ABSTRACT
[...]it is often argued—as by Yifei Li and Judith Shapiro, for example—that China's dictatorship should be an advantage in this context: ‘Given the limited time that remains to mitigate climate change and protect millions of species from extinction, we need to consider whether a green authoritarianism can show us the way' (Li and Shapiro 2020, quoted from the publisher's book description). Since CCP bosses do not have to contend with public hearings, environmental studies, recalcitrant legislatures, labour unions, a critical press, and so on, Xi should be able to force state-owned polluters to stop polluting or else, and ram through his promised transition to renewable energy (see Smith 2017, 2020c). Climate Action Tracker estimates that in 2021 China's emissions increased by 3.4 per cent to 14.1 gigatonnes of carbon dioxide equivalent (GtCO2e)—nearly triple those of the United States (4.9 GtCO2e) with a gross domestic product just three-fourths as large (CAT n.d.;EIA 2022). Since 2019, China's emissions have exceeded those of all developed countries combined and presently account for 33 per cent of total global emissions (Larsen et al. 2021;IEA 2021). In the first half of 2021, rebounding from the first wave of Covid-19, China's carbon dioxide emissions surged past pre-pandemic levels to reach an all-time high 20 per cent increase in the second quarter before dropping back in late 2021 and the first half of 2022 as the real estate collapse, Omicron lockdowns, and drought-induced hydropower reductions slashed economic growth to near zero in the summer (Hancock 2021;Myllyvirta 2022a;Riordan and Hook 2022). China promised to stop building coal-fired power plants abroad, but it is building more than 200 new coal-fired plants at home in a drive to boost economic growth, maintain jobs in coal-dependent regions, and ensure energy self-sufficiency—locking the country into coal reliance for many decades to come, derailing the transition to renewables, and dooming Xi's UN pledge to transition to a green and low-carbon mode of development (Xie 2020).
ABSTRACT
According to the United States Environmental Protection Agency (US EPA), emissions from oil and gas infrastructure contribute 30 % of all anthropogenic methane (CH4) emissions in the US. Studies in the last decade have shown emissions from this sector to be substantially larger than bottom-up assessments, including the EPA inventory, highlighting both the increased importance of methane emissions from the oil and gas sector in terms of their overall climatological impact and the need for independent monitoring of these emissions. In this study we present continuous monitoring of regional methane emissions from two oil and gas basins using tower-based observing networks. Continuous methane measurements were taken at four tower sites in the northeastern Marcellus basin from May 2015 through December 2016 and five tower sites in the Delaware basin in the western Permian from March 2020 through April 2022. These measurements, an atmospheric transport model, and prior emission fields are combined using an atmospheric inversion to estimate monthly methane emissions in the two regions. This study finds the mean overall emission rate from the Delaware basin during the measurement period to be 146–210 Mg CH4 h-1 (energy-normalized loss rate of 1.1 %–1.5 %, gas-normalized rate of 2.5 %–3.5 %). Strong temporal variability in the emissions was present, with the lowest emission rates occurring during the onset of the COVID-19 pandemic. Additionally, a synthetic model–data experiment performed using the Delaware tower network shows that the presence of intermittent sources is not a significant source of uncertainty in monthly quantification of the mean emission rate. In the Marcellus, this study finds the overall mean emission rate to be 19–28 Mg CH4 h-1 (gas-normalized loss rate of 0.30 %–0.45 %), with relative consistency in the emission rate over time. These totals align with aircraft top-down estimates from the same time periods. In both basins, the tower network was able to constrain monthly flux estimates within ±20 % uncertainty in the Delaware and ±24 % uncertainty in the Marcellus. The results from this study demonstrate the ability to monitor emissions continuously and detect changes in the emissions field, even in a basin with relatively low emissions and complex background conditions.
ABSTRACT
Given Qatar's economic structure and geographical features, we examine the likely spillovers among natural gas, liquid natural gas (LNG), trade policy uncertainty (TPU), and stock markets using the spillover index developed by Diebold and Yilmaz (2012). The results show considerable spillover among the aforementioned variables. Natural gas and LNG are the net receivers of spillovers, whereas TPU and the stock market are net spillover transmitters. TPU had the lowest sensitivity in the network system, whereas natural gas and LNG had the highest sensitivities. Moreover, the measure of spillovers varies over time and jumps during financial and COVID-19 crises. TPU and the stock market were the strongest driving forces of spillover. In addition, while the stock market has the highest transmission of natural gas and LNG, consistent with the energy-oriented structure of corporations in Qatar's stock market, it showed the highest sensitivity to LNG and natural gas. Both forms of energies—natural gas and LNG—indicate noticeable sensitivity to the stock market and TPU, respectively. Moreover, TPU is more sensitive to natural gas and LNG shocks. These results have significant implications for investors, policymakers, and governments.
ABSTRACT
The first two months of war alone turned the Russian clock back decades, undoing thirty years of post-Soviet economic gains and reducing the country to an international pariah state. Three decades after the collapse of the Soviet empire, Russians are being dragged back in time to when Soviet citizens lived isolated from the rest of the world, in a bubble of failed ideology and misinformation. That system fell apart under just the kind of autarky and autocracy that Putin hopes to reimpose. Just as the Soviet system collapsed, Putin is also failing Russia, erasing the gains of the postcommunist period in a feckless attempt to rebuild a doomed empire.
ABSTRACT
The shipping industry has faced two major challenges during 2019-2022: the implementation of International Maritime Organization (IMO) norms on the maximum allowed sulfur concentration to be 0.5% in marine fuel, which also are known as IMO 2020 norms, from Jan 1, 2020, and the COVID-19 pandemic, which disrupted normal operations. The next challenges that the shipping industry is expected to face are the decarbonization 2030 and 2050 norms. This article will focus on the aftermaths of the IMO 2020 norms and the COVID-19 pandemic on the marine lubricants industry and how it is likely to evolve in the future as the shipping industry tries to meet the decarbonization targets.
ABSTRACT
The shift to renewable sources of energy has become a critical economic priority in African countries due to energy challenges. However, investors in the development of renewable energy face problems with decision making due to the existence of multiple criteria, such as oil prices and the associated macroeconomic performance. This study aims to analyze the differential effects of international oil prices and other macroeconomic factors on the development of renewable energy in both oil-importing and oil-exporting countries in Africa. The study uses a panel vector error correction model (P-VECM) to analyze data from five net oil exporters (Algeria, Angola, Egypt, Libya and Nigeria) and five net oil importers (Kenya, Ethiopia, Congo, Mozambique and South Africa). The study finds that higher oil prices positively affect the development of renewable energy in oil-importing countries by making renewable energy more economically competitive. Economic growth is also identified as a major driver of the development of renewable energy. While high-interest rates negatively affect the development of renewable energy in oil-importing countries, it has positive effects in oil-exporting countries. Exchange rates play a crucial role in the development of renewable energy in both types of countries with a negative effect in oil-exporting countries and a positive effect in oil-importing countries. The findings of this study suggest that policymakers should take a holistic approach to the development of renewable energy that considers the complex interplay of factors, such as oil prices, economic growth, interest rates, and exchange rates.
ABSTRACT
Despite a significant increase in global clean energy investments, as part of the decarbonization process, it remains insufficient to meet the demand for energy services in a sustainable manner. This study investigates the performance of sustainable energy equity investments, with focus on environmental markets, using monthly equity index data from 31 August 2009 to 30 December 2022. The main contributions of our study are (i) assessment of the performance of trading strategies based on the trend, momentum, and volatility of Environmental Opportunities (EO) and Environmental Technologies (ET) equity indices;and (ii) comparison of the performance of sustainable equity index investments to fossil fuel-based and major global equity indices. Market performance evaluation based on technical analysis tools such as the Relative Strength Index (RSI), Moving Averages, and Average True Range (ATR) is captured through the Sharpe and the Sharpe per trade. The analysis is divided according to regional, sector, and global EO indices, fossil fuel-based indices, and the key global stock market indices. Our findings reveal that a momentum-based strategy performed best for the MSCI Global Alternative Energy index with the highest excess return per unit of risk, followed by the fossil fuel-based indices. A trend-based strategy worked best for the MSCI Global Alternative Energy and EO 100 indices. The use of volatility-based information yielded the highest Sharpe ratio for EO Europe, followed by the Oil and Gas Exploration and Production industry, and MSCI Global Alternative Energy. We further find that a trader relying on a system which simultaneously provides momentum, trend, or volatility information would yield positive returns only for the MSCI Global Alternative Energy, the S&P Oil and Exploration and Production industry, NYSE Arca Oil, and FTSE 100 indices. Overall, despite the superior performance of the MSCI Global Alternative Energy index when using momentum and trend strategies, most region and sector EOs performed poorly compared to fossil fuel-based indices. The results suggest that the existing crude oil prices continue to allow fossil fuel-based equity investments to outperform most environmentally sustainable equity investments. These findings support that sustainable investments, on average, have yet to demonstrate consistent superior performance over non-renewable energy investments which demonstrates the need for continued, rigorous, and accommodating regulatory policy actions from government bodies in order to reorient significant capital flows towards sustainable equity investments.
ABSTRACT
The aim of the article is to present the position of the Czech government and the society of this country towards the war in Ukraine. The text is an attempt to conduct a comparative analysis of the position of the Czech government and the part of society that has been opposing the government's policy towards Ukraine for some time. The author presented the main consequences of the Czech government's support for Ukraine, which are related to the post-pandemic crisis. These include, above all, problems with the supply of oil, natural gas and nuclear fuel for Czech nuclear power plants. Social problems include high inflation, rising interest rates and rising prices ofbasic commodities. In the summary, synthetic conclusions were drawn that confirm the discrepancies between the government's policy and the position of that part of society.
ABSTRACT
Climate change, the scarcity of fossil fuels, advances in clean energy, and volatility of crude oil prices have led to the recognition of clean energy as a viable alternative to dirty energy. This paper investigates the multifractal scaling behavior and efficiency of green finance markets, as well as traditional markets such as gold, crude oil, and natural gas between 1 January 2018, and 9 March 2023. To test the serial dependency (autocorrelation) and the efficient market hypothesis, in its weak form, we employed the Lo and Mackinlay test and the DFA method. The empirical findings showed that returns data series exhibit signs of (in)efficiency. Additionally, there is a negative autocorrelation among the crude oil market, the Clean Energy Fuels Index, the Global Clean Energy Index, the gold market, and the natural gas market. Arbitration strategies can be used to obtain abnormal returns, but caution should be exercised as prices may increase above their actual market value and reduce the profitability of trading. This work contributes to the body of knowledge on sustainable finance by teaching investors how to use predictive strategies on the future values of their investments.
ABSTRACT
This paper investigates volatility spillovers between energy and stock markets during periods of crises. Our main findings reveal that transmissions of volatilities among these markets during the Covid-19 pandemic crisis exceeded the ones recorded throughout the 2008 global financial crisis. All stock markets are net transmitters of volatility to energy markets during the 2008 global financial crisis while they show different patterns during the Covid-19 crisis. We also provide evidence of asymmetric volatility spillovers among stock and energy markets. Our results also indicate that on average natural gas provides better hedging effectiveness to the stock markets than crude oil.
ABSTRACT
The global economy is moving into a new era characterized by digital and green development. To examine the impact of digital industrialization development on the energy supply chain, in relation to the sustainable development of China's energy security, we discuss the nonlinear impact and transmission mechanism of digital industrialization on the supply chain of the energy industry using a panel threshold regression model based on sample data on the development of the provincial natural gas industry in China from 2006 to 2020. We found that there are multiple threshold effects of digital industrialization level development on energy supply chain length, and the results are statistically significant, i.e., digital industrialization development positively contributes to natural gas supply chain length after digital industrialization is raised to or crosses the critical threshold. Meanwhile, the heterogeneity analysis results show that there are differences in the impact of digital industrialization on the energy supply chain from sub-sectors, regional development differences, and different development periods. Therefore, we provide some factual support and experience for achieving the construction goal of "Digital China" and accelerating the digital reform of the energy supply chain as well as transforming and upgrading the economic structure.
ABSTRACT
We analyse the evolution of the systemic risk impact of oil and natural gas companies since 2000. This period is characterised by several events that affected energy source markets: the real effect of the global financial crisis, the explosion of shale production and the diffusion of the Covid-19 pandemic. The price of oil and natural gas showed extreme swings, impacting companies' financial situations, which, accompanied by technological developments in shale production, had an impact on the debt issuance and on the overall risk level of the oil and natural gas sector. By studying the systemic impact of oil and natural gas companies on risk in the financial market, measured by the ΔCoVaR, we observe that in the most recent decade, their role is sensibly increasing compared to 2000–2010, even accounting for the possible effect associated with the increase in companies' sizes. In addition, our results show evidence of a decreasing relevance of traditional drivers of systemic risk, suggesting that additional factors might be present. Finally, when focusing on the impact of Covid-19, we document its relevant role in fuelling the increase in the oil and natural gas companies' systemic impact. © 2023 The Authors
ABSTRACT
У кризним ситуаци)ама, као што je текуки сукоб у Укра]ит, питате учинковитости инпута у полопривредно] производти поста]е врло знача]но. У том контексту, главни цил овограда jeутвр'ивате нивоа ефикасности примене 'убрива у землама Западног Балкана. Истовремено, фокус овог рада je здравле землишта у региону, као и зависност региона од увоза "убрива.. Резултати су показали да je ефикасност 'убрива века у региону него у ЕУ. Ме'утим, с обзиром на високу зависност од увоза и наjвjeроватниje продужете кризе, дати су одре'ени предлози за поболшате ситуацsе. Заклучци овог рада могу бити од користи креаторима полопривредне политике као и полопривредним произво'ачима.Alternate :In the case of the crisis, such as the current conflict in the Ukraine, the question of input effectiveness in agricultural production has become very important. In that context, the main objective of this paper is to find the level of fertiliser efficiency in the Western Balkan countries. The paper also aims to discuss health of the soil in the region and its dependence on fertilisers imports. Results showed that fertilizer use efficiency is higher in the region than in the EU. However, considering the high dependence on imports and the most likely prolongation of the crisis, certain suggestions for improving the situation were given. This conclusion can be useful for the creators of the agricultural policy as well as for agricultural producers.
ABSTRACT
PurposeThe Russian invasion of Ukraine generated unprecedented panic in the European financial system. As expected, the European Union (EU) felt most of the negative effects of the war due to geographical proximity to Ukraine and energy dependence on Russia. This study aims to investigate the influence of Brent crude oil (BCO), Dutch Title Transfer Facility Natural Gas, and CBOE Volatility Index (VIX) on Deutscher Aktien Index (DAX), Austrian Traded Index (ATX) and Milano Indice di Borsa (FTSEMIB). The German, Austrian and Italian equity indexes were chosen due to the heavy dependence of these countries on Russian gas and oil.Design/methodology/approachThe data cover the period from November 24, 2021, to June 24, 2022, including five months of the Russia–Ukraine war. To generate the intended results, vector autoregressive, structural vector autoregressive, vector error correction model, Johansen test and Granger causality test were used.FindingsThe results highlight that natural gas and the VIX carried negative effects on DAX, ATX and FTSEMIB. The BCO was expected to have influenced three selected equity indexes, while the results suggest that it was priced only in ATX.Originality/valueThis research provides modest evidence for the policymakers on the systemic risk that Russian gas has for the EU equity markets. From a managerial perspective, changes in oil and gas prices are a permanently integral part of portfolio risk analysis.
ABSTRACT
Remote community initiatives for renewable energy are rapidly emerging across Canada but with varying numbers, success rates, and strategies. To meet low-carbon transition goals, the need to coordinate technology deployment and long-term policy to guide the adoption is critical. Renewable resources such as wind, solar, hydro, and biomass can provide energy at a subsidized cost, create sustainable infrastructure, and provide new economic viability in social value integration. The renewable energy transition is crucial to Canada in sustaining remote and indigenous communities by providing local, clean, and low-carbon-emission energy for heat, power, and possibly transportation. This paper identified 635 renewable resources projects deployed to improve and increase electricity supply. To an extent, balancing demand within the remote and indigenous communities of Canada and highlighting sustainable renewable energy development through ownership participation within the communities is achievable before 2050 and beyond through energy efficiency and the social value of energy. The article identifies clean energy targets as mandated by the different provinces in Canada to reach net-zero GHG emissions.
ABSTRACT
Alternative energy alternatives to traditional energy sources like coal and fossil fuels include solar PV and wind energy conversion systems. The solar and wind energy conversion system's maximum power may be obtained by activating the converters. There are several MPPT (Maximum Power Point Tracking) regulating methods for solar and wind energy conversion systems. For solar PV energy conversion systems, this study suggests two MPPT controlling techniques: Covid-19 MPPT and FLC-based MPPT. The two MPPT methods that are suggested are put into practise using MATLAB. The first Covid-19 approach that has been developed combines aspects of hill climbing and progressive conductance methods. Calculate the direction of the perturbation for the PV modules' operation using the incremental conductance approach. The method of ascending hills is straightforward and involves fewer variables. When dI/dV equals the incremental conductance, the Maximum Power Point (MPP) is attained using the incremental conductance approach. In the hill climbing approach, the MPP is determined by comparing the power in the present and the past. Both incremental conductance and change of power are taken into account in the proposed Covid-19 MPPT regulating approach to obtain the MPP. With this hybrid approach, solar PV generates the most electricity possible under all conditions of temperature and irradiance. As a result, the planned Covid-19 technique moves forward as intended and swiftly reaches the MPP.Copyright © 2022, Anka Publishers. All rights reserved.
ABSTRACT
[...]the article closes with policy recommendations to prevent the weaponization of wheat. [...]Russia has recently violated Swedish airspace,8 simulated attacks on Norway,9 jammed GPS systems during NATO exercises,10 and tested new missile systems.11 Russia's quest for melting Arctic fossil fuels is part of an overall plan to leverage the advantages they gain from climate change, a plan that is marked by increased aggression and strategic manipulation of climate-vulnerable regions. [...]as importing countries transition away from fossil fuels, demand for Russian oil and gas will decrease, reducing the overall [End Page 63] revenue for the Russian economy. Countries that fell under the Soviet sphere of influence during the Cold War are less diversified in their energy mixes than those in Western Europe and are highly dependent on Russia.19 For example, in 2015, the stateowned oil and gas company Gazprom increased prices for the Baltic states, Bulgaria, and Poland.20 EU antitrust regulators found that Gazprom was manipulating gas prices in Bulgaria and Poland to force them to participate in additional pipeline projects.21 Such manipulative tactics could indicate future avenues for hybrid warfare, through which Russia combines military strength with economic, resource, technological, or political aggression.22 Russia's use of energy as a form of hybrid warfare can also be seen clearly in Ukraine.
ABSTRACT
In a time-frequency biwavelet framework, we analysed the short-, medium-, and long-term impacts of COVID-19-related shocks on ten energy commodities (i.e., Brent, crude oil, coal, heating oil, natural gas, gasoline, ethanol, naphtha, propane, and uranium) from January 2020 to April 2022. We document intervals of high and low coherence between COVID-19 cases and the returns on energy commodities across the short-, medium-, and long-term horizons. Low coherence at high frequencies indicated weak correlation and signified diversification, hedging, and safe-haven potentials in the short term of the pandemic. Our findings suggest that energy markets' dynamics were highly driven by the pandemic, causing significant changes in market returns, particularly across the medium- and low-frequency bands. Furthermore, the empirical results indicate dynamic lead-lag relationships between COVID-19 cases and energy returns between the medium- and long-term horizons, signifying that diversification could be sought through crossinvestment in different energy commodities. The results have significant implications for market participants, regulators, and practitioners.
ABSTRACT
Presentations spanned a range of applications: the public health impacts of poor air quality and environmental justice;greenhouse gas measuring, monitoring, reporting, and verification (GHG MMRV);stratospheric ozone monitoring;and various applications of satellite observations to improve models, including data assimilation in global Earth system models. The combination of methane (CH4), carbon dioxide (CO2), carbon monoxide (CO), and NO2 retrievals can improve confidence in emissions inventories and model performance, and together these data products would be of use in future air quality management tools. The ability to retrieve additional trace gases (e.g., ethane, isoprene, and ammonia) in the thermal IR along with those measured in the UV–Vis–NIR region would be extremely useful for air quality applications, including source apportionment analysis (e.g., for oil/natural gas extraction, biogenic, and agricultural sources). Ground-level ozone is one of six criteria pollutants for which the EPA sets National Ambient Air Quality Standards (NAAQS) to protect against human health and welfare effects.