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Energy Economics
Type: Book
ISBN: 978-1-83867-294-2

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Article
Publication date: 4 May 2020

Dilvin Taşkın, Gülin Vardar and Berna Okan

The development of green economy is of academic and policy importance to governments and policymakers worldwide. In the light of the necessity of renewable energy to…

Abstract

Purpose

The development of green economy is of academic and policy importance to governments and policymakers worldwide. In the light of the necessity of renewable energy to sustain green economic growth, this study aims to examine the relationship between renewable energy consumption and green economic growth, controlling for the impact of trade openness for Organization for Economic Co-operation and Development countries over the period 1990-2015, within a multivariate panel data framework.

Design/methodology/approach

To investigate the long-run relationship between variables, panel cointegration tests are performed. Panel Granger causality based on vector error correction models is adopted to understand the short- and long-run dynamics of the data. Furthermore, ordinary least square (OLS), dynamic OLS and fully modified OLS methods are used to confirm the long-run elasticity of green growth for renewable energy consumption and trade openness. Moreover, system generalized method of moment is applied to eliminate serial correlation, heteroscedasticity and endogeneity problems. The authors used the panel Granger causality test developed by Dumitrescu and Hurlin (2012) to infer the directionality of the causal relationship, allowing for both the cross-sectional dependence and heterogeneity.

Findings

The results suggest that renewable energy consumption and trade openness exert positive effects on green economic growth. The results of long-run estimates of green economic growth reveal that the long-run elasticity of green economic growth for trade openness is much greater than for renewable energy consumption. The estimated results of the Dumitrescu and Hurlin (2012) test reveal bidirectional causality between green economic growth and renewable energy consumption, providing support for the feedback hypothesis.

Practical implications

This paper provides strong evidence of the contribution of renewable energy consumption on green economy for a wide range of countries. Despite the costs of establishing renewable energy facilities, it is evident that these facilities contribute to the green growth of an economy. Governments and public authorities should promote the consumption of renewable energy and should have a support policy to promote an active renewable energy market. Furthermore, the regulators must constitute an efficient regulatory framework to favor the renewable energy consumption.

Social implications

Many countries focus on increasing their GDP without taking the environmental impacts of the growth process into account. This paper shows that renewable energy consumption points to the fact that countries can still increase their economic growth with minimal damage to environment. Despite the costs of adopting renewable energy technologies, there is still room for economic growth.

Originality/value

This paper provides evidence on the contribution of renewable energy consumption on green economic growth for a wide range of countries. The paper focuses on the impact of renewable energy on economic growth by taking environmental degradation into consideration on a wide scale of countries.

Details

Sustainability Accounting, Management and Policy Journal, vol. 11 no. 4
Type: Research Article
ISSN: 2040-8021

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Article
Publication date: 16 July 2020

Valtteri Kaartemo and Maria Alejandra Gonzalez-Perez

The purpose of this guest editorial is to introduce the special issue entitled “Renewable energy in international business.”

Abstract

Purpose

The purpose of this guest editorial is to introduce the special issue entitled “Renewable energy in international business.”

Design/methodology/approach

This paper presents a research agenda for the topic of the special issue and provides an overview of the articles included.

Findings

This guest editorial contains a discussion of the themes related to the topic, with a particular focus on the global production and adoption of renewable energies and dark sides of international renewable energy.

Research limitations/implications

This guest editorial considers how the articles included in the special issue contribute to research on renewable energy in international business and provides an avenue for future studies for a broader impact.

Originality/value

The discussion raises two important research streams that have remained overlooked in international business research, namely, global production and adoption of renewable energies and dark sides of international renewable energy. This guest editorial also highlights the potential of international business research to become more relevant by incorporating conceptual, methodological and empirical insights that inform the multidisciplinary community of renewable energy researchers.

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critical perspectives on international business, vol. 16 no. 4
Type: Research Article
ISSN: 1742-2043

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Article
Publication date: 14 May 2020

Shin Kinoshita

Saving energy is an essential issue in the world to attenuate climate change. To achieve the goal, energy-saving appliances such as refrigerators should be promoted. This…

Abstract

Purpose

Saving energy is an essential issue in the world to attenuate climate change. To achieve the goal, energy-saving appliances such as refrigerators should be promoted. This study aims to analyze the conditions enabling Japanese households to purchase such appliances, focusing on the relation with preferences for renewable energy as one of the non-monetary incentives.

Design/methodology/approach

A conjoint analysis is used. A random parameter logit model and nested logit model are used for estimation. Data were collected through an online questionnaire of the Rakuten Insight service.

Findings

Households will purchase energy-saving appliances when renewable energy is used for electricity generation. This implies that households will purchase energy-saving appliances with electric power generators by renewable energy such as solar panels and home micro-wind generators.

Research limitations/implications

The response rate and attributes of respondents and non-respondents are not shown to researchers in the web-questionnaire service.

Social implications

Promoting energy-saving appliances and renewable energy is essential in Japan (as in other countries) to save energy and to attenuate climate change. Based on the results, both energy-saving appliances and renewable energy will be widely used.

Originality/value

Although many studies have analyzed households’ preferences for energy-saving appliances and the effects of non-monetary incentives, studies that mentioned the relation with preferences for renewable energy are few. This study analyzes the relation and proposes policy recommendations to promote both energy-saving appliances and renewable energy.

Details

International Journal of Energy Sector Management, vol. 14 no. 6
Type: Research Article
ISSN: 1750-6220

Keywords

Content available
Article
Publication date: 3 January 2019

Hamit Can and Özge Korkmaz

The purpose of this study is to investigate the relationship between renewable energy and economic growth of Bulgaria.

Abstract

Purpose

The purpose of this study is to investigate the relationship between renewable energy and economic growth of Bulgaria.

Design/methodology/approach

This study analyzes the relationship between renewable energy and economic growth of Bulgaria for the period 1990-2016, based on annual data, by using the Toda–Yamamoto analysis and Autogressive Distrubuted Lag (ARDL) bound test. This period is characterized by the democratization of the Balkans and several crisis cycles in Bulgaria. Renewable energy consumption (REC, percentage of total final energy consumption), renewable electricity output (REO, percentage of total electricity output) and economic growth (GDP constant 2010 US$) were used. The levels or differences of the variables that are stationary were investigated using the augmented Dickey–Fuller (ADF), Philips–Perron (PP) and Kwiatkowski-Philips-Schmidt-Shin (KPSS) unit root tests.

Findings

Three different results were obtained from this study. One showed that renewable energy consumption and renewable electricity output are the causes of economic growth. Another result of this study is that economic growth and renewable electricity output are the causes of renewable energy consumption. The last result is that economic growth and renewable energy consumption are not causes of renewable electricity output. There was no long-term relationship between variables.

Research limitations/implications

The ARDL and Toda–Yamamoto tests were used because of lack of data sets. Thus, it is estimated that there is no long-term relationship.

Originality/value

This study is an original work for Bulgaria, showing the results of the relationship between renewable energy and economic growth. In line with the results of this study, renewable energy projects related to Bulgaria can be predicted.

Details

International Journal of Energy Sector Management, vol. 13 no. 3
Type: Research Article
ISSN: 1750-6220

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Article
Publication date: 4 January 2016

Ronald William McQuaid and Ariel Bergmann

The purpose of this paper is to consider the development of “Green” jobs in one region of the European Union, Scotland, where the government has sought to develop renewable

Abstract

Purpose

The purpose of this paper is to consider the development of “Green” jobs in one region of the European Union, Scotland, where the government has sought to develop renewable and sustainable energy industries and associated employment.

Design/methodology/approach

The paper analyses selected secondary data and policy documents and conceptualises issues concerning employment in the renewable energy sector.

Findings

It analyses published data and projections on employment in renewable energy sectors, considering the reasons for the lower actual job creation. Many of the jobs in the renewable energy sector are likely to be high skilled, so there is need to support the development of low-skilled workers and job seekers so that they can enter and progress in the industry. Similarly there is a strong gender bias in the industry which may similarly reduce the entry and retention of the best staff and inhibit social equity.

Research limitations/implications

The paper suggests that “Career first” recruitment and development policies are needed which emphasise improving both productivity and the “quality” and attractiveness of sustainable, long-term careers in the sector.

Practical implications

In addition to relying on general labour attraction policies and separate industry-specific skills initiatives for those already in work, more attention needs to be given to developing sustainable employment with career progression for people moving into, or already in, the industry.

Originality/value

The links between support for those moving into jobs and developing the skills of existing workers in sustainable industries have been under researched and this paper adds new conceptual developments, in terms of “Career” first approaches and empirical analysis of employment in renewable industries in Scotland.

Details

World Journal of Science, Technology and Sustainable Development, vol. 13 no. 1
Type: Research Article
ISSN: 2042-5945

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Article
Publication date: 1 November 2018

Umer Jeelanie Banday and Ranjan Aneja

The purpose of this paper is to find out the relationship between energy consumption, economic growth and CO2 emissions for the G7 countries over the period 1971–2014. The…

Abstract

Purpose

The purpose of this paper is to find out the relationship between energy consumption, economic growth and CO2 emissions for the G7 countries over the period 1971–2014. The second intent of the paper is to make a comparison whether it is renewable energy consumption, non-renewable energy consumption, or both that determine sustainable economic growth in G7 countries.

Design/methodology/approach

The authors testify the relationship among energy consumption, economic growth and CO2 emissions using numerous econometric techniques. The authors have applied pooled mean group autoregressive distribution model (ARDL) for long-run and short-run relationships for individual countries. Finally, the authors have applied Granger causality testing based on Dumitrescu and Hurlin (2012) and Emirmahmutoglu and Kose’s (2011) approach in order to check the causal relationship between energy consumption and economic growth, CO2 emission and economic growth and vice versa.

Findings

However, energy usage is a greater concern due to the increase in imported energy prices. With this preposition, new thinking needs to be carried out for energy usage and sustainable economic growth. The authors consider cross-sectional reliance and cross-country heterogeneity for seven developed countries. The tests utilized in this investigation include the bootstrap causality approach of Dumitrescu and Hurlin (2012) and LA–VAR approach of Toda and Yamamoto (1995) that permits testing the causality for every individual panel individuals independently. However, not very many empirical works bring these two separate streams of writing together to analyze the causal connections between energy consumption, economic growth and CO2 emission for G7 countries.

Originality/value

However, energy usage is a greater concern due to the increase in imported energy prices. Meanwhile, the exhaustive use of fossil fuels increases emission level which leads to climate change, global warming, reduction in agriculture productivity and danger to human life. With this preposition, new thinking needs to be carried out for energy usage and sustainable economic growth. There are limited number of studies addressing energy consumption, economic growth and CO2 emission relationship. This study employs different methodology to find out the relationship among the variables.

Details

World Journal of Science, Technology and Sustainable Development, vol. 16 no. 1
Type: Research Article
ISSN: 2042-5945

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Article
Publication date: 16 August 2019

Umer Jeelanie Banday and Ranjan Aneja

The purpose of this study is to find the causal relationship among energy consumption (renewable energy and non-renewable energy), gross domestic product (GDP) growth and…

Abstract

Purpose

The purpose of this study is to find the causal relationship among energy consumption (renewable energy and non-renewable energy), gross domestic product (GDP) growth and carbon dioxide (CO2) emission for Brazil, Russia, India, China and South Africa for the period of 1990-2017.

Design/methodology/approach

The study uses bootstrap Dumitrescu and Hurlin panel causality test, which accepts heterogeneity and dependency in cross-sectional units across emerging countries.

Findings

The results find unidirectional causality from GDP to CO2 for India, China, Brazil, South Africa and no causality for Russia. The causality results from renewable energy consumption to GDP show that there is evidence of feedback hypothesis for China and Brazil, growth hypothesis for Russia, conservation hypothesis for South Africa and neutrality hypothesis for India. However, the results accept growth hypothesis for India, China, Russia, Brazil and neutrality hypothesis for South Africa. In the case of renewable energy and non-renewable energy consumption to CO2 emission, the results find convergence in India, Russia and South Africa and divergence in China and Brazil.

Originality/value

It is the first study that investigates the part of balanced economic growth, instead of simply financial development in those economies. Numerous studies have used diverse factors such as economic development, renewable energy, non-renewable energy and CO2 emission; however, the examination has used total GDP growth rate, energy consumption and CO2 emissions.

Details

International Journal of Energy Sector Management, vol. 14 no. 1
Type: Research Article
ISSN: 1750-6220

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Article
Publication date: 26 August 2014

Usama Al-mulali

The purpose of this study was to investigate the relationship between gross domestic product (GDP) growth and renewable and non-renewable energy consumption in 82…

Abstract

Purpose

The purpose of this study was to investigate the relationship between gross domestic product (GDP) growth and renewable and non-renewable energy consumption in 82 developing countries categorized by region.

Design/methodology/approach

To achieve the goal of this study, the panel model was used taking the period 1990-2009.

Findings

The Kao co-integration test results showed that both renewable and non-renewable energy consumption had a long-running relationship with all the economic sectors in all regions. Moreover, the FMOLS revealed that the renewable and non-renewable energy consumption had a long-run positive relationship with the economic sectors. However, the results also revealed that non-renewable energy consumption has a more significant effect on the economic sectors than the renewable energy consumption. In addition, the Granger causality showed the same results, that the causal relationship between the economic sectors and non-renewable energy consumption is more significant than the causal relationship between the economic sectors and renewable energy.

Practical implications

The reason behind these results is that these regions still depend on fossil fuels to promote their economic growth. Fossil fuels basically contribute more than 80 per cent of their total energy consumption. Thus, the study recommends the developing countries to increase their investment on renewable energy projects to increase the share of the renewable energy of total energy consumption.

Originality/value

This study is considered different from all the previous studies because it will investigate the disaggregate relationship between GDP and energy consumption (renewable and non-renewable) in East Asia and Pacific, Europe and Central Asia, Latin America and the Caribbean, Middle East and North Africa, South Asia and the Sub-Saharan African developing countries.

Details

International Journal of Energy Sector Management, vol. 8 no. 3
Type: Research Article
ISSN: 1750-6220

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Article
Publication date: 27 June 2019

Dina Frutos-Bencze, Kujtim Avdiu and Stephan Unger

This paper aims to investigate the effect of monetary policy indicators on Latin America’s renewable energy development. The authors conduct several regressions as well as…

Abstract

Purpose

This paper aims to investigate the effect of monetary policy indicators on Latin America’s renewable energy development. The authors conduct several regressions as well as a Principal Component Analysis (PCA) to unveil relationships among possible driving factors among others the current account balance, interest rates, money flow and energy trade balance for Latin America’s energy mix.

Design/methodology/approach

The analysis was a two-part process. First, the authors used multiple regression to identify if monetary policy affects the development of renewable energy usage at all. To investigate the singular effects of each of the nine macro-economic variables and four energy indicators, collected from the World Bank (2017) database, several regressions were run where the authors regressed each economic indicator on each energy variable. Then, the authors conducted a principal component analysis with all 13 variables.

Findings

The authors found a significant relationship between the clean energy share and governmental spending boosting GDP as well as a significant relationship between governmental spending and the amount of foreign exchange reserves. Declining net energy imports indicate that countries in Latin America are getting more and more energy autonomous for the price of building up huge amounts of foreign exchange reserves.

Research limitations/implications

Renewable energy indicators are not always available for all Latin American countries. Data tend to be scattered. However, sources such as the International Renewable Energy Agency and the World Bank database can be complementary.

Practical implications

The understanding of the effects and impacts of some of the monetary policy related indicators can provide insights for improving renewable energy financing policies. In turn, such policies can have increased influence on renewable energy sustainability and potentially contribute to improving environmental policies.

Originality/value

The specific impact of the selected variables on renewable energy has not been studied. This study attempts to discern the impact of such variables to understand how they influence the renewable energy mix. The insights can in turn inform and modify existing policies and guidelines as well as advise new policy.

Details

critical perspectives on international business, vol. 16 no. 4
Type: Research Article
ISSN: 1742-2043

Keywords

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