“…This is the most widely utilized approach for the analysis of macro-economic effects of major new expenditures, as is the case for investments driven by climate policies (e.g. Allan et al, 2008;Caldés, Varela, Santamaría, & Sáez, 2009;Hienuki, Kudoh, & Hondo, 2015;Markaki, Belegri-Roboli, Michaelides, Mirasgedis, & Lalas, 2013;Neuwahl, Löschel, Mongelli, & Delgado, 2008;Oliveira, Coelho, da Silva, & Antunes, 2013;Scott, Roop, Schultz, Anderson, & Cort, 2008;Tourkolias & Mirasgedis, 2011).…”