International Journal of Energy Economics and Policy
type: channel
description: International Journal of Energy Economics and Policy (IJEEP) is the international academic journal, and is a double-blind, peer-reviewed academic journal publishing high quality conceptual and measure development articles in the areas of energy economics, energy policy and related disciplines. The journal has a worldwide audience. The journal's goal is to stimulate the development of energy economics, energy policy and related disciplines theory worldwide by publishing interesting articles in a highly readable format. ISSN: 2146-4553 2024 CiteScore: 3.4 37/78: General Energy (Scopus®) 81/284: Economics, Econometrics and Finance (Scopus®) Ranking: 2024 SJR: 0.343 Editorial Board: 51 members from 26 countries/regions
publisher: EconJournals
language: en-US
publication name: International Journal of Energy Economics and Policy
issn: 2146-4553
copyright: Submission of an article implies that the work described has not been published previously , that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, will not be published elsewhere in the same form, without the written consent of the Publisher. The Editors reserve the right to edit or otherwise alter all contributions, but authors will receive proofs for approval before publication.
items: Natural Resource Rents and Carbon Intensity Nexus in Saudi Arabia: Disaggregated Analyses
items: The Slack Factor: Resources Influencing Carbon Transparency
items: The Impact of Green Marketing Strategies on Consumer Purchase Intentions Toward Eco-Friendly Products in Southeast Asia
items: GCC’s Post-Oil Transition: Rising Profitability Advantage of Non-Energy Sectors
items: Voluntary Environmental Regulation, Innovation and Access to Finance in Moroccan Firms: Revisiting Porter’s Hypothesis
items: Impact of Institutional Factors on Environmental Quality in European Union
items: Measuring the Effects of an Optimization in Brazilian Environmental Regulation in the Oil and Gas Sector
items: The Impact of Income Inequality and Income Level on CO2 Emissions in Central Asian Countries
items: Assessing the Dynamic Linkages between External Debt, Energy Consumption, Inflation, and Oil Prices in Kazakhstan: An Autoregressive Distributed Lag Analysis
items: The Relationship between Financial Development and Renewable Energy Consumption in the European Union-27 Countries
items: Fear Divides, Not Unites: Volatility Transmission and Decoupling Between Cryptocurrency and Renewable Energy Markets
items: Energy Transition and Renewable Energy Industry: A Bibliometric Analysis of Literature
items: Driving Sustainable Energy Transitions through Business Intelligence: How Green Innovation Orientation Shapes ESG Outcomes
items: Green Bonds, Environmental, Social, and Governance Scores, and the Greenwashing Puzzle: Insights from the ASEAN Region
items: The Dynamics of FDI Inflows, Economic Growth, Trade Openness and CO2 Emissions in India: An ARDL Approach with Structural Breaks
items: Green Leverage: How CO2 Emissions Shape Capital Structures in EU Corporations
items: Digital Transformation, Human Capital Upgrading, FDI Spillover and Green Total Factor Productivity: Evidence from Vietnamese Provinces
items: Does Climate Change Influence Convergence in Indonesia? Spatial Approach
items: Food Security of Kazakhstan in the Context of Global Challenges of the Green Economy, Renewable Energy: ARDL and NARDL Assessment
items: Decarbonizing Tourism: The Impact of Renewable Energy in the World’s Most Tourism Intense Countries
items: Assessment of How Oil Factors and Economic Development Impact on Industrial Employment of the Country: Symmetric Analysis
items: Oil Price Shocks and Stock Market Responses: Evidence from Saudi Arabia and Spain
items: Renewable Energy Consumption, Tourism and Climate Change Relationship in Developed Countries
items: The Role of Moderating Factors in the Nexus Natural Resource Rents and Renewable Energy Adoption among European Countries
items: Are Current Petroleum Fiscal Terms Sufficient to Drive Indonesia’s Energy Transition? A Systematic Review and Bibliometric Analysis
items: Analysis of Green Investment, Access to Clean Fuels, Green Jobs, Green Energy, and CO2 Emissions on Economic Growth and Welfare: An Empirical Study in Developing Countries
items: Decarbonizing the Gulf: Evidence on the Role of Energy Transition, Technological Progress, and Human Capital in Achieving SDG-Aligned Sustainability
items: Dynamic Causality between CO2 Emissions, Urbanization and Economic Growth in India and South Africa
items: Reducing Carbon Footprint through E-government: Towards a Synergy with Renewable Energy and Governance in MENA Countries
items: Adaptation of Renewable Energy in SSA: Testing Debt Overhang Hypothesis with the Presences of Political Stability and ICT Development
items: Mapping ESG, Green Finance, and Sustainable Financial Performance Research: Trends, Challenges, and Prospects
items: Pathways to Green Growth: Unveiling the Roles of Institutional Quality, Information and Communication Technology Diffusion, and Trade Integration
items: Implementation of Corporate Social Responsibility (CSR) in Improving Environmental Performance and its Impact on Green Accounting and Green Innovation
items: Oil Price Volatility and Unemployment in Iraq: A Two-Stage Approach Using Generalized Autoregressive Conditional Heteroskedasticity-Mixed-Data Sampling
items: What Drives Emissions Intensity in Azerbaijan’s Light Industry? Evidence from ARDL with Structural Breaks
items: Bibliometric Insights into Green Finance and Economic Development: Global Trends and Collaborations
items: Quantifying Greenhouse Gas Emissions through Financial Market’s Development in Tunisia: Empirical Evidence from Novel Dynamic ARDL Techniques
items: Comparing GDP Growth Rates between Countries with High and Low Renewable Energy Usage Based on Neural Networks
items: Economic Feasibility Study of Integrated Virtual Power Plants with Renewables for Railway System in Germany
items: What’s the Link between Health, Artificial Intelligence, Renewable Energy, Education, and Economic Growth? Glm-Ardl Approaches
items: Assessing the Environmental Kuznets Curve in MENA Countries: A Dynamic Panel Analysis of the Energy Growth Environment Nexus using a Translog Functional Form
items: The Nexus Between Green Energy, Energy Economics, and Sustainable Development: A Bibliometric Review
items: Energy Transition and Sustainability in the United Kingdom: A Systematic Review under the PRISMA Guidelines
items: A Demand Systems Analysis of Energy Sources in the United States
items: Energy Consumption and Economic Growth in Kazakhstan: A Causality Analysis Using Time Series Methods
items: Green Financing and SMES Performance in South Africa: Role of Environmental Management Accounting Practice
items: Hybrid Electric Vehicles and CO2 Emission Mitigation in Tunisia: A LEAP Model Analysis
items: Unveiling the Forces Shaping Natural Gas Demand in the European Union
items: Determinants of Household Energy Choices in Somalia: Applied Multinomial Logistic Regression Model
items: Studying the Relationship between CO2 Emissions and Renewable Energy: A Threshold ARDL and NARDL Panel Econometric Analysis
items: Economic Viability of Vehicle-to-Vehicle Energy Trading in EV Charging Ecosystems
items: Green Finance and Renewable Energy in Emerging Markets: Exploring the Roles of Financial Development
items: Corporate Strategy for Quality GHG Emissions Disclosure: A Systematic Review
items: Petroleum Funds as Instruments of Energy Policy and Economic Diversification: A Cross-Country Integrative Review
items: Extending Green Technology Adoption Models: Determinants of MSMEs’ Purchase Intention for a Hybrid Solar-Electric Cart in Urban Indonesia
items: Exploring the Role of Renewable Energy Technologies in Mitigating Energy Poverty in Sub-Saharan Africa
items: The Impact of Greenhouse Gas Emissions on GDP per Capita: A Multi-Scale Analysis Using the Wavelet Approach
items: Economic Growth, International Financial Integration, and Geopolitical Uncertainty: A PVAR Approach Across Developed and Developing Countries
items: Spillover Effects in Green and Traditional Assets During Global Crises: Evidence from TVP-VAR Analysis
items: Integrating Environmental Fiscal Tools and Clean Energy for Climate Mitigation: An International Perspective
items: Intellectual and Social Capital, Energy, and Resource Rents as Drivers of Economic Growth in Middle East and North Africa: Evidence from Panel ARDL Analysis
items: Private Investment Flows in Developing Economies: Macroeconomic and Environmental Determinants
items: Using DNPV Methodology to Unlock SHP’s Energy Potential in Colombia for Green Hydrogen Production
items: Assessing the Environmental Kuznets Curve and Carbon Tax Implementation Challenges in Indonesia
items: Exploring Environmental Mitigation Strategies for CO2 Emissions in OECD Countries: Does Geopolitical Risk Affect Their Effectiveness?
items: Examining the Interconnections Among Tourism, Energy Consumption, Environmental Pollution, and Economic Growth in the Fragile Five Countries: A Panel Quantile Regression Analysis
items: The Impact of Energy Consumption and Industrial Value Added on Economic Growth in Central China: Dynamic Panel ARDL Analysis
items: Exploring the N-Curve of CO2 Emissions: The Interactive Roles of Trade, Manufacturing, Financial Development, and Fiscal Policy across Income Groups
items: Do Geopolitical Risks and Migration Hinder or Stimulate the Renewable Energy Transition? A Wavelet-Based Analysis on the Five Largest Carbon Emitter Countries
items: Trade War Shocks and Volatility Spillovers between Fossil Fuel Markets and Biofuel Feedstocks: Empirical Evidence from the U.S.–China Trade Dispute
items: Energy Sources Diversification Towards Achieving Energy Independence
items: How Does Environmental Information Disclosure Affect Corporate Environmental Performance? Evidence from Chinese A - Share Listed Companies

Natural Resource Rents and Carbon Intensity Nexus in Saudi Arabia: Disaggregated Analyses
type: item
description: Natural Resource Rents (NRR) can shape carbon emissions and Carbon Intensity (CI) in a resource-rich economy. However, NRR from each natural resource does not necessarily have the same effect on CI. Thus, this research aims to estimate the effects of oil, natural gas, mineral, and forest rents on CI in the resource-rich economy of Saudi Arabia by using the cointegration technique for a period of 1980-2023. The findings reveal that economic growth increases CI. Moreover, oil and natural gas rents exert a positive long-run effect on CI. However, mineral and forest rents could not affect CI in the long run. Furthermore, NRR from all investigated sources increases CI in the short run. These results emphasize the need for targeted policy measures for each source of NRR to reduce their environmental concerns. For this purpose, it is advised to diversify the Saudi economy from NRR.
creator: Haider Mahmood
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 1
ending page: 7
doi: 10.32479/ijeep.20455

The Slack Factor: Resources Influencing Carbon Transparency
type: item
description: This study examines the impact of slack resources—financial slack, human resource slack, and R&D intensity—on carbon emission disclosure (CDI) among top-listed firms in Bangladesh and India. It explores how both local and global resource availability influences carbon-related disclosure practices in emerging markets. Using data from 150 firms over the period 2019-2021, the study employs descriptive analysis, correlation, and ordinary least squares (OLS) regression models to assess these relationships. A content analysis approach was adopted, utilizing a non-weighted (binary) index to evaluate corporate sustainability and annual reports. The findings reveal a significant positive association between R&D intensity and CDI, suggesting that firms investing in R&D are more likely to disclose carbon emissions. Conversely, financial and HR slack exhibit a negative relationship with CDI, indicating that firms with surplus resources may prioritize other strategic objectives over carbon disclosure. These results highlight the critical role of strategic resource allocation in shaping environmental disclosure, particularly in regulatory environments with weaker enforcement. By contributing to the limited literature on slack resources and environmental transparency in emerging economies, this study provides valuable insights for policymakers and businesses. It underscores the need for stronger regulatory frameworks and incentives to encourage firms to integrate sustainability into their corporate strategies.
creator: Md Arafat Rahman
creator: Samiha Binte Abdullah
creator: Mohaimenul Islam
creator: Riaz Hasan
creator: Farlin Nur
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 8
ending page: 21
doi: 10.32479/ijeep.20880

The Impact of Green Marketing Strategies on Consumer Purchase Intentions Toward Eco-Friendly Products in Southeast Asia
type: item
description: This study explores the impact of green marketing strategies—eco-labeling, green advertising, and sustainable packaging—on consumer purchase intentions toward eco-friendly products in Southeast Asia. Grounded in the Theory of Planned Behavior (TPB), the research examines how customer trust and attitude influence the relationship between marketing stimuli and behavioral intention. Utilizing a mixed-methods approach, qualitative interviews across Thailand, Malaysia, Vietnam, and Myanmar revealed that eco-labeling enhances trust, green advertising builds emotional engagement, and sustainable packaging serves as tangible proof of environmental responsibility. Quantitative analysis using survey data from 302 respondents confirmed all proposed hypotheses, with eco-labeling having the most substantial influence on trust, and trust emerging as the strongest predictor of purchase intention. The study contributes to the theoretical enrichment of TPB and offers practical insights for marketers targeting environmentally conscious consumers in emerging markets. Findings emphasize the need for credible and transparent green marketing initiatives to foster sustainable consumer behavior.
creator: Zongwen Xia
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 22
ending page: 33
doi: 10.32479/ijeep.21491

GCC’s Post-Oil Transition: Rising Profitability Advantage of Non-Energy Sectors
type: item
description: We examine the asymmetric effects of national economic diversification policies on firm-level profitability in the Gulf Cooperation Council (GCC), addressing a critical gap in the microeconomic literature on the region’s transition from hydrocarbons. Using a dynamic panel dataset of 444 firms across all six GCC countries from 2012 to 2024, we employ a Difference-in-Differences (DiD) approach complemented by System Generalized Method of Moments estimation to establish causal relationships while rigorously addressing endogeneity concerns. The results reveal that diversification policies significantly boosted profitability in non-oil firms, with policy milestones increasing asset-based returns by 1.8% and equity-based returns by 2.5%, while government subsidies amplified these effects by an additional 4.2% and 6.2%, respectively. These impacts intensified post-2019, with targeted subsidies driving profitability gains of 8.2% on assets and 12.3% on equity. Conversely, oil-dependent firms showed no statistically significant response to policy interventions. The findings underscore the efficacy of targeted fiscal incentives and selective policy support in driving successful economic diversification, offering valuable insights for policymakers in resource-rich economies seeking to engineer sustainable post-oil transitions through precise firm-level interventions.
creator: Chokri Zehri
creator: Mohammed Alharithi
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 34
ending page: 44
doi: 10.32479/ijeep.21619

Voluntary Environmental Regulation, Innovation and Access to Finance in Moroccan Firms: Revisiting Porter’s Hypothesis
type: item
description: This paper investigates the effects of voluntary environmental regulation on innovation in Morocco, a country engaged in an ambitious environmental transition. Using data from the 2023 World Bank Enterprise Survey, we analyze the impact of two types of environmental practices—energy management and CO2 emissions monitoring—on firms’ decisions to invest in Research & Development (R&D). To assess the role of financial constraints, we estimate our model separately for sub-samples of firms with and without access to external financing. The results indicate that energy management is positively associated with a higher probability of investing in R&D, while CO2 emissions monitoring has no significant effect. Furthermore, access to finance does not enhance the effect of environmental practices on innovation. These findings provide new empirical evidence on Porter’s hypothesis in a developing economy, highlighting that the driver of innovation is the adoption of specific, efficiency-oriented practices, and that this mechanism operates independently of firms’ access to external capital.
creator: Rim Mansouri
creator: Said Tounsi
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 45
ending page: 50
doi: 10.32479/ijeep.21561

Impact of Institutional Factors on Environmental Quality in European Union
type: item
description: Environmental quality deterioration due to negative externalities arising from the economic growth process can be minimized in economies with high institutional quality. This study examines the institutional factors affecting environmental quality in European Union countries in the period 2002-2022. According to the panel unit root test, regulatory quality and voice and accountability variables are stationary at level values. In the short- run, there is no causality from institutional quality determinants (Control of Corruption, Rule of Law, Regulatory Quality, Voice and Accountability) to environmental quality in all European Union countries. However, in the long-run, there is causality from institutional factors to environmental quality as a whole. According to the panel parameter estimation method sensitive to cross-sectional dependence, institutional factors have no effect on environmental quality in Bulgaria, Croatia, Estonia, France, Germany, Sweden. In Finland, Ireland and Spain, institutional factors have the highest impact on environmental quality.
creator: Zulfukar Aytac Kisman
creator: Yavuz Ozek
creator: Tayfur Bayat
creator: Ziya Kivanc Kirac
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 51
ending page: 59
doi: 10.32479/ijeep.21567

Measuring the Effects of an Optimization in Brazilian Environmental Regulation in the Oil and Gas Sector
type: item
description: This paper aims to investigate the oil and gas sector in Brazil by assessing how much its results would improve if there were an optimization in environmental regulation. To this end, data from 5 companies traded on the São Paulo stock exchange, the capital asset price model, and input-output matrices are considered. The difference between the CAPM betas of Brazilian firms and firms from benchmark countries is used to estimate the weighted average cost of capital with more efficient environmental governance in the country, which is then used to perform simulations in the input- output matrices. The results indicate that the destruction of the value of investments can vary between 33 and 110 billion reais in 5 years for delays in licensing of 6 and 24 months, respectively, and negative effects on GDP can reach 70 billion reais in 5 years for delays of 6 months in the licensing process. These findings underscore the importance of effective environmental governance for the country and are valuable for policymakers, investors, and supply chain agents who consider the sector in their decision-making.
creator: Thiago Costa Monteiro Caldeira
creator: Mathias Schneid Tessmann
creator: Rogerio Boueri Miranda
creator: Danny de Castro Soares
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 60
ending page: 74
doi: 10.32479/ijeep.20719

The Impact of Income Inequality and Income Level on CO2 Emissions in Central Asian Countries
type: item
description: Income inequality has recently viewed not only as a factor affecting social stability, but also as a predictor of environmental sustainability and public health. This study examines the impact of income inequality and income levels on CO2 emissions in Central Asian countries. The aim of the article is to empirically test the environmental Kuznets curve (EKC) hypothesis and to analyze the relationship between income inequality and CO2 emission level. The analysis is based on panel data for Central Asia using regression and polynomial models. An additional analysis of socio-economic and environmental indicators provided deeper insight into the structural problems faced by the region. The study results confirmed the existence of an inverted U-shaped EKC, describing the relationship between income level and CO2 emissions. Regarding the impact of income inequality on environmental pollution, a country case study of Kazakhstan revealed no direct effect of income inequality on emissions. The impact of income inequality on CO2 emissions is indirect, occurring through other factors such as the industrial structure of the economy and urbanization. Therefore, in developing policies aimed at reducing emissions, it is necessary to apply an integrated approach, that takes into account the interconnection of social, economic, and environmental factors.
creator: Dinara Abdrakhmanova
creator: Raushan Dulambayeva
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 75
ending page: 81
doi: 10.32479/ijeep.21356

Assessing the Dynamic Linkages between External Debt, Energy Consumption, Inflation, and Oil Prices in Kazakhstan: An Autoregressive Distributed Lag Analysis
type: item
description: This study investigates the dynamic linkages between external debt, energy consumption, inflation, and oil prices in Kazakhstan over the period 2001-2024. By applying the Autoregressive Distributed Lag (ARDL) framework, the research uncovers both short- and long-run interactions among these variables. The findings demonstrate that oil prices exert a strong and persistent positive influence on inflation, reflecting Kazakhstan’s structural dependence on global energy markets. In contrast, energy consumption - particularly with a lagged effect - contributes to moderating inflationary pressures, underscoring the role of efficient energy use in stabilizing prices. The results also reveal that external debt, while less significant in the short term, remains a long-run concern due to its potential to weaken resilience if not managed prudently. Diagnostic and stability tests confirm the robustness of the model, highlighting the presence of a stable long-run equilibrium. Policy implications point to the importance of countercyclical fiscal and monetary strategies to cushion oil price shocks, investment in energy efficiency to align growth with sustainability, and prudent debt management to safeguard macroeconomic stability. Overall, the study emphasizes the need for Kazakhstan to diversify its growth model while maintaining stability in the face of global energy transitions and external vulnerabilities.
creator: Kamshat Altaikyzy Omirtay
creator: Sholpan Nurtazaevna Agabekova
creator: Saule Azylkanova
creator: Saule Meyrbekovna Yegemberdiyeva
creator: Aizhan A. Yessentayeva
creator: Aina Bailarovna Aidarova
creator: Kundyz Myrzabekkyzy
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 82
ending page: 88
doi: 10.32479/ijeep.21786

The Relationship between Financial Development and Renewable Energy Consumption in the European Union-27 Countries
type: item
description: This study examines the effect of financial development on renewable energy consumption for 27 European Union member countries from an asymmetric causality perspective. Panel cointegration and asymmetric causality tests were applied using panel data for the period 2000-2023. The findings show that there is a long-term cointegration relationship between the variables. In addition, the results of the asymmetric Granger causality analysis reveal that financial development has an asymmetric effect on renewable energy consumption. It was determined that positive financial shocks are the Granger cause of positive shocks in renewable energy consumption. However, no significant causality relationship was found between negative financial shocks and negative shocks in renewable energy consumption. These results show that renewable energy consumption increases in periods when financial development increases, but financial contractions do not have a significant effect on this consumption. The findings of the study reveal that integrating financial development with sustainable energy policies can encourage long-term renewable energy investments and support green transformation in European Union countries.
creator: Gaukhar Saimagambetova
creator: Aktolkin Abubakirova
creator: Aizhan Omarova
creator: Azhar Kizimbayeva
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 89
ending page: 94
doi: 10.32479/ijeep.19089

Fear Divides, Not Unites: Volatility Transmission and Decoupling Between Cryptocurrency and Renewable Energy Markets
type: item
description: This paper investigates the channels of price volatility transmission between speculative cryptocurrency markets and the renewable energy stock sector. We propose and test a framework of three transmission channels: (1) Energy Consumption, (2) Investment Sentiment, and (3) Policy and Regulatory. Using a two-stage GJR-GARCH and rolling correlation analysis on daily data from 2017 to 2024, with robust Newey-West standard errors to correct for autocorrelation, we uncover a nuanced relationship. After controlling for the crypto market’s correlation with the S&P 500, we find a significant negative relationship between broad market fear (the VIX) and the crypto-renewable correlation. This suggests that during periods of market panic, the assets decouple, potentially indicating a flight to quality within the risk-asset spectrum. These findings, which are robust across different time windows and pre- and post-COVID-19 subperiods, challenge simple “risk-on/risk-off” narratives. The Energy and Policy channels remain statistically insignificant, suggesting that systemic market dynamics, rather than idiosyncratic factors, are the dominant drivers of the relationship, offering critical insights for sophisticated diversification strategies.
creator: Ahmad Al-Harbi
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 95
ending page: 101
doi: 10.32479/ijeep.21489

Energy Transition and Renewable Energy Industry: A Bibliometric Analysis of Literature
type: item
description: The energy transition has emerged as a critical response to climate crises, fossil fuel dependency, and sustainability imperatives. This study explores the intersection between the energy transition and the renewable energy industry, emphasizing the role of RE technology integration into industrial value chains. This article aims to conduct a literature review to map scientific literature on the integration of renewable energy technologies within industrial value chains. It identifies key research themes, methodological trends, and the economic, technological, and policy challenges shaping this domain. This study combines bibliometric analysis with qualitative content analysis, accessed through leading databases. The selection process, through clear inclusion and exclusion criteria, used the PRISMA 2023 protocol. Through VOSviewer, Bibliometric mapping identified significant authorship and thematic clusters patterns, with NVivo enabling consideration of conceptual relationships and dominant research themes across literature. The review identifies five dominant thematic clusters: renewable energy & energy transition, carbon neutrality, supply chain economics, technological innovation, and public policy. It highlights increasing interdisciplinarity, a convergence of qualitative and modeling approaches, and the need for deeper exploration of governance and social impacts. The study contributes a structured mapping of the RE-industrial integration literature and provides a valuable foundation for future research.
creator: Jihane Ikhmim
creator: Mounia Hda
creator: Najlae Benmiloud
creator: Maroine Ikhmim
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 102
ending page: 113
doi: 10.32479/ijeep.21516

Driving Sustainable Energy Transitions through Business Intelligence: How Green Innovation Orientation Shapes ESG Outcomes
type: item
description: The transition to sustainable energy systems is contingent upon firms’ capacity to transform data into actionable improvements in both operational efficiency and environmental performance. This study investigates the role of business intelligence, conceptualized as a socio-technical capability for integrating and analyzing operational and environmental data, in enhancing ESG outcomes within energy enterprises. It further examines whether a green innovation orientation strengthens this relationship, particularly within the context of an emerging economy. The empirical analysis focuses on the energy sector in Jordan and employs a quantitative, cross-sectional survey design. A total of 250 survey invitations were distributed to managers and technical professionals across organizations engaged in generation, transmission, distribution, and energy services, yielding 183 valid responses. All constructs were modeled reflectively and analyzed using partial least squares structural equation modeling (PLS-SEM). The results indicate that business intelligence is positively associated with ESG outcomes, operationalized through measures of energy efficiency, environmental performance, and sustainability practices. Moreover, the findings demonstrate that green innovation orientation exerts a positive moderating effect, amplifying the relationship between business intelligence and ESG outcomes. Theoretically, the results integrate resource-based and dynamic-capabilities views with sustainability-transitions scholarship by specifying an orientation–capability complementarity: business intelligence is necessary but insufficient for sustainability gains unless coupled with a strong green innovation orientation. Practically, managers should prioritize ESG-relevant analytics (loss localization, asset-health forecasting, and emissions-intensity optimization), institutionalize green innovation orientation in executive KPIs and investment gates, and strengthen data governance. The study o…
creator: Abeer Tarawneh
creator: Amro Alzghoul
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 114
ending page: 122
doi: 10.32479/ijeep.21669

Green Bonds, Environmental, Social, and Governance Scores, and the Greenwashing Puzzle: Insights from the ASEAN Region
type: item
description: This study examines the relationship between green bond issuance and the achievement of sustainability goals within the framework of corporate social responsibility (CSR) in the ASEAN region. With the increasing attention to environmental and social responsibility, where green bonds play as a strategic financial instrument, it is important to evaluate the effectiveness of green bonds in encouraging sustainability practices and identify potential greenwashing practices in the region. Covering the six ASEAN countries, namely Indonesia, Singapore, Malaysia, Thailand, Vietnam, and the Philippines, this study uses random-effect GLS regression and logistics results over the period 2019-2023. The result shows that green bond issuance helps increase the ESG score indirectly through the green financing project. With this, we also uncovered that a higher ESG score but a lower carbon emissions score does not define the probability of greenwashing itself. Higher ESG scores are proven to lower the probability of greenwashing, while the emissions score has no significant impact on the probability of greenwashing. Overall, this indicates that green bond issuance really does help increase ESG score, making it a great strategic tool for both the environment and the firm’s green financing. With this, we can rely on the ESG score to identify greenwashing practices for firms that issue green bonds, as the higher the ESG score, the lower the probability of greenwashing practices.
creator: Crecia Viona
creator: Esthervany Anrika
creator: Camilla Tiara Dewi
creator: Fitriya Fauzi
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 123
ending page: 134
doi: 10.32479/ijeep.21643

The Dynamics of FDI Inflows, Economic Growth, Trade Openness and CO2 Emissions in India: An ARDL Approach with Structural Breaks
type: item
description: The present study empirically investigates the causal relationship among FDI inflows, economic growth, trade openness, and CO2 emissions in India from 1980 to 2023, employing the autoregressive distributed lag (ARDL) approach. Unlike previous studies, the structural breakpoints are identified in the time-series data using the multiple breakpoint test to incorporate into the ARDL model. The cointegration test shows a significant long-term relationship between the variables. The error correction model with structural breaks reveals a bidirectional causation between the FDI inflows and trade openness, validating the long-term complementary relationship. However, there is no significant evidence of causation between FDI inflows and economic growth in the long run. Besides, the FDI-Growth nexus is bidirectional in the short run, with the impact of FDI on GDP growth being relatively modest. While GDP and trade contribute to CO2 emissions, the study indicates no significant relationship between FDI inflows and CO2 emissions in both the long and short run. The findings do not support the pollution haven hypothesis in the Indian economy. The study emphasizes the establishment of future-ready infrastructure for the green FDI inflows, rather than the FDI that primarily focuses on generating employment opportunities in the economy.
creator: Tamilselvan Manickam
creator: N. C. Vijayakumar
creator: G. Sathis Kumar
creator: Srinivasan Pazhamalai
creator: S. Ravindra Babu
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 135
ending page: 147
doi: 10.32479/ijeep.21558

Green Leverage: How CO2 Emissions Shape Capital Structures in EU Corporations
type: item
description: This paper examines the interaction between firm leverage and carbon emissions in the European Union, with an emphasis on how corporate environmental performance affects the capital structure of firms. Based on an unbalanced panel of 4,183 firm-year observations from 819 EU listed firms for the period 2010-2024, we use dynamic panel estimation methods (System-GMM) to examine the impact of CO2-equivalent emissions on leverage. The analysis is conditioned on firm-specific financial attributes, profitability, size of firm, tangibility, liquidity, capitalization, and governance factors, including board gender diversity and board size. The empirical findings show a statistically significant negative correlation between firm leverage and carbon emissions, implying that firms with high emissions have the propensity to decrease their debt dependence. This correlation is particularly notable in the case of larger firms, as they are more exposed to regulatory treatment and reputational threats. Financial attributes like increased profitability and equity capitalization also go with lower leverage, while tangibility and liquidity enhance debt capacity. Robustness tests validate consistency of results across firm size groups. The research concludes that carbon emissions are becoming an important determinant of financial decision making, sustaining the importance of environmental performance integration into risk measurement and credit allocation models. These results have important policy implications, calling for more robust carbon disclosure requirements and extending sustainable finance mechanisms. Companies are stimulated to adapt their capital structure for climate goals to promote long-term financial resilience and regulatory compliance in an ESG-sensitive market regime.
creator: Suzan Dsouza
creator: K. Krishnamoorthy
creator: M. Franklin
creator: Houshang Habibniya
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 148
ending page: 159
doi: 10.32479/ijeep.21146

Digital Transformation, Human Capital Upgrading, FDI Spillover and Green Total Factor Productivity: Evidence from Vietnamese Provinces
type: item
description: The study examines the relationship between FDI spillover and green total factor productivity (GTFP) at the provincial level, as well as exploring the roles of digital transformation and human capital upgrading in this relationship using the global Malmquist-Luenberger index, system generalized methods of moments (S-GMM) combined with threshold model. Using a panel data from 63 Vietnamese provinces from 2011 to 2022, the research findings show that the FDI spillover has contributed significantly to province-level GTFP enhancement and both digital transformation, human capital upgrading positively moderate the effect of FDI spillover on provincial GTFP. Besides, the positive influence of FDI spillover on GTFP has a significant double threshold effect when advanced human capital is used as the threshold variable. These findings emphasize the significance of encouraging FDI spillover, enhancing digital transformation, and strengthening high-quality human capital as viable strategies for improving GTFP.
creator: Thuy Trang Nguyen
creator: Mai Lan Phung
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 160
ending page: 170
doi: 10.32479/ijeep.21320

Does Climate Change Influence Convergence in Indonesia? Spatial Approach
type: item
description: This study examines the nexus between climate change and regional economic convergence in Indonesia using panel data from 34 provinces (2011-2024). Employing the Spatial Durbin Model (SDM), the analysis explicitly captures spatial spillovers across regions. Results confirm conditional β-convergence with a relatively slow rate of 1.02% per year. Climate variables are critical: temperature and precipitation both exhibit inverted U-shaped relationships with growth, indicating that moderate levels support development while extremes become detrimental. Spatial spillovers reveal that severe weather shocks in neighbouring provinces significantly hinder convergence in the region of origin. Conversely, investment shows strong direct and indirect positive effects, while population growth slows convergence, and human capital contributes modestly. Overall, the findings highlight that climate dynamics shape not only local growth trajectories but also interregional interdependencies. The study provides new evidence for developing economies and offers policy insights for inclusive, low-carbon, and climate-resilient regional development.
creator: Muhammad Hidayat
creator: Siti Hanifa Sandri
creator: Neng Murialti
creator: Ranti Darwin
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 171
ending page: 180
doi: 10.32479/ijeep.21604

Food Security of Kazakhstan in the Context of Global Challenges of the Green Economy, Renewable Energy: ARDL and NARDL Assessment
type: item
description: In the face of global challenges such as depletion of natural resources, rapid urbanization, and soil degradation, the issue of ensuring food security for the state’s population is more urgent than ever. The purpose of this research is to assess the level of food security in Kazakhstan in the context of global issues such as green economy, renewable energy, and environmental security. For this purpose, the authors used linear and nonlinear autoregressive distributed lag (ARDL and NARDL) econometric estimation models. The following indicators were taken as available indicators for the period 1996-2021: Bonilla index (calculated by authors), Rural population (% of total population), Agricultural land (% of total land), Annual freshwater withdrawals, agriculture (% of total freshwater withdrawal), Renewable electricity output (% of total electricity output), Total natural resources rents (% of GDP), Carbon dioxide (CO2) emissions from Agriculture (Mt CO2e). As a result of the two models: In the long run, it was determined that Rural population, renewable electricity output have a positive impact on food availability, and Annual freshwater withdrawals, Total natural resources rents and Carbon dioxide (CO2) emissions from Agriculture have a negative impact on food import dependence. In the short run, it was determined that changes in Rural population, lag variable and changes and changes in lag variable of Annual freshwater withdrawals have a negative impact, and lag variable of renewable electricity output and change in lag variable of renewable electricity output have a positive impact. The results of the study indicate that the principles of green economy can be applied to ensure food security It shows the need to adhere to the most environmentally friendly methods and use renewable energy sources.
creator: Assem Kaliyeva
creator: Symbat Abilda
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 181
ending page: 189
doi: 10.32479/ijeep.21708

Decarbonizing Tourism: The Impact of Renewable Energy in the World’s Most Tourism Intense Countries
type: item
description: This study investigates the dynamic relationship between tourism, renewable energy consumption, and CO2 emissions in the top 50 tourism-intensive countries, measured by the share of tourism receipts in total exports. Using panel data from 2000 to 2020, the analysis applies a two-step system GMM estimator to address endogeneity concerns, along with fixed effects and quantile regression techniques. The findings reveal that while tourism contributes to increased CO2 emissions, renewable energy consumption plays a significant mitigating role. Specifically, a 1% increase in renewable energy use is associated with a 1.1% reduction in CO2 emissions, with the strongest effects observed in high-emission countries. The study also finds empirical support for the Environmental Kuznets Curve (EKC) hypothesis, with a calculated turning point at approximately USD 5,420 GDP per capita. By focusing on tourism-driven economies, this research makes several novel contributions: It highlights the environmental risks posed by tourism, underscores the importance of renewable energy in achieving sustainable development, and offers policy-relevant insights for balancing economic growth with environmental preservation. The results suggest that integrating renewable energy strategies into tourism planning is essential for reducing the sector’s carbon footprint without compromising growth.
creator: Bekhzod Djalilov
creator: Marifat Yarkulova
creator: Vasila Yarasheva
creator: Dildora Shadieva
creator: Shakhnoza Tosheva
creator: Mumtozkhon Abduvalieva
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 190
ending page: 198
doi: 10.32479/ijeep.21134

Assessment of How Oil Factors and Economic Development Impact on Industrial Employment of the Country: Symmetric Analysis
type: item
description: Employment is influenced by elements specific to each sector of the labor market. The authors’ goal was to investigate how employment in the industrial sector—which includes the oil and gas sector—is affected by oil factors. Kazakhstan is particularly vulnerable to global shocks, such as shifts in energy policies, because it is a nation that exports raw materials. This study looks at how important factors affect the Republic of Kazakhstan’s Employment in Industry (EMP). The World Data Bank (WDI) provided the data used in the study, which spans the years 1991-2023. GDP per capita, average annual Brent crude oil price, and crude oil production are the study’s explanatory variables. All statistical validation tests were passed by the study, which employed the autoregressive distributed lag (ARDL) approach. According to the estimation results, the lag variables of oil production volume and GDP per capita have a negative short-term impact on employment growth in the sector, whereas the lag variables of oil price and GDP per capita have a positive one. Long-term employment growth in the sector is positively impacted by the lag variables of oil price and GDP per capita, but negatively by the lag variable of oil volume.
creator: Guliya Ilyashova
creator: Alfiya Abinova
creator: Saltanat Massakova
creator: Tolkyn Kakizhanova
creator: Gulmira Andabayeva
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 199
ending page: 205
doi: 10.32479/ijeep.21484

Oil Price Shocks and Stock Market Responses: Evidence from Saudi Arabia and Spain
type: item
description: This research examines the time effect of oil price volatilities on the stock market performance in Saudi Arabia and Spain, which is a net oil exporter and importer, respectively. The overall data of January 2014 to June 2024 were analyzed with the autoregressive distributed lag (ARDL) model to establish short and long-term effects. The results indicate a stable positive relationship between oil prices and stock returns in Saudi Arabia, due to the high reliance of the economy to oil revenues. Spain showed a less consistent and more fluctuating connection that was a testimony to its diversified industrial structure and refined export capacity of oil. Saudi Arabia’s stock market took a negative turn amidst the COVID-19 pandemic in response to the increase in oil prices, as increased uncertainty and investor distrust were witnessed, while such an increase on Spain’s market took a positive shift, as the increase in oil prices is an indicator of recovery of global demand. Volatility was generally low in pre-pandemic conditions but intensified during the crisis, especially in Spain. The results highlight the asymmetric and time-varying effects of oil price shocks on exporters and importers. These findings provide useful insights for investors and policymakers seeking to manage oil-induced risks and design strategies for financial stability under both normal and crisis conditions.
creator: Hussah Adnan Alzamel
creator: Jaizah Othman
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 206
ending page: 217
doi: 10.32479/ijeep.21545

Renewable Energy Consumption, Tourism and Climate Change Relationship in Developed Countries
type: item
description: This study aims to examine the long-term effects of tourism revenues and renewable energy consumption on carbon emissions in developed countries. In this context, the analysis was conducted using annual panel data covering the period from 2000 to 2023. To test the long-term relationship among the variables, the Pedroni and Kao cointegration tests were employed, and evidence of cointegration was found among the variables. For the estimation of long-run coefficients, the fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) methods were applied. The FMOLS results indicate that both renewable energy consumption and tourism revenues have statistically significant negative effects on carbon emissions. Accordingly, an increase in renewable energy consumption leads to a reduction in carbon emissions, and similarly, an increase in tourism revenues contributes to environmental improvement. However, according to the DOLS estimates, the effects of both variables on carbon emissions were found to be statistically insignificant. The divergence in the results of the FMOLS and DOLS methods may be attributed to the structure of the panel data set and the sensitivity of the estimation techniques. The findings suggest that sustainable energy and tourism policies in developed countries can serve as important tools in the fight against climate change. The study offers policy recommendations, emphasizing the need to promote renewable energy use and environmentally friendly tourism activities.
creator: Aizhan Omarova
creator: Bibigul Saubetova
creator: Aktolkin Abubakirova
creator: Gaukhar Saimagambetova
creator: Nurgul Pernebekkyzy
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 218
ending page: 224
doi: 10.32479/ijeep.20360

The Role of Moderating Factors in the Nexus Natural Resource Rents and Renewable Energy Adoption among European Countries
type: item
description: This paper examines the intermediary role of carbon dioxide emissions and GDP per capita in the relationship between natural resource rents and renewable energy in European countries, specifically distinguishing between renewable energy consumption and production. Specifically, the paper aims to identify the carbon dioxide emissions and GDP per capita thresholds at which the impact of natural resource or petroleum rents on renewable energy adoption shifts in direction. Utilising the panel autoregressive distributed lag (ARDL) methodology, particularly the Pooled Mean Group (PMG) estimator, the paper demonstrates that natural resource and petroleum rents can promote both the consumption and production of renewable energy once GDP per capita surpasses a specific threshold which varies between renewable energy consumption and production. Furthermore, the study finds that an increase in natural resource rents reduces renewable energy consumption and production when CO2 emissions exceed a certain threshold. These findings are particularly relevant for European countries, which are at the forefront of international climate agreements, such as the Paris Agreement, and align with the objectives of Sustainable Development Goal 13 (SDG 13) on climate action.
creator: Lumengo Bonga-Bonga
creator: Ntokozo Nzimande
creator: Godswill Osuma
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 225
ending page: 239
doi: 10.32479/ijeep.21176

Are Current Petroleum Fiscal Terms Sufficient to Drive Indonesia’s Energy Transition? A Systematic Review and Bibliometric Analysis
type: item
description: This study investigates whether Indonesia’s current petroleum fiscal terms are sufficient to drive the country’s energy transition while maintaining investment competitiveness. Using a systematic literature review (SLR), bibliometric analysis, and regulatory review, the research analyzed 673 studies out of 891 initial records, covering both Indonesian and international experiences with Production Sharing Contracts (PSC). The transition from Cost Recovery (CR) to Gross Split (GS) PSC simplified administrative processes and reduced fiscal verification burdens but also transferred greater risks to contractors, weakening investment attractiveness in marginal fields. Regulatory revisions from 2017 to 2024 introduced variable splits, Enhanced Oil Recovery (EOR) incentives, and provisions for Carbon Capture and Storage (CCS). However, frequent changes created policy uncertainty, undermining investor confidence at a time when long-term stability is critical. Bibliometric mapping highlights PSC regimes as a growing global research hotspot, with increasing connections to ESG, carbon pricing, and low-carbon pathways. Comparative evidence from 15 jurisdictions shows that hybrid and sliding-scale PSCs provide a better balance between fiscal stability and transition incentives. The findings conclude that Indonesia must adopt a simplified hybrid model that integrates EOR, CCS, and ESG-related incentives to align its upstream sector with long-term net-zero targets.
creator: Wahyu Krisdianto
creator: Imam Baihaqi
creator: Ketut Gunarta
creator: Gede Wibawa
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 240
ending page: 250
doi: 10.32479/ijeep.21671

Analysis of Green Investment, Access to Clean Fuels, Green Jobs, Green Energy, and CO2 Emissions on Economic Growth and Welfare: An Empirical Study in Developing Countries
type: item
description: The adoption of a sustainable economic model aims to enhance community well-being and promote social equity while minimising the potential for ecological harm. Economic development focused on a green economy is realised by minimising CO2 emissions through the reduction of fossil fuel consumption and the transition to renewable energy sources. This study aims to examine the effects of implementing a green economy, focussing on aspects such as renewable energy investment, renewable energy consumption, green jobs, and access to clean energy, on economic growth and overall welfare. The investigation took place across 10 developing nations, spanning the years 2015-2023. The analytical method employed was Generalised Least Squares (GLS). The findings indicate that environmentally sustainable investments contribute positively to economic growth in all developing nations. In the meantime, the consumption of renewable energy, access to clean energy, and the creation of green sector jobs have failed to stimulate economic growth and improve welfare in developing countries; rather, they persist in placing a strain on the economy and overall well-being. The negative effects of CO2 emissions on economic growth and long-term welfare are significant.
creator: Hadi Sasana
creator: Navi'ah Khusniati
creator: Rochmat Aldy Purnomo
creator: Muhammad Hakimi Mohd Shafiai
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 251
ending page: 261
doi: 10.32479/ijeep.21375

Decarbonizing the Gulf: Evidence on the Role of Energy Transition, Technological Progress, and Human Capital in Achieving SDG-Aligned Sustainability
type: item
description: The energy transition, green growth, technological advancements, and human capital can collectively significantly alleviate carbon dioxide emissions (CO2e) and support long-term sustainable environmental practices. 2030 has been set as the target year by the United Nations for achieving the Sustainable Development Goals (SDGs). As the assessment period approaches, it is essential to understand the progress made by the Gulf Cooperation Council (GCC), given its significant reliance on hydrocarbons. Employing a cross-sectional autoregressive distributed lag (CSARDL) approach, this research investigates the roles of energy transition, green growth, technological innovations, human capital, economic growth, and CO2e in the GCC, utilizing data from 1990 to 2022. The outcomes exhibit that renewable energy, green growth, technological innovations, and human capital significantly contribute to safeguarding the environment in the GCC. On the other hand, nonrenewable energy sources can harm the environment. Regarding policy implications, this research emphasizes the importance of expediting green technological innovations in GCC regions through regulatory measures that promote continuous increases in the implementation of advanced technologies, sustainable energy utilization, and the enhancement of human capital to achieve the SDGs.
creator: Azka Amin
creator: Nora Yusma bte Mohamed Yusoff
creator: Aqsa Arooj
creator: Cem Isik
creator: Sa’d Abdel-Halim Shannak
creator: Mohd Zamri Che Wanik
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 262
ending page: 275
doi: 10.32479/ijeep.20356

Dynamic Causality between CO2 Emissions, Urbanization and Economic Growth in India and South Africa
type: item
description: This study investigates the interplay between urbanization, economic growth, and carbon dioxide emissions in South Africa and India, highlighting its significance for sustainable environmental management. Using autoregressive distributed lag (ARDL) bound testing and drawing on ecological modernization and urban environmental transition theories, the analysis covers the period 1971-2019. The results reveal a long-term relationship among urbanization, economic growth, and emissions in both countries. In South Africa, urbanization contributes to a reduction in carbon dioxide emissions, whereas in India, it negatively affects environmental quality and does not significantly mitigate pollution. Economic growth, however, consistently increases emissions over time in both nations. The study further finds that urban expansion predominantly drives emissions in South Africa, while economic growth has a stronger influence in India. These findings underscore the need for integrated urban and environmental planning, along with stable environmental regulations, to achieve long-term ecological benefits and align development with sustainable environmental objectives.
creator: Gopal Ji Singh
creator: Pawan Kumar Singh
creator: Rakesh Kumar
creator: Arfia Aman
creator: Imran Alam
creator: Ramla Fatma
creator: Shoaib Ansari
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 276
ending page: 285
doi: 10.32479/ijeep.21757

Reducing Carbon Footprint through E-government: Towards a Synergy with Renewable Energy and Governance in MENA Countries
type: item
description: This study examines how digital government development can reduce CO2 emissions while considering the effects of interaction with renewable energy use and governance quality. Using the Generalised Method of Moments (GMM) in a dynamic panel applied to 13 countries in the MENA region, the results of Westerlund’s cointegration tests reveal no stable long-term relationship between CO2 emissions and the explanatory variables, justifying the adoption of a dynamic difference approach. E-government, as measured by the EGDI index, has an overall positive and significant impact on CO2 emissions, suggesting that digitalisation, in its current state, is responsible for higher energy usage. However, when e-government is incorporated into a strong institutional framework and a green energy strategy, interactions with environmental governance and the deployment of renewable energies overcome this effect. GDP per capita and financial development also contribute to the reduction of CO2. These findings highlight the key role of digital government, which should not be seen as simply technical support activity but rather as a strategic element in the process of pollution control and environmental governance in MENA countries.
creator: Naoufel Liouane
creator: Faten Akremi
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 286
ending page: 295
doi: 10.32479/ijeep.21636

Adaptation of Renewable Energy in SSA: Testing Debt Overhang Hypothesis with the Presences of Political Stability and ICT Development
type: item
description: Despite the growing discourse on sustainable energy transitions, limited empirical evidence exists on the macroeconomic and institutional determinants of renewable energy consumption in Sub-Saharan Africa (SSA). This study addresses this critical research gap by investigating the dynamic effects of external debt, ICT development, political stability, urbanization, remittances, and global uncertainty on renewable energy consumption across 25 SSA countries over the period 2000-2021. The research is guided by the following questions: (1) How do external debt and global uncertainty influence renewable energy consumption in SSA? (2) What roles do ICT development, political stability, and urbanization play in shaping the region’s renewable energy trajectory? Using second-generation panel techniques—specifically, the Cross-Sectionally Augmented ARDL (CS-ARDL) model and Dumitrescu–Hurlin panel causality tests—the study uncovers several key findings. Notably, external debt significantly reduces renewable energy consumption in the long run (β = −0.040***), validating the debt-overhang hypothesis. Conversely, ICT development (β = 0.080***) and political stability (β = 0.110***) exhibit strong positive long-run effects, while urbanization also shows long-run benefits (β = 0.081**). In contrast, global uncertainty exerts a significant long-run negative effect (β = −0.064***). These findings are supported by robust causal relationships. The novelty of this study lies in its integrated modeling of fiscal, institutional, technological, and geopolitical variables, providing a holistic understanding of renewable energy dynamics in SSA. It offers clear empirical evidence that coherent debt management, digital infrastructure expansion, and institutional strengthening are vital for achieving energy sustainability in the region.
creator: Md Qamruzzaman
creator: Theivanayaki Manickavasagam
creator: Ganeshwari Manickavasagam
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 296
ending page: 311
doi: 10.32479/ijeep.20881

Mapping ESG, Green Finance, and Sustainable Financial Performance Research: Trends, Challenges, and Prospects
type: item
description: The study employed a quantitative bibliometric methodology, analyzing data from the Scopus database covering the period 1990 to 2024. A total of 2,952 documents were processed using OpenRefine, RStudio, and VOSviewer. The results demonstrate significant growth, with the majority of contributions originating from China, the United States, and the United Kingdom. China is identified as the most influential contributor, with 296 articles, 8,980 citations, and leadership in international collaborations, with 111 multi-country publications. Leading journals in this area include the Journal of Cleaner Production and Business Strategy and the Environment. Major research themes include corporate social responsibility, integrated reporting, environmental accountability, and green finance. However, the literature remains geographically concentrated, with minimal representation from emerging economies. To address this limitation, it is necessary to expand ESG strategies beyond regulatory compliance by adopting innovative practices. Enhancing research capacity and sustainability infrastructure in developing economies is also required to support global policy objectives. Civil society and advocacy organizations should promote broader participation and equity in financial decision-making. Furthermore, increasing diversity in authorship and research topics is essential to reflect the complexities of sustainability in finance. Future research should explore innovative topics, including the connections between biodiversity finance and inclusive finance.
creator: Eka Indriyani MS
creator: Syamsu Alam
creator: Abdul Razak Munir
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 312
ending page: 323
doi: 10.32479/ijeep.21432

Pathways to Green Growth: Unveiling the Roles of Institutional Quality, Information and Communication Technology Diffusion, and Trade Integration
type: item
description: This study investigates the impacts of institutional quality, Information and Communication Technology (ICT) diffusion, and trade openness on green growth in 21 countries from 2000 to 2019, using FMOLS, DOLS, quantile regression, and Dumitrescu–Hurlin causality tests. Results show that institutional quality consistently and significantly fosters green growth, while ICT diffusion and trade openness impose adverse effects. Efficiency gains from ICT trigger a rebound effect, thus undermining sustainability. Quantile regressions indicate that institutional quality benefits economies at lower quantiles but diminishes at higher ones; ICT negatively affects lower and median quantiles; and trade openness is largely detrimental except at the lowest quantile. Causality analysis reveals unidirectional effects from institutional quality and trade openness to green growth, while ICT and green growth share bidirectional feedback. Overall, policy solutions should strengthen governance, manage ICT rebound effects, and integrate environmental objectives into trade.
creator: Tri M. Hoang
creator: Thanh Phuc Nguyen
creator: Trang Thi-Thuy Duong
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 324
ending page: 338
doi: 10.32479/ijeep.22305

Implementation of Corporate Social Responsibility (CSR) in Improving Environmental Performance and its Impact on Green Accounting and Green Innovation
type: item
description: This study was conducted to examine the effect of CSR implementation on environmental performance and to examine its impact on green accounting and green innovation. The research method used a quantitative approach with secondary data obtained from annual reports and sustainability reports of manufacturing companies in Indonesia listed on the Indonesia Stock Exchange (IDX) for the 2020-2024 period. Sampling was conducted using purposive sampling, obtaining 325 companies as samples. The analysis results show that CSR implementation has a significant positive effect on environmental performance but does not affect green accounting or green innovation. Green accounting has been shown to have a significant effect on environmental performance and acts as a mediator between CSR and environmental performance, while green innovation does not show a significant effect either directly or indirectly. These findings confirm that the improvement in environmental performance of manufacturing companies is more supported by the integration of CSR with green accounting practices, while the contribution of green innovation is still not optimal.
creator: Dade Nurdiniah
creator: Sri Yuli Ayu Putri
creator: Anita Novialumi
creator: Ajran Febryan
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 339
ending page: 351
doi: 10.32479/ijeep.21756

Oil Price Volatility and Unemployment in Iraq: A Two-Stage Approach Using Generalized Autoregressive Conditional Heteroskedasticity-Mixed-Data Sampling
type: item
description: Iraq is a rentier economy heavily reliant on oil revenues as the primary source of public spending and development financing. Under this dependency, oil price volatility plays a critical role in shaping macroeconomic performance, particularly in the labor market. This study investigates the relationship between oil price volatility and unemployment in Iraq during the period 1991-2023. A two-stage approach was adopted: Oil price volatility was first estimated using the GARCH model, followed by an assessment of its dynamic impact on unemployment through the MIDAS technique. The findings reveal a significant positive relationship, indicating the vulnerability of Iraq’s labor market to external energy shocks. The lag structure indicates a nonlinear effect - strong initially, then gradually fading, before slightly reemerging - aligning with the hypothesis of economic sluggishness. Additionally, the study identifies structural imbalances in the Iraqi economy, as traditional relationships such as Okun’s Law and the Phillips Curve do not hold. This suggests that labor market dynamics in Iraq diverge from conventional economic models, shaped instead by the characteristics of a rentier system and its institutional and political constraints. The results underscore the importance of diversifying income sources and investing in human capital to enhance labor market resilience and reduce dependency on oil revenues.
creator: Zainab Ahmed Abed
creator: Achouak Barguellil
creator: Mohamed Mahmoud Fathalla
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 352
ending page: 359
doi: 10.32479/ijeep.21204

What Drives Emissions Intensity in Azerbaijan’s Light Industry? Evidence from ARDL with Structural Breaks
type: item
description: The article examines emission intensity drivers in Azerbaijan’s light industry (NACE C13–C15: textiles, apparel, leather) over 2007-2023. Air pollutant intensity is defined as the weight of pollutants per 1 AZN of output (kg/AZN), calibrated where relevant to CO2 intensity. Unit root tests (ADF, Zivot– Andrews) reveal a mix of I(0) and I(1) series, allowing ARDL estimation. Considering shocks from the 2015 exchange rate shift, an ARDL (1,2,1,2,2) with a post-break dummy is estimated. Bounds testing confirms cointegration (F = 12.83). The error correction coefficient (−1.90) indicates rapid adjustment to long-run equilibrium. Long-run results show that currency depreciation raises emission intensity, while sectoral productivity lowers it, consistent with scale effects. Exports have a weak negative impact. In the short run, depreciation raises intensity immediately but partially corrects after one year; output growth mitigates the effect. Model checks (LM, RESET, CUSUM, CUSUMSQ) confirm robustness in a small sample. Policy implications suggest that exchange rate shocks temporarily worsen environmental outcomes, whereas expansion and modernization reduce intensity. Priorities include boosting energy efficiency, strengthening cleaner production, and expanding exports to improve environmental performance.
creator: Mayis Gulaliyev
creator: Shafa Aliyev
creator: Jamila Musayeva
creator: Mehriban Zeynalova
creator: Talat Alizade
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 360
ending page: 369
doi: 10.32479/ijeep.21441

Bibliometric Insights into Green Finance and Economic Development: Global Trends and Collaborations
type: item
description: Green finance has emerged as a prominent developmental trend in the financial sector, owing to its growing worldwide significance. It has become common practice to address both concerns at once by combining environmental conservation measures with economic growth. But whether green finance can effectively tackle the global economic problems of today is still up for debate. The goal of this study was to identify understudied regions of the world by examining publication patterns in the literature on green finance and economic growth. The study attempted to identify trends in green finance and economic development research publications across nations, continents, contributing authors, and journals. 289 publications that were taken from the Scopus database were used in this bibliometric analysis. The study used a bibliometric technique using R Studio software. The study identifies the most prolific and noteworthy authors, articles, and related publications. Specifically, co-citations and collaboration analysis allowed for the mapping of the most current and oldest research fronts. With a disparate quantitative production of scientific literature among nations and organizations, this field of study is still relatively young. As a means of promoting research in the field of green finance and economic development, this study painted a picture of an emergent, multidisciplinary sector that may be of interest to all stakeholders dealing with similar problems. The findings offer solid recommendations for more research in this area.
creator: Jagriti Gupta
creator: Avadhesh Singh
creator: Jyoti Jyoti
creator: Dewansh Verma
creator: Akhil Mishra
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 370
ending page: 384
doi: 10.32479/ijeep.21404

Quantifying Greenhouse Gas Emissions through Financial Market’s Development in Tunisia: Empirical Evidence from Novel Dynamic ARDL Techniques
type: item
description: This study investigates the impacts of financial development (FMD), GDP per capita (GDP), primary energy consumption (ENG), and trade openness (TO) on total greenhouse gas emissions (EQ) in Tunisia over the period 2000–2021. Using the ARDL approach, complemented by FMOLS, DOLS, and CCR estimators, the results indicate that financial development significantly reduces emissions, reflecting its role in financing green projects and fostering technological innovation. In contrast, GDP per capita and energy consumption exert a positive and substantial effect on emissions, highlighting the carbon-intensive nature of Tunisian growth. Trade openness has a limited short-term effect but contributes to emission reductions in the long term. The negative and significant error-correction coefficient shows a rapid adjustment towards long-term equilibrium. These findings emphasise that promoting sustainable finance, accelerating the energy transition, and implementing well-regulated trade policies are essential levers for mitigating emissions and enhancing environmental sustainability in Tunisia.
creator: Ali Karaca
creator: Abdulrahman Khalid Bin Salman
creator: Tarek Oueslati
creator: Ibtissem Missaoui
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 385
ending page: 396
doi: 10.32479/ijeep.21602

Comparing GDP Growth Rates between Countries with High and Low Renewable Energy Usage Based on Neural Networks
type: item
description: This paper utilizes a neural network algorithm to examine the impact of renewable energy consumption on economic growth in countries with both high and low usage rates. The findings indicate a weak inverse relationship between economic growth and renewable energy consumption. In contrast, there is a strong direct relationship between economic growth and the expansion of the industrial and manufacturing sectors. For countries that do not rely heavily on renewable energy, the results are consistent with those of high-consumption countries: renewable energy consumption exhibits a weak inverse relationship with economic growth. Simultaneously, the industrial and manufacturing sectors remain vital to economic growth. The study reveals that the industrial sector is the top contributor to economic growth in all the studied countries, representing 57.2% of Iceland’s economy, 52.8% of Russia’s, 49.3% of Norway’s, and 44.6% of South Africa’s. The manufacturing sector ranks next, contributing 36.6% in South Africa, 32.6% in Norway, 30.6% in Russia, and 20.7% in Iceland. In contrast, renewable energy consumption is the least significant contributor, accounting for 22.1% in Iceland, 18.7% in South Africa, 18.1% in Norway, and 16.8% in Russia. Overall, the results suggest that renewable energy consumption has no significant impact on economic growth in the examined countries, regardless of their reliance on renewable sources.
creator: Abdelsamiea Tahsin Abdelsamiea
creator: Mohamed F. Abd El-Aal
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 397
ending page: 404
doi: 10.32479/ijeep.20868

Economic Feasibility Study of Integrated Virtual Power Plants with Renewables for Railway System in Germany
type: item
description: This study examines whether a traction-oriented virtual power plant can deliver cost-competitive, low-carbon electricity into Deutsche Bahn’s 110 kV/16.7 Hz railway network and defines the contractual and technological conditions for bankability. The considered case study consists of a 104 MW portfolio – 60 MW wind and 40 MW PV as the primary focus, complemented by 2 MW run-of-river and 2 MW biogas that are included as an possible extension of the model – together with 20 MWh of storage, and integrates dedicated 16.7 Hz conversion. To evaluate the economic viability of this portfolio, we apply a model with scenarios varying Power Purchase Agreement (PPA) tenor (10, 20, 30 years), discount rates (2-6%), and tariffs. Results show contract tenor as the key determinant of viability: extending the PPA from 10 to 30 years reduces LCOE from ~7.4 to ~6.1 ct€/kWh and increases NPV roughly threefold. Price for frequency-conversion hardware significantly influences deployment. A transparent marginal-price mechanism for rural prosumers, reflecting temporal and locational value while covering conversion and balancing costs, aligns incentives and enables stable participation without direct subsidies. For practice, railway operators should prioritise 20-30-year PPAs with clear converter-performance and harmonics standards. Regulators can support deployment through standardised 16.7 Hz interconnection rules and modest credit enhancements. Community benefits are maximised via simple, transparent contracts and predictable revenue streams. The study’s originality lies in coupling techno-economic modelling with frequency-specific engineering constraints, delivering quantitative thresholds for bankability and a practical pricing model for community suppliers, addressing gaps in current rail-energy integration research.
creator: Nurkhat Zhakiyev
creator: Philipp Heisig
creator: Carsten Wolff
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 405
ending page: 416
doi: 10.32479/ijeep.21627

What’s the Link between Health, Artificial Intelligence, Renewable Energy, Education, and Economic Growth? Glm-Ardl Approaches
type: item
description: Morocco’s growing rate of solarization is a result of public education programs that have the potential to boost technical innovation and productivity. The current study aims to determine the effects of renewable energy (GGCS), education, artificial intelligence (AI), and health on Morocco’s economic growth. This study combined the ARDL and generalized linear model (GLM) techniques with WDI and ODCE to gather annual data from 1993 to 2023. A long-term relationship between the endogenous and exogenous variables was verified via form replication based on the bound test. However, over time, all of the hypotheses that came from our research were validated. The implications provide light on the complex relationships that exist between Morocco’s economic growth, health, education, artificial intelligence, and renewable energy (GGCS). When creating policies for sustainable development, policymakers should take these links into account, especially when comparing EG to renewable energy (GGCS), artificial intelligence (AI), health, and education. By examining the dynamics of education, AI, health, renewable energy (GGCS), and EG in the Moroccan context for the 1st time, the current study adds to the body of previous knowledge. It challenges a number of accepted beliefs while offering empirical proof of the long-term connections between these variables.
creator: Naif Almusallam
creator: Yahya Fikri
creator: Abdelhamid Nechchad
creator: Mohamed Rhalma
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 417
ending page: 426
doi: 10.32479/ijeep.21816

Assessing the Environmental Kuznets Curve in MENA Countries: A Dynamic Panel Analysis of the Energy Growth Environment Nexus using a Translog Functional Form
type: item
description: This study investigates the relationship between toxic gas (TG) emissions, energy consumption, and economic growth in ten Middle East and North Africa (MENA) countries from the period 1994–2024, with a particular emphasis on testing the Environmental Kuznets Curve (EKC) hypothesis. The analysis employs a panel econometric framework based on a Transcendental Logarithmic functional form, which allows for the identification of linear, non-linear, and interaction effects among the variables. To ensure methodological robustness, Fixed and Random Effects models were estimated, with the Hausman test supporting the Fixed Effects specification, while heteroscedasticity, autocorrelation, and cross-sectional dependence were addressed using the Feasible Generalized Least Squares method. Endogeneity issues were mitigated through dynamic panel techniques, notably the System- GMM estimator, and the validity of long-run equilibrium relationships was confirmed through panel unit root and cointegration tests. The results demonstrate that energy consumption has a substantially stronger positive effect on TG emissions compared to GDP per capita, highlighting fossil fuel dependency as the primary driver of environmental degradation. Moreover, the negative and significant coefficient of the quadratic GDP term validates the EKC hypothesis, suggesting that emissions decline at higher income levels. These findings underscore the urgency of accelerating renewable energy adoption, enhancing energy efficiency, and strengthening environmental governance to achieve sustainable development in the MENA region.
creator: Bechir Fridhi
creator: Riyadh Brini
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 427
ending page: 436
doi: 10.32479/ijeep.21329

The Nexus Between Green Energy, Energy Economics, and Sustainable Development: A Bibliometric Review
type: item
description: Despite sustainability research being one of the fastest-growing themes, most existing analyses either focus on specific themes or regional contexts, failing to provide a view of the broader global landscape or the linkages among economic, technological, and policy-oriented perspectives. This study conducts a deep bibliometric analysis of the intellectual structure, trends, and worldwide dynamics of research related to sustainable development, energy economics, and environmental management. The analysis aims to highlight how the discourse has evolved over time and identify the institutions and countries that drive the discourse, as well as the journals that represent the most common knowledge outlets. A total of 309 articles published from 1998 to 2025 were identified on the Web of Science database and selected for analysis. A sharp increase in indexed publications is observed after 2019, led by China, the United States, and India. Keyword mapping and bibliographic coupling show that terms such as “sustainable development,” “energy,” “climate change,” and “innovation” are at the core of increasingly interdisciplinary and empirical research. In practical terms, the study informs policymakers, funding institutions, and academic institutions on how to better target collaborations, set research priorities that meet global sustainability agendas, and translate knowledge into policy and innovation outcomes. In theoretical terms, it articulates how sustainability-related research has moved from conceptual debates to evidence-based and policy-relevant applications of data-driven analyses, enriching the emerging academic discourse on sustainable transformation and the global energy transition.
creator: Ho Tran Quoc Hai
creator: Vuong Khanh Tuan
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 437
ending page: 445
doi: 10.32479/ijeep.21396

Energy Transition and Sustainability in the United Kingdom: A Systematic Review under the PRISMA Guidelines
type: item
description: In the energy transition, environmental sustainability has led to the development of new renewable energies, such as tidal energy, which generates continuous and predictable electricity from ocean tides. This study conducts a Systematic Literature Review (SLR) according to the PRISMA 2020 method, focusing on the implementation and technological development of tidal energy. A quantitative approach was used to analyze 37 studies from 2020 to 2024 in Scopus. The results show the use of key tools such as the 0-D model, TPXO9, and the acoustic doppler current profiler (ADCP) to optimize this renewable source. The TPXO9 model stands out for its accuracy in predicting tides, assisting in infrastructure planning and energy efficiency. The United Kingdom leads the development of tidal energy, promoting innovative research and projects. The review highlights the importance of this renewable energy in reducing dependence on fossil fuels and carbon emissions, serving as a basis for future research and the advancement of the energy transition towards green production and environmental sustainability.
creator: Brayan Sauna-Aguilar
creator: Edwin Vega-Solis
creator: Nayeli Díaz-Matienzo
creator: Ari Mendoza-Vasquez
creator: Ayle Paico-Egusquiza
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 446
ending page: 456
doi: 10.32479/ijeep.21650

A Demand Systems Analysis of Energy Sources in the United States
type: item
description: This study estimates a Generalized Exact Affine Stone Index model to quantify demand structure among such energy sources as natural gas, coal, nuclear, wind, solar, and geothermal energy, employing monthly time-series data ranging from January of 2009 through December of 2020. The demand for natural gas, coal, and nuclear energy emerges as inelastic. A significant substitutability relationship is empirically established between the energy sources. All the computed expenditure elasticities are positive, with natural gas being the most sensitive and nuclear energy being the least sensitive to energy source expenditures. Pre-committed consumption is found for geothermal energy. Finally, the welfare implications of the projected decrease in the natural gas price are assessed with the Hicksian compensating variation measure.
creator: Rafael Bakhtavoryan
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 457
ending page: 464
doi: 10.32479/ijeep.21808

Energy Consumption and Economic Growth in Kazakhstan: A Causality Analysis Using Time Series Methods
type: item
description: This study examines the relationship between economic growth and energy consumption in Kazakhstan. Using data from 1995 to 2023, we analyze the relationship between GDP, total final energy consumption (TFEC), electricity use, and the share of renewable energy sources. The results of the analysis show that all variables are non-stationary over time, but only their changes are stable. This allowed us to test the long-term relationship. The Johansen cointegration test proved that there is a long-term equality between GDP and energy consumption in Kazakhstan: that is, as the economy grows, energy demand also increases. Electricity and the share of renewable energy are also related to GDP in the long run, but since the share of renewable energy is too small, its impact is not yet clear. Granger causality analysis showed that there is a bidirectional relationship between energy consumption and GDP. As the economy grows, energy consumption increases, and energy availability increases economic activity. This reflects Kazakhstan’s dependence on fossil fuels. The relationship between renewable energy and GDP is one-sided: GDP growth contributes to the development of renewable energy, but the reverse effect is not yet observed. Overall, the study highlights the energy dependence of the Kazakhstani economy and the need for policy to focus on energy efficiency and diversification of energy sources. This is an important step for the country’s sustainable and environmentally friendly development.
creator: Aigul Mutaliyeva
creator: Zhanar Kazanbayeva
creator: Dina Balabekova
creator: Akikat Abdullayev
creator: Ainur Mukhamedkhanova
creator: Yerkin Yermakhanov
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 465
ending page: 471
doi: 10.32479/ijeep.21843

Green Financing and SMES Performance in South Africa: Role of Environmental Management Accounting Practice
type: item
description: Most small businesses avoid the implementation of environmental accounting practices due to cost implications albeit may affect the impact of green initiatives on the financial performances of small businesses. Hence, this study investigates the moderating role of environmental management accounting practices (EMAP) on the relationship between green financing and financial performance of 10 manufacturing and export oriented small caps in South Africa from 2015 to 2024. ROA is employed as the proxy for financial performance while Green Capex and Environmental accounting disclosures are the predicting and intervening variables respectively. Using Driscoll and Kraay standard error panel regression, the results show that green finance has negative and significant effect on Return on Asset (ROA). Also, the moderating role of Environmental Management Accounting Practices strengthens the impact of green finance on ROA, though with non-significant effect. The study concludes that EMAP improves the financial performance of SMEs with green initiatives. More so, green initiatives alone are not sufficient to bolster financial performance of small businesses without incorporating environmental practices. Hence, its recommended that small businesses in South Africa should integrate the use of Environmental accounting practices in their operations that aligns with financial objectives by employing standardized EMAP tools that would assist them to monitor, quantify and assess environmental cost.
creator: Adeola Oluwakemi Adejayan
creator: Mishelle Doorasamy
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 472
ending page: 480
doi: 10.32479/ijeep.20763

Hybrid Electric Vehicles and CO2 Emission Mitigation in Tunisia: A LEAP Model Analysis
type: item
description: Tunisia has embarked on an energy transition aimed at reducing its carbon emissions by 13% - 41% by 2030, with a major contribution from the energy sector. The road transport sector, the largest consumer of final energy and main emitter of CO₂, is a key lever for achieving these objectives. This study assessed the environmental impacts of electric mobility and improving energy efficiency in Tunisian road transport using an approach based on the LEAP model. The methodology adopted is based on the assessment and projection of energy demand and emissions of the road fleet according to four scenarios: Business As Usual (BAU), Fleet Electrification (EV), Energy Efficiency (EE) and Sustainable Mobility (SM), over the period 2015-2050. The results show that the electrification of end uses is a key strategy for a low-carbon scenario, subject to a renewable-dominated electricity mix. Thus, Tunisia should strengthen the transition towards electric mobility and optimize the energy efficiency of the transport sector to honor its environmental and climate commitments.
creator: Manel Daldoul
creator: Ahlem Dakhlaoui
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 481
ending page: 489
doi: 10.32479/ijeep.21456

Unveiling the Forces Shaping Natural Gas Demand in the European Union
type: item
description: Following the Russian invasion of Ukraine, European Union (EU) saw a significant drop of over 30% in its natural gas imports from Russia. Despite this challenge, European Union managed to make up for the shortfall by increasing imports of liquefied natural gas (LNG), thus preventing any immediate shortages of this vital resource. While policymakers’ efforts are recognized, it’s important to highlight that the main driver behind these major changes in natural gas imports was the response of the market to price fluctuations. The surging prices effectively balanced the supply and demand, though they also notably contributed to a period of heightened inflation in European Union. Understanding the dynamics of supply and demand in the European’s natural gas market becomes crucial for grasping the current economic landscape. With existing gas import routes nearing their capacity limits, adaptability primarily stems from the demand side. Using applied regression models, we identified the key factors influencing natural gas consumption and changes in demand patterns. Our analysis revealed a significant decrease in demand sensitivity to temperature, as subsidy programs failed to completely offset the impact of higher prices for end consumers. The role of gas in power generation is playing ever more important role, emphasizing that substitution options in power generation, or the absence thereof, could potentially stress the gas market in the event of nuclear outages, aggressive coal phase-outs, or unfavorable conditions for renewable generation. This underscores the imperative for a continuous and robust expansion of new renewable generation sources.
creator: Saleh Mothana Obadi
creator: Matej Korček
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 490
ending page: 498
doi: 10.32479/ijeep.19620

Determinants of Household Energy Choices in Somalia: Applied Multinomial Logistic Regression Model
type: item
description: This paper aims to examine the predictors that influence household energy choices for lighting and cooking in Somalia. Energy is one of the essential commodities that are strongly tied to household’s quality-of-life. The paper uses a multinomial logistic regression model to analyze data from the Somalia Integrated Household Budget Survey (SIHBS) 2022. The findings indicate that electricity and torches are the most common energy sources for lighting while charcoal and firewood are the predominant cooking energy sources. In Somalia, household’s choice of energy for lighting and cooking is influenced by the household head’s age, level of education, gender, geographical location, access to electricity, housing quality and per capita consumption. From the findings, it is recommended that policymakers should address the underlying barriers that prevent households from adopting sustainable energy solutions that result in improved health outcomes, environmental sustainability and economic development.
creator: Dahir Abdi Ali
creator: Mohamed Ali Mohamud
creator: Richard Tuyiragize
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 499
ending page: 506
doi: 10.32479/ijeep.19826

Studying the Relationship between CO2 Emissions and Renewable Energy: A Threshold ARDL and NARDL Panel Econometric Analysis
type: item
description: This study examines the dynamic relationship between CO2 emissions and renewable energy consumption across a panel of countries from 2000 to 2025. Unlike the conventional approach, we employ both Threshold Autoregressive Distributed Lag (TARDL) and Non-linear ARDL (NARDL) models to account for potential asymmetric and threshold effects in both the short- and long-run relations. Our results reveal substantial nonlinearities, whereby the uptake of renewable energy decreases CO2 emissions more efficiently beyond specific threshold points. Asymmetric emission responses to positive and negative changes in renewable energy are also identified, underscoring the need for policy initiatives tailored to the speed of the energy transition. The findings have important implications for policymakers seeking to attain goals of sustainable energy and combat climate change.
creator: Mohamed A. M. Sallam
creator: Tarek Sadraoui
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 507
ending page: 515
doi: 10.32479/ijeep.21457

Economic Viability of Vehicle-to-Vehicle Energy Trading in EV Charging Ecosystems
type: item
description: This study investigates the economic feasibility of Vehicle-to-Vehicle (V2V) energy trading from the perspective of electric vehicle (EV) owners acting as energy providers. A milestone has been achieved due to advancements in technology in bidirectional charging systems. However, the profitability of peer-to-peer energy transfers remains underexplored. In this study, a return on investment (ROI) framework is developed in MATLAB/Simulink, which incorporates battery degradation costs, variable energy pricing (flat and time-of-use), and controlled discharge profiles. Simulation results using a 48 V, 100 Ah lithium-ion battery reveal that ROI is most sensitive to V2V sale price and battery cost, while charging tariff exerts limited influence. Break-even analysis shows that ROI becomes positive when sales price exceeds R3.60/kWh or battery cost drops below R14,000. Furthermore, three-dimensional sensitivity surfaces confirm that the economic viability of V2V energy exchange is primarily constrained by capital cost and revenue dynamics. These findings provide actionable insights for designing market-driven V2V frameworks and guiding policy interventions aimed at promoting distributed energy sharing.
creator: Tobiloba Emmanuel Somefun
creator: Oluwafemi Emmanuel Oni
creator: Omowunmi Mary Longe
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 516
ending page: 524
doi: 10.32479/ijeep.20805

Green Finance and Renewable Energy in Emerging Markets: Exploring the Roles of Financial Development
type: item
description: The high economic potential of emerging economies is expected to experience a surge in energy demand owing to high economic activity. This increase is closely linked to population growth and rising per capita energy consumption, as shown in advanced countries. However, this trend is likely to lead to environmental degradation with reliance on fossil fuels, whose use has a devastating impact on living conditions through the environment. This is the scenario that makes the renewable energy option more appropriate. The study mainly examined how green finance affected renewable energy in 21 emerging economies from 2010 to 2022, taking into consideration the different structures of financial development, markets, and institutions. The empirical results showed that both TSLS and FMOLS analyses confirmed that only having more green finance commitments is not enough to drive progress in renewables due to poor regulation. Green finance also worked well with financial development, financial markets, and the institutions involved, resulting in positive and significant effects, meaning that financial development is needed to support green finance to deliver a more effective impact on renewable energy. On the policy side, emerging economies need efforts to promote green finance as well as improve the financial system.
creator: Simon Okaja Epor
creator: Joseph Olorunfemi Akande
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 525
ending page: 533
doi: 10.32479/ijeep.21122

Corporate Strategy for Quality GHG Emissions Disclosure: A Systematic Review
type: item
description: This systematic review analyses the factors that influence the quality of corporate GHG emissions disclosure and strategies for improvement. The research methodology includes English-language scientific articles (2014-2025) from the Scopus and Web of Science databases that explicitly discuss GHG emissions disclosure. From 128 studies that passed the Cohen’s Kappa reliability test, thematic analysis using NVivo 15 identified four main categories: Drivers, barriers, enablers, and outcomes of disclosure. The findings show that external factors such as regulations and stakeholder pressure are the main drivers of disclosure. However, the absence of uniform regulations and limitations in companies’ internal capacity to manage emissions data remain major challenges. The analysis recognized adopting innovative technologies, external audits, and enhancing corporate governance. Integrating these universally improves corporate reputation, finances, and value, and decreases the cost of capital. Determining the needs of companies in developing transparent and credible reports on emissions. This study proposes a GHG disclosure strategy matrix as a practical guide for companies in formulating more transparent and credible emissions reports. The resulting matrix is expected to serve as a strategic instrument for improving the accuracy and transparency of corporate emissions reporting.
creator: Sri Wahyuni
creator: Gugus Irianto
creator: Arief Darmawan
creator: Wuryan Andayani
creator: Zaki Baridwan
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 534
ending page: 553
doi: 10.32479/ijeep.21835

Petroleum Funds as Instruments of Energy Policy and Economic Diversification: A Cross-Country Integrative Review
type: item
description: This study offers an integrative literature analysis on petroleum funds in 17 resource-rich nations, including governance frameworks, investment strategies, disbursement processes, and project financing decisions. Petroleum funds are crucial tools for sustaining oil-dependent economies, maintaining intergenerational justice, and promoting economic diversification. The research identifies considerable variations in fund efficacy, which are caused by variances in legislative structures, fiscal norms, transparency, and alignment with national development goals. Best practices can be seen in nations such as Norway and Timor-Leste, where rule-based governance and sustainability frameworks are promoted. In contrast, Nigeria, Libya, and Angola confront issues due to political meddling and lax institutional governance. The report also looks at developing trends including the incorporation of Environmental, Social, and Governance (ESG) criteria and the strategic role of sovereign wealth funds in managing energy transitions. The findings show that, while no uniform model exists, open governance, sustainable fiscal policies, and strategic investment alignment improve petroleum fund performance. This study provides policymakers with significant insights on how to maximize petroleum fund management in the face of global economic volatility and altering energy landscapes.
creator: Teodoro Marcos Mota
creator: Adityawarman Adityawarman
creator: Tutuka Ariadji
creator: Marcelino Freitas Naikosou
creator: Mario Viana Guterres
creator: Nabil Visi Samawi
creator: Miftah Hidayat
creator: Utjok W. R. Siagian
creator: Retno Gumilang Dewi
creator: Estanislau de Sousa Saldanha
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 554
ending page: 565
doi: 10.32479/ijeep.21267

Extending Green Technology Adoption Models: Determinants of MSMEs’ Purchase Intention for a Hybrid Solar-Electric Cart in Urban Indonesia
type: item
description: The rapid urbanization of Indonesia’s metropolitan regions, particularly Jakarta and its surrounding cities (Jabodetabek), has intensified environmental challenges, including greenhouse gas emissions, air pollution, and energy dependency. The Hybrid Solar-Electric Cart (HSEC) has been developed to address these issues as an innovative, solar-assisted electric mobility solution tailored for micro, small, and medium enterprises (MSMEs). This study investigates the determinants influencing MSME owners’ intention to purchase the HSEC, focusing on environmental concern, performance expectancy, effort expectancy, charging time, price, and operational cost, with attitude as a mediating variable. A quantitative survey was conducted with 200 MSME owners in Jabodetabek, and data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). Results show that environmental concern, performance expectancy, price, and operational cost significantly enhance attitudes toward the HSEC, while charging time and effort expectancy exert no significant effect. Furthermore, attitude strongly mediates the relationship between these determinants and purchase intention. This study contributes theoretically by extending green technology adoption models to the context of small-scale, solar-assisted electric mobility in developing economies. This domain has received limited empirical attention. Practically, the findings provide actionable insights for policymakers (e.g., targeted subsidies and charging infrastructure), manufacturers (e.g., cost-effective production and after-sales support), and MSMEs (e.g., operational efficiency and long-term savings). By bridging the gap between technology readiness and market adoption, the study advances Indonesia’s transition toward a low-carbon economy while fostering sustainable growth among urban MSMEs.
creator: Edi Purwanto
creator: Hari Nugraha
creator: Ismail Alif Siregar
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 566
ending page: 576
doi: 10.32479/ijeep.21334

Exploring the Role of Renewable Energy Technologies in Mitigating Energy Poverty in Sub-Saharan Africa
type: item
description: This study examines the effect of renewable energy consumption on energy poverty across 43 Sub-Saharan African countries from 2002 to 2021. Using a dynamic panel data approach and a two-step System GMM estimator, it addresses endogeneity concerns in energy poverty analysis. Results show energy poverty is persistent, reflecting deep institutional and infrastructural challenges. While renewable energy consumption is positively associated with energy poverty, the modest impact suggests current investments are concentrated in urban or grid-connected areas, with limited benefits for rural populations. This highlights the need for inclusive, decentralized energy strategies. Human capital emerges as a key factor in alleviating energy poverty, emphasizing the importance of integrating energy access with education and health initiatives. Conversely, GDP per capita, institutional quality, and population density show no significant effects, challenging assumptions that economic growth alone can resolve energy deprivation. The lack of a declining trend in energy poverty underscores the urgency for targeted, long-term interventions. The study advocates pro-poor energy policies, innovative financing, and multi-sectoral approaches linking energy access to broader development goals to advance Sustainable Development Goal 7 (SDG 7). Future research should explore subnational disparities and the varied impacts of renewable technologies to inform context-specific solutions.
creator: Darlington Chizema
creator: Ramos E. Mabugu
creator: Christelle Meniago
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 577
ending page: 586
doi: 10.32479/ijeep.21369

The Impact of Greenhouse Gas Emissions on GDP per Capita: A Multi-Scale Analysis Using the Wavelet Approach
type: item
description: This study investigates the dynamic relationship between greenhouse gas (GHG) emissions and GDP per capita in Côte d’Ivoire over the period 1991-2023. Using the continuous wavelet transform (CWT), we explore the time-frequency interactions between carbon dioxide (CO2) emissions and economic growth. Unlike conventional econometric models, the wavelet approach allows for the decomposition of signals into multiple time scales, thereby capturing both short-term fluctuations and long-term structural patterns. The results reveal that GDP per capita exhibits strong spectral activity at medium-term scales, corresponding to significant macroeconomic shifts. CO2 emissions also demonstrate medium- and long-term cyclical patterns, suggesting structural transformations in energy consumption and production. Wavelet coherence analysis confirms a robust, scale-dependent correlation between GDP and CO2, particularly at intermediate scales, highlighting a persistent coupling between economic growth and environmental impact. These findings underscore the importance of adopting multiscale tools to inform climate and economic policy in developing countries.
creator: Kifory Ouattara
creator: Daniel Innocent Gniza
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 587
ending page: 593
doi: 10.32479/ijeep.21081

Economic Growth, International Financial Integration, and Geopolitical Uncertainty: A PVAR Approach Across Developed and Developing Countries
type: item
description: This study investigates the relationship between international financial integration (IFI) and economic growth (GDP) under the influence of geopolitical risk (GPR). Using a balanced panel of 60 countries—classified into developed and developing economies—over the period 1995–2023, the analysis applies a Panel Vector Autoregressive (PVAR) framework to examine the dynamic linkages among GDP, IFI, foreign direct investment (FDI), and GPR. The empirical results reveal that IFI exerts a positive and statistically significant impact on economic growth across both country groups. However, the magnitude of the effect is stronger in developed economies, reflecting their higher institutional quality and more advanced financial systems. In contrast, developing economies are more susceptible to adverse shocks arising from geopolitical tensions, which tend to undermine GDP growth and offset some of the gains associated with financial integration. Impulse response functions and forecast error variance decompositions confirm the presence of bidirectional causality between IFI and economic growth, with notable heterogeneity and non-linearities across income groups. Overall, the findings highlight the importance of institutional quality and risk management frameworks in enabling economies to maximize the growth benefits of financial integration while mitigating their exposure to geopolitical risks.
creator: Monaem Tarchoun
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 594
ending page: 599
doi: 10.32479/ijeep.22304

Spillover Effects in Green and Traditional Assets During Global Crises: Evidence from TVP-VAR Analysis
type: item
description: This paper employs the Time-Varying Parameter Vector Autoregression (TVP-VAR) model to analyze return and volatility spillovers, along with portfolio implications, across Green Bonds (GB), ESG stocks, the clean energy index (SP_CE), green cryptocurrencies (ADA, IOTA, XRP), Bitcoin (BTC), and gold. The study covers the COVID-19 pandemic and the Russia-Ukraine war. Results show a significant rise in total return and volatility connectedness during these crises, suggesting that global shocks heighten market interdependence. ESG stocks emerge as net transmitters of both return and volatility spillovers, while green cryptocurrencies (excluding ADA) are net receivers of volatility. Bitcoin exhibits asymmetric behavior—acting as a return transmitter but becoming a volatility receiver in crisis periods. Traditional assets such as gold, green bonds, and clean energy stocks remain net receivers in both return and volatility channels, underlining their defensive nature and potential role as hedging instruments during periods of turmoil.
creator: Felicia Chiaka
creator: Gwenda Deanita
creator: Fitriya Fauzi
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 600
ending page: 614
doi: 10.32479/ijeep.21673

Integrating Environmental Fiscal Tools and Clean Energy for Climate Mitigation: An International Perspective
type: item
description: This study examines how effective environmental policies, specifically environmental taxation and renewable energy use, are in reducing climate change in developed countries from 1995 to 2023. Using a dynamic panel threshold model, we evaluate if the connection between these environmental tools and carbon emissions shows non-linear patterns, with environmental taxation acting as the threshold variable. Our findings reveal significant threshold effects, suggesting that the impact of renewable energy use on reducing emissions is stronger once a certain tax level is surpassed. Additionally, the results emphasize how environmental taxes and clean energy adoption work together to achieve substantial reductions in emissions. We conduct tests for cross-sectional dependence and panel unit roots to ensure the results are reliable, and we use system GMM to handle endogeneity issues. This study adds to the literature by exploring taxation and renewable energy within a dynamic threshold framework, which has not been widely studied before. The policy implications indicate that increasing green taxation and fostering clean energy investments can be essential strategies for reaching climate targets in developed countries.
creator: Ikram Ghraieb
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 615
ending page: 621
doi: 10.32479/ijeep.21722

Intellectual and Social Capital, Energy, and Resource Rents as Drivers of Economic Growth in Middle East and North Africa: Evidence from Panel ARDL Analysis
type: item
description: This study examines the short- and long-term effects of intellectual capital (IC), social capital (SC), and natural resource rents, including energy rents, on economic growth in MENA countries. Using a panel ARDL model, the analysis covers knowledge-based assets, social networks, and dependence on natural and energy resources, while incorporating additional IC factors related to demographics, health, and poverty. The results show that IC has a strong positive effect on GDP, while SC alone has little impact. Resource and energy rents reduce growth, highlighting the risks of overreliance on extractive sectors. When IC and SC are combined, their effect on GDP becomes positive and significant, suggesting that social networks can enhance the effectiveness of knowledge-based assets. The study has practical value by pointing to policies that support innovation, skills development, and cooperation while reducing dependence on natural and energy rents. Theoretically, it extends endogenous growth and resource curse frameworks by showing how intangible and social capital jointly shape long-term economic performance in resource-dependent economies.
creator: Nour Fakhreddine
creator: Hanadi Taher
creator: Abbas Mourad
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 622
ending page: 632
doi: 10.32479/ijeep.21887

Private Investment Flows in Developing Economies: Macroeconomic and Environmental Determinants
type: item
description: The paper examines the macroeconomic and environmental determinants of private investment across 57 developing countries in Asia, Europe, North Africa, Sub-Saharan Africa, and Latin America during the period 2000-2023. Using the System Generalized Method of Moments (S-GMM) to address potential endogeneity and dynamic relationships, the analysis shows that rising CO2 emissions significantly reduce private investment, suggesting that environmental degradation increasingly undermines capital allocation decisions in developing economies excluding Latin America and the Caribbean. Stronger GDP growth, higher domestic credit to the private sector, and greater trade openness positively influence private investment, except in Sub-Saharan Africa and North Africa, while high inflation deters capital formation. The real exchange rate also plays a key role in shaping investor confidence, except in Sub-Saharan and North Africa. A key point in developing contexts is that stronger tax burdens do not necessarily deter private investment; instead, flows often increase, challenging traditional economic views. The results highlight the critical role of macroeconomic stability and improved environmental performance in sustaining private capital flows offering practical guidance for policymakers seeking to attract investment in an era defined by sustainability.
creator: Nguyen Trung Dung
creator: Le Ngoc Lan
creator: Bui Thi Thanh Tinh
creator: Nguyen Thanh Phuong
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 633
ending page: 643
doi: 10.32479/ijeep.21903

Using DNPV Methodology to Unlock SHP’s Energy Potential in Colombia for Green Hydrogen Production
type: item
description: Small Hydropower Plants (SHPs), a mature technology with a recognized lower environmental impact, present favorable conditions in Colombia as a primary clean energy alternative for renewable hydrogen production. This paper presents a financial evaluation of the average facility required to support the development of three hydrogen hubs. The analysis of Discounted Free Cash Flows and the use of classical indicators NPV, and IRR, risk metrics VaR, and CvaR, and Monte Carlo simulations, was complemented with the Decoupled Net Present Value (DNPV) methodology. This approach separates identified risks from expected cash flows by including risk premiums into revenues and expenses. DNPV proves to overcome some of the shortcomings of NPV and to be useful when evaluating high-risk investments and long-term initiatives by avoiding project underestimation. Valuation results show an average value 1.35 times higher for the 30-year valuation and 1.47 times higher for the 50-year analysis. This enables the provision of renewable energy at competitive prices and lays the groundwork for the supply required for hydrolysis within the country’s short-term renewable hydrogen strategy.
creator: Nestor Enrique Niño-Herrera
creator: Camilo Micán
creator: Diego Fernando Manotas-Duque
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 644
ending page: 653
doi: 10.32479/ijeep.21879

Assessing the Environmental Kuznets Curve and Carbon Tax Implementation Challenges in Indonesia
type: item
description: This study examines the Environmental Kuznets Curve (EKC) hypothesis in Indonesia and investigates the multifaceted challenges of carbon tax implementation within the country’s unique development context. Utilizing a mixed-methods approach, the quantitative analysis employs panel data from 1990 to 2024 and advanced econometric techniques to empirically confirm the inverted U-shaped EKC, revealing that Indonesia remains on the ascending phase where economic growth increases greenhouse gas (GHG) emissions. Control variables such as energy consumption, industrialization, and urbanization further contribute to emissions growth. The qualitative analysis, based on policy document reviews and stakeholder interviews, identifies key barriers to effective carbon tax enforcement, including regulatory fragmentation, industrial lobbying, technical readiness deficits, equity concerns, and political communication challenges. The novelty of this research lies in explicitly linking Indonesia’s position on the EKC ascending slope to the implementation challenges of carbon tax policy, providing a comprehensive and contextualized understanding beyond prior studies. The findings stress the imperative for gradual, integrated carbon tax policies paired with transparent revenue recycling mechanisms and effective communication strategies to overcome resistance and drive sustainable economic transition. This integrated approach offers valuable insights and actionable recommendations that align policy design with Indonesia’s developmental trajectory and climate commitments.
creator: Teddy Christianto Leasiwal
creator: Hartina Husein
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 654
ending page: 660
doi: 10.32479/ijeep.21423

Exploring Environmental Mitigation Strategies for CO2 Emissions in OECD Countries: Does Geopolitical Risk Affect Their Effectiveness?
type: item
description: The World Economic Forum’s Global Risks 2024 report identifies four key strategies for mitigating climate threats: Localized strategies, breakthrough endeavours, collective actions and cross-border coordination. It also highlights the interplay between two major crises: climate and conflict. Consequently, in a world where environmental and geopolitical risks (GPR) are increasingly interlinked, climate strategies must take this complex dynamic into account. In order to assess the effectiveness of the proposed solutions, taking into account their interdependence with GPR, our study analyses the direct impact of environmental policy stringency (EPS), environment-related technologies (ERT), renewable energies (RE) and political globalisation (PG) on CO2 emissions, as well as the direct impact of GPR and its interaction with these solutions. Results, obtained using an ARDL-PMG approach applied to OECD countries during the period 2000-2020, show that these solutions reduce emissions. However, the direct impact of GPR increases emissions, and its interaction with other solutions negates their benefits, ultimately raising emissions. The study proposes policy recommendations and highlights the importance of considering the negative impact of GPR on CO2 emissions, as well as its negative interaction with environmental solutions, in order to increase the effectiveness of proposed measures and ensure that long-term emissions reduction targets are met.
creator: Kahouli Zohra
creator: Radhouane Hasni
creator: Ouerghi Imen
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 661
ending page: 671
doi: 10.32479/ijeep.21914

Examining the Interconnections Among Tourism, Energy Consumption, Environmental Pollution, and Economic Growth in the Fragile Five Countries: A Panel Quantile Regression Analysis
type: item
description: This study examines how the relationship between economic growth and tourism revenues, energy intensity, and CO2 emissions in the Fragile Five countries (Brazil, Indonesia, India, South Africa, and Turkey) varies across different growth regimes using Panel Quantile Regression. The analysis utilizes data from 1995 to 2023, which includes metrics such as GDP growth rate, the share of international tourism revenues in exports, energy intensity (measured in kg of oil equivalent/$1,000 of GDP with a constant 2021 PPP), and CO2 emissions, all retrieved from the World Bank. Cross-sectional dependence was assessed using the Breusch-Pagan LM test, while stationarity was evaluated with the second-generation CIPS test, and appropriate level or difference transformations were applied. The findings indicate that tourism revenues have a positive and statistically significant effect on growth in the lower quantile (25%), with a borderline significant positive effect observed in the median quantile (50%). Energy intensity negatively and significantly impacts growth in both the lower (25%) and upper (75%) quantiles, highlighting that productivity constraints are obvious in both low- and high-growth regimes. Additionally, CO2 emissions exhibit a positive and significant relationship with growth in the upper (75%) quantile, suggesting that increases in emissions are associated with economic booms during periods of rapid expansion. Overall, by emphasizing distribution- sensitive heterogeneities that linear approaches based on average effects may overlook, this study underscores the need for quantile-specific policy designs. These policies should aim to support tourism demand and employment in low-growth regimes while focusing on energy efficiency and cleaner production technologies in high-growth contexts. The conclusion is that tourism contributes to growth in certain regimes; energy intensity remains a persistent constraint; and managing the relationship between emissions and growth …
creator: Aissulu Nurmambekovna Ramashova
creator: Rakhman A. Alshanov
creator: Nazym Zhunusbekova
creator: Aizhan Urinbasarovna Abishova
creator: Nalima Sartanova
creator: Karlygash Sovetovna Baisholanova
creator: Aida Mazhidovna Dauzova
creator: Kundyz Myrzabekkyzy
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 672
ending page: 681
doi: 10.32479/ijeep.21385

The Impact of Energy Consumption and Industrial Value Added on Economic Growth in Central China: Dynamic Panel ARDL Analysis
type: item
description: Energy consumption and industry value-added are crucial to economic activities and have been a potential priority for China’s domestic economic growth, especially in the resource-rich central region of the Country. The research examines the impact of energy consumption and industry value- added on economic growth in six central Chinese areas from 2000 to 2022. The study employed the PMG estimator during data estimation, along with Quantile and FMOLS regressions for robustness checks. The research utilized disaggregated data on industrial value added, specifically primary, secondary, and tertiary industry value added. The findings indicated that higher energy consumption in primary and tertiary industries significantly stimulates economic growth, while the secondary industry value-added is not significant. Furthermore, capital accumulation and urbanization significantly contributed to economic growth. The labor force indicated a negative effect on growth, possibly due to inefficiencies, low productivity, or structural imbalances in the economy. The research recommended that policymakers ought to consider different patterns of energy consumption in industrial value-added firms for greater economic growth. There is a need for labor market reforms and productivity-boosting policies. Policymakers need to consider the unique economic and energy consumption patterns of Central China when designing and implementing energy policies. A one- size-fits-all approach is ineffective due to regional disparities.
creator: Simiao Liu
creator: Lee Chin
creator: Umar Bala
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 682
ending page: 690
doi: 10.32479/ijeep.21410

Exploring the N-Curve of CO2 Emissions: The Interactive Roles of Trade, Manufacturing, Financial Development, and Fiscal Policy across Income Groups
type: item
description: This study analyses the relationship between trade openness, the manufacturing industry, financial development, and fiscal policy on CO2 emissions using the System-GMM approach in 119 countries from 2008 to 2023, grouped by income level. The results demonstrate a nonlinear relationship, consistent with the EKC hypothesis, characterized by variations in the shape of the curve. Trade openness is significant in low-income countries, characterized by an inverted N-curve pattern, whereas manufacturing and financial development influence high-income groups, exhibiting an N-curve pattern. Fiscal policy is substantial in the upper-middle group, characterized by an inverted N-curve, and forms a U-curve in the combined group of all countries. The interaction between variables reveals differences: Financial development, combined with trade openness, reduces emissions in the overall group, whereas manufacturing actually increases emissions in the low-income group. Effective fiscal policy, on the other hand, reduces emissions in the lower-middle and combined groups. These findings underscore the importance of considering income context and implementing integrated policies to reduce emissions.
creator: Lina Absharina Fildzah
creator: Damia Liana
creator: Rafi'i Rafi'i
creator: Jordan Putra Cahyono
creator: Azzahra Mubyaring Putri Sayekti
creator: Karolinda Kidi Mukin
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 691
ending page: 701
doi: 10.32479/ijeep.21812

Do Geopolitical Risks and Migration Hinder or Stimulate the Renewable Energy Transition? A Wavelet-Based Analysis on the Five Largest Carbon Emitter Countries
type: item
description: This study analyzes the effects of net migration, geopolitical risk, and economic growth on renewable energy supply in the five largest carbon-emitting countries— the United States, China, India, Japan, and Germany—between 1990 and 2022. Using multi-scale and quantile-based methods, it examines whether these factors hinder or promote the energy transition. Renewable energy supply reflects a country’s clean energy production capacity. Wavelet Quantile Correlation and Wavelet Quantile Regression techniques capture time-frequency interactions and quantile-based differences. Findings show migration boosts renewable energy adoption in migration-receiving countries like the U.S. and Germany but has weaker short-term effects in migration- sending nations like India and China. Geopolitical risks hinder adoption initially, especially in energy-dependent countries, but strong domestic policies in Germany and the U.S. mitigate these risks. Economic growth supports renewable energy in China and Germany but increases fossil fuel reliance in the U.S. and India initially. These results highlight the need for long-term, strategic policies to enhance energy security and sustainability.
creator: Serap Çoban
creator: Gökhan Karaman
creator: Murat Celal Çinar
creator: Nurten Ulusay
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 702
ending page: 718
doi: 10.32479/ijeep.21818

Trade War Shocks and Volatility Spillovers between Fossil Fuel Markets and Biofuel Feedstocks: Empirical Evidence from the U.S.–China Trade Dispute
type: item
description: Volatility dynamics in fossil fuel and agricultural commodity markets are shaped by a complex interplay of geopolitical, macroeconomic, and policy shocks. This article examines volatility transmission and cross-market linkages between crude oil and major biofuel feedstock commodities — soybean, corn, canola, and sunflower — from 2016 to 2025. Using a VAR–GARCH–BEKK framework and volatility impulse response analysis, the study provides evidence on how disruptive events such as the U.S.–China trade war, Brexit, OPEC supply interventions, the COVID-19 pandemic, and renewed trade tensions influence variance and covariance across integrated energy–commodity systems. The results show that volatility transmission is a persistent structural feature, with shocks in the oil sector rapidly propagating into biofuel feedstocks through input-cost, substitution, and policy channels. Volatility shocks are asymmetric, with negative shocks — particularly trade disputes and geopolitical conflicts — exerting stronger effects than positive ones. Volatility impacts are also commodity-specific: soybean exhibits the greatest sensitivity due to its dual role in biofuel production and trade, while corn and sunflower respond more strongly to demand-side disturbances. Several exogenous shocks beyond the 2018 trade war generate volatility effects equal to or greater than its impact, highlighting the multidimensional drivers of systemic risk. These findings deepen understanding of cross-market dynamics in integrated commodity systems and underscore the need for coordinated policies, targeted stabilization tools, and forward- looking strategies incorporating climate transition risks and predictive analytics to enhance market resilience and safeguard food and energy security in an increasingly uncertain global environment.
creator: Salokhiddin Avazkhodjaev
creator: Nont Dhiensiri
creator: Eshmurod Rakhimov
creator: Lobar Shayusupova
creator: Adiba Turaeva
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 719
ending page: 732
doi: 10.32479/ijeep.21787

Energy Sources Diversification Towards Achieving Energy Independence
type: item
description: This study, for the 1st time, reviews the cause of energy sources diversification on energy independence risk. To achieve this objective, the dataset across 64 countries spanning the time in the middle of 2000 and 2018 is used. For empirical analysis, method of moments quantile regression (MMQR) to cope with heteroscedasticity, partially linear functional-coefficient (PLFC) model to run nonlinear analysis, also difference-in-differences (DID) method to deal with endogeneity of Chinese energy investment are employed. The MMQR findings show that energy sources diversification has an adverse cause to energy independence risk across all the quantiles, 10-90%, and the development stage of the nations. Moreover, PLFC estimations also reveal that nonlinear relation is significant and depends on stage of economic development. Further, our findings obtained by DID method represent that Chinese energy investment is beneficial to cope with energy independence risk.
creator: Raya Karlibaeva
creator: Feruz Matkarimov
creator: Fakhriddin Isaev
creator: Olim Tursunov
creator: Nilufar Rajabova
creator: Karomat Atabayeva
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 733
ending page: 744
doi: 10.32479/ijeep.22464

How Does Environmental Information Disclosure Affect Corporate Environmental Performance? Evidence from Chinese A - Share Listed Companies
type: item
description: Global climate change and air pollution pose serious threats to economic growth and public welfare, creating urgent challenges for sustainable development. Corporations, as key agents in resource utilization and pollution control, are increasingly scrutinized for their environmental strategies and transparency. This study employs a two-way fixed effects panel model using data from Chinese A-share listed companies between 2015 and 2021 to investigate the impact of environmental information disclosure (EID) on corporate environmental performance, as well as its regional heterogeneity and underlying mechanisms. The empirical results reveal that EID significantly enhances environmental performance, and this effect is particularly pronounced in cities with high population density and limited green space. Mechanism analysis suggests that EID improves performance mainly through optimizing resource allocation and improving financial structures. These findings provide robust evidence that environmental disclosure can serve as an effective governance tool to promote corporate sustainability and regional environmental quality, offering policy implications for strengthening disclosure regulations and supporting targeted regional strategies.
creator: Zehao Lin
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 745
ending page: 753
doi: 10.32479/ijeep.21938

The Impact of Green Finance, Energy and Sustainable Development Policies in BRICS Indonesia: A Robust Panel Data Econometric Modeling
type: item
description: Environmental change is reshaping the global economy. This study examines the relationship between green finance, sustainable development, and eco-friendly policies in BRICS countries and Indonesia from 1990 to 2023. We use panel data methods, including Driscoll-Kraay standard errors, FMOLS, DOLS, and Method of Moments Quantile Regression (MMQR), to assess the impacts of clean energy financing, environmental taxes, and renewable energy use on the Green finance index (GFI). Clean energy financing consistently drives green financial development across all models. Environmental taxation has mixed effects: It limits growth in less developed green markets (lower GFI quantiles), but its impact is less pronounced in more advanced markets. This study uniquely reveals non-linear, quantile-specific patterns, showing that the connection between finance, policy, and sustainability depends on a country’s stage of green market development. These results suggest that strategies should be tailored to individual needs. Focus on direct investment, and adjust fiscal tools based on market readiness to support a sustainable financial transition.
creator: Sanusi Fattah
creator: Hamrullah Hamrullah
creator: Sri Undai Nurbayani
creator: Retno Fitrianti
creator: Mohammad Amil Yusuf
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 754
ending page: 764
doi: 10.32479/ijeep.21610

Corporate Governance and Sustainable Energy Performance: Challenges and Strategies of Moroccan Subsidiaries in the Green Transition
type: item
description: In the current global landscape shaped by the energy transition and increasing sustainability imperatives, corporate governance is progressively recognized as a strategic driver for enhancing energy responsibility. This study investigates the influence of governance mechanisms on energy performance and sustainability within subsidiaries of Moroccan business groups. Adopting a quantitative and deductive research design, the study develops a conceptual framework that links governance quality, energy transparency, and sustainable performance. Empirical data were collected from a sample of subsidiaries operating in energy-intensive industries. Multiple linear regression analysis was employed to test the hypotheses derived from prior research on corporate governance and sustainability. The results reveal a positive and statistically significant relationship between governance mechanisms and energy responsibility, demonstrating that transparency, strategic oversight, and board commitment contribute to improved sustainable performance among subsidiaries. These findings confirm that corporate governance plays a pivotal role in supporting Morocco’s energy transition. They further underscore the necessity of adopting governance frameworks that explicitly integrate energy responsibility into strategic and operational decision-making. This research enriches the literature on energy governance in emerging economies by proposing an integrated empirical model of sustainable performance contextualized to Moroccan corporate realities.
creator: Hamza Taghzouti
creator: Abdellatif Taghzouti
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 765
ending page: 773
doi: 10.32479/ijeep.21989

Oil Price Shocks, Exchange Rate Fluctuations, Foreign Direct Investment Inflows, and Macroeconomic Stability: Evidence from Kazakhstan Using a Vector Autoregressive Approach
type: item
description: This study investigates the interplay between oil price shocks, exchange rate movements, foreign direct investment (FDI) inflows, and gross domestic product (GDP) in Kazakhstan. Using quarterly data for 2010Q1-2024Q4, a Vector Autoregression (VAR) model is employed to capture short- and medium-term dynamics among these variables. Stationarity tests confirm that all series are integrated of order one, while lag selection criteria support a VAR(3) specification. The empirical results indicate that GDP remains largely self-driven in the short run, but its long-term variability is increasingly influenced by exchange rate fluctuations and oil prices. FDI inflows are initially persistent yet strongly shaped by oil market volatility, while the real effective exchange rate (REER) proves highly sensitive to external energy shocks. Oil prices, by contrast, remain mostly exogenous. These findings underscore Kazakhstan’s structural dependence on global oil markets and highlight the need for diversification, fiscal stabilization mechanisms, and improved exchange rate management to strengthen macroeconomic resilience.
creator: Altynai Turlybekova
creator: Akmaral E. Sarsenova
creator: Parida Baineyeva
creator: Ainura N. Aitymbetova
creator: Saken Ualikhanovich Abdibekov
creator: Raikhan Musamatovna Tazhibayeva
creator: Daniyal Duisenbek
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 774
ending page: 780
doi: 10.32479/ijeep.21785

The Relationship among Fossil Fuel Energy, Economic Development, Institutional Quality, Globalization, Foreign Direct Investment and Forest in European Countries
type: item
description: Currently, the harmful nature of fossil fuel is being discussed in the forest context in Europe. Therefore, this research examines the effect of fossil fuel energy on forest area in the panel of 39 European countries during the period 2000-2024. For the empirical estimations, Quantile regression estimated through the Method of Moments framework is employed which is robust to heteroscedasticity. The findings reveal that fossil fuel energy negatively and significantly impacts on forest area across all the quantiles from 10% to 90%. Policy implications should prioritize the role of fossil energy in shaping forest policy.
creator: Jamshid Pardaev
creator: Dilshad Ibadullaev
creator: Ziyat Kurbanov
creator: Mansur Eshov
creator: O'g'iljon Artiqova
creator: Lyailya Mutaliyeva
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 781
ending page: 787
doi: 10.32479/ijeep.22456

From Transparency to Sustainability: The Role of Climate Change and Social Responsibility Disclosure in Enhancing Sustainable Performance
type: item
description: This study examines the impact of climate change disclosure (CCD) and corporate social responsibility (CSR) on sustainable performance in Asian companies from 2018 to 2023, highlighting the growing demand for transparency in corporate environmental and social practices. Based on a sample of 1,623 companies and 9,738 firm-year observations, the study uses multiple regression analysis to evaluate the relationship between CCD, CSR, and sustainable performance. Firms with incomplete data were excluded to ensure accuracy. Results show that high-quality CCD and CSR significantly improve economic, social, and environmental performance. Better disclosure is linked to stronger outcomes across all sustainability dimensions. The focus on Asian firms between 2018 and 2023 may limit the applicability of results to other regions. The study provides empirical support for policymakers to enhance sustainability reporting standards. It also promotes investor confidence and encourages responsible corporate behaviour aligned with sustainable development goals. This research enriches the literature by exploring CCD and CSR as drivers of sustainability in emerging Asian markets, emphasizing transparency as a strategic path to long-term value.
creator: Ayad Jumaah Khalaf
creator: Ahmed Mohammed Khalaf
creator: Adel Muwafaq Kadhim
creator: Ghalib Jlewey Aswad
creator: Waleed Khalid Hindi
creator: Dheyab Ahmed Abdulateef
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 788
ending page: 797
doi: 10.32479/ijeep.21878

Financing Green Transitions: The Institutional Link in Sub-Saharan Africa’s Renewable Energy Drive
type: item
description: The transition to renewable energy in Sub-Saharan Africa is shaped by both financial and institutional determinants, yet empirical evidence on their joint effect remains limited. This study examines the relationship between financial resources and renewable energy adoption across 20 Sub-Saharan African nations from 2004 to 2023, using Fully Modified Ordinary Least Squares to capture long-run relationships and System Generalised Methods of Moments (GMM) to address endogeneity, it tests whether finance alone can drive RE growth and whether institutional quality moderates this effect. Results show that FDI is not sufficiently a driver for renewable energy transition, with effects varying across estimators. Also, political stability emerges as a driver for renewable energy adoption, while institutional quality has a mixed-moderating effect. These findings support recent evidence that governance quality and green finance mechanisms enhance the FDI flows for clean energy transition. This study contributes to the renewable energy finance literature by offering one of the first SSA-wide empirical analyses integrating finance-institution interaction in a green economy. Policy implications highlight the need for coordinated strategies that combine FDI inflows, institutional reforms and innovative green finance tailored to country-specific contexts.
creator: Wisdom Okere
creator: Cosmas Ambe
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 798
ending page: 805
doi: 10.32479/ijeep.21276

Prioritizing Policy for the Electric Vehicle Adoption and Production Ecosystem in Indonesia
type: item
description: Most countries are expanding their programs for electric vehicles as part of an action to reduce greenhouse gas emissions and fossil fuel consumption. In Indonesia, EV development is significantly behind target. Indonesia has specific conditions regarding innovative products in the automotive industry. The majority of automotive users are economy users. Foreign-origin equipment manufacturers dominate the automotive industry, whereas local manufacturers are comparatively less competitive. This study examines the critical policies for EV adoption and the ecosystem in Indonesia. This analysis employs the analytic network process method based on the benefits, opportunities, costs, and risks model. The results show that, in both the short and long term, the top three priorities offer users greater attractiveness in terms of price and charging-station availability, including purchasing incentives, annual tax incentives, and incentives for charging infrastructure providers. In the short term, the following priorities focus on a producer-oriented policy, specifically co-production with local start-ups and EV share-targeted production. In the long term, the priority is to enhance the appeal of EVs by granting them driving privileges, which will continue through co-production with local start-ups to increase local content-based EV production.
creator: Triyono Widi Sasongko
creator: Udisubakti Ciptomulyono
creator: Budisantoso Wirjodirdjo
creator: Andhika Prastawa
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 806
ending page: 819
doi: 10.32479/ijeep.22169

What Goes Along with the Energy Ladder? Regression Analysis and Crisp-Set Qualitative Comparative Analysis
type: item
description: The study reveals that, while economic variables, such as income, remain central to explaining clean energy adoption in the selected 20 African countries, other non-economic elements, like access to infrastructure and social demographics, can exert notable influence under certain circumstances. To enable comparison, two analyses were employed: regression analysis and crisp-set qualitative comparative analysis (cs-QCS). The trend findings show higher adoption rates of clean cooking fuels in West and Central Africa, particularly under certain socioeconomic and infrastructure conditions (high rates of female household heads and access to electricity). Conversely, East Africa has made limited progress due to specific socioeconomic and infrastructure constraints (low rates of improved water and access to electricity). These results reinforce the primary relevance of the Energy Ladder theory for African nations but also indicate that certain combinations of social factors modulate clean energy utilization. Thus, the study highlights the need for a more nuanced understanding of how economic and non-economic determinants interact and shape household fuel choices across diverse regional settings in Africa, which goes beyond energy stacking.
creator: Fumihiko Matsubara
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 820
ending page: 830
doi: 10.32479/ijeep.22002

Impact of Energy Poverty on Economic Development in Asia: An Empirical Analysis
type: item
description: This study provides an empirical analysis of the relationship between energy poverty and economic development across Asia from 2000 to 2022. Utilizing a panel dataset of 23 Asian economies, we employ access to electricity as a percentage of the population, access to clean fuels and technologies for cooking as a percentage of the population, and non-renewable final energy consumption per urban capita as proxies for foundational access, household human development, and the energy intensity of economic production, respectively. Through a suite of econometric techniques, including two-way fixed effects, instrumental variable (IV-2SLS), system Generalized Method of Moments (System GMM), and Panel Autoregressive Distributed Lag (ARDL) models, we uncover nuanced and policy-relevant dynamics. Our findings reveal that while all three dimensions of energy access are significantly and positively correlated with economic development, their magnitudes, transmission mechanisms, and policy implications differ profoundly. Specifically, the analysis highlights a critical divergence between the rapid expansion of electricity access and the persistently slow progress in clean cooking adoption, with the latter imposing substantial, often unseen, costs on health, and human capital formation.
creator: Duy Hung Bui
creator: Minh Thu Do
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 831
ending page: 840
doi: 10.32479/ijeep.22046

Assessing the Macroeconomic and Environmental Determinants of ASEAN’s Economic Growth: Evidence from Panel Data (2000–2023)
type: item
description: This study investigates the relationship between economic growth and key macroeconomic–environmental indicators across ASEAN (2000–2023), highlighting the trade-offs between output expansion, resource use, and sustainability. Employing a panel data approach with the Fixed Effects Model (FEM), the analysis covers eight ASEAN economies—Brunei, Indonesia, Malaysia, Cambodia, Singapore, Thailand, the Philippines, and Vietnam. The dependent variable, the natural logarithm of Gross Domestic Product (LOG(GDP)), is regressed on inflation, final consumption expenditure, labour force, gross fixed capital formation, and emissions of CO2 and N2O. The results reveal that final consumption expenditure and CO2 emissions have positive and statistically significant effects on economic growth, indicating that energy-intensive consumption remains a key driver of output in the region. In contrast, inflation, labour force size, and N2O emissions exhibit negative and significant relationships with GDP, suggesting that price instability, inefficiencies in labour utilization, and environmental degradation can constrain economic performance. The model demonstrates high explanatory power (Adjusted R2 = 0.9998), although a low Durbin–Watson statistic signals potential autocorrelation. This study enriches the limited empirical literature on the macro–environmental nexus in ASEAN by applying an extended panel framework with robust country-fixed effects. The findings highlight the need for balanced policy strategies that promote sustainable growth through productivity enhancement, price stability, and emissions reduction.
creator: Agus Tri Basuki
creator: Imamudin Yuliadi
creator: Nita Viviani Nurhanifah
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 841
ending page: 846
doi: 10.32479/ijeep.21992

Building a Green Economy: The Role of Sustainable Energy in Saudi Arabia’s Economic Diversification under Vision 2030
type: item
description: Saudi Arabia, long reliant on hydrocarbon revenues, faces mounting pressure to diversify its economy while meeting its climate commitments. This study examines the critical role of sustainable energy in enabling Saudi Arabia’s transition to a green economy under Vision 2030. Using a mixed- methods approach—combining policy analysis, renewable energy project data (2016-2023), and macroeconomic modeling—we assess how investments in solar, wind, and hydrogen contribute to economic diversification, job creation, and reductions in carbon emissions. Results indicate that renewable energy adoption could displace 12-18% of oil-derived electricity by 2030 while adding $15-20 billion annually to non-oil GDP. However, institutional barriers, fossil fuel subsidies, and technological gaps hinder progress. We propose targeted policy reforms, including public-private partnerships (PPPs) and localized supply chains, to accelerate green growth. This research underscores the synergy between energy sustainability and economic resilience, offering actionable insights for Saudi Arabia and other resource-dependent economies.
creator: Mohamed A. M. Sallam
creator: Tarek Sadraoui
creator: Samar A. Alwehaibi
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 847
ending page: 857
doi: 10.32479/ijeep.21680

Energy Shocks and Coffee Market Resilience under a Machine Learning Framework with the SDI+ Index
type: item
description: This study analyzes the dynamic interdependence between Arabica coffee and Brent oil markets amid global energy shocks from 2010 to 2025. It employs a new Structural Decoupling Index (SDI+) combined with unsupervised machine learning algorithms, including K-Means, Gaussian Mixture Models, and Spectral Clustering. The analysis uncovers multiple dependence regimes and structural shifts. Findings indicate that 52% of the identified episodes involve strong decoupling, highlighting the fragile and episodic nature of the relationship between coffee and energy. The SDI+ predicts structural breaks up to 15 days in advance of traditional DCC-GARCH models, showcasing its potential as an early warning tool. Empirical results demonstrate that geopolitical and climatic shocks-particularly the Russia-Ukraine conflict and the 2023/24 ENSO event-heighten volatility and disrupt price transmission mechanisms. These insights advance the energy-agriculture literature by incorporating multiscale dependence metrics and machine learning for assessing commodity risk. The study provides practical recommendations for policymakers, cooperatives, and investors seeking to enhance the resilience of coffee-dependent economies against external energy shocks and global uncertainties.
creator: Carlos Hernán Suárez-Rodríguez
creator: Diego Fernando Manotas-Duque
creator: Esteban Largo-Avila
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 858
ending page: 869
doi: 10.32479/ijeep.21925

Green Finance and Environmental Pollution: Empirical Evidence from Asia
type: item
description: This paper analyzes the impact of green finance on carbon emissions in 12 Asian countries during the period 2014–2024. Green finance is measured through three dimensions: green credit, green investment, and green building, along with control variables such as population density, GDP per capita, economic growth rate, and energy consumption. The results of the fixed-effects model indicate that green credit and green investment have a statistically significant negative relationship with carbon emissions, while green building does not show a clear effect. To quantify the overall impact, a composite green finance index is constructed using the Principal Component Analysis (PCA) method, and the results further confirm the positive role of green finance in reducing environmental pollution. Robustness checks conducted with alternative dependent and independent variables yield consistent results. Based on these findings, the study suggests several policy implications, including the expansion of green credit and green investment, the promotion of renewable energy use, and the establishment of a sustainable green financial system to achieve green development goals across Asia.
creator: Anh Dang
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 870
ending page: 877
doi: 10.32479/ijeep.21980

Indonesia’s Greenhouse Gas Puzzle: VECM Unravels Impact
type: item
description: This study investigates the dynamic relationship between greenhouse gas (GHG) emissions, agricultural activity, forest area, and other industrial sectors in Indonesia using the Vector Error Correction Model (VECM) approach. The analysis employs annual data from 1990 to 2023 to capture both short-run adjustments and long-run equilibrium among the variables. The results indicate that in the short run, agricultural and industrial activities significantly increase GHG emissions, while changes in forest area have a negative but statistically insignificant effect. The negative and significant error correction term confirms the existence of long-run equilibrium, with approximately 30% of deviations from equilibrium corrected each period, indicating moderate adjustment speed. In the long run, agricultural and industrial sectors remain key contributors to emission growth, whereas forest expansion mitigates emissions over time. Diagnostic and stability tests confirm that the model is statistically sound, stable, and free from serial correlation and heteroskedasticity. The impulse response analysis further reveals that shocks from agriculture and industry lead to persistent increases in emissions, while forest shocks exert stabilizing effects. The findings underscore the need for integrated and sustainable policy interventions across sectors. Policymakers should promote climate-smart agricultural practices, enhance industrial energy efficiency, and strengthen forest conservation efforts to achieve balanced economic and environmental outcomes. Moreover, coordinated cross-sectoral policies and investments in green technology are crucial to ensure Indonesia’s transition toward a low-carbon and sustainable growth path.
creator: Elvina Primayesa
creator: Sucihatiningsih Dian Wisika Prajanti
creator: Etty Puji Lestari
creator: Indah Maya Sari
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 878
ending page: 889
doi: 10.32479/ijeep.22005

Structural Impacts of Global Climate Agreements on CO2 Emissions and Economic Growth in 106 Middle-Income Countries
type: item
description: Rising CO2 emissions remain a critical challenge for middle-income countries, where economic growth continues to drive environmental degradation. This study examines the long- and short-run relationships between CO2 emissions, energy use, GDP per capita, and population in 106 middle-income countries from 1980 to 2023. Using a Panel Vector Error Correction Model (VECM) with structural breaks for the UNFCCC (1994), Kyoto Protocol (2005), and Paris Agreement (2016), it evaluates the comparative effectiveness of major international climate agreements. Cointegration tests confirm a stable long-run equilibrium among the variables, with GDP per capita exerting upward pressure on emissions, while rising energy use increasingly reflects efficiency gains and cleaner technologies. The results show that the Kyoto Protocol produced a modest but statistically significant reduction in emissions, while the UNFCCC had a smaller yet meaningful influence. By contrast, the Paris Agreement has not yet delivered measurable long-run or short-run impacts. Granger causality tests confirm that energy use strongly drives emissions in the short run, while GDP per capita and population exert gradual effects over time. Variance decomposition and impulse response analysis further demonstrate that emissions trajectories remain shaped more by energy and economic dynamics than by participation in global agreements. Robustness checks, including autocorrelation diagnostics and slope homogeneity tests, confirm model stability. The findings highlight that while binding commitments under Kyoto generated observable though limited progress, voluntary frameworks such as Paris remain insufficient without strong domestic policy enforcement, sector-specific reforms, and sustained investment in renewable energy.
creator: Tuhin G. M. Al Mamun
creator: Ehsanullah Ehsanullah
creator: Mohammad Bin Amin
creator: Veronika Fenyves
creator: Judit Oláh
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 890
ending page: 901
doi: 10.32479/ijeep.21399

Integrating Digitalization, Corporate Social Responsibility, and Human Capital for Environmental Sustainability: The Strategic Role of Green Finance in Commercial Banks
type: item
description: This study investigates the determinants of environmental sustainability (ES) within the banking sector of emerging economies, focusing on the roles of employee green behavior (EGB), corporate social responsibility (CSR) initiatives, and green innovation (GI). It further examines green finance (GF) as a mediating mechanism through which these factors influence environmental sustainability, while financial technology (FinTech) is explored as a moderating variable that may strengthen or weaken these relationships. Empirical data were collected from 385 branch managers in the banking industry through a combination of self-administered and online survey questionnaires. Partial least squares structural equation modeling (PLS-SEM) was used to analyze the direct and indirect correlations between the variables. The findings indicated that banks’ environmental sustainability was positively and significantly impacted by their sponsorship of green projects. Furthermore, it was found that banks’ sustainable performance is improved by CSR initiatives and green employee behavior, and that FinTech does not moderate the relationship between environmental sustainability and green innovations through the mediation of green finance. This study is unusual because it examines the combined effects of employee green behavior, green innovations, CSR initiatives, green financing, and Fintech adoption on sustainability—an area that hasn’t gotten much attention in previous research. In particular, this study supports the 2030 Agenda for Sustainable Development by showing how financial technologies and sustainable banking practices help achieve SDG 9 (Industry, Innovation, and Infrastructure) and SDG 13 (Climate Action), two UN Sustainable Development Goals.
creator: Muhammad Ashfaq
creator: Shamim Akhtar
creator: Muhammad Akhlaq
creator: Azeem Yousaf
creator: Kafait Ullah
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 902
ending page: 915
doi: 10.32479/ijeep.22006

The Impact of Renewable Energy, Environmental Dependence, and Socioeconomic Factors on Sustainable Regional Economic Development in Indonesia
type: item
description: This study examines how natural resource dependence, the shift to renewable energy, and sustainable development are connected, with a focus on what this means for Indonesia’s policies. Using data from 137 countries between 1990 and 2022, the research examines the long- and short-term effects of natural resource rents, socioeconomic factors, and human capital on renewable energy use and the Sustainable Development Index across different income groups. The study uses advanced econometric methods, including the CIPS unit root test, the Panel ARDL model with PMG estimation, and Dumitrescu–Hurlin causality tests, to address cross-sectional dependence and identify reliable links. The results show a complex picture: while having many natural resources can slow the growth of renewable energy use, it also helps improve long-term sustainable development, highlighting the role of good institutions and policy choices. Upper-middle-income countries like Indonesia have the highest average Sustainable Development Index, indicating strong development despite moderate reliance on resources. The analysis also finds a two-way relationship between renewable energy use and sustainable development and points to human capital as a key factor in advancing renewable energy. These findings suggest that Indonesia should adopt a policy approach that uses resource revenues to invest in renewable energy and build human capital. This combined strategy would help Indonesia move toward more diverse, fair, and environmentally sustainable growth.
creator: Hamrullah Hamrullah
creator: Sanusi Fattah
creator: Nur Dwiana Sari Saudi
creator: Fitriwati Jam’an
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 916
ending page: 925
doi: 10.32479/ijeep.21615

Investigating the Structural Shift in Indonesia’s Energy Consumption and its Implications for Sustainable Development and Energy Policy
type: item
description: The path of economic development and the standard of living of households are determined by the availability of energy as a production factor. Patterns of final energy use in Indonesia have exhibited notable structural change between 2010 and 2023. The purpose of this research is to examine the dynamics of the shift in energy consumption from the household sector to the productive sector, specifically, industry and transportation, and its consequences for sustainable development and energy security. The Indonesian Energy Balance (2010-2023) was obtained from Central Bureau of Statistics (BPS), International Energy Agency (IEA), and other relevant publications, which are the sources of secondary data used in the research methodology. Using a time series technique, the analysis compared the pre-, during, and post-COVID-19 pandemic phases to determine the proportion of energy consumption for each sector. To ensure uniformity across energy sources, all data were converted to barrels of oil equivalent (BOE). With average growth rates of 7.66% and 6.11% per year, respectively, the data reveal that the transportation and industrial sectors are the primary drivers of growth in the nation’s energy consumption. On the other hand, the household sector saw a notable decline (–1.56), consistent with the switch from biomass to electricity and LPG. There were steady but modest increases in the public, commercial, and agricultural sectors. Although industry and transportation once again drove the post-pandemic recovery, the COVID-19 pandemic turned out to be a turning point that curtailed productive energy use. These results support the notion that Indonesia’s energy use is shifting increasingly toward the productive sector as the country’s economy becomes more sophisticated and industrialized. However, the Net Zero Emission 2060 target is seriously threatened by the prevalence of fossil fuels in the industrial and transportation sectors. Therefore, to maintain a balance between en…
creator: Helmi Noviar
creator: Jumadil Saputra
creator: Candra Adi Intyas
creator: Mohammad Affendy Arip
creator: Nur Fadzlunnisaa Wakimin
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 926
ending page: 937
doi: 10.32479/ijeep.22081

Exploring the Impact of Oil Price Changes on Corporate Cash Holdings during VAT Era in UAE
type: item
description: This study explores the impact oil price changes and corporate cash holdings during the VAE era. Using panel data analysis for 46 of the largest listed firms in the UAE stock markets, the study reveals that oil price changes adversely impact corporate cash holdings, confirming the transaction cost motive where firms are motivated to retain large amounts of cash to mitigate, among other transactions, the costs associated with oil price changes. However, the application of VAT after 2018 in UAE weakens the detrimental impact of oil price changes on the amount of cash held by corporations. This suggests that VAT plays a moderating role in reshaping the relationship between the cash held by the UAE corporations and oil price changes. However, when oil returns are divided into negative and positive returns, we find different results. During VAT era, firms tend to increase their cash holdings when oil returns are negative, while they tend to reduce the cash leak when oil returns are positive, arguing the application of the VAT system application enables firms to carefully manage their cash levels in order to reduce the decline in oil price. This research offers valuable insights for public authorities, managers, and shareholders by illustrating how oil price change can impact corporate cash holdings in an oil-exporting market during the VAT system. The results can guide policymakers and tax reformers in fostering sustainable financial and economic development.
creator: Ghada Almaazmi
creator: Mohammad Al-Shboul
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 938
ending page: 953
doi: 10.32479/ijeep.19719

Innovation, Crude Oil Prices, Fossil Fuel Energy Consumption and Climate Sustainability in Egypt: Using the Gradient Boosting Machine Learning Algorithm
type: item
description: The present paper analyses the predictions of yearly carbon emissions and the impacts of innovation, crude oil prices, fossil fuel energy consumption, urbanisation, and economic growth on climate sustainability in Egypt from 1990 to 2024 using a gradient-boosting machine learning algorithm. The models' performance was assessed using root mean square error (RMSE), mean absolute error (MAE), R-squared, accuracy, precision, recall, F1 score, area under the curve (ROC AUC), and confusion matrix accuracy. The findings demonstrated that a gradient-boosting algorithm attains nearly flawless performance across all assessment metrics for carbon emission prediction. Moreover, the analysis revealed that fossil fuel demand is dominant in explaining carbon emissions in Egypt. It means fossil fuel consumption is the most influential factor at 22.3%, followed by economic growth at 20.2%, innovation at 15.6%, crude oil prices at 14.8%, renewable energy consumption at 14.2%, and finally urban population at 12.9%. The document offers substantial implications for policymakers and academics in mitigating CO₂ emissions. The findings suggest that it is necessary to implement a comprehensive policy package that emphasises demand management, enhances energy efficiency programs, accelerates clean energy deployment, and promotes green innovation in pursuit of a more sustainable energy mix in Egypt in the long term.
creator: Mousa Gowfal Selmey
creator: Ali Abdelbasset Kammoun
creator: Mohamed Ibrahim Elgohari
creator: Mustafa Radwan
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 954
ending page: 964
doi: 10.32479/ijeep.21742

Digital Transformation and Renewable Energy Adoption in the MENA Region: An Econometric Analysis
type: item
description: This study examines the impact of digital transformation on the adoption of renewable energy sources. It employs the Cross-Sectionally Augmented Autoregressive Distributed Lag model and conducts robustness checks using the Fully Modified Ordinary Least Squares approach to assess the potential influence of errors or random variations in the data. The analysis covers 12 countries in the MENA region from 2010 to 2023. The results indicate that digital transformation has a positive and statistically significant effect on the share of renewable energy. Governance quality emerges as a key determinant, whereas urbanization exhibits a negative correlation. This research contributes to the literature by providing novel empirical evidence for a region characterized by hydrocarbon dependency. It highlights the need for integrated policies that combine digital development, institutional strengthening, and the management of urban expansion to accelerate the energy transition.
creator: Jihene Yemmen
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 965
ending page: 973
doi: 10.32479/ijeep.21874

An Econometric Analysis of Carbon Footprints and Life Expectancy in China
type: item
description: China is currently the global largest emitter of greenhouse gases, with a significant portion of its emissions coming from coal-fired power plants and heavy industries. This high level of carbon emissions has not only contributed to global climate change but also to air pollution and respiratory diseases, affecting the health and well-being of the Chinese population. Against this backdrop, this study employed an econometric method to provide an empirical answer to how carbon footprints affected life expectancy in China. The study made use of secondary data from the World Development Indicators, and the data spanning from 2000 to 2021. Consequently, the data was analyzed empirically with the following results: carbon footprint in China experienced a noticeable rise, which persisted till 2020 before it slumped sharply in 2021. Similarly, the carbon footprints had an average value of 5.8 metric tons per capita. On the other hand, on an average basis, life expectancy in China was 78 years. Carbon footprints and life expectancy had a significant positive relationship in the country. Moreover, government health expenditure contributed a significant positive impact to life expectancy in China. Therefore, this study submits that China has been able to increase life span of humans in the face of the current climate change with evidence showing that this may be due to increased resilient health sector.
creator: Timothy Ayomitunde Aderemi
creator: Misery M. Sikwela
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 974
ending page: 979
doi: 10.32479/ijeep.20051

Dynamic Responses of Inflation, Agricultural Production, and Terms of Trade to Oil Price Fluctuations in Kazakhstan: An Structural VAR Approach
type: item
description: The influence of oil price fluctuations on Kazakhstan’s inflation, agricultural production, and terms of trade over 2000-2024 is examined using annual observations for 2001-2024. A Structural VAR with recursive long-run (F-triangular) identification is estimated, and a VAR(4) specification is selected by LR, FPE, AIC, and HQ criteria. Results indicate moderate inflation persistence and pronounced agricultural inertia, while net trade dynamics are primarily autoregressive. Structural estimates and impulse responses show that positive oil price shocks raise inflation in the short run and temporarily depress agricultural production, with effects fading over the medium term; trade shocks briefly lift inflation, whereas inflation shocks modestly weaken net trade. Variance decompositions confirm that inflation is predominantly self-driven (≈85.5% at a ten-period horizon) but increasingly influenced by oil and supply-side conditions; agricultural output displays rising sensitivity to inflation and trade signals; oil prices remain largely exogenous with limited domestic feedback. Policy implications include stronger fiscal-monetary coordination to contain oil-induced inflation, productivity and energy-efficiency gains in agriculture to cushion cost shocks, and export diversification to mitigate terms-of-trade volatility and enhance macroeconomic resilience.
creator: Ainur Yergazievna Yesbolova
creator: Gulzhanar I. Abdikerimova
creator: Bagdaulet Naribek
creator: Nursulu Sarkulova
creator: Bakytzhan S. Mukhan
creator: Darikul Kulanova
creator: Artur Bolganbayev
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 980
ending page: 987
doi: 10.32479/ijeep.22154

Oil Revenue and Non-Oil Revenue Impact on Economic Development
type: item
description: The lingering controversy on the right mix of national revenue generation in a quest for economic development is more pertinent for resource-rich and development-deficient countries, such as Nigeria. Even though Nigeria earns substantial revenue from oil exports, it still performs poorly in basic human development indicators such as health, education, and income. This paper examines the effects of oil revenue (OILREV) and non-oil revenue (NONOILREV) on the economy in Nigeria, measured using the Human Development Index (HDI) as a measure of economic advancement. The study adopted an ex-post facto research design in which secondary data were obtained from World Bank databases and the Central Bank of Nigeria (CBN) from 2014 to 2024. Independent variables used were Oil Revenue (OILREV) and Non-Oil Revenue (NONOILREV), with HDI as the dependent variable. The study applied a panel least squares estimation technique using unbalanced panel data with 86 observations across sections. The empirical findings show that oil and non-oil revenues both have statistically significant positive effects on HDI. Specifically, an increment in oil revenue by one unit boosts HDI by 0.000604 units (p = 0.0000), whereas an increase in non-oil revenue by one unit boosts HDI by 0.000447 units (p = 0.0000). These findings show that oil revenue has a slightly higher effect on human development compared to non-oil revenue. However, the significance of both highlights the significance of diversified sources of revenue. The study concludes that Nigeria's economic growth can significantly be enhanced by the strategic management of both oil and non-oil sources of revenue.
creator: Sunday Olasupo
creator: Babatunde Owolabi
creator: Oluwasikemi Owolabi
creator: James Akinbode
creator: Oladiran Afolabi
creator: Adegbola Otekunrin
creator: Chikamso Osueke
creator: Sunday Omojola
creator: Mishelle Doorasamy
rights: Copyright (c) 2025 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 988
ending page: 994
doi: 10.32479/ijeep.20016

The Impact of Innovation, Economic Growth, and Renewable Energy on CO2 Emissions in Developing Countries
type: item
description: This study examines the impact of economic growth, innovation, foreign trade, and renewable energy consumption on environmental sustainability in ten developing countries over the period 2000–2023. Based on panel data analysis, the research identifies strong cross-sectional dependence and structural heterogeneity among the countries. The results of the Westerlund and Edgerton (2007) cointegration test indicate the existence of a long-term relationship among the variables. According to the AMG estimator results, economic growth and renewable energy consumption exert a mitigating effect on carbon emissions. In contrast, the innovation variable increases emissions in the short run, suggesting that innovation activities have not yet fully shifted toward environmentally friendly technologies. The effect of foreign trade on carbon emissions, however, is found to be statistically insignificant. Overall, the findings suggest that achieving environmental sustainability in developing countries requires harmonizing economic growth with environmental policies. The study emphasizes the need to promote green innovation, increase investments in renewable energy, and support environmentally friendly production processes. In this context, it is recommended that environmental, energy, and innovation policies be implemented within an integrated development strategy.
creator: Nazigul Amankeldi
creator: Rimma Parmanova
creator: Gulmira Azretbergenova
creator: Nailya Abdildinova
rights: Copyright (c) 2026 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 995
ending page: 1002
doi: 10.32479/ijeep.22059

Effects of CO2, N2O, CH4 Emissions and Adjusted Net National Income on Food Security in 86 Countries
type: item
description: This paper examines the impact of climate change (measured as carbon dioxide, nitrous oxide, and methane emissions, as well as temperatures), arable land, and sustainable development (measured as Adjusted Net National Income, ANNI) on food security in 86 countries during 2012-2020. To this end, Granger non-causality in heterogeneous panels, static and dynamic panel data models, clusterization with elbow and silhouette analysis, as well as radar plot visualization. The Food Security Index (FSI) comes from Economist Impact (2022) and the rest of the variables from World Bank (2024). The main empirical result from panel data suggest that climate change has a negative effect on FSI, and ANNI measured as Gross National Income minus fixed capital consumption and natural resource depletion, used as a proxy of sustainable development, has a positive impact on FSI. Moreover, the cluster analysis complements the econometric analysis by identifying structural differences among countries that panel data models might overlook. Initially, two clusters are identified: one with only two members, China and the United States, and the other with the remaining countries. Subsequently, a cluster analysis is performed removing China and the United States to identify patterns in the rest of the countries. In this case, eight clusters are identified that share similar characteristics in the dynamics of all the variables under study, allowing for a more in-depth examination. There are now two clusters with only one member, Brazil and Russia. Other cluster contains only G7 countries. The largest cluster includes 31 countries. Finally, radar plots allow the specific characteristics of each of the eight groups to be visualized in relation to all the variables under study. Finally, the cluster analysis also offers important implications for sustainable policy design, suggesting the need for cluster-specific approaches rather than one-size-fits-all solutions.
creator: Alí Aali-Bujari
creator: Ana Lorena Jiménez-Preciado
creator: Francisco Venegas-Martínez
rights: Copyright (c) 2026 International Journal of Energy Economics and Policy
date: 2025-12-26
publication date: 2025-12-26
volume: 16
number: 1
starting page: 1003
ending page: 1019
doi: 10.32479/ijeep.22360