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The Role of Financial Markets in the Transition to a Clean Energy Economy

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 (30 November 2021) | Viewed by 2507

Special Issue Editors

Faculty of Economic and Business Sciences, University of Extremadura, 06006 Badajoz, Spain
Interests: financial analysis; asset pricing; portfolio; financial markets; portfolio management; finance; portfolio optimization; corporate finance; econometrics; investment
Special Issues, Collections and Topics in MDPI journals
Faculty of Economic and Business Sciences, University of Extremadura, 06006 Badajoz, Spain
Interests: asset pricing; risk management; financial risk management; portfolio management; portfolio theory; portfolio optimization; portfolio risk measurement; financial econometrics; behavioral finance; financial crises
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Nowadays, one of the most urgent challenges of our society is to achieve a diversified and sustainable energy supply for future generations. Although renewable energies are considered the best option for supplying future energy demand, the projects associated with these energies often require high levels of financing. In addition, they may have high political and/or technological risks associated with them. Commercial banks are, therefore, unwilling to take on such risks. In this context, the role of stock markets is decisive because they can bring investors concerned about environmental and social issues into contact with these companies. Not only the public sector but also the private sector is needed to move towards this global goal and accelerate the transition to a clean energy economy. In particular, individual and institutional investors can help improve commitment to this goal by increasing their investments in renewable energy companies. In addition, it is essential that academia contributes to this field by providing empirical studies documenting the environmental, social and economic benefits of clean energy and, in particular, the role that financial markets can play. Potential topics include, but are not limited to:

Clean energy investing in public capital markets;

The performance of clean energy investment strategies;

Mutual funds in the renewable energy sector;

Crude oil prices and clean energy stock indices;

Investor sentiment and renewable energy listed firms;

Dynamic dependence of fossil energy and clean energy stock markets;

Optimal portfolio allocation in the energy sector.

Prof. Dr. Maria Del Mar Miralles-Quirós
Prof. Dr. José Luis Miralles-Quirós
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

  • Clean energy
  • fossil energy
  • crude oil
  • investment strategies
  • asset allocation
  • optimization
  • sustainable mutual funds
  • sustainable indices

Published Papers (1 paper)

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Research

13 pages, 292 KiB  
Article
Will the Reduction of CO2 Emissions Lower the Cost of Debt Financing? The Case of EU Countries
by Sylwester Kozak
Energies 2021, 14(24), 8361; https://0-doi-org.brum.beds.ac.uk/10.3390/en14248361 - 11 Dec 2021
Cited by 2 | Viewed by 2069
Abstract
The main objective of this article is to test the relationship between the intensity of CO2 emissions and company’s cost of debt capital. This study fills a gap in the financial literature on this compound by examining a sample of 225 large [...] Read more.
The main objective of this article is to test the relationship between the intensity of CO2 emissions and company’s cost of debt capital. This study fills a gap in the financial literature on this compound by examining a sample of 225 large nonfinancial enterprises operating in 15 EU countries in the years 2018–2021. The fractional logit regression controlling for company’s characteristics (assets, profitability, liquidity and leverage) was used. The results show that by reducing the intensity of CO2 emissions, a company can reduce the cost of debt. This relationship was confirmed for three measures of intensity, i.e., CO2 emissions in relation to revenues, assets and number of employees. Markets and financial institutions impose an additional risk premium in relation to companies operating in an industry considered to be comprised of strong CO2 emitters. The use of the latest data for a wide sample of European enterprises provides an up-to-date assessment of the analyzed issues and the results can be used by enterprises and public authorities when analyzing the benefits of implementing a technology that reduces CO2 emissions. Full article
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