The Effect of Financial Development on Energy Consumption: Evidence from Russia

Mukhtarov, Shahriyar; Karacan, Rıdvan; Aliyev, Fuzuli; İsmayılov, Vüqar

doi:10.32479/ijeep.12534

Cited by 4 publications

(2 citation statements)

References 26 publications

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“…Of the top eight industries (Table S8 of the Supporting Information for all industries valued at over 1 billion USD), six are energy-related, costing over 0.3 trillion USD in 2020 (see Figure ). The EU imported 155 billion m 3 of gas from the RF or about 40% of its total natural gas consumption …”

Section: Transitional Scenario To Carbon Neutrality Using Hydrogenmentioning

confidence: 99%

“…The EU imported 155 billion m 3 of gas from the RF or about 40% of its total natural gas consumption. 74 Approximately 60% of Russia's oil exports go to Europe, including around 2% to the U.K. 89 For coal, over 36 MMT was imported from Poland, the Netherlands, Italy, Germany, France, and Spain, 90 accounting for between 40 and 80% and amounting to a daily cost of 20 million USD for coal and 850 million USD for oil and natural gas. 91 The U.S. and EU have enacted a sliding scale of phased-in restrictions and outright bans on energy imports from the RF (Table S9 of the Supporting Information for a list of bans by April 3, 2022).…”

Section: ■ Analysis Frameworkmentioning

confidence: 99%

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Energy Security and Sustainability for the European Union after/during the Ukraine Crisis: A Perspective

Liu

Wong

et al. 2023

Energy Fuels

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The special military operation initiated by the Russian Federation (RF) against Ukraine has focused on the European Union (EU) and, to a lesser degree, U.S. fossil fuel resource dependency. The Russian Federation's economy is heavily geared toward exports of carbonbased fuels. As a result of the proximity of the EU and Ukraine, these two entities are the largest importers of RF fossil fuels. Ukraine's and EU's large population and heavy industries utilize energy in large quantities. As a result of the overreliance on Russian carbon energy imports, the overall energy security index of the EU dropped by approximately 1−1.5% over the last 20 years. The energy security index can positively correlate with greenhouse emissions or a composite unit considering gas reserves and carbon dioxide emissions. To improve the EU energy security index, the EU imposed several phase-out energy bans in coordination with the U.K., U.S., Canada, Japan, and Australia in response to the ongoing crisis. An energy balance analysis demonstrates that an attractive option, namely, a hydrogen (H 2 ) infrastructure upgrade at the EU regional level, is feasible. The infrastructure upgrade at the regional level could generate an energy equivalent substitution of 20 exajoules (1 × 10 18 J) for heating and power to enable the EU to be free of energy imports from the RF for all carbon resources except oil. Further policy changes to facilitate a transition to sustainable resources, along with corresponding improvements in the efficiency of businesses, housing, and transport sector, could make the EU carbon neutral by 2050 and free from RF carbon imports before 2060.

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Section: Transitional Scenario To Carbon Neutrality Using Hydrogenmentioning

confidence: 99%

Section: ■ Analysis Frameworkmentioning

confidence: 99%

Energy Security and Sustainability for the European Union after/during the Ukraine Crisis: A Perspective

Liu

Wong

et al. 2023

Energy Fuels

View full text Add to dashboard Cite

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Could financial development eliminate energy poverty through renewable energy in Poland?

Mukhtarov

Mikayilov

2023

Energy Policy

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Modelling the nexus between finance, government revenue, institutional quality and sustainable energy supply in West Africa

Kolawole

Abdulmumin

Uzuner

et al. 2023

Preprint

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The present study examined the relationship between finance, government revenue, institutional quality and sustainable energy supply in West Africa countries over annual frequency period from 1990 to 2020. To achieve the outlined nexus between study variables, the present study leverages on a battery of panel analysis for robust inferences. The econometric estimators employed are panel random effect regression, generalized method of moment technique. Furthermore, panel Granger causality test is utilized to analyze the direction of flow among the variables for the study. Empirical results revealed that financial development is a significant determinant of energy supply in West Africa countries while a negligible effect was reported for institutional quality and sustainable energy supply. Thus, the present study concludes that finance from financial sector is important in ensuring sufficient energy supply. To this end, this study therefore, recommends that incentives should be given to financial institutions that fund energy generation and transmission as financial development is seen to be significant on energy supply.

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The Effect of Financial Development on Energy Consumption: Evidence from Russia

Cited by 4 publications

References 26 publications

Energy Security and Sustainability for the European Union after/during the Ukraine Crisis: A Perspective

Energy Security and Sustainability for the European Union after/during the Ukraine Crisis: A Perspective

Could financial development eliminate energy poverty through renewable energy in Poland?

Modelling the nexus between finance, government revenue, institutional quality and sustainable energy supply in West Africa

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