmental policy stringency (EPS) and global economic policy uncertainty (GEPU) could help moderate (or intensify) the EUI-REN nexus. To achieve this, we employ different panel data methods. The results underscore that the EUI significantly impacts REN, denoting that higher uncertainties related to energy markets lead to promoting REN. Additionally, the (EUI × EPS) underlines that EPS has a favorable role in increasing the positive effect of the EUI on REN in sample developed countries while (EUI × GEPU) has a detrimental effect. Remarkably, the findings underline that the effect of the EUI on REN is more positive in high EPS countries and that the positive effect of the EUI is more moderate when GEPU is high. The findings also underscore that the development of the financial market, FDI, personal remittances, and EPS positively stimulate REN whereas CO₂, total natural resources rents, economic activity, and GEPU have a detrimental impact. The results are robust, and authorities and policymakers are advised to implement a wide range of policy proposals to accomplish sustainable development goals (SDGs) 7 and 13. Full article

(This article belongs to the Special Issue Energy Economics, Finance and Policy Towards Sustainable Energy)

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28 pages, 3727 KiB

Open AccessArticle

Do Structural Transformations in the Energy Sector Help to Achieve Decarbonization? Evidence from the World’s Top Five Green Leaders

by Shazia Kousar, Amber Pervaiz, Farhan Ahmed and Florian Marcel Nuţă

Energies 2024, 17(18), 4600; https://doi.org/10.3390/en17184600 - 13 Sep 2024

Cited by 4 | Viewed by 1143

Abstract

The purpose of this study is to examine the role of structural transformation in the energy sector to accelerate the decarbonization process in the world’s top five green leaders, Germany, Canada, Sweden, Denmark, and Poland. To test this empirically, we collected annual data from a panel of the top five green leaders from 2000–2023. A key contribution of our study lies in assessing multiple critical metrics, including CO₂ emissions, carbon intensity, carbon intensity of electricity, production-based carbon emissions, and consumption-based carbon emissions, to capture holistic progress towards carbon neutrality. We applied the augmented mean group (AMG) model to estimate the long-term results. The Dumitrescu–Hurlin test is used to test the causal relationship among the modeled variables. The findings of the AMG model reveal that renewable energy production and consumption significantly reduce CO₂ emissions, production-based CO₂ emissions, consumption-based CO₂ emissions, carbon intensity, and the carbon intensity of electricity. Conversely, fossil-fuel-derived energy exacerbates these metrics. However, the impact of these energy sources varies by country in terms of their magnitude. The outcomes of the Dumitrescu–Hurlin test indicate that a bidirectional causality exists between renewable energy production and CO₂ emissions and between renewable energy consumption and carbon intensity. However, a unidirectional causality exists between fossil fuel consumption and CO₂ emissions and between renewable energy consumption and the carbon intensity of electricity. Our results indicate the detrimental impacts of continued fossil fuel use and conclude that a structural transformation in the energy sector is critical to decarbonization. Based on our results, we suggest that policy efforts should prioritize structural reforms in the energy sector by emphasizing a shift towards renewable energy sources. Such reforms are essential for achieving net-zero carbon emissions and mitigating broader environmental degradation. Full article

(This article belongs to the Special Issue Energy Economics, Finance and Policy Towards Sustainable Energy)

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