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Carbon Neutrality through Green Innovations – the Role of the Renewable Energy

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 (31 December 2022) | Viewed by 57038

Special Issue Editors

Prof. Dr. Magdalena Radulescu

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Guest Editor
Department Finance, Accounting and Economics, University of Pitesti, 110040 Pitesti, Romania
Interests: economic growth; energy consumption; environmental pollution; environmental taxation
Special Issues, Collections and Topics in MDPI journals
Prof. Dr. Mirela Panait

E-Mail Website1 Website2
Guest Editor
Faculty of Economic Sciences, Petroleum-Gas University of Ploieşti, 100680 Ploieşti, Romania
Interests: energy transition; corporate social responsibility; sustainable development; international finance
Special Issues, Collections and Topics in MDPI journals
Dr. Daniel Balsalobre-Lorente

E-Mail Website1 Website2
Guest Editor
Department of Political Economy and Public Finance, Economic and Business Statistics and Economic Policy, Universidad de Castilla-La Mancha, Rectorado UCLM, Calle Altagracia, 50, 13001 Ciudad Real, Spain
Interests: energy transition; environmental degradation economic growth; tourism; public finances
Special Issues, Collections and Topics in MDPI journals
Dr. Umer Shahzad

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Guest Editor
School of Statistics & Applied Mathematics, Anhui University of Finance & Economics, Bengbu 233030, China
Interests: energy economics and sustainability
Special Issues, Collections and Topics in MDPI journals
Dr. Abdul Rehman

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Guest Editor
College of Economics and Management, Henan Agricultural University, Zhengzhou 450002, China
Interests: energy economics; environmental economics; sustainable development; agricultural economics; health economics; energy finance; regional rural development; regional agricultural development; food economics; economics and pollution; climate change
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Economic development and environmental sustainability play essential roles in the energy field. Demand for energy has risen in many nations as a result of increasing industrialization, agricultural modernization, urbanization, and globalization and better transportation. However, promoting economic growth, without harming the climate, is a requirement for sustainable development.

Carbon neutrality means having a balance between emitting and absorbing carbon from the atmosphere. It is critical for achieving the global climate change targets. The European Union recently reaffirmed its commitment to become the world’s first climate-neutral region by 2050, but there are also many other large economies such as the UK, Japan, or South Korea that aim for this goal. Carbon neutrality has become an important part of the corporate and public climate mitigation policies, but the details for this process need further research.

Some significant directions on the path for achieving carbon neutrality are represented by green innovations that rely on a higher renewable energy production and consumption. Fossil fuel energy sources remain the primary energy sources worldwide, although renewables’ contributions significantly increased. Green innovation refers to innovation related to green products and processes, leading to fossil fuel energy decreases, pollution management, waste recycling, product design and environmental management (Chen et al., 2006).

This Special Issue aims to investigate how carbon neutrality can be achieved by the economies that aim for this goal, what benefits are gained from this energy transition, how can green innovation be accelerated and what the adverse outcomes are that may arise during this process.

Prof. Dr. Magdalena Radulescu
Prof. Dr. Mirela Panait
Prof. Dr. Daniel Balsalobre-Lorente
Dr. Umer Shahzad
Dr. Abdul Rehman
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Energies is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • carbon neutrality
  • climate change
  • carbon footprint
  • carbon reduction
  • sustainable development
  • renewable energy
  • clean technologies
  • green innovations
  • energy efficiency improvements
  • ESG issues
  • CSR and non-financial performance
  • energy poverty
  • energy transition
  • nuclear energy

Published Papers (24 papers)

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Research

16 pages, 2780 KiB  
Article
The European Dilemma—Energy Security or Green Transition
by Diana Joița, Mirela Panait, Carmen-Elena Dobrotă, Alin Diniță, Adrian Neacșa and Laura Elly Naghi
Energies 2023, 16(9), 3849; https://0-doi-org.brum.beds.ac.uk/10.3390/en16093849 - 30 Apr 2023
Cited by 9 | Viewed by 2046
Abstract
The energy transition is a subject of significant interest in the countries of the European Union, and the involvement of public authorities is remarkable. Unlike previous energy transitions, this process is politically driven, the efforts of public authorities being secondary to the actions [...] Read more.
The energy transition is a subject of significant interest in the countries of the European Union, and the involvement of public authorities is remarkable. Unlike previous energy transitions, this process is politically driven, the efforts of public authorities being secondary to the actions of companies whose guidelines are based on stability at the European level through strategies and directives. This paper aims to provide an overview of the current evolution of energy security status in the European Union and in Romania, with reference to global efforts to achieve climate neutrality through the energy transition. The historical method was used in the elaboration of the material, in order to outline the current energy security policies in terms of sustainability, both environmental and social. The logical method was used in order to emphasize the cause–effect relationship between economic processes in the energy sector. The use of bibliometric analysis demonstrated the importance of the topic of energy transition in scientific literature, but it also demonstrated the increasing interest of researchers in subjects related to energy security and energy poverty in the context of this new transition. By using the graphical method, statistic data and their evolution were highlighted in detail for the present study. The results of the articles are embodied in an approach that aims to focus on economic and social factors that determine the capacity of states to support the EU’s independence from a single supplier in the current context of conflict. The authors conclude by anticipating massive challenges in achieving the environmental objectives of the European Green Deal, as well as by highlighting the issue of energy poverty as a social factor influencing global strategic decisions. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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18 pages, 2580 KiB  
Article
Oil Price—A Sensor for the Performance of Romanian Oil Manufacturing Companies
by Adrian Neacsa, Jianu Daniel Muresan, Marian Catalin Voica, Otilia Manta and Mihail Vincentiu Ivan
Energies 2023, 16(5), 2336; https://0-doi-org.brum.beds.ac.uk/10.3390/en16052336 - 28 Feb 2023
Cited by 2 | Viewed by 1441
Abstract
This article presents the influence of the evolution of the oil price on the international markets on the strategies of companies whose main activity is the manufacture of oil equipment for the Romanian oil industry. As a tool for economists and specialists in [...] Read more.
This article presents the influence of the evolution of the oil price on the international markets on the strategies of companies whose main activity is the manufacture of oil equipment for the Romanian oil industry. As a tool for economists and specialists in the oil industry, such a study helps to develop economic strategies and management decisions based on forecasts of oil price developments. Based on statistical data for the annual oil price on international markets and the turnover of the oil companies, an analysis was proposed which showed that the trends in the mathematical models are similar, which highlights that economic activities in the oil sector are sensitive to the evolution of oil price. Management strategies are based on anticipating changes in the corporate environment, assessing the company’s internal potential and making the necessary changes to bring it in line with the economy, its mission, and the objectives set to ensure its survival and continuity. These views make it possible to analyse and forecast oil prices; upward trends will encourage companies to design and develop strategies that include investments to expand production capacity, and downward trends will synergistically lead to downsizing strategies. Variations in company production will generate an economic, social, and environmental impact in the countries where they operate. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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12 pages, 543 KiB  
Article
Green Innovation through Green and Blue Infrastructure Development: Investigation of Pollution Reduction and Green Technology in Emerging Economy
by Abdelmohsen A. Nassani, Zahid Yousaf, Magdalena Radulescu, Daniel Balsalobre-Lorente, Hadi Hussain and Mohamed Haffar
Energies 2023, 16(4), 1944; https://0-doi-org.brum.beds.ac.uk/10.3390/en16041944 - 15 Feb 2023
Cited by 3 | Viewed by 1383
Abstract
Green and blue infrastructure has gained importance for energy firms around the globe due to increased focus on addressing emerging challenges raised in the achievement of green innovation (GI) and the protection of the environment. Pollution reduction and green technology are key factors [...] Read more.
Green and blue infrastructure has gained importance for energy firms around the globe due to increased focus on addressing emerging challenges raised in the achievement of green innovation (GI) and the protection of the environment. Pollution reduction and green technology are key factors that help to accomplish GI. The aim of the current research was to examine how green and blue infrastructure and green technologies impact and improve energy firms’ business GI in Pakistan. Quantitative methods were used for the collection of data from 475 managers, policymakers, senior employees, owners, and CEOs. Findings demonstrated that green and blue infrastructure and GI were positively linked. The results also showed that pollution reduction played a mediating role between blue infrastructure and GI. Furthermore, findings also revealed that green technology played a moderating role between green and blue infrastructure and GI. Pollution reduction is a crucial factor in developing the GI performance of energy firms. These new outcomes extend green and blue infrastructure and GI literature and provide empirical proof for practitioners and policymakers. Our study suggests that green technology positively influences green and blue infrastructure, which in turn is associated with GI. This study is based on critical factors that have encouraging impacts on GI. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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15 pages, 1481 KiB  
Article
Analysis of the Situation of Renewable and Non-Renewable Energy Consumption in the European Union
by Constantin Anghelache, Mădălina Gabriela Anghel, Ștefan Virgil Iacob, Ion Pârțachi, Irina Gabriela Rădulescu and Alina Gabriela Brezoi
Energies 2023, 16(3), 1338; https://0-doi-org.brum.beds.ac.uk/10.3390/en16031338 - 27 Jan 2023
Cited by 6 | Viewed by 2184
Abstract
In this article, the authors present the results of research undertaken in relation to the situation regarding renewable and non-renewable energy reserves in the European Union, as well as the way in which this energy is consumed. The general view presented regarding energy [...] Read more.
In this article, the authors present the results of research undertaken in relation to the situation regarding renewable and non-renewable energy reserves in the European Union, as well as the way in which this energy is consumed. The general view presented regarding energy resources around the world is that oil, natural gas and coal are being exhausted at an alarming rate and if we continue to exploit these oil resources at our current pace, we will see a massive depletion in energy resources over the next 41 years. The authors also focus on representing the intensity of greenhouse gas emissions from energy consumption, demonstrating that it has shown a slight decrease in the European Union. The resources and consumption of renewable and non-renewable energy were analyzed in close interdependence with these indicators under study, such as final energy consumption, renewable energy and total energy production, in order to give a correct interpretation of how these resources are used. At the same time, starting from the fact that the world economy is currently facing a cluster of crises (pandemic, financial-economic, energy, general resources), it was deemed important to highlight the fact that the total production of energy demonstrated an oscillating trend during this period. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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23 pages, 6084 KiB  
Article
Gas Losses in the Distribution Networks: An Interdisciplinary Analysis
by Cristian Nicolae Eparu, Adrian Neacsa and Doru Bogdan Stoica
Energies 2023, 16(1), 196; https://0-doi-org.brum.beds.ac.uk/10.3390/en16010196 - 24 Dec 2022
Cited by 3 | Viewed by 2607
Abstract
This work focuses on a very important and current problem in the gas field: gas losses in natural gas distribution networks and their impact on the environment, as well as on the company operating the network. The paper starts with a bibliographic study [...] Read more.
This work focuses on a very important and current problem in the gas field: gas losses in natural gas distribution networks and their impact on the environment, as well as on the company operating the network. The paper starts with a bibliographic study and aims to identify the sources leading to losses, estimate loss volumes, reduce these losses by replacing high-risk pipeline sections, as well as trace the economic, environmental, and social impact. The calculation methodologies used in various countries in estimating these consumptions are very diverse. Romania uses a very dense methodology that can prompt very broad variations in the values obtained for technological consumption calculations using Order 18/2014, due to the multitude of parameters that must be estimated. To reduce some of the uncertainties in estimating these parameters, a study was proposed and carried out on the ill-fittings in the natural gas distribution systems. The article presents the experimental stand, the analysis of the experimental data, the methodology for calculating gas losses in the natural gas distribution system through leaking equipment, as well as the results obtained and the conclusions. Moreover, an application was made for a dynamic area check of the gas balance. Based on the correlations between the annual values in M&R stations, AMR, the volume for small consumers, technological consumption, linepack, and the equipment and materials used in the network, useful data were obtained in the diagnosis of problem areas. The end of the paper shows an economic calculation regarding the replacement of problematic pipeline sections in natural gas distribution networks. The difference between the volume of investments and the income from loss reduction is very large, but the aspect of protecting the environment and eliminating technological risks intervenes, thus increasing social security and health. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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14 pages, 462 KiB  
Article
Exploring the Impacts of Banking Development, and Renewable Energy on Ecological Footprint in OECD: New Evidence from Method of Moments Quantile Regression
by Magdalena Radulescu, Daniel Balsalobre-Lorente, Foday Joof, Ahmed Samour and Turgut Türsoy
Energies 2022, 15(24), 9290; https://0-doi-org.brum.beds.ac.uk/10.3390/en15249290 - 07 Dec 2022
Cited by 19 | Viewed by 1647
Abstract
Although previous related studies illustrate several factors that reduce and eliminate ecological pollution, empirical evidence that examines the impact of banking development on footprint ecological quality is missed. This study explores the impact of banking development, renewable energy consumption, and economic growth on [...] Read more.
Although previous related studies illustrate several factors that reduce and eliminate ecological pollution, empirical evidence that examines the impact of banking development on footprint ecological quality is missed. This study explores the impact of banking development, renewable energy consumption, and economic growth on the ecological footprint of 27 OECD countries spanning data from 1990 to 2018. Using the method of moments quantile regression (MMQR), the results indicated that a 1% increase in banking expansion is projected to augment the ecological footprint in the OECD nations across all quantiles (first to ninth). Thus, the results affirm that banking development dampens ecological sustainability in the OECD nations. In contrast, the results indicate that renewable energy promotes ecological sustainability in the OECD nations across all quantiles (first to ninth). The empirical findings suggest that OECD policymakers should regard banking and economic development as a “green energy fostering mechanism” while designing policies to promote ecological friend energy sources. Moreover, as part of their core mandates, central banks, and regulatory authorities should promote financial innovation in the banking sector to mobilize the required capital to facilitate nature conservation and restoration. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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13 pages, 3334 KiB  
Article
Analysis of the Influence of Selected Factors on Heating Costs and Pollutant Emissions in a Cold Climate Based on the Example of a Service Building Located in Bialystok
by Agata Ołtarzewska and Dorota Anna Krawczyk
Energies 2022, 15(23), 9111; https://0-doi-org.brum.beds.ac.uk/10.3390/en15239111 - 01 Dec 2022
Cited by 3 | Viewed by 1171
Abstract
In recent years, due to the rapidly growing global energy crisis and the ever-increasing prices of energy carriers, more attention has been paid to the energy efficiency of existing buildings, especially in the context of reducing harmful emissions and lowering heating costs. The [...] Read more.
In recent years, due to the rapidly growing global energy crisis and the ever-increasing prices of energy carriers, more attention has been paid to the energy efficiency of existing buildings, especially in the context of reducing harmful emissions and lowering heating costs. The purpose of this study was to analyse the influence of selected factors on heating costs and air pollution in a cold climate based on the example of a service building located in Bialystok, Poland. The following scenarios were assumed: the implementation of a heating schedule, improvement of the thermal insulation of the building envelope, lowering of the indoor temperature in all rooms, and moving away from a traditional heat source (gas boiler) to renewable energy (heat pump). The results showed that improvements in heat transfer coefficients had the greatest impact on reducing heating costs and that emissions from renewable energy sources depend largely on the national energy mix. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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17 pages, 1993 KiB  
Article
Forest Management Communities’ Participation in Bioenergy Production Initiatives: A Case Study for Galicia (Spain)
by Raquel Fernández-González, Félix Puime Guillén, Otilia Manta, Simona Andreea Apostu and Valentina Vasile
Energies 2022, 15(19), 7428; https://0-doi-org.brum.beds.ac.uk/10.3390/en15197428 - 10 Oct 2022
Cited by 3 | Viewed by 1862
Abstract
Bioenergy is the form of clean energy with the greatest potential for growth in Spain, especially in those regions with a large forest area and a high potential for the utilization of forest resources for energy purposes. This is the case in Galicia [...] Read more.
Bioenergy is the form of clean energy with the greatest potential for growth in Spain, especially in those regions with a large forest area and a high potential for the utilization of forest resources for energy purposes. This is the case in Galicia (a region located in northwestern Spain), where the communal management of forest resources is widespread. Within this type of management, there is a pioneering case study in which biomass energy use activities have been initiated through an international project. The possible success of this project is of great importance since it could represent an alternative to the main energy activity in the common management of forests: the production of wind energy. In recent years, and with a special increase in 2022, Galician public opinion has expressed its opposition to the implementation of new wind farms in its forests. The aim of this article is to analyze whether or not it is profitable for forest management communities to participate in bioenergy initiatives, which is a novel analysis of the Galician geographical area. For this purpose, the main economic and financial variables of the Galician forest management communities participating in the bioenergy project, SilvaPlus Project, have been analyzed, before and during their participation in the project. In addition, a financial comparison is also made with a group of Galician forest management communities without the energy use of their resources. The evolution of the relevant variables, analyzed between 2011 and 2020, shows a generally positive trend in the values of the forest communities participating in the bioenergy generation project, resulting in a positive experience, both environmentally and financially, for the forest community. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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18 pages, 1116 KiB  
Article
Renewable Energy, Urbanization, Fossil Fuel Consumption, and Economic Growth Dilemma in Romania: Examining the Short- and Long-Term Impact
by Abdul Rehman, Magdalena Radulescu, Laura Mariana Cismaș, Cristian-Mihai Cismaș, Abbas Ali Chandio and Smaranda (Toma) Simoni
Energies 2022, 15(19), 7180; https://0-doi-org.brum.beds.ac.uk/10.3390/en15197180 - 29 Sep 2022
Cited by 14 | Viewed by 2278
Abstract
The primary objective of this research was to determine the impact of renewable energy, alternative and nuclear energy, urbanization, energy use, and fossil fuel energy consumption on Romanian economic development. To investigate the relation between variables, we employed the Autoregressive Distributed Lag (ARDL) [...] Read more.
The primary objective of this research was to determine the impact of renewable energy, alternative and nuclear energy, urbanization, energy use, and fossil fuel energy consumption on Romanian economic development. To investigate the relation between variables, we employed the Autoregressive Distributed Lag (ARDL) technique in conjunction with FMOLS (Fully Modified Least Squares) and CCR (Canonical Cointegrating Regression). Long-run and short-run findings suggest that alternative and nuclear energy, as well as fossil fuel consumption, has a positive association with economic growth, but renewable energy, urbanization, and energy usage have an adversative relationship with economic growth. Similarly, FMOLS and CCR statistics indicate that alternative and nuclear energy and fossil fuel consumption have a favorable impact on economic development. Renewable energy consumption, urbanization, and energy use, on the other hand, revealed a negative connection with economic progress. Conservative solutions are necessary to implement appropriate policies to address energy consumption concerns in Romania in order to improve economic development. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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18 pages, 2243 KiB  
Article
Heterogeneous Effect of “Eco-Friendly” Dwellings on Transaction Prices in Real Estate Market in Portugal
by Matheus Koengkan and José Alberto Fuinhas
Energies 2022, 15(18), 6784; https://0-doi-org.brum.beds.ac.uk/10.3390/en15186784 - 16 Sep 2022
Cited by 8 | Viewed by 1557
Abstract
The main objective of this research is to assess the impact of energy certificate ratings (EPCs) on the value per m2 of Portuguese housing sales. Data from 289 Portuguese municipalities between 2014 and 2019, analysed with a fixed effects panel and method [...] Read more.
The main objective of this research is to assess the impact of energy certificate ratings (EPCs) on the value per m2 of Portuguese housing sales. Data from 289 Portuguese municipalities between 2014 and 2019, analysed with a fixed effects panel and method of moments quantile regression, were used. EPCs with high energy efficiency ratings (e.g., A+, A, B, and B-) are used as a proxy for dwellings with “green” or “environmentally friendly” certificates. On the other hand, ratings with a low energy efficiency (e.g., C, D, E, and F) are used as a proxy for dwellings with “non-green” or “not environmentally friendly” certificates. The results support that EPCs associated with green housing increase the value per m2 of housing sales, and those associated with non-green housing decrease the sales value. It was also found that municipal GDP, tax/financial incentive policies for energy efficiency, and the number of completed dwellings in new constructions for family housing will increase sales value. On the other hand, credit agreements and completed reconstructions reduce sales value. Lastly, the results and outgrowths of this study will support the policymakers and governments in developing consistent policies and initiatives that promote the “green” or “eco-friendly” dwellings in Portugal or in similar economies. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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15 pages, 2521 KiB  
Article
The Weighted Average Cost of Capital and Its Universality in Crisis Times: Evidence from the Energy Sector
by Zbysław Dobrowolski, Grzegorz Drozdowski, Mirela Panait and Simona Andreea Apostu
Energies 2022, 15(18), 6655; https://0-doi-org.brum.beds.ac.uk/10.3390/en15186655 - 12 Sep 2022
Cited by 4 | Viewed by 3496
Abstract
Recent economic anomalies, including the unprecedented lockdown generated by the COVID-19 crisis, have demonstrated that the weighted average cost of capital (WACC) remains an actual topic in the financial literature and in practice. Companies operate in an increasingly volatile environment, due to twin [...] Read more.
Recent economic anomalies, including the unprecedented lockdown generated by the COVID-19 crisis, have demonstrated that the weighted average cost of capital (WACC) remains an actual topic in the financial literature and in practice. Companies operate in an increasingly volatile environment, due to twin transitions and interlinked crises, and so they must have specific tools for measuring risk and profitability, in order to enable them to have a sound financial policy. Based on the earlier results obtained by Modigliani and Miller (1963), Harris and Pringle (1985), and Farber, Gillet, and Szafarz (2006), this study shows the relationship between WACC and interest rate. It offers a modified WACC formula that considers unstable market circumstances. The new redefined WACC can be a valuable tool in business planning for companies from different fields. The companies in the energy sector are very interested in the topic of WACC, considering not only the complex nature of the investments made and the long-term nature of investment recovery but also the multiple risks that have an impact on their activity and that can be found in different economic, social, and geopolitical spheres. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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23 pages, 1925 KiB  
Article
Achieving Carbon Neutrality Pledge through Clean Energy Transition: Linking the Role of Green Innovation and Environmental Policy in E7 Countries
by Yang Yu, Magdalena Radulescu, Abanum Innocent Ifelunini, Stephen Obinozie Ogwu, Joshua Chukwuma Onwe and Atif Jahanger
Energies 2022, 15(17), 6456; https://0-doi-org.brum.beds.ac.uk/10.3390/en15176456 - 04 Sep 2022
Cited by 33 | Viewed by 3204
Abstract
Most countries, notably those that signed the Paris Climate Agreement, prioritize achieving the zero carbon or carbon neutrality aim. Unlike earlier studies, this one assesses the contribution of environmental policy, clean energy, green innovation, and renewable energy to the E7 economies’ achievement of [...] Read more.
Most countries, notably those that signed the Paris Climate Agreement, prioritize achieving the zero carbon or carbon neutrality aim. Unlike earlier studies, this one assesses the contribution of environmental policy, clean energy, green innovation, and renewable energy to the E7 economies’ achievement of carbon neutrality goals from 1990 to 2019. Findings emanating from the study show that the EKC hypothesis is valid in E7 countries. Implying that emissions in the E7 countries increased with the kick-off of development but declined later due to possible potent environmental regulatory policies put in place. Similarly, across all models, renewable energy (REN), green innovations (GINNO), environmental tax (ETAX), and technological innovations (TECH) were found to exert a negative and significant impact on carbon emissions in the E7 countries both in the short and long run. On the other hand, economic expansion (GDP) positively impacts environmental deterioration. Furthermore, the country-specific result shows that, on average, Brazil, India, China, Russia, Mexico, and Indonesia have significant environmental policies aiding carbon abatement. Except for Brazil, Mexico, and Indonesia, the income growth in the rest of the countries does not follow the EKC proposition. Furthermore, the causality result revealed a unidirectional causal relationship between GDP, REN, and GINNO to CO2 emission. No causality was found between ETAX with CO2, while a bi-directional causality exists between technology and CO2 emissions. Based on the finding, policymakers in the E7 countries should move away from fossil fuels because future electricity output will not be sufficient to reduce emissions considerably. Environmental regulations, encouraging technological innovation, adopting green and sustainable technology, and clean energy sources, among other things, demand radical and broad changes. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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26 pages, 2810 KiB  
Article
An Empirical Investigation of Ecological Footprint Using Nuclear Energy, Industrialization, Fossil Fuels and Foreign Direct Investment
by Muhammad Usman, Atif Jahanger, Muhammad Sohail Amjad Makhdum, Magdalena Radulescu, Daniel Balsalobre-Lorente and Elena Jianu
Energies 2022, 15(17), 6442; https://0-doi-org.brum.beds.ac.uk/10.3390/en15176442 - 03 Sep 2022
Cited by 27 | Viewed by 2943
Abstract
The G-7 economies comprise a few of the global, mainly economically developed countries. On the other hand, in conjunction with these high economic development performances, the ecological behaviors in G-7 anions have concurrently provoked to elevate deep apprehensions among the stakeholders. Therefore, the [...] Read more.
The G-7 economies comprise a few of the global, mainly economically developed countries. On the other hand, in conjunction with these high economic development performances, the ecological behaviors in G-7 anions have concurrently provoked to elevate deep apprehensions among the stakeholders. Therefore, the present research aims to empirically investigate the environmental influences of nuclear energy, industrialization, fossil fuel energy, and foreign direct investment (FDI) in the G-7 nations between 1991 and 2018. After checking the cross-sectional dependency, this study employed the first-generation ((full modified ordinary least square (FMOLS), dynamic ordinary least square (DOLS)) and second-generation (Driscoll and Kraay (D-K), feasible generalized least square (FGLS)) approaches for robust and reliable findings. The findings explore that nuclear energy production is ineffective in curbing the figure of ecological footprints in the long-run. Moreover, the industrialization process and fossil fuel energy consumption reduce environmental quality in the G-7 economies. More to the point, the empirical findings recommend that these nations can renovate their industrial production procedures in an eco-friendly behavior they can experience an unsoiled deployment of the energy transition. Similarly, the FDI also degrades environmental eminence in the long-run. This validates the pollution haven hypothesis in the G-7 countries. Based on these results, this study suggests the G-7 nations should reduce the production of nuclear energy levels, the transition from fossil fuels to renewable energy production in the industrial sector, reduce fossil fuel-based foreign investment, and assimilate ecological welfare strategies within their development planning. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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13 pages, 300 KiB  
Article
Pollution Reduction as Catalyst between Environmental Resources Conservation Efforts and Sustainable Development: Investigation of Energy Firms in Circular Economy
by Zahid Yousaf, Brutu Mădălina, Daniela Mihai, Hrestic Maria-Luiza, Ștefan Maria Cristina and Popescu Constantin
Energies 2022, 15(17), 6410; https://0-doi-org.brum.beds.ac.uk/10.3390/en15176410 - 02 Sep 2022
Cited by 1 | Viewed by 1166
Abstract
In the modern era societies adopt further restrictions imposed via climate or global changes and are engaged in a dynamic innovative set of dealings. The environment site is inhabited by numerous artists, who perform in a synergic manner by placing emphasis on and [...] Read more.
In the modern era societies adopt further restrictions imposed via climate or global changes and are engaged in a dynamic innovative set of dealings. The environment site is inhabited by numerous artists, who perform in a synergic manner by placing emphasis on and implementation of actual sustainable development. In this perspective, we value environmental resource-conservation efforts (ERCE) of all actors, populations, mass media and specialists. This paper aims to analyze how different energy firms accomplished sustainable development through environmental resource-conservation efforts. In this study we discover that pollution reduction is directly linked with both variables and also plays a mediating role. A cross-sectional data collection technique was used. For testing study hypotheses, we selected energy firms. Results showed that sustainable development of energy firms are forecasted by environmental resource-conservation efforts. The findings confirmed that ERCE are directly linked to pollution reduction, and pollution reduction is positively linked to sustainable development. The results also highlight how pollution reduction mediates between ERCE and sustainable development links. Energy firms play critical roles in pollution reduction. Current research contributes to prior literature knowledge through offering a sustainable development model by mutual influence of ERCE and pollution reduction. Accordingly, this study might be regarded as an encouragement for action and an authentic message for professionals in the energy firms to increase their sustainable development and give attention to their efforts on the optimal use of resources. This study can provide several critical practical policies and suggestions to management of energy firms for raising their sustainable development. Our research provides major implications through focusing on the role of ERCE and pollution reduction strategies and activities to enhance sustainable development of energy firms in a circular economy. A circular economy acts as a solution framework that helps in tackling global changes such as loss of biodiversity, pollution, climate challenges and recycling of waste. This study expands the prior literature knowledge through giving an empirical model for energy firms. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
26 pages, 2960 KiB  
Article
Hydrogen–Natural Gas Blending in Distribution Systems—An Energy, Economic, and Environmental Assessment
by Adrian Neacsa, Cristian Nicolae Eparu and Doru Bogdan Stoica
Energies 2022, 15(17), 6143; https://0-doi-org.brum.beds.ac.uk/10.3390/en15176143 - 24 Aug 2022
Cited by 10 | Viewed by 2249
Abstract
Taking into account the international policies in the field of environmental protection in the world in general, and in the European Union in particular, the reduction of greenhouse gas (GHG) emissions, and primarily of carbon dioxide, has become one of the most important [...] Read more.
Taking into account the international policies in the field of environmental protection in the world in general, and in the European Union in particular, the reduction of greenhouse gas (GHG) emissions, and primarily of carbon dioxide, has become one of the most important objectives. This can be obtained through various renewable energy sources and non-polluting technologies, such as the mixing of hydrogen and natural gas. Combining hydrogen with natural gas is an emerging trend in the energy industry and represents one of the most important changes in the efforts to achieve extensive decarbonisation. The importance of this article consists of carrying out a techno-economic study based on the simulation of annual consumptions regarding the construction and use of production capacities for hydrogen to be used in mixtures with natural gas in various percentages in the distribution network of an important operator in Romania. In order to obtain relevant results, natural gas was treated as a mixture of real gases with a known composition as defined in the chromatographic bulletin. The survey presents a case study for the injection of 5%, 10%, and 20% hydrogen in the natural gas distribution system of Bucharest, the largest city in Romania. In addition to conducting this techno-economic study, the implications for final consumers of this technical solution in reducing greenhouse gas emissions—mainly those of carbon dioxide from combustion—are also presented. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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13 pages, 1331 KiB  
Article
The Carbon Emission Trading Policy of China: Does It Really Boost the Environmental Upgrading?
by Rabia Shahid, Shijie Li, Jian Gao, Muhammad Ahsan Altaf, Atif Jahanger and Awais Shakoor
Energies 2022, 15(16), 6065; https://0-doi-org.brum.beds.ac.uk/10.3390/en15166065 - 21 Aug 2022
Cited by 9 | Viewed by 1535
Abstract
China’s rapid industrialization has led to massive resource consumption, and the country has recently been highlighted as the World’s top carbon emitter. To pursue a sustainable economy via environmental upgrading, reductions in carbon emission levels are of great concern. The carbon emission reduction [...] Read more.
China’s rapid industrialization has led to massive resource consumption, and the country has recently been highlighted as the World’s top carbon emitter. To pursue a sustainable economy via environmental upgrading, reductions in carbon emission levels are of great concern. The carbon emission reduction policy (CETP) is an environmental regulation aimed at cutting emissions and achieving environmental protection. Based on panel data of pilot and non-pilot regions, this study investigated the policy impact of the CETP on carbon emission reduction through difference-in-differences (DID). The findings, based on pooled OLS (ordinary least squares) and LSDV (least square dummy variable) regressions, revealed that the carbon emissions of the pilot regions (Beijing, Tianjin, Shanghai, Guangdong, Chongqing, and Hubei) had reduced by 12 percent more than the non-pilot regions. Thus, this implies that the CETP causes environmental upgrading. The results were further verified using a number of robustness checks, including parallel trends, placebo test, Granger causality test, and DID regression with a longer sample period. Based on the study findings, it was concluded that to achieve higher upgrade levels related to the environment, the CETP needs to be encouraged and improved for nationwide implementation. Furthermore, sustainable economic development in China also needs strict environmental regulations and policy measures. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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12 pages, 540 KiB  
Article
Achieving Green Innovation in Energy Industry through Social Networks, Green Dynamic Capabilities, and Green Organizational Culture
by Abdelmohsen A. Nassani, Asad Javed, Magdalena Radulescu, Zahid Yousaf, Carmen Gabriela Secara and Claudia Tolea
Energies 2022, 15(16), 5925; https://0-doi-org.brum.beds.ac.uk/10.3390/en15165925 - 16 Aug 2022
Cited by 9 | Viewed by 1901
Abstract
This research paper aims to evaluate the effect of social networks on the green innovation of energy sector firms working around the globe. The study also evaluated green dynamic capabilities’ mediating, and green organizational culture’s moderating role in the association of the social [...] Read more.
This research paper aims to evaluate the effect of social networks on the green innovation of energy sector firms working around the globe. The study also evaluated green dynamic capabilities’ mediating, and green organizational culture’s moderating role in the association of the social networks and green innovation. The study will help electricity production and distribution firms to become more environmentally proactive and achieve green innovation. For this research, study data were collected from employees working in the energy sector firms of Pakistan. Standardized scales were adapted from previous studies and a questionnaire was developed using ‘Google Docs’ and distributed using Facebook. From different energy sectors of Pakistan,476 respondents filled the questionnaires. To examine the research hypotheses, we chose energy firms that act as small and medium enterprises and face problems in the achievement of green innovation. For testing the proposed relationships, descriptive statistics, regression, and correlation analyses were used. The results supported all the hypotheses of the study. Current research has various theoretical and practical implications for managers of the energy industry, and governments. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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17 pages, 1537 KiB  
Article
The Environmental Effects of Urbanization, Education, and Green Innovation in the Union for Mediterranean Countries: Evidence from Quantile Regression Model
by Rashid Latief, Usman Sattar, Sohail Ahmad Javeed, Ammar Ali Gull and Yingshun Pei
Energies 2022, 15(15), 5456; https://0-doi-org.brum.beds.ac.uk/10.3390/en15155456 - 27 Jul 2022
Cited by 15 | Viewed by 2126
Abstract
This study aims to examine the environmental dynamics in the Union for Mediterranean (UFM) countries by considering education, urbanization, green innovation, and other key factors for the period 2001–2016. The data are divided based on the income level of UFM countries and analyzed [...] Read more.
This study aims to examine the environmental dynamics in the Union for Mediterranean (UFM) countries by considering education, urbanization, green innovation, and other key factors for the period 2001–2016. The data are divided based on the income level of UFM countries and analyzed with panel quantile regression, panel unit root tests, panel co-integration test, ordinary least squares method, and fixed effects model to evaluate the nexus between variables. A generalized method of moments (GMM) is employed to deal with the endogeneity issue in the panel data. The results of the study confirm that the urban population has an inverted U-shaped association with environmental degradation in the lower-middle and high-middle income countries. It further comes out that increased education levels decrease environmental degradation in the high-income countries. Hence, green innovation reduces environmental degradation in the upper-middle-income and high-middle-income countries. The study validates an inverted U-shaped relationship between GDP and environmental degradation in all income-based groups of countries, which supports the Environmental Kuznets Curve (EKC) hypothesis. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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22 pages, 373 KiB  
Article
A Panel Data Approach towards the Effectiveness of Energy Policies in Fostering the Implementation of Solar Photovoltaic Technology: Empirical Evidence for Asia-Pacific
by Farah Roslan, Ștefan Cristian Gherghina, Jumadil Saputra, Mário Nuno Mata, Farah Diana Mohmad Zali and José Moleiro Martins
Energies 2022, 15(10), 3775; https://0-doi-org.brum.beds.ac.uk/10.3390/en15103775 - 20 May 2022
Cited by 2 | Viewed by 1602
Abstract
Today, the growing Asia-Pacific population causes a dramatic growth in energy supply to meet energy demand. The rapid rise in energy demand is causing concern in the region. Thus, the present study scrutinizes the effect of energy policy involvement in steering-up renewable energy [...] Read more.
Today, the growing Asia-Pacific population causes a dramatic growth in energy supply to meet energy demand. The rapid rise in energy demand is causing concern in the region. Thus, the present study scrutinizes the effect of energy policy involvement in steering-up renewable energy development by empirically assessing the role of policy instruments in encouraging residential-scale and commercial-scale photovoltaic (PV) systems. The analysis is performed using a fixed effects estimator on a selected range of policy approaches (market-pull policies and tax incentives) and a technology-push policy (capital grants) in selected Asia-Pacific countries between 1998 and 2015. The return on investment is estimated to measure the incentives of feed-in tariff (FIT) tariff policies for both residential-scale and commercial-scale PV systems. This study has shown the importance of a strategic combination between technology-push and market-pull policies as complementary to adopting technology and increasing renewable energy utilization for solar PV systems on a residential scale. Investigations into the effectiveness of regulatory support policies for solar PV systems indicate that energy policies are necessary to facilitate solar PV growth on a residential scale in the Asia-Pacific. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
24 pages, 2256 KiB  
Article
Do Nuclear Energy, Renewable Energy, and Environmental-Related Technologies Asymmetrically Reduce Ecological Footprint? Evidence from Pakistan
by Muhammad Usman, Atif Jahanger, Magdalena Radulescu and Daniel Balsalobre-Lorente
Energies 2022, 15(9), 3448; https://0-doi-org.brum.beds.ac.uk/10.3390/en15093448 - 09 May 2022
Cited by 51 | Viewed by 3691
Abstract
Can Pakistan’s environmental-related technologies (ERT) and nuclear and renewable energy mitigate environmental pollution? As global warming and climate change rise dramatically, economies shift to friendly energy substitutions and eco-friendly technologies, contributing to the mitigation of environmental contamination. In this scenario, policy and academic [...] Read more.
Can Pakistan’s environmental-related technologies (ERT) and nuclear and renewable energy mitigate environmental pollution? As global warming and climate change rise dramatically, economies shift to friendly energy substitutions and eco-friendly technologies, contributing to the mitigation of environmental contamination. In this scenario, policy and academic analysts have paid more concentration to renewable and nuclear energy deployment with ERT installation. To achieve this goal, the present study scrutinizes the asymmetric effects of nuclear energy, renewable energy, and ERT on the ecological footprint of Pakistan. The current research applies a novel non-linear autoregressive distributive lag method from 1991 to 2020. The results of the current analysis show that negative changes in nuclear energy increase emissions levels in the long run, while positive and negative changes in renewable energy deployment significantly overcome the burden on the environment. Similarly, positive and negative changes in ERT reduce pollution levels in the long run. Moreover, these long-run outcomes are analogous to short-run findings for Pakistan. Therefore, there is a dire requirement to increase the consumption of renewable and nuclear energy sources and take advantage of the noteworthy impact of an uncontaminated atmosphere through clean ERT potentials. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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17 pages, 1227 KiB  
Article
A Novel Investigation to Explore the Impact of Renewable Energy, Urbanization, and Trade on Carbon Emission in Bhutan
by Abdul Rehman, Mohammad Mahtab Alam, Magdalena Radulescu, Rafael Alvarado, Daniela Mihai and Madalina Brutu
Energies 2022, 15(9), 2984; https://0-doi-org.brum.beds.ac.uk/10.3390/en15092984 - 19 Apr 2022
Cited by 14 | Viewed by 2222
Abstract
The present study explores the impact of renewable energy usage, economic progress, urbanization, and trade on carbon emissions in Bhutan. The stationarity among the variables was tested by employing the two unit root tests by taking the annual data series variables from 1982–2020. [...] Read more.
The present study explores the impact of renewable energy usage, economic progress, urbanization, and trade on carbon emissions in Bhutan. The stationarity among the variables was tested by employing the two unit root tests by taking the annual data series variables from 1982–2020. A symmetric (ARDL) technique was utilized to analyze the associations among variables with short- and long-run estimations. In addition, the cointegration regression method using FMOLS and DOLS was used in this investigation to discover the robustness of the study variables. Findings showed that via long-run assessment the variables renewable energy consumption, urbanization, and trade have adverse connections with CO2 emission, while the variable economic progress shows a constructive linkage with carbon emission. However, the short-run assessment showed that the variable economic growth has a positive impact on carbon emissions. Further, the variables renewable energy consumption, urbanization, and trade have an adverse relation to carbon emissions in Bhutan. The consequences of both FMOLS and DOLS also mean that the variable renewable energy usage, urbanization, and trade have an adverse influence on carbon emission, while economic growth has a constructive linkage with CO2 emission. Greenhouse gas emissions are undeniably an increasing global issue. This problem can only be handled by prudent legislation and funding. Despite having fewer greenhouse gas emissions than industrialized economies, Bhutan’s government needs to develop new rules to address this issue in order to ensure environmental sustainability and economic growth. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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14 pages, 347 KiB  
Article
How Do Firms Achieve Green Innovation? Investigating the Influential Factors among the Energy Sector
by Zahid Yousaf, Magdalena Radulescu, Crenguta Sinisi, Abdelmohsen A. Nassani and Mohamed Haffar
Energies 2022, 15(7), 2549; https://0-doi-org.brum.beds.ac.uk/10.3390/en15072549 - 31 Mar 2022
Cited by 8 | Viewed by 1867
Abstract
This research aims to examine the direct impact of green innovation strategies and the green dynamic capability on green innovation. The indirect effect is also tested, using green organizational identity as a mediator. A cross-sectional and quantitative research approach was used to collect [...] Read more.
This research aims to examine the direct impact of green innovation strategies and the green dynamic capability on green innovation. The indirect effect is also tested, using green organizational identity as a mediator. A cross-sectional and quantitative research approach was used to collect data from energy firms. The results show that green innovation strategies and green dynamic capabilities positively affect the green innovation. The findings also proved that a green organizational identity acts as a mediator. The research outcomes suggest that the role of green organizational identity needs to be verified by firm managers who want to boost green innovation. In the advance era, society is more conscious about the green environment. Managers need a green innovation strategy to achieve green innovation within their firm. This study will help to manage the environmental issues, environmental degradation reductions, and establishment of green programs and products, which will all benefit society in the terms of improving resource efficiency, enhancing quality of life, and encouraging economic development. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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19 pages, 936 KiB  
Article
Corporate Risk Tolerance and Acceptability towards Sustainable Energy Transition
by Muhammad Rafiq, Ahsan Akbar, Saif Maqbool, Marcela Sokolová, Syed Arslan Haider, Shumaila Naz and Syed Muhammad Danish
Energies 2022, 15(2), 459; https://0-doi-org.brum.beds.ac.uk/10.3390/en15020459 - 10 Jan 2022
Cited by 10 | Viewed by 2427
Abstract
The omnipresence of risk prevails in almost every aspect of human life. Individuals and societal factors are pivotal in the decision-making process to judge acceptability and tolerability of risk. Tolerability of risk (ToR) is characterized by dynamism pinned in the process of decision [...] Read more.
The omnipresence of risk prevails in almost every aspect of human life. Individuals and societal factors are pivotal in the decision-making process to judge acceptability and tolerability of risk. Tolerability of risk (ToR) is characterized by dynamism pinned in the process of decision making that helps to gauge the society and individual’s risk. The energy transition implies switching the energy system from fossil fuels or any traditional mechanism to modern renewable sources that are sustainable. The energy transition is paramount important in the current global energy system to attain sustainable goals for organizations. This study used the positivism research paradigm to address the research questions. The quantitative approach helps to examine the cause-and-effect relationship. It also helps to collect systematic information to meet the objectives of the research. A total sample of 300 was selected for the data collection from renewable energy companies. The study used positivism research philosophy applied deductive approach. The data is analyzed through PLS-SEM. It is summarized that the scale of risk acceptability and tolerability in Pakistan is moderate which encourages companies to work progressively and increases sociocultural activities to make society a partner of this new shift in energy transition that will ultimately increase the level of risk acceptability. Nevertheless, as a society, people are neither high-risk takers nor risk avoiders due to income constraints, macroeconomic uncertainty, and political instability. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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16 pages, 745 KiB  
Article
Does the Net Present Value as a Financial Metric Fit Investment in Green Energy Security?
by Zbysław Dobrowolski and Grzegorz Drozdowski
Energies 2022, 15(1), 353; https://0-doi-org.brum.beds.ac.uk/10.3390/en15010353 - 04 Jan 2022
Cited by 17 | Viewed by 5392
Abstract
Surprisingly, little is known whether the net present value (NPV) used as a financial metric in budgeting and investment planning to analyse a projects’ profitability is universal. Meanwhile, the epochal green energy revolution ensuring carbon neutrality through green innovations requires enormous investments, and [...] Read more.
Surprisingly, little is known whether the net present value (NPV) used as a financial metric in budgeting and investment planning to analyse a projects’ profitability is universal. Meanwhile, the epochal green energy revolution ensuring carbon neutrality through green innovations requires enormous investments, and projects realised must ensure energy security. Therefore, there is a need to reanalyse financial metrics used in financial planning, including NPV. We eliminate this research gap and, based on data from Poland, Romania, Hungary, Croatia, the USA, the United Kingdom, Japan, Israel, and Euro Zone, explain why one may not perceive the currently used NPV formula as a universal financial metric. We show that the variable discount rate influences the time value of money. Therefore, there is a need to redefine the NPV formula. This study makes two main contributions. First, it creates new ground by revisiting the NPV formula in the emerging market context compared to stable economies and contributes to developing business and management theory. Second, we propose and empirically verify the modified NPV formula as a financial metric that considers the situation of energy firms in emerging markets. Thus, this research helps the capital budgeting process, and the modified NPV formula can help provide optimal outcomes in firms, helping to reduce financial risks. Our study contributes to a further contextual diagnosis of business projects and can, in turn, be relevant for other energy sector analyses. Full article
(This article belongs to the Special Issue Carbon Neutrality through Green Innovations – the Role of the Renewable Energy)
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