Affordable and Clean Energy for all: Challenges in Balkan Countries

The paper analyses SDG7 indicators of sustainable development in Balkan Countries. Slovenia, Croatia and Montenegro, Serbia, North Macedonia and Bosnia Herzegovina are selected for case study aiming to define the progress towards SDG7 goal- Affordable and clean energy by applying the main indicators set for analysis of situation in terms of affordable and clean energy for all in selected neighbouring countries of former Yugoslavia. The paper also provides policy recommendations based on analysis performed and allows to share good practices in energy policies among neighbouring countries which as different economic development level and Slovenia is EU Member State since 2004 and Croatia since 2013. Other Balkan states are just planning to join EU in the future.

Stock returns, oil prices and leverage: evidence from US firms

Purpose>This paper aims to investigate how the relation between stock returns of US firms and West Texas Intermediate (WTI) oil prices is affected by leverage from 1990 to 2020.Design/methodology/approach>This paper examines how the relationship between stock returns of US firms and WTI oil prices is affected by leverage from 1990 to 2020 using a fixed-effect model estimation framework.Findings>Results from the fixed-effect regression models suggest that leverage effects on stock returns are pervasive both in aggregate and cross-industry levels, while the mining industry is more sensitive. In addition to the positive oil price effects attenuated by leverage at the aggregate level, the authors observe stronger marginal effects of leverage only for the mining sector. Being more exposed to commodity prices, the positive effects of oil prices on stock returns in the mining sector are offset by large debt ratios. Asymmetries, effects of debt maturity structure and implications are also discussed.Research limitations/implications>This study is grounded on the contemporary cash flow claim of leverage NOT on the long-run effect of leverage considering cash flow constraints. The oil price increase is assumed to represent an advancement of the overall economy. This study does not capture the oil prices response to some other economic forces and vice-versa.Practical implications>Mining companies should therefore reduce the stock of debt with respect to their assets to make possible the “pass-through” from oil prices to the stock market.Originality/value>Previously undocumented and the authors show that leverage reduces the total effect of oil prices on stock returns, consistent with the hypothesis. Asymmetric and debt maturity structures effects are also discussed.

Bulgaria ∙ The Annual Priorities List and Activities of the Bulgarian Competition Protection Commission in the First Half of 2022

According to the CPC this requires an examination of the rules and principles of the internal energy market in the context of sustainable development, in particular with regard to the environment. [...]the CPC considers it necessary to continue the close observation of the food sector for anticompetitive practices. According to the CPC, these agreements should not take the form of cartels or other anticompetitive practices. According to the CPC, these events provided it with a good reason to review whether some of the main market players (ie, Lukoil Bulgaria, NIS Bulgaria, Shell Bulgaria, Eco Bulgaria, OMV Bulgaria and Petrol), which were subject to a cartel investigation in 2016 – 2017, fulfil the commitments they undertook at the end of that investigation.

Do global factors drive the interconnectedness among green, Islamic and conventional financial markets?

Purpose>This study aims to examine the connectedness among green, Islamic and conventional financial markets from December 2008 to May 2021. Moreover, the impact of global factors on the connectedness of given financial markets is also observed.Design/methodology/approach>This study first employed the time-varying parameter vector autoregressions (TVP-VAR) technique to explore the connectedness of markets. Second, This study utilized the wavelet coherence analysis to test the time-frequency impact of global factors in terms of implied volatilities of stock, oil, gold, currency and bond on the connectedness across financial markets.Findings>This study finds Islamic stocks, sustainability index and S&P500 composite index are the net transmitters, whereas Sukuk, commodity index, bond market, clean energy and green bonds are the net recipient of spillovers. Time-varying features of green, Islamic and conventional financial markets are evident in system-wide connectedness. This study further evidenced that global factors drive the connectedness of financial markets, particularly during stressful times.Practical implications>The findings of this study furnish significant implications for policymakers, regulatory authorities, investors, financial market participants and portfolio managers in terms of carefully assessing the unique characteristics offered by each financial market in terms of risk mitigation and diversifying the portfolios.Originality/value>Using a portfolio of green, Islamic and conventional financial markets, the uniqueness of this study lies in the examination of the connectedness of these markets by deploying the TVP-VAR technique. In addition, wavelet analysis offers a significant contribution in terms of global factors driving the connectedness of green, Islamic and conventional markets.

Financial development and natural resources nexus in Egypt: the role of clean energy sources and foreign direct investment

Purpose>Achieving the goals of the sustainable development strategy and Egypt’s vision 2030 depends mainly on the existence of sources of funds. And since Egypt faces a great challenge in obtaining finance, then analyzing the drivers of financial development is a vital issue and there is a persistent need to shed light on the key obstacles for it. Thus, this paper aims to empirically assess the impact of natural resources, foreign direct investment (FDI) net inflows, education and clean energy sources on financial development in Egypt using the data of the 1971–2014 period.Design/methodology/approach>The paper uses auto-regressive distributed lag and Toda-Yamomoto approaches to fulfill the purpose.Findings>Empirical results signify that all variables except natural endowments stimulate financial development which can suggest the presence of the natural resources curse in Egypt. Moreover, the feedback effect between financial development and FDI is recognized. Clean energy sources cause financial development and natural endowments. Financial development causes natural endowments and FDI leads to the deployment of more clean energy resources.Practical implications>Several crucial policy implications are suggested based upon these results as improving the quality and quantity of education and encouraging both domestic and foreign investors by providing several incentives. Moreover, the government has to enhance green finance through financing solar energy projects and other environmentally friendly projects.Originality/value>It is the first research for Egypt that explores natural resource-financial development nexus using time series analysis according to our information, and two important variables are included in the model which is clean energy sources and FDI. Then, although several studies examined the impact of financial development on clean energy no empirical study before assessed the impact of clean energy on financial development.

Dynamic frequency relationships between bitcoin, oil, gold and economic policy uncertainty index

Purpose>This paper aims to examine the frequency of co-movements and asymmetric dependencies between bitcoin (BTC), gold, Brent crude oil and the US economic policy uncertainty (EPU) index.Design/methodology/approach>The authors use a wavelet approach and a quantile-on-quantile regression (QQR) method.Findings>The results show a positive interdependence between BTC and commodity price returns at both medium and low frequencies over the sample period. In contrast, the dependence is negative between BTC and EPU index at both medium and low frequencies. Furthermore, the co-movements between markets are more pronounced during crises. The results show that strategic commodities and EPU index have the ability to predict BTC price returns at both medium- and long-terms. The QQR method reveals that higher gold returns tend to predict higher/lower BTC returns when the market is in a bullish/bearish state. Moreover, lower gold returns tend to predict lower (higher) BTC returns when the market is in a bearish (bullish) state (positive (negative) relationship). The lower Brent returns tend to predict higher/lower BTC returns when the market is in a bullish/bearish state. High Brent quantiles tend to predict the lower BTC returns in its extremely bearish states. Finally, higher and lower EPU changes tend to predict lower and higher BTC returns when the market is in a bearish/bullish state (negative relationship).Originality/value>There is generally a lack of understanding of the linkages between BTC, gold, oil and uncertainty index across multiple frequencies. This is, as far as the authors know, the first attempt to apply both the wavelet approach and a QQR method to examine the multiscale linkages among markets under study. The findings should encourage the relevant policymakers to consider these co-movements which vary over time and in duration when setting up regulations that deem to enhance the market efficiency.

Guest editorial: Green and energy efficiency finance

Improving energy efficiency through new investments requires focused and aggressive policies that support green innovation through more stringent energy efficiency regulations, fiscal incentives for new technologies, investment incentives for the private sector and pricing greenhouse gas (GHG) emissions. Since 2015, global improvements in energy intensity, a key measure of the economy’s energy efficiency, have been declining. In the fourth paper, Ngo et al. analyze the impact of green finance (i.e. green investment, green security and green credit) along with capital formation and government educational expenditures on the economic development of the Association of Southeast Asian Nations (ASEAN) member countries. In the fifth paper, Tran examines the relationship between green finance, economic growth, renewable energy consumption and CO2 emission in Vietnam using multivariate time series analysis.

Volatility shocks in energy commodities: The influence of COVID-19

This study investigates the impact of COVID-19 induced global panic on crude oil and natural gas volatility. The author uses the Structural Vector Auto Regression (SVAR) to examine the magnitude of shocks in global oil and gas prices caused by COVID-19 induced panic between 3rd January 2020 and 30th June 2021. The results show that shocks in oil and gas prices were negative and more severe in the first five (5) months of2020 when the pandemic was spreading across the globe forcing countries' prices into lockdowns. The negative shocks gradually diminished in the following periods as the prices recovered courtesy of global economic recovery and vaccine rollouts. Furthermore, the panic was more pronounced in causing oil prices shocks as gas prices were already suffering amid mild temperatures during the 2020 winter season. The author stresses the need for swift actions during the early days of the crisis to adjust oil and gas supply to match demand shrinkage so as to stabilize their prices given their enormity to the global economy. The Russia-Saudi Arabia delays in agreeing on oil supply restrictions may have amplified the magnitude of negative shocks in oil prices. Existing studies have examined the country-level impacts of COVID-19 on energy prices focusing mainly on oil. However, oil and gas are among the most traded commodities in the world thus the stability of their prices is of global concern. This study examines this phenomenon on a global scale by utilizing the novel global coronavirus panic index.

The Post-Pandemic Development of the Green Circular Economy and the Declarations Made During the UN Climate Change Conference (COP26) as Security Determinants

Purpose: The aim of this article is to describe the important security determinants of postpandemic development of the green circular economy in the context of the latest report of the Intergovernmental Panel on Climate Change (IPCC) I IPCC Working Group, "Climate Change 2021: the Physical Science Basis" and declarations made during the UN Climate Change Conference (COP26) in Glasgow in early November 2021. Approach/Methodology/Design: The main research methodology was based on the analysis of the results of scientific research and a synthetic description of the key conclusions drawn from the review of the literature describing various aspects of the analyzed issues concerning the determinants of the climate change process, the issue of green economy development, the implementation of the principles of sustainable economic development, reduction of greenhouse gas emissions and how they impact security aspects etc. Research methods used in the study included critical literature review, comparative analysis, and analysis of available data. Findings: The analysis of scientific data shows that the process of climate change has entered a strong upward trend and perhaps humanity has little effect on reversing this process in this century. The transformation of the environment into the economy should include, first of all, the energy sector through the development of renewable energy sources, the development of electromobility, ecological agriculture, improvement of waste segregation techniques, recycling, etc. A key issue in this process is the pursuit of sustainability. The factual implementation of the aforementioned shall enable to address the security threats that are largely intensified by climate change and lack of efficient level of sustainable development. The aforementioned shall be helpful in providing the necessary level of security and address the threats. Practical Implications: In order to slow down the progressing global warming process, and tame global security threats related to climate change it absolutely is necessary to reduce all or most of greenhouse gas emissions in the shortest possible time, reform the energy sector with the respect to energy security, implement eco-innovations and carry out other proenvironmental reforms as well as to increase the scale of achieving sustainable development goals implemented in accordance with the principles of a sustainable, green circular economy. The global socio-economic crisis caused by the development of the SARS-CoV-2 (Covid-19) coronavirus pandemic should significantly change the pro-ecological awareness of people and the need to implement sustainable development in economic processes and everyday functioning of people. The need to continue the policy of reducing greenhouse gas emissions was discussed during the UN Climate Conference COP26 in early November 2021. Originality/Value: For the purposes of this article, a multifaceted, synthetic and critical analysis of data available in the source literature was carried out. The proposed solutions are to contribute to a significant reduction in greenhouse gas emissions and slow down the process of global warming, and to reduce the scale of the drastic effects of climate change over the next several decades. This shall also lead to decrease of conflicts that otherwise would resource from global instabilities caused by climate change consequences.

COVID-19 impacts on Energy Poverty: Lithuanian case study

The analyses the impact of COVID-19 pandemics on energy poverty. Comparative assessment of Lithuanian trends with EU-27 and other Baltic States was applied to identify the main differences in these trends and to provide policy implications. Three main indicators from EU-SILC database were selected to measure energy poverty: Population unable to keep home adequately warm, Arrears on utility bills and Population living in a dwelling with a leakages. Energy prices as the main indicator driving energy poverty during COVID-19 pandemic was also addressed in order to fully grasp the negative impact of pandemics on energy vulnerability and energy poverty in Lithuania. The paper also provides policy recommendations to mitigate negative impact of COVID-19 on energy poverty in Lithuania.

Informal Mining in Colombia: Gender-Based Challenges for the Implementation of the Business and Human Rights Agenda

This paper analyses whether the implementation of business and human rights (BHR) frameworks in Colombia properly responds to the challenges posed by informal mining and gender-based violence and discrimination in the context of conflict and peacebuilding. The mining sector has been considered key in Colombia to promote economic growth, but it is also characterized by significant informality. Informal mining in Colombia has been linked to gender-based violence and discrimination. We contend that while informality has been identified as a substantial hurdle to the realization of human rights, BHR frameworks still fall short in addressing this aspect of business. By examining the specific measures Colombia has devised to implement BHR, including two National Action Plans on BHR, we demonstrate the urgency of addressing informal economies in BHR and to continue developing particular insights to properly protect, respect and remedy the human rights wrongs women experience in the context of informal mining.

Renewable energy consumption, nonrenewable energy consumption, CO2 emissions and economic growth in Vietnam

PurposeThis study intended to analyze the impact of nonrenewable energy consumption, renewable energy consumption, CO2 emissions on per capita income growth in Vietnam in the period 1990–2019.Design/methodology/approachThe present study adopts the technique of the Autoregressive Distributed Lag (ARDL) cointegration for the annual data collection of Vietnam.FindingsThe results of the study show that in the long term, nonrenewable energy consumption increases per capita income, but CO2 emissions reduce per capita income. In the short run, changes in nonrenewable energy consumption and renewable energy consumption promote per capita income growth in Vietnam. However, changes in nonrenewable energy consumption in the past have had a negative impact on the current income growth of Vietnamese people.Originality/valueThe current study provides new insights into the growth effect of nonrenewable energy consumption, renewable energy consumption and CO2 emissions. The papers suggests important implications to Vietnam in setting the long-run policies to boost the effect of energy consumption and CO2 emissions on growth in Vietnam in the coming time.

Modern Geopolitics of Eastern Mediterranean Hydrocarbons in an Age of Energy Transformation

With its geographical proximity, economic growth rates, relatively higher demand for natural gas, and existing infrastructure, Turkey is the best option to market excess Israeli gas;it provides the most financially viable option to export both Israeli and other Eastern Mediterranean gas. [...]the argument that since the world is going through an energy transformation, fossil fuels such as coal and natural gas are losing their significance is also debatable. Having succeeded in lowering prices to deter one another, the two then made an agreement to raise prices again. [...]OPEC+ still continues to affect oil prices by controlling oil production levels.

THE FUTURE IS NOW BUT WHERE THE CEO'S ARE?

Global warming, pollution, overpopulation, pandemics, inequality, wars, oppression, media, energy crisis, inadequate consumption of mineral and water resources over the last 100 years are taking a toll and asking whether we have an answer to what the Earth will look like in the coming years, decades or next century. The world is at a crossroads, what we are contemporaries is that we are in the middle of the global pandemic COVID 19, global warming and energy crisis. Solutions are being sought and offered that would help overcome the current situation, heal current chalangesd and find opportunities that would push the world forward. The environment, the way of working, the demands of the market, the division of work, the approach to work are changing, it is expected that today's behavior will define a more certain future. Companies are expected to prepare, survive, change, respond to increasingly demanding markets, recognize the future, flirt with today and prepare for tomorrow. Companies are run by directors, owners, stakeholders, CEOs, and the question of their necessity, knowledge, expertise, skills required in response to given challenges is rightly raised. This paper aims to provide some of the answers to the questions asked.

Measuring Leverage Effect of Covid 19 on Stock Price Volatility of Energy Companies Using High Frequency Data

The uprising of the pandemic COVID-19 has paralysed the whole Indian economy, and as a result the Indian stock market is severely affected too. The widely inclusive lockdown articulated on 24th March 2020 by the Prime Minister as a careful step against COVID-19, trailed by ensuing augmentations, has brought about a halt of all financial movement in the country. The objective of the study is to frame different asymmetric price volatility models for Selected Companies under Energy Sector using 1-minute closing price from 15th October 2019 to 15th May 2020 to captivate the leverage effect of the pandemic. The asymmetric terms in the selected asymmetric models are providing sufficient proof that the stock price volatility of three companies out of six under NIFTY Energy i.e., BPCL, Power grid and Indian Oil Corporation are unfavourably influenced by the pandemic. The forecasting graphs for volatility of four companies have been plotted, reveals that there is consistency in the stock price returns of all these four companies but the graph of predicted variance of Indian Oil Corporation reveals that the volatility has been fluctuating drastically with many high peak variances or fluctuations during the two days of forecasted period.

ECONOMIC DEVELOPMENT AND ENVIRONMENTAL ECONOMICS IMPACT BECAUSE OF COVID-19

COVID-19 has heightened human suffering, undermined the economy, turned the lives of billions of people around the globe upside down, and significantly affected the health, economic, environmental and social domains. This study aims to provide a comprehensive analysis of the impact of the COVID-19 outbreak on the ecological domain, the energy sector, society and the economy and investigate the global preventive measures taken to reduce the transmission of COVID-19. This analysis unpacks the key responses to COVID-19, the efficacy of current initiatives, and summarizes the lessons learnt as an update on the information available to authorities, business and industry. This review found that a 72-hour delay in the collection and disposal of waste from infected households and quarantine facilities is crucial to controlling the spread of the virus. Broad sector by sector plans for socio-economic growth as well as a robust entrepreneurship-friendly economy is needed for the business to be sustainable at the peak of the pandemic. The socio-economic crisis has reshaped investment in energy and affected the energy sector significantly with most investment activity facing disruption due to mobility restrictions. Delays in energy projects are expected to create uncertainty in the years ahead. This report will benefit governments, leaders, energy firms and customers in addressing a pandemic-like situation in the future.

AN EMPIRICAL INVESTIGATION ON SUSTAINABLE CONSUMPTION BEHAVIORS IN THE ONLINE EDUCATION INDUSTRY: PERSPECTIVES FROM CHINESE COLLEGE STUDENT

The study aims to investigate the perspectives that contributed to explaining the college students' sustainable consumption behavior in the online education industry (SCBOEI) and empirically build up with frameworks up lighting college students' drivers to consume sustainably and greenly in the online education industry. This research employs an exploratory design using a qualitative approach, with a semi-structured in-depth interview was conducted with 25 college students from different majors, ages and colleges in Chongqing city. The researcher is both a recorder and an observer. The data are coded by using NVivo 12.0 version software. The findings show that value, identity, environmental attitude, and contextual factors are critical dimensions to explain college students' SCBOEI. Value, identity, and contextual factors are the core explanatory factors, while environmental attitude is the sub-core explanatory dimension. However, the second level of coding shows that functional value, emotional value, self-identity, environmental attitude, government action, and social media have strong explanatory power. In addition, this study finds that covid-19 plays a prominent explanatory role in SCBOEI. Furthermore, learning conditions and psychological value can explain college students' SCBOEI to some extent. Such findings were encapsulated to building up with one theoretical framework pertinent and explain to SCBOEI. This paper contributes to existing theory as it provides evidence for the drivers of college students' SCBOEI, it also tentatively answers the question of inferring a difference in consumers ' sustainable consumption. Finally, it studies sustainable consumption from perspectives of the online education industry for college students. to some extent, this study also promotes and extends the sustainable development goals (No. 4 Higher Education and No. 12 Consumption).