Human capital and energy consumption: Six centuries of evidence from the United Kingdom

Churchill, Sefa Awaworyi; Inekwe, John Nkwoma; Ivanovski, Kris; Smyth, Russell

doi:10.1016/j.eneco.2022.106465

Cited by 16 publications

(8 citation statements)

References 90 publications

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“…Likewise, Churchill et al (2022) explore the nexus among human capital and energy consumption in the UK and reveal the existence of a negative relationship between human capital and energy consumption from both parametric and non-parametric estimations. In addition, the parametric estimates show that in the long term, energy consumption is likely to reduce by 4%-9% following an additional year of schooling.…”

Section: Human Capital and Energy Consumptionmentioning

confidence: 99%

“…However, the role of human capital on energy consumption as revealed in this study is inconsistent with the findings of Shahbaz et al (2022) who found a statistically negative and significant effect of human capital on all measures of energy consumption in China. Notwithstanding, several studies (Churchill et al, 2022;Shahbaz et al, 2019;Akram et al, 2018;Salim et al, 2017) have demonstrated the importance of human capital in enhancing the energy transition process in the context of developed economies.…”

Section: Human Capital and Energy Transitionmentioning

confidence: 99%

“…These policies must be accompanied by increased funding for the exponentiation of training opportunities on energy transition. Indeed, human capital development is likely to enhance the energy transition process (Churchill et al, 2022;Shahbaz et al, 2019) and ensure the attainment of a net-zero global economy.…”

Section: Robustness Checksmentioning

confidence: 99%

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Financial development, human capital and energy transition: a global comparative analysis

Achuo,

Kakeu,

Asongu

2024

IJESM

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Purpose Despite the global resolves to curtail fossil fuel consumption (FFC) in favour of clean energies, several countries continue to rely on carbon-intensive sources in meeting their energy demands. Financial constraints and limited knowledge with regards to green energy sources constitute major setbacks to the energy transition process. This study therefore aims to examine the effects of financial development and human capital on energy consumption. Design/methodology/approach The empirical analysis is based on the system generalised method of moments (SGMM) for a panel of 134 countries from 1996 to 2019. The SGMM estimates conducted on the basis of three measures of energy consumption, notably fossil fuel, renewable energy as well as total energy consumption (TEC), provide divergent results. Findings While financial development significantly reduces FFC, its effect is positive though non-significant with regards to renewable energy consumption. Conversely, financial development has a positive and significant effect on TEC. Moreover, the results reveal that human capital development has an enhancing though non-significant effect on the energy transition process. In addition, the results reveal that resource rents have an enhancing effect on the energy transition process. However, when natural resources rents are disaggregated into various components (oil, coal, mineral, natural gas and forest rents), the effects on energy transition are divergent. Although our findings are consistent when the global panel is split into developed and developing economies, the results are divergent across geographical regions. Contingent on these findings, actionable policy implications are discussed. Originality/value The study complements extant literature by assessing nexuses between financial development, human capital and energy transition from a global perspective.

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Section: Human Capital and Energy Consumptionmentioning

confidence: 99%

Section: Human Capital and Energy Transitionmentioning

confidence: 99%

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Financial development, human capital and energy transition: a global comparative analysis

Achuo,

Kakeu,

Asongu

2024

IJESM

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“…Energy and, in particular, electricity markets are crucial for global and local economies. They are, on the one hand, exposed to various risks associated with various uncertainty sources (Wang et al, 2022), political decisions and international conflicts and, on the other hand, they have an important impact on all types of human activity (Churchill et al, 2022;Huntington and Liddle, 2022). Therefore, modeling and forecasting of electricity markets: the demand level, the supply structure, and the level of prices are of interest to many researchers and practitioners (Jåstad et al, 2022).…”

Section: Introductionmentioning

confidence: 99%

Probabilistic forecasting with Factor Quantile Regression: Application to electricity trading

Maciejowska¹,

Serafin²,

Uniejewski³

2023

Preprint

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This paper presents a novel approach for constructing probabilistic forecasts, which combines both the Quantile Regression Averaging (QRA) method and the Principal Component Analysis (PCA) averaging scheme. The performance of the approach is evaluated on datasets from two European energy markets -the German EPEX SPOT and the Polish Power Exchange (TGE). The results indicate that newly proposed solutions yield results, which are more accurate than the literature benchmarks. Additionally, empirical evidence indicates that the proposed method outperforms its competitors in terms of the empirical coverage and the Christoffersen test. In addition, the economic value of the probabilistic forecast is evaluated on the basis of financial metrics. We test the performance of forecasting models taking into account a day-ahead market trading strategy that utilizes probabilistic price predictions and an energy storage system. The results indicate that profits of up to 10 EUR per 1 MWh transaction can be obtained when predictions are generated using the novel approach.

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“…Other studies have investigated the relationship between human capital and energy consumption (e.g.,Akram et al, 2019;Akram et al, 2020;Apergis et al, 2022;Awaworyi Churchill et al, 2023;Fang & Wolski, 2021;Salim et al, 2017;Shahbaz et al, 2019;Shahbaz et al, 2022;Yao et al, 2019) or human capital and the ecological footprint (e.g.,Ahmed & Wang, 2019;Ünal & Aktug, 2022). 2 At a micro level, there is evidence that households and communities with higher levels of education are associated with greater awareness of environmental issues and larger adoption of mitigation measures such as recycling and consumption of renewable energy(Ahmed & Wang, 2019;Chankrajang & Muttarak, 2017;Goetz et al, 1998).…”

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confidence: 99%

The Green Solow model and the threshold effect of human capital on CO2 emissions

Bassetti,

Pavesi,

Scotti

2023

Metroeconomica

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By promoting economic growth, human capital may contribute to the rise in CO2 emissions, but it may also stimulate emission‐reducing technologies. Starting from a Green Solow model augmented with human capital, we show that the former effect dominates the latter when human capital is below a critical value, while the opposite is true when human capital becomes sufficiently high. We also find that this result may delay the observability of an EKC and that human capital is more important than savings and depreciation rates in predicting CO2 growth. This evidence has relevant policy implications regarding which factors should be considered to mitigate carbon emissions.

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Human capital and energy consumption: Six centuries of evidence from the United Kingdom

Cited by 16 publications

References 90 publications

Financial development, human capital and energy transition: a global comparative analysis

Financial development, human capital and energy transition: a global comparative analysis

Probabilistic forecasting with Factor Quantile Regression: Application to electricity trading

The Green Solow model and the threshold effect of human capital on CO2 emissions

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