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1 – 10 of over 2000Chukwunonso Ekesiobi, Stephen Obinozie Ogwu, Joshua Chukwuma Onwe, Ogonna Ifebi, Precious Muhammed Emmanuel and Kingsley Nze Ashibogwu
This study aims to assess financial development and debt status impact on energy efficiency in Nigeria as a developing economy.
Abstract
Purpose
This study aims to assess financial development and debt status impact on energy efficiency in Nigeria as a developing economy.
Design/methodology/approach
This study combined the autoregressive distributed lag (ARDL), fully modified ordinary least squares and canonical cointegration regression analytical methods to estimate the parameters for energy efficiency policy recommendations. Secondary data between 1990 and 2020 were used for the analysis.
Findings
The result confirms the long-run nexus between energy efficiency, financial development and total debt stock. Furthermore, the ARDL estimates for this study’s key variables show that financial development promotes energy efficiency in the short run but hinders long-run energy efficiency. Total debt stock limits energy efficiency in Nigeria in short- and long-run periods.
Research limitations/implications
The limitation of this study is that the scope is limited to Nigeria as a developing economy. The need to support energy efficiency projects is a global call requiring cross-country analysis. Despite this study’s focus on Nigeria, it provides useful insights that can guide energy efficiency policy through the financial sector and debt management.
Practical implications
The financial sector must ensure the availability of long-term credit facilities to clean energy investors. The government must maintain a sustainable debt profile to pave the way for capital expenditure on clean energy projects that promote energy efficiency.
Originality/value
The environmental consequences of energy intensity are being felt globally, with the developing countries most vulnerable. The cheapest way to curb these consequences is to promote energy efficiency to reduce the disastrous effect. Driving energy efficiency requires investment in energy-efficient technology but the challenge for developing economies, i.e. Nigeria’s funding, remains challenging amid a blotted debt profile. This becomes crucial to investigate how financial sector development and debt management can accelerate energy-efficient investments in Nigeria.
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The Recast Energy Efficiency Directive 2023 has defined the concept of “split incentive,” also known as “tenant-owner dilemma.” This dilemma refers to the situation where neither…
Abstract
Purpose
The Recast Energy Efficiency Directive 2023 has defined the concept of “split incentive,” also known as “tenant-owner dilemma.” This dilemma refers to the situation where neither landlords nor tenants have incentives to invest in energy efficiency upgrades. Although the Energy Efficiency Directive calls Member States to overcome legal barriers to remove split incentives and to encourage retrofits, the list of possible measures is too vague. This paper aims to discuss tenancy law measures designed to increase the energy efficiency of residential housing and to detect which Member States have already addressed this phenomenon.
Design/methodology/approach
This paper analyses, from a civil legal perspective, the possible private law barriers arising from the tenant-owner dilemma when performing energy efficiency works in selected countries and proposes legal reforms in tenancy law and related policies to overcome them. To do so, this paper follows a legal-dogmatic and comparative law methodology.
Findings
This paper concludes that some tenancy law provisions, such as the possibility to increase the rent after energy efficiency renovations and long-term leases, may challenge the tenant-owner dilemma in private rented markets, thus promoting renovations and retrofitting for energy efficiency purposes. It also proposes other policies intended to increase parties’ willingness to undertake works.
Research limitations/implications
More research on the economic and legal efficiency to regulate some of the civil law measures to challenge the tenant-owner dilemma should be necessary.
Practical implications
The civil law measures included in this paper may help national policymakers meet the energy efficiency targets, according to what is established in the Recast Energy Efficiency Directive 2023.
Originality/value
Based on the economic theory of the tenant-owner dilemma, this paper investigates the elements of tenancy law that may contribute to less energy-efficient homes, proposing policies for those countries interested in addressing the energy-efficiency challenge from a private law point of view.
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Stephen Kelechi Dimnwobi, Ebele Stella Nwokoye, Clement Izuchukwu Igbanugo, Chukwunonso Sylvester Ekesiobi and Simplice A. Asongu
This paper empirically assesses energy efficiency (EE) adoption among firms by examining the factors that drive investment in EE in the Onitsha plastic cluster, South-East…
Abstract
Purpose
This paper empirically assesses energy efficiency (EE) adoption among firms by examining the factors that drive investment in EE in the Onitsha plastic cluster, South-East, Nigeria.
Design/methodology/approach
Self-administered questionnaires were delivered to the selected enterprises. A total of 450 questionnaires were administered of which 423 were certified valid and used for the analysis. A Heckit model was developed and estimated.
Findings
Gender, firm size, Joneses effect and expected cost reduction benefits are the significant determinants of EE investment. However, firm structure, government incentives, regulatory requirements and reduction of carbon emission are insignificant drivers of EE investment decisions in the Onitsha plastic cluster.
Originality/value
This paper presents a foremost attempt at analysing the determinants of energy investment in a cluster in Nigeria.
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Cyrine Khiari, Imen Khanchel and Naima Lassoued
This study aims to investigate the impact of pollution control bonds (PCBs) on overinvestment within utility firms.
Abstract
Purpose
This study aims to investigate the impact of pollution control bonds (PCBs) on overinvestment within utility firms.
Design/methodology/approach
This empirical study analyzes a data set comprising 215 US energy firms observed from 2011 to 2021, using the ordinary least square regression with standard errors adjusted for firm-level clustering.
Findings
The study reveals a negative relationship between PCBs and overinvestment, indicating that PCBs are an effective tool in curbing excessive investment. Additionally, it demonstrates that chief executive officer (CEO) overconfidence diminishes the influence of PCBs on overinvestment. These findings remain robust across various metrics for measuring overinvestment and CEO overconfidence, as well as when alternative estimation methods are used. These results align with insights derived from agency theory and upper echelon theories.
Research limitations/implications
Regulators are encouraged to actively promote the use of PCBs as a financing tool for environmentally focused initiatives. To achieve this, regulatory bodies should enhance their presence within the utility sector, particularly in regions grappling with higher pollution levels. This requires the implementation of strategic policies and regulatory frameworks aimed at mitigating excessive investments. Simultaneously, policymakers should take proactive measures to introduce financial instruments designed to optimize investment efficiency, thus facilitating eco-friendly projects.
Originality/value
To the best of the authors’ knowledge, this paper holds the distinction of being the first to examine the impact of a specific type of green bond, namely, PCBs, on overinvestment. Furthermore, it contributes to the literature on personality traits, particularly within the context of the upper echelon theory, by investigating the moderating influence of CEO overconfidence.
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Parvez Mia, James Hazelton and James Guthrie Am
This study aims to evaluate the quality of the energy efficiency disclosures made by Australian cities. As cities are significant energy users, and energy use is a crucial source…
Abstract
Purpose
This study aims to evaluate the quality of the energy efficiency disclosures made by Australian cities. As cities are significant energy users, and energy use is a crucial source of greenhouse gas emissions, energy efficiency initiatives can play an essential role in addressing climate change. Yet, little is understood about the energy efficiency disclosures being made.
Design/methodology/approach
The authors developed an original energy efficiency disclosure index to assess the reporting quality of the eight largest Australian cities. The websites of these cities were analysed for information on energy efficiency measures from December 2018 to June 2019. Annual reports, environmental reports, climate action plans and any other material related to energy plans were downloaded and then coded using the index.
Findings
While all cities provided energy efficiency information, little financial information was provided, limited forward-looking information was disclosed, key challenges were not disclosed, and each city provided energy efficiency disclosures differently. Collectively, these findings demonstrate that public accountability is limited.
Research limitations/implications
An important implication is the need to standardise and improve cities’ energy efficiency reporting, especially concerning financial information. Cities, governments and the Carbon Disclosure Project (formerly the CDP) could achieve this, perhaps as part of the broader update of the CDP city-focused guidelines for greenhouse gas (GHG) reporting.
Originality/value
Although some studies on GHG reporting by cities have already been undertaken, including energy efficiency as part of their disclosure index, no study has focused on energy efficiency disclosures. The authors provide original insights concerning these practices. The study also provides an energy efficiency disclosure index that can be used in further research.
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Amar Hisham Jaaffar, Saraswathy Kasavan, Siti Indati Mustapa and Abul Quasem Al-Amin
The COVID-19 pandemic has caused a dramatic impact on energy supply and demand. It is vital to understand households’ behaviour with regard to energy, particularly during the…
Abstract
Purpose
The COVID-19 pandemic has caused a dramatic impact on energy supply and demand. It is vital to understand households’ behaviour with regard to energy, particularly during the pandemic, to deploy future sustainable energy systems. This study aims to investigate the nexus of Malaysian households’ energy consumption behaviour in relation to various electrical appliances, their energy-saving appliance purchasing behaviour and their current possession of energy-saving appliances during the pandemic, especially during the lockdown period, from the perspective of the energy cultures framework.
Design/methodology/approach
The partial least squares structural equation modelling technique was used to test hypothesised relationships based on the 1,485 pieces of household data collected using an online and physical survey during the lockdown period in Malaysia.
Findings
The energy-saving behaviour cultivated due to the impact of the COVID-19 pandemic led to residential customers’ intentions to purchase energy-saving appliances which subsequently led to their current possession of energy-saving appliances. Indeed, energy-saving behaviours in the kitchen, entertainment, office, home lighting and cooling appliances have more than 77.4% influence on their purchasing behaviour. The consumer’s purchase behaviour for energy-saving appliances has a significant, partially mediating influence on the energy-saving behaviour of various electrical appliances and the consumers’ current possession of energy-saving appliances.
Research limitations/implications
This study could be enhanced by improving the sample using a higher-income group and involving other parts of Malaysia such as the southern region. The findings do extend the energy cultures framework by demonstrating the mediating role of households’ energy-saving appliance purchasing behaviour on the relationship between their energy consumption behaviour in relation to various electrical appliances and their current possession of energy-saving appliances.
Practical implications
The results of this study will help develop future action plans for transitioning to energy-saving appliance practices.
Originality/value
This paper examines the effects of the COVID-19 pandemic on future energy efficiency practices in developing countries from the perspective of the energy cultures framework.
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Sumit Kumar Maji and Puja Chakraborty
Energy-related financial literacy (ERFL) which consists of energy literacy, financial literacy and lifecycle cost literacy, can play an instrumental role in addressing climate…
Abstract
Purpose
Energy-related financial literacy (ERFL) which consists of energy literacy, financial literacy and lifecycle cost literacy, can play an instrumental role in addressing climate change by ensuring efficient energy consumption (macro level benefit) and promoting financial well-being (micro level benefit) of households. This study aims to highlight the ERFL level and its effect on the energy consumption of the sample households in the state of West Bengal, India.
Design/methodology/approach
The study used primary data on 155 sample households from the two districts, i.e. Hooghly and North 24 Parganas in West Bengal, India, surveyed from September 2022 to November 2022 using a structured questionnaire. The study used the conceptual framework suggested by Blasch et al. (2018) to measure the ERFL. Pertinent statistical techniques and the ordinary least square regression method were used to attain the objectives of the study.
Findings
The outcome of the study showed that the average ERFL score was found to be moderate (63%). The findings of the study also indicated that the ERFL exerts a positive influence on reducing energy consumption among the sample households in India.
Originality/value
There is a dearth of research studies on the topic of ERFL around the globe. The very few studies so far conducted are mostly in the context of European economies and Nepal. Perhaps, to the best of the our knowledge, this is the first study on the issue of ERFL in the Indian context. Therefore, the present study will make an original contribution to the small but growing scholarship on ERFL.
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Alesia Gerassimenko, Lieven De Moor and Laurens Defau
The current literature has not investigated the perceived value of energy efficiency by households, regardless of financial benefits. Furthermore, there is a severe lack of…
Abstract
Purpose
The current literature has not investigated the perceived value of energy efficiency by households, regardless of financial benefits. Furthermore, there is a severe lack of research that investigates the effectiveness of the current format of EPC-labels. Therefore, the purpose of this paper is twofold: to study how households value energy efficiency in the housing market, regardless of price effects.
Design/methodology/approach
This study uses multiple hedonic regression models to analyse 706,778 Flemish properties for sale or rent between 2019 and 2023. The data is provided by Immoweb – the largest online real estate platform in Belgium. Given that the selling market is driven by different mechanisms than the rental market, the data set was divided in sold (522,164 listings) and rented properties (184,614 listings).
Findings
The ambiguous results of the A-label in the selling market indicate that the “class evaluation effect” found in related markets which use labels (e.g. household appliances) is also present in the housing market. However, the results of the other (lower) labels clearly show that owners do value energy improvements within labels, and this effect becomes stronger as the EPC-label becomes better. The rental market shows the opposite results. Energy improvements are only valued if they translate into a financial benefit. Taking these findings into account, the second part of this research shows that rescaling the EPC-label creates an incentive for improvements within labels.
Originality/value
This paper provides novel insights by studying the perceived value of energy efficiency in the absence of financial benefits and critically studying the effectiveness of the EPC-labels in their current shape. By investigating both the sales and rental market, the authors are able to make a comparison which creates valuable insights for academia, governments and real estate professionals.
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José Carlos Pereira de Morais, Nelson Castro Neves, Luís Abranches Soveral and João Lima
There is a growing urgent concern in involving higher education institutions (HEIs) towards an international effort in implementing a more suitable role as conductors of…
Abstract
Purpose
There is a growing urgent concern in involving higher education institutions (HEIs) towards an international effort in implementing a more suitable role as conductors of sustainable development. This paper/study aims to present the application of light emiting diode (LED) technology in an HEI assuming technology innovation as part of a larger institutional innovation management strategy addressing multiple dimensions in sustainability.
Design/methodology/approach
Investments in LED technology are analyzed for their impact on consumption results and quantitative comparisons between 2008 and 2022 are impaired with detailed information on the types of luminaires and the amount of installed energy.
Findings
The collected data shows a clear economic advantage of using LED technology, and the results subsidize institutional planning, considering not only ongoing technological innovation, but also educational components and community involvement in the organization sustainability strategy.
Research limitations/implications
The study is limited to a specific HEI and further comparative research should be carried out.
Practical implications
A holistic approach on sustainability objectives encourages further investment in environmental-friendly technology, example to other HEIs.
Social implications
The strategic vision of innovation is confirmed with the involvement of the community, at various levels, such as the academic community, local community, scientific international community.
Originality/value
This study addresses the lack of examples in the literature of structural planning and management systems that see sustainability as a strategy built in HEIs. The elaboration of an environmental sustainability plan places environmental sustainability at the confluence of themes such as education, investigation, use of natural resources, waste separation. For each topic are listed measures, actions, environment improvements, institution improvements and their results.
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Manuel A. Zambrano-Monserrate and Maria Alejandra Ruano
The escalating levels of greenhouse gas emissions have become a growing global concern, with household energy consumption emerging as a significant contributor. To develop…
Abstract
Purpose
The escalating levels of greenhouse gas emissions have become a growing global concern, with household energy consumption emerging as a significant contributor. To develop effective public policies, it is crucial to understand the energy-saving behavior of households. This study delves into the determinants of energy-saving practices in a developing country.
Design/methodology/approach
The authors chose a multivariate probit model, as it allowed to look after possible correlations among seven energy-saving practices within households.
Findings
The findings underscore the significant influence of sociodemographic variables, such as gender, civil status, income and education, on energy-saving practices. Furthermore, the authors discovered that households where the head actively volunteers in social organizations are more likely to adopt energy-saving behaviors. Additionally, internet access positively contributes to pro-environmental behavior. This research reveals that certain energy-saving practices are interconnected, acting as complements or substitutes.
Research limitations/implications
Recommendations for public policy include prioritizing education in rural areas to boost energy-saving practices, improving internet access in nonurban regions and promoting citizen involvement in social organizations to enhance environmental awareness and encourage energy-saving behavior. The authors contribute to literature evidencing that certain energy-saving practices are not independent of each other, they are rather complementary and, in some cases, substitutes.
Practical implications
Recommendations for public policy include prioritizing education in rural areas to boost energy-saving practices, improving Internet access in nonurban regions and promoting citizen involvement in social organizations to enhance environmental awareness and encourage energy-saving behavior.
Originality/value
Previous studies have overlooked these interdependencies, highlighting the necessity of a system of equations to yield more efficient estimates by considering correlations between error terms.
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