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Abstract This paper studies the impact of oil price changes on economic growth in Saudi Arabia to measure its dependency on the crude oil sector. To this end, an On/Off threshold regression is specified to allow the oil/GDP relationship to be asymmetric, nonlinear, and time-varying with regard to the business cycle phases. Further, we empirically test the diversification hypothesis put forward by the National Transformation Program (Saudi Vision 2030) to check whether the equity-energy investment initiative could boost economic growth in Saudi Arabia. First, our findings confirm the contribution of the oil sector to economic growth in the country, but also show that the oil/Saudi economy relationship exhibits nonlinearity and threshold effects, as the impact of oil price varies per regime depending on the state of the market. Second, in line with the Vision 2030 expectations, we are in favor of transforming the economy and opening its equity market. We also quantify a positive and significant impact of equity investment on the Saudi Arabian economy. Further, this diversification route will stimulate a beneficial oil effect on the real economy.

Implementing a circular economy aimed at reusing resources is becoming increasingly important for industry. Microalgae fit within a circular economy by being able to bioremediate nutrient waste and as a source of biomass for several commercial applications. Here, we report a novel validation of a circular economy concept using microalgae at a relevant industrial scale with a new two-phase process. During the first phase biomass was grown autotrophically, biomass was then concentrated using membrane technology for the second phase where mixotrophic conditions were applied to boost growth further. Microalgae cultures were able to grow (13.8 g/L), uptake and bioremediate nutrients (Nitrogen > 134 mg/L/day) from an anaerobic digestion side-stream (digestate), obtaining high quality microalgae biomass (>45% protein content) suitable for use as animal feed, closing the circular economy loop for industrial applications.

Abstract The increased environmental awareness coupled with the recent changes in the oil prices triggered the necessity of focusing on effective management of energy systems. Global climate change has caused many people to consider ways of reducing greenhouse gases Renewable energy has become an essential feature in curtailing emission of Green House Gases, while meeting the demand for energy. This paper presents an innovation system framework for development and diffusion of renewable energy technologies. The framework is used to identify opportunities for small and medium enterprises in the renewable energy sector. A case study on a successful development, installation and implementation of solar thermal systems households in Calgary, Alberta, by an entrepreneurial firm, is also presented.

Abstract This article analyzes the CFTC's Disaggregated Commitments of Traders (DCOT) Report to get more insights into the behavior of different traders during the 2008 oil bubble. The analysis shows that: (1) the Money Manager category perfectly played the oil bubble, got in early and started selling shortly before the bubble peak; (2) the Producer/Merchant/Processor/User category and the Nonreportable category were covering their short positions into the peak of the bubble; (3) the Swap/Dealer category benefited while the price of oil was rising, but incurred heavy losses as the price of oil collapsed; (4) we find no indications of speculation by any group of traders via the positive feedback trading or rational destabilization; and (5) we do, however, criticize the commercial hedgers for failing to arbitrage the soaring oil prices in 2008.

Abstract This paper examines the impact of alternate world oil price assumptions on the long-term economic outlook for Alberta, as determined by a provincial econometric model. Under each of three oil price scenarios, three distinct future periods are identified for the main oil producing region in Canada, ie Alberta. The first period exhibits a recession versus expansion in the economy and a complete divergence in real GDP between the upper and lower oil price scenarios. However, this GDP gap is reduced by the end of the second period as all scenarios tend to converge. Although the GDP is varied among the different scenarios, the last period is seen to require diversification away from energy industries in order to sustain healthy growth. The study results suggest that, due to the limited life index of conventional oil and gas reserves and projected slow growth in long-term oil prices, the provincial government should encourage the development of non-conventional resources or implementa comprehensive policy of industrial diversification towards non-resource based industries in the current period.

Abstract In modern developed economies, one of the primary objectives is to manage the transition from polluting to cleaner technologies as efficiently as possible. By now, in the current empirical literature, one can identify technological spillovers from environmental innovations as a major driver of this process. Specific energy policy aspects connected with industry behaviour have yet to be explored. The aim of this paper is to investigate energy efficiency via environmental innovation and the resulting degree of resilience and adaptation of both developed and developing countries. The work applies the non-parametric DEA (Data Envelopment Analysis) framework and Tobit analysis. For this scope, it is built a panel dataset made of some 5000 observations based on energy policy and sustainable development variables for 136 OECD and non-OECD countries. The results show that knowledge spillovers from environmental innovations reduce inefficiency and therefore strengthen the resilience of economies that decide and manage to invest adequately in the transition to more sustainable technologies. Besides, OECD countries improve their energy efficiency scores over time, whilst non-OECD countries do not. This implies that sustainable technologies transition is made more efficient by environmental innovation but the process is fostered by disposing of a resilient economic system – hence, vulnerability can affect the transition. These hypotheses lead to important economic, social and environmental implications for energy policy modelling.

Abstract This study employs a parametric input distance function that incorporates both desirable and undesirable outputs to provide a more complete representation of the production technology from which environmentally sensitive productivity and efficiency measures can be generated. This framework also generates pollution abatement cost estimates that are useful for policy making. An input-based Malmquist index of productivity growth that appropriately credits the producer not only for increases in marketable or desirable outputs but also for the production of improved environmental quality through pollution abatement activities is derived from the input distance function. The method was applied to time series data from the Canadian pulp and paper industry. Our shadow price estimates indicate that the marginal cost to producers of pollution control has been rising. The main conclusion of this study is that productivity improvement, from the social viewpoint, has been stronger than conventional measures would suggest.

Abstract The projected growth in households in the UK is a key factor in future domestic energy consumption, particularly electricity consumption. While every household needs a home and its heating, lighting and appliances, increasing incomes have historically led to significantly higher appliance ownership, higher expectations of levels of energy service and greater usage. In the past this trend was combined with increasing household numbers to drive growth in domestic electricity demand. Official projections for population growth and household composition indicate significant drivers for future growth in energy demand. Curbing this will require policies to reverse the tendency for energy–efficiency improvements to be overwhelmed by growing numbers of households, more widespread appliance ownership and increased service expectations.

Hydrogen is expected to play a significant role in the future energy system. A key enabler to a hydrogen-including economy will be the development and deployment of processes that can produce hydrogen whilst satisfying the criteria for sustainability, i.e. economic competitiveness, environmental protection and security of energy supply. This paper evaluates selected hydrogen production processes based on natural gas steam reforming, coal and biomass gasification and water electrolysis. These options are expected to play a significant role in the short to medium term. Industrial large-scale processes, using natural gas and coal, will constitute the most important routes. However, increasing prices for natural gas are likely to make coal gasification more competitive. Biomass gasification could become important if present technological barriers are overcome. Electrolytic hydrogen, however, will likely be practical for niche applications in the short term due to the high electricity costs, especially when electricity is generated by renewable energy sources.