Search Results (50)

In Europe and elsewhere in the world, current ambitious decarbonization targets push towards a gradual decommissioning of all fossil-fuel-based dispatchable electrical generation and, at the same time, foster a gradual increase in the penetration of Renewable Energy Sources (RES). Moreover, considerations tied to decarbonization as well as to the security of supply, following recent geo-political events, call for a gradual replacement of gas appliances with electricity-based ones. As RES generation is characterized by a variable generation pattern and as the electric carrier is characterized by scarce intrinsic flexibility, and since storage capabilities through electrochemical batteries, as well as demand-side flexibility contributions, remain rather limited, it is quite natural to think of other energy carriers as possible service providers for the electricity system. Gas and heat networks and, in the future, hydrogen networks could provide storage services for the electricity system. This could allow increasing the amount of RES penetration to be managed safely by the electric system without incurring blackouts and avoiding non-economically motivated grid reinforcements to prevent the curtailment of RES generation peaks. What is explained above calls for a new approach, both in electricity network dispatch simulations and in grid-planning studies, which extends the simulation domain to other carriers (i.e., gas, heat, hydrogen) so that a global optimal solution is found. This simulation branch, called multi-energy or multi-carrier, has been gaining momentum in recent years. The present paper aims at describing the most important approaches to static ME modeling by comparing the pros and cons of all of them with a holistic approach. The style of this paper is that of a tutorial aimed at providing some guidance and a few bibliographic references to those who are interested in approaching this theme in the next years. Full article

The COVID-19 pandemic has significantly impacted globalization by disrupting the course of international economic integration, reducing interpersonal interaction and communication, and lessening the significance of global governance and political interactions. This unprecedented event has altered global supply chains, MNEs’ operations and FDI, and trade patterns, and it has favored protectionist and border policies. Meanwhile, travel restrictions and social-distancing measures reduced human mobility and hindered intercultural exchanges. This study explores the short-term and long-term effects of the COVID-19 pandemic on economic globalization while also reflecting on its implications for social and political globalization. The analysis underlines that the COVID-19 pandemic has encouraged many governments to assess their strategies vis-à-vis globalization by seeking a certain equilibrium between global engagement, regional retreat, and national seclusion. Despite the adverse implications, some positive outcomes have emerged via the COVID-19-induced digital transformation and the reconfiguration of the global supply chains to improve resilience against future exogenous shocks. This pandemic exposed the shortcomings of the current global system and emphasized the necessity for a post-COVID-19 “re-designed” globalization to mitigate anti-globalization sentiments and expand benefits across countries/geo-economic regions and different segments of society. Full article

In the context of the coronavirus pandemic and the armed conflict between Russia and Ukraine, energy security is essential to economic challenges nowadays. The basis for the proper operating of the energy sector is to ensure a stable supply of energy to end users and to secure finances of energy companies, so that they can operate sustainably in times of uncertainty. In our studies, we have addressed this issue with the main objective of assessing the state of energy security from the perspective of the stability of the financial situation of energy sector companies in the context of the global energy crisis and a sustainable energy future. Financial indicators and a canonical variable analysis were used to examine the financial situation of companies in the energy sector and to describe links between selected groups of energy companies. Such companies operating during political and economic instability did not record worse financial results than in the year 2018. It was found that in case-studied firms, total debt decreased and moreover, liquidity and return on assets improved. Companies have focused on securing their financial health and ensuring the stability of their energy supplies and the issue of the environmental impact of energy production has unfortunately become a secondary concern. Nevertheless, in the event of further crises, it is reasonable to assume that a focus on maintaining liquidity and generating profits for energy companies will be more important to companies than environmental challenges and the fight against climate change. Full article

Food security is a core global sustainability challenge and priority of the UN Sustainable Development Goals. Events like COVID-19, extreme weather, and global conflicts have significantly impacted food prices, as evidenced by the FAO food price index rising from 95.1 in 2019 to 143.7 in 2022, heightening EU food security concerns. The European Commission responded with a food supply contingency plan. According to Eurobarometer data, our study shows that EU citizens’ food security concerns vary by demographic, political, and socioeconomic factors. While men prioritize external factors like climate change, women express greater concern for local social issues, including small farm viability. Age influences the concern focus, with younger people worried about agricultural stagnation, and older individuals recalling past economic crises. Education and income also play roles, with educated and wealthier citizens worried about environmental risks, and less educated, poorer individuals more concerned about socioeconomic impacts. Political leanings and urban/rural divides shape concerns, as well as EU policy dissatisfaction, which links to worries over economic vulnerability and nationalism. Effective EU food security policies require understanding complex factors, stakeholder collaboration, and tailored strategies for diverse needs. Our findings suggest the need for EU policies to incorporate demographic nuances, ensuring food security sustainability across socioeconomic and political spectrums. Full article

The lack of a universally accepted definition of a pandemic hinders a comprehensive understanding of and effective response to these global health crises. Current definitions often lack quantitative criteria, rendering them vague and limiting their utility. Here, we propose a refined definition that considers the likelihood of susceptible individuals contracting an infectious disease that culminates in widespread global transmission, increased morbidity and mortality, and profound societal, economic, and political consequences. Applying this definition retrospectively, we identify 22 pandemics that occurred between 165 and 2024 AD and were caused by a variety of diseases, including smallpox (Antonine and American), plague (Justinian, Black Death, and Third Plague), cholera (seven pandemics), influenza (two Russian, Spanish, Asian, Hong Kong, and swine), AIDS, and coronaviruses (SARS, MERS, and COVID-19). This work presents a comprehensive analysis of past pandemics caused by both emerging and re-emerging pathogens, along with their epidemiological characteristics, societal impact, and evolution of public health responses. We also highlight the need for proactive measures to reduce the risk of future pandemics. These strategies include prioritizing surveillance of emerging zoonotic pathogens, conserving biodiversity to counter wildlife trafficking, and minimizing the potential for zoonotic spillover events. In addition, interventions such as promoting alternative protein sources, enforcing the closure of live animal markets in biodiversity-rich regions, and fostering global collaboration among diverse stakeholders are critical to preventing future pandemics. Crucially, improving wildlife surveillance systems will require the concerted efforts of local, national and international entities, including laboratories, field researchers, wildlife conservationists, government agencies and other stakeholders. By fostering collaborative networks and establishing robust biorepositories, we can strengthen our collective capacity to detect, monitor, and mitigate the emergence and transmission of zoonotic pathogens. Full article

This paper explores the combined impacts of certain geopolitical and geoeconomic shifts on the global energy transition, focusing on developments related to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP) agreements. The New Globalization Scenario Matrix (NGSM) and a correlative SWOT analysis in transnational terms are utilized to understand and conceptualize potential future global trends in the emerging new globalization. Findings suggest that the examined contemporary global events may enhance the overall performance of the global system, thereby accelerating energy transitions. Consequently, a re-envisioned approach to the International Political Economy (IPE) of energy is proposed, blending repositioned realism and liberalism to foster a realistic and innovative new global liberalism. Full article

Electricity is fundamental to modern societies and will become even more so as its use expands through different technologies and population growth. Power generation is currently the largest source of carbon-dioxide (CO₂) emissions globally, but it is also the sector that is leading the transition to net zero emissions through the rapid rise of renewables. The impacts of COVID-19 on the electricity sector led to a reduction in the demand for electricity, while at the same time, the current global energy crisis has placed the security and affordability of electricity at the top of the political agenda in many countries. In this way, the decrease in the demand for electricity, as well as its gradual recovery, makes it necessary to carry out energy planning that considers the adverse effects caused by global events with a high socioeconomic impact. In this article, the Low Emission Analysis Platform (LEAP) 2020 software has been used to determine the distribution of energy sources to 2050 for Mexico. The variables that lead to the possible profiles for 2050 are social, economic, and technological. The results correspond to a possible future based on official data from the National Electric System (SEN) of Mexico. The forecast for 2050 indicates that the electricity sector will have almost double the current installed capacity; however, emissions do not correspond to twice as much: they are practically 50% higher. Full article

The stock market operates on informed decisions based on information gathered from heterogeneous sources, encompassing diverse beliefs, strategies, and knowledge. This study examines the validity of rational bubbles in stock market prices, focusing on eight African stock markets: South Africa, Nigeria, Kenya, Egypt, Morocco, Mauritius, Ghana, and Botswana. Utilizing newly developed econophysics-based unit root tests and the Dynamic Conditional Correlation Multivariate Generalized Autoregressive Conditional Heteroskedasticity (DCC MGARCH) models, the authors analyzed daily data from 1996 to 2022. Our findings indicate that these markets experienced bubbles at various points, often followed by bursts. These bubbles coincided with significant economic changes, suggesting a strong link between stock market behavior and economic growth. For instance, financial crises, political instability, and global economic downturns significantly influenced bubble formation and bursts in these markets. The study reveals that market-specific events, such as regulatory changes and shifts in investor sentiment, also contributed to the occurrence of bubbles. Three key policy options are proposed to address bubbles in the studied markets including, enhancing regulatory frameworks to monitor and mitigate bubble formation, improving financial literacy among investors to promote informed decision-making, and strengthening economic policies to stabilize macroeconomic conditions and reduce vulnerability to external shocks. By implementing these measures, policymakers can enhance market stability and foster sustainable economic growth in African stock markets. Full article

Political events play a significant role in exerting their influence on financial markets globally. This paper aims to investigate the long term effect of Brexit on European stock markets using Complex Network methods as a starting point. The media has heavily emphasized the connection between this major political event and its economic and financial impact. To analyse this, we created two samples of companies based on the geographical allocation of their revenues to the UK. The first sample consists of companies that are either British or financially linked to the United Kingdom. The second sample serves as a control group and includes other European companies that are conveniently matched in terms of economic sector and firm size to those in the first sample. Each analysis is repeated over three non-overlapping periods: before the 2016 Referendum, between the Referendum and the 2019 General Elections, and after the 2019 General Elections. After an event study aimed at verifying the short-term response of idiosyncratic daily returns to the referendum result, we analysed the topological evolution of the networks through the MST (Minimum Spanning Trees) of the various samples. Finally, after the computation of the centrality measures pertaining to each network, our attention was directed towards the examination of the persistence of the levels of degree and eigenvector centralities over time. Our target was the investigation on whether the events that determined the evolution of the MST had also brought about structural modifications to the centrality of the most connected companies within the network. The findings demonstrate the unexpected impact of the referendum outcome, which is more noticeable on European equities compared to those of the UK, and the lack of influence from the elections that marked the beginning of the hard Brexit phase in 2019. The modifications in the MST indicate a restructuring of the network of British companies, particularly evident in the third period with a repositioning of the UK nodes. The dynamics of the MSTs around the referendum date is associated with the persistence in the relative rank of the centrality measures (relative to the median). Conversely, the arrival of hard Brexit does alter the relative ranking of the nodes in accord to the the degree centrality. The ranking in accord to the eigenvector centrality keeps the persistence. However, such movements are not statistically significant. An analysis of this kind points out relevant insights for investors, as it equips them to have a comprehensive view of political events, while also assisting policymakers in their endeavour to uphold stability by closely monitoring the ever-changing influence and interconnectedness of global stock markets during similar political events. Full article

This paper aims to investigate the volatility spillovers among selected emerging economies’ sovereign credit default swaps (SCDSs), including those of Saudi Arabia, Russia, China, Indonesia, South Africa, Brazil, Mexico, and Turkey. Using data from January 2010 to July 2023, we apply the time-domain and the frequency-domain connectedness approaches.Empirical results show that (i) Indonesia, followed by China and Mexico, are the main transmitters of sovereign credit risk volatility. (ii) Among global factors, the volatility index (VIX), economic policy uncertainty (EPU), and global political risk (GPR) positively impacted spillover on lower and higher quantiles. The results offer critical insights for international investors, policymakers, and researchers, emphasizing the importance of risk-aware investment strategies and cautious policy formulation in the context of financial crises and political events. Full article

The climate crisis poses a grave threat to numerous small island developing states (SIDS), intensifying risks from extreme weather events and sea level rise (SLR). This vulnerability heightens the dangers of coastal erosion, chronic water quality degradation, and dwindling coastal resources, demanding global attention. The resultant loss of ecological persistence, functional services, and ecosystem resilience jeopardizes protection against wave action and SLR, endangering coastal habitats’ economic value, food security, infrastructure, and livelihoods. Implementing integrated strategies is imperative. A thorough discussion of available strategies and best management practices for coastal ecosystem restoration is presented in the context of SIDS needs, threats, and major constraints. Solutions must encompass enhanced green infrastructure restoration (coral reefs, seagrass meadows, mangroves/wetlands, urban shorelines), sustainable development practices, circular economy principles, and the adoption of ecological restoration policies. This requires securing creative and sustainable funding, promoting green job creation, and fostering local stakeholder engagement. Tailored to each island’s reality, solutions must overcome numerous socio-economic, logistical, and political obstacles. Despite challenges, timely opportunities exist for coastal habitat restoration and climate change adaptation policies. Integrated strategies spanning disciplines and stakeholders necessitate significant political will. Full article

In recent years, economic uncertainty has been heightened, including as a result of the economic shocks generated by the COVID-19 pandemic, the Russia–Ukraine War, and the unstable international political situation. These had a global impact on various spheres and influenced all economic processes. However, the lack of available data has made it difficult to investigate the latest global events and their consequences. The latest studies continue to concentrate on the COVID-19 economic crisis. This study investigates accounting specialists’ perceptions of the changes in employee and company efficiency and changes in the main performance indicators during the economic crisis provoked by the COVID-19 pandemic. The research employed an online questionnaire administered to accountants at various levels. Descriptive statistical data analysis methods were used for the evaluation of the survey results. The results show that 86% of respondents had the possibility of working online before the quarantine period, around 30% of respondents indicated an increase in work efficiency when working online, and more than 40% of respondents indicated that the company’s main performance indicators (revenue, cost of sales, profit) remained stable under the quarantine regime. During the pandemic, Latvia experienced greater fluctuations than Lithuania in the main performance indicators, but overall, both countries maintained a positive tendency toward stability and recovery. Full article

Pandemics, political instability, social conflict and unrest, the economic crisis resulting from changes in energy supply contracts, terrorism, and civil and international wars exert a negative impact on the lives of millions of people. These events undermine economic and social stability, and they affect travel behaviour (TB). Understanding preferences in travel behaviour is essential for designing effective and sustainable transport systems. Agenda 2030 (the global sustainable development strategy) assigns a central role to mobility and transport in sustainable development and its components: economic, social, and environmental. Relevant research is scarce, which is why potential threats, including changes in socioeconomic factors that affect TB in functional urban areas (FUAs), should be identified and prioritised. The main aim of this study was to determine changes in the prioritisation of threats to TB resulting from the socioeconomic consequences of the COVID-19 pandemic and the energy crisis in Europe. The study involved an analysis of the literature, a comprehensive classification of potential threats that could impact TB, as well as an expert survey. The results of these analyses were used to develop a list of 46 factors that were grouped into six categories of key threats: social, economic, legal, infrastructural, technological/SMART, and environmental. The level of significance, similarities, and differences in the prioritisation of threats during the COVID-19 pandemic and the energy crisis after the outbreak of the military conflict in Ukraine (duration and range) were compared across 22 European countries. Full article

Communities and businesses continue to experience the effects of climate change as global temperatures rise and extreme weather events become more frequent. In the United States (US), the public sector has traditionally been responsible for mitigating these risks; however, engaging the private sector is crucial, given industrial impacts on and vulnerability to climate change. Private-sector mitigation and adaptation efforts are critical in the Great Lakes Region due to aging infrastructure as well as its economic, environmental, and political importance in the US and Canada. This study explores private-sector resilience efforts in three Great Lakes cities to identify opportunities and trends that could inform climate resilience strategies in the region. Climate-related commitments and actions of nine major firms in Toronto, Chicago, and Cleveland are evaluated in relation to seven climate resilience criteria on a five-level maturity scale from January to May 2022. The results indicate a moderate level of maturity, with efforts mainly at facility and community levels of engagement. Overall, this study suggests that major firms participate in climate resilience efforts, but to a limited extent, and may have varying priorities that affect the initiatives they pursue. This study could contribute to advancing climate resilience efforts in the public and private sectors from regional to global levels. Full article

In the wake of the COVID-19 pandemic, and Ukraine–Russian conflict, both significant geo-political and socio-economic shocks to the global food system and food insecurity has risen across the world. One potential remedy to reduce the level of food insecurity is to move from a lean just-in-time food system to one where there is more resilience through greater agility both in routine supply operations and also in the event of an emergency situation. The aim of this critical perspectives paper was to firstly reflect on the concepts of lean, agility, and ‘leagility’. Then, this study considered the ability of individual organisations and the whole food system to be resilient, adaptive, enable the elimination of waste, reduce inefficiency, and assure the consistent delivery to market requirements in terms of both volume, safety, and quality. Promoting the concept of leagility together with advocating resilient, sustainable practices that embed buffer and adaptive capacity, this paper positions that increasing digitalisation and improving business continuity planning can ensure effective operationalisation of supply chains under both normal and crisis situations, ultimately reducing the risk of food insecurity at personal, household, and community levels. Full article