• Energy Research

Low-carbon economic development is at the heart of the post-pandemic green recovery scheme worldwide. It requires economic recovery without compromising on the environment, implying a critical role that green productivity plays in achieving the carbon neutrality goal. Green productivity measures the quality of economic growth with consideration for energy consumption and environmental pollution. This study employs the slacks-based measure directional distance function (SBM-DDF) approach and the Malmquist-Luenberger (ML) index to calculate green productivity and its components of 30 provinces in China between 2001 and 2018. Using a spatial panel data model, we empirically analyzed the conditional β-convergence of China's green productivity. We found that overall, since 2001, China's green productivity has demonstrated a continuous upward trend. When taking into account spatial factors, China's green productivity demonstrates a significant conditional β-convergence. In terms of regional effects, the results indicate that the green productivity of the eastern and western regions demonstrates club convergence, implying a more balanced green economic development. Moreover, the convergence rate of China's green productivity increases with the addition of environmental regulation variable, and so the corresponding convergence time decreases. It indicates that environmental regulations help to facilitate the convergence of China's green productivity, narrowing the gap between the regional green economic development. The findings provide guideline for achieving a low-carbon development and carbon neutrality from a regional green productivity perspective.

The outbreak of the COVID-19 pandemic has had significant negative impacts on financial markets, including energy stock markets. However, recently proposed and implemented green recovery plans may mean that clean energy firms demonstrate better performance than fossil fuel firms after the pandemic. As more voices call for the update of clean energy, theory on investor attention suggests investors will pay more attention to the potential to invest in clean energy stocks. Using a sample period of eight weeks before and during the pandemic, we find that the negative impact of the outbreak on both clean energy and fossil fuel firms is more significant for fossil fuel firms. Our results further show that during the pandemic there have been improved returns for clean energy firms as a consequence of investor attention, but not for fossil fuel firms. Our findings provide empirical evidence for the advantages of green recovery schemes in influencing financial markets, especially for clean energy stocks. These results suggest there are benefits for further promotion and implementation of green recovery stimulus measures post-pandemic.

More voices are calling for a quicker transition towards clean energy. The exploration and exploitation of clean energy such as wind energy and solar energy are effective means to optimise energy structure and improve energy efficiency. To provide in-depth understanding of clean energy transition, this paper utilises a combination of multiple bibliometric mapping techniques, including HistCite, CiteSpace and R Bibliometrix, to conduct a systematic review on 2,191 clean energy related articles obtained from Web of Science (WoS). We identify five current main research streams in the clean energy field, including Energy Transition, Clean Energy and Carbon Emission Policy, Impact of Oil Price on Alternative Energy Stocks, Clean Energy and Economics, and Venture Capital Investments in Clean Energy. Clearly, the effectiveness of policy-driven and market-driven energy transition is an important ongoing debate. Emerging research topics are also discussed and classified into six areas: Clean Energy Conversion Technology and Biomass Energy Utilisation, Optimisation of Energy Generation Technology, Policy-Making in Clean Energy Transition, Impact of Clean Energy Use and Economic Development on Carbon Emissions, Household Use of Clean Energy, and Clean Energy Stock Markets. Accordingly, more and more research attention has been paid to how to improve energy efficiency through advanced clean energy technology, and how to make targeted policies for clean energy transition and energy market development. This article moves beyond the traditional literature review methods and delineates a systematic research agenda for clean energy research, providing research directions for achieving low-carbon development through the clean energy transition.

Participating in global value chains (GVCs) brings great economic and ecological benefits in Belt and Road Initiative (BRI) countries. By combining the multi-region input-output analyses with regression models, this study examines the impact of GVCs participation on carbon intensity in BRI countries during 2005–2016. Results show that: most BRI countries are located in backward GVCs positions, and carbon intensity presents a decreasing trend. Heterogeneity analysis indicates that, forward (backward) GVCs participation mode is negatively (positively) associated with carbon intensity changes in BRI countries. Both forward and backward participation modes have greater impacts on BRI developing than that of developed countries. With the deepening of forward linkages, BRI developing countries could reduce greater carbon intensity than all global developing countries.Further analysis shows that technological innovation and industrial upgrading effects of forward mode play greater impacts on decreasing carbon intensity than that of backward mode. Taken together, BRI countries can strengthen cooperation in climate governance and promote synergy to reduce carbon intensity. In addition, it is necessary to seek a breakthrough in GVCs position to realize the function of environmental governance. Advancing technological innovation and upgrading industrial structure are also effective ways to reduce carbon intensity.

Prior research tends to propose and examine the negative relationship between market segmentation and energy efficiency. Does market segmentation necessarily impair energy efficiency? Considering the critical role that Chinaese government play in managing erergy efficiency, we propose a non-linear relationship between market segmentation and energy efficiency. Using data of 30 provinces in Mainland China during 2000 to 2017, we find an inverse U-shaped relationship between market segmentation and energy efficiency. Our findings remain robust after controlling endogeneity issues. Therefore, a moderate level of market segmentation is acceptable and beneficial for long-term improvement of energy efficiency in emerging economies.

Improving energy efficiency is essential for energy conservation, emissions reduction, and sustainable development. Prevalent huge efficiency gaps are not advantageous for the improvement of the region's overall energy efficiency. Although studies have analyzed the influencing factors of the regional energy efficiency gap, the impact of regional integration on the regional energy efficiency gap remains untested. This paper applies the extended stochastic frontier analysis (SFA) method that incorporates time-varying, time-invariant and city heterogeneous characteristics to estimate the city-level energy efficiency in China from 2005 to 2017. Building on the “center-periphery” framework, we further calculate the regional energy efficiency gap and investigate the impact of regional integration on the regional energy efficiency gap through the generalized moment method (GMM). The results show that 1) average city-level energy efficiency is 44.2%, ranging from 2.9% to 75.5%, indicating that China has a huge regional energy efficiency gap; 2) there is a U-shaped relationship between regional integration and the regional energy efficiency gap within city agglomeration. Improvement in regional integration can narrow the regional energy efficiency gap when the degree of regional integration is low, and expand the efficiency gap when regional integration level is high; 3) government intervention will smooth the impact of regional integration on the regional energy efficiency gap within city agglomeration. Practicable policies to mitigate the regional energy efficiency gap in China are suggested and applicable to other emerging economies, especially for those with a huge imbalance in regional energy efficiency.

The COVID-19 pandemic has created significant challenges for energy transition. Concerns about the overwhelming emphasis on economic recovery at the cost of energy transition progress have been raised worldwide. More voices are calling for "green" recovery scheme, which recovers the economy while not compromising on the environment. However, limited academic attention has been paid to comprehensively investigating the implications of COVID-19 for global energy transition. This study thus provides a comprehensive analysis of the dynamics between energy transition and COVID-19 around the world and proposes a low-carbon energy transition roadmap in the post-pandemic era. Using energy data from the International Energy Agency (IEA), we first summarized and reviewed the progress of energy transition prior to COVID-19. Building on prior progress, we identified the challenges for energy transition during the pandemic from the perspectives of government support, fossil fuel divestment, renewable energy production capacity, global supply chain, and energy poverty. However, the pandemic also generates opportunities for global energy transition. We hence also identified potential opportunities for energy transition presented by the pandemic from the perspectives of price competitiveness, policy implementation efficiency, and renewable energy strengths. We further provided an in-depth discussion on the impact of current worldwide economic recovery stimulus on energy transition. Based on the identified challenges and opportunities, we proposed the post-pandemic energy transition roadmap in terms of broadening green financing instruments, strengthening international cooperation, and enhancing green recovery plans. Our study sheds light on a global low-carbon energy transition framework and has practical implications for green recovery schemes in post-pandemic times.