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Breakthroughs in Sustainable Energy and Economic Development
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Breakthroughs in Sustainable Energy and Economic Development

A special issue of Energies (ISSN 1996-1073). This special issue belongs to the section "C: Energy Economics and Policy".

Deadline for manuscript submissions: 30 May 2025 | Viewed by 5579

Special Issue Editors

Prof. Dr. Magdalena Ziolo

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Guest Editor
Faculty of Economics, Finance and Management, University of Szczecin, 70-453, Aleja Papieża Jana Pawła II 22A, Szczecin, Poland
Interests: energy economics; sustainable financial systems; sustainable finance; sustainable banking; environmental finance; sustainable business models
Special Issues, Collections and Topics in MDPI journals
Dr. Isabel Novo-Corti

E-Mail Website
Guest Editor
Department of Economics, University of A Coruna, 15071 A Coruña, Spain
Interests: economics; public policies; sustainable development
Special Issues, Collections and Topics in MDPI journals
Prof. Dr. Diana-Mihaela Țîrcă

E-Mail Website
Guest Editor
Department of Management and Business Administration, Faculty of Economics, “Constantin Brâncuși” University of Târgu-Jiu, 210135 Târgu-Jiu, Romania
Interests: sustainable development; regional development; macroeconomics
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Countries worldwide are trying to create the necessary conditions for the green transformation to become a fact. An example is the actions taken by the European Union, which has adopted, among other measures, documents such as the European Green Deal, supporting the achievement of climate neutrality. CO2 emissions from pollution sources such as transport, energy, and heating constitute a fundamental problem. Therefore, one of the challenges facing global society remains the transition to and implementation of renewable energy sources and, consequently, energy transformation and energy market transition. This transformation is closely related to issues such as sustainable development and growth. In the era of digitization, including the age of digital finance, attention is drawn to their positive and negative impact on carbon footprint/ On the one hand, digitization means a lower risk of deforestation. Conversely, for example in terms of, cryptocurrency markets, their development exert a high level of demand on energy consumption.

This SI aims to present and promote research examining the relationship between sustainable financial development and growth in the context of implementing Sustainable Development Goals, particularly those directly related to supporting energy efficiency and energy transition and assessing financial and economic instruments supporting the green transformation. Preference will be given to articles with a solid analytical layer, especially a quantitative research component.

Prof. Dr. Magdalena Ziolo
Dr. Isabel Novo-Corti
Prof. Dr. Diana-Mihaela Țîrcă
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Energies is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • energy efficiency
  • energy markets
  • energy transition
  • green transition
  • ESG
  • ESG risk
  • sustainability
  • sustainable development goals
  • financial markets
  • sustainable growth
  • inclusive growth
  • financial development
  • energy sources
  • CO2 emissions
  • greenhouse gasses
  • environmental sustainability
  • deforestation
  • digitalization
  • innovative financial products
  • eco innovations

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Published Papers (6 papers)

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Research

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35 pages, 3574 KiB  
Article
How Does the Interplay Between Banking Performance, Digitalization, and Renewable Energy Consumption Shape Sustainable Development in European Union Countries?
by Alina Georgiana Manta, Claudia Gherțescu, Roxana Maria Bădîrcea, Liviu Florin Manta, Jenica Popescu and Cătălin Valentin Mihai Lăpădat
Energies 2025, 18(3), 571; https://doi.org/10.3390/en18030571 - 25 Jan 2025
Viewed by 456
Abstract
In the context of current global challenges, the integration of digitalization, financial performance, and renewable energy is pivotal in fostering sustainable and resilient economic development. The aim of this paper is to explore the interplay between banking performance, digitalization, and renewable energy consumption [...] Read more.
In the context of current global challenges, the integration of digitalization, financial performance, and renewable energy is pivotal in fostering sustainable and resilient economic development. The aim of this paper is to explore the interplay between banking performance, digitalization, and renewable energy consumption in the context of the European Union (EU), with a focus on sustainable economic development. This study examines the extent to which the digitalization and efficiency of the banking sector influence the uptake of renewable energy considering the EU’s environmental and economic priorities. The methodology used involves an econometric analysis based on statistical data from EU countries, using Fully Modified Ordinary Least Squares (FMOLS) to assess causal relationships between variables, complemented by Vector Autoregression (VAR) models and Granger causality tests to further investigate the dynamic interactions among the variables. The data were analyzed to examine the correlation between banking performance, digitalization, and renewable energy consumption levels. The results reveal a positive correlation between greater digitalization in the banking sector, stronger financial performance, and higher investments in renewable energy sources. These factors also support the transition to a green economy, but the effect varies between EU countries depending on national policies and existing digital infrastructure. Recommendations for policymakers include stimulating digitalization in the financial sector, creating a regulatory framework to encourage green energy investments, and strengthening collaboration between financial institutions and the energy sector to facilitate the transition to renewables. This paper also suggests a fiscal policy conducive to technological innovation and digitalization to accelerate the uptake of renewable energy. Full article
(This article belongs to the Special Issue Breakthroughs in Sustainable Energy and Economic Development)
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21 pages, 1887 KiB  
Article
How Responsible Are Energy and Utilities Companies in Terms of Sustainability and Economic Development?
by Adelina Fometescu, Camelia-Daniela Hategan and Ruxandra-Ioana Pitorac
Energies 2024, 17(23), 6209; https://doi.org/10.3390/en17236209 - 9 Dec 2024
Viewed by 718
Abstract
The increasing importance of ESG (environmental, social, governance) scores in investment decisions has led to a growing interest in understanding their impact on corporate performance, particularly in the energy and utilities sector. This study’s focus is to identify the research gap regarding the [...] Read more.
The increasing importance of ESG (environmental, social, governance) scores in investment decisions has led to a growing interest in understanding their impact on corporate performance, particularly in the energy and utilities sector. This study’s focus is to identify the research gap regarding the connection between corporate adherence to Sustainable Development Goals (SDGs) and the financial outcomes of these companies. The research objective is to examine the correlation between ESG scores and key financial metrics, such as return on assets (ROAs) and return on equity (ROE), using a quantitative approach to analyze a dataset of publicly traded companies in this sector. Using a panel data regression analysis, we identified a significant correlation suggesting that higher ESG scores are associated with improved financial performance for the entire sample and separately for the two sectors. These findings indicate that companies with robust ESG practices enhance their sustainability profile and achieve better operational efficiency and profitability. This research contributes to the existing literature by providing empirical evidence of the positive impact of ESG factors on corporate performance in a sector characterized by high environmental impact and regulatory scrutiny. Ultimately, this study underscores the necessity for energy and utilities companies to integrate ESG considerations into their strategic frameworks, thereby aligning financial objectives with sustainable practices to drive long-term success. Full article
(This article belongs to the Special Issue Breakthroughs in Sustainable Energy and Economic Development)
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29 pages, 4187 KiB  
Article
Dynamic Connectedness Among Alternative and Conventional Energy ETFs Based on the TVP-VAR Approach
by Joanna Górka and Katarzyna Kuziak
Energies 2024, 17(23), 5929; https://doi.org/10.3390/en17235929 - 26 Nov 2024
Viewed by 620
Abstract
This study investigates risk transmission in the US energy instrument market to determine if certain factors, such as crude oil and natural gas, influence this market and whether stock or energy investment portfolios track their behavior. To investigate volatility spillover, the VAR-based connectedness [...] Read more.
This study investigates risk transmission in the US energy instrument market to determine if certain factors, such as crude oil and natural gas, influence this market and whether stock or energy investment portfolios track their behavior. To investigate volatility spillover, the VAR-based connectedness approach is applied. This approach facilitates the measurement of interdependence across a network of variables, providing insights into aggregate, directional, and net interdependence. The use of the time-varying parameter vector autoregression (TVP-VAR) approach, as developed by Antonakakis and Gabauer, avoids the problems associated with selecting rolling window sizes and the resultant loss of observations during estimations. The analysis revealed a distinction between alternative and traditional ETFs, with lower interdependence observed among the volatility of alternative energy ETFs. While most energy ETFs transmit risk within the systems analyzed, some act as risk receivers, though their net receiving/transmitting character fluctuates. The results of this study are significant for investment portfolio managers. Full article
(This article belongs to the Special Issue Breakthroughs in Sustainable Energy and Economic Development)
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21 pages, 1576 KiB  
Article
Inclusive Growth, Energy Poverty and Digital and Social Development: Cross-Country Analysis of the European Union
by Blanka Tundys and Agnieszka Bretyn
Energies 2024, 17(19), 4830; https://doi.org/10.3390/en17194830 - 26 Sep 2024
Viewed by 645
Abstract
The present study delves into a critical concern on the relationship between energy poverty, digital and social development and inclusive growth. The main research hypothesis assumes a positive relationship between these areas, although differences between countries are inevitable. Therefore, the following research questions [...] Read more.
The present study delves into a critical concern on the relationship between energy poverty, digital and social development and inclusive growth. The main research hypothesis assumes a positive relationship between these areas, although differences between countries are inevitable. Therefore, the following research questions were asked: Is the impact of the level of energy poverty on inclusive growth the same in different EU countries? How does the use of renewable energy sources in individual countries affect energy poverty and thus inclusive growth? What is the link between energy poverty, digital and social development and inclusive growth in the countries studied. This study uses a critical analysis of the literature and methods of descriptive and mathematical–statistical tools/model. The main conclusions and findings of the analysis reveal that the link between energy poverty, use of renewable energy resources, digital and social development and inclusive growth varies across EU countries. The results of our analyses may be useful, for example, for government decision makers in terms of actions aimed at eliminating energy poverty through the country’s use of sustainable energy sources as well as designing and implementing actions aimed at increasing digital and social development, which will then contribute to inclusive growth. Full article
(This article belongs to the Special Issue Breakthroughs in Sustainable Energy and Economic Development)
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19 pages, 321 KiB  
Article
Sustainable Energy Sources and Financial Development Nexus—Perspective of European Union Countries in 2013–2021
by Magdalena Zioło, Iwona Bąk and Anna Spoz
Energies 2024, 17(13), 3332; https://doi.org/10.3390/en17133332 - 7 Jul 2024
Cited by 5 | Viewed by 1673
Abstract
The focus of this paper is the relationship between sustainable energy sources and financial development. The main research hypothesis assumes a positive link between these areas, with inevitable differences across countries and business sectors. The following research questions were asked: Is the impact [...] Read more.
The focus of this paper is the relationship between sustainable energy sources and financial development. The main research hypothesis assumes a positive link between these areas, with inevitable differences across countries and business sectors. The following research questions were asked: Is the impact of financial development on sustainable energy resources the same in different EU countries advanced in green transition processes? How is transition towards renewable energy sources progressing in different economic sectors? Does financial development influence sectoral transition in particular countries? This study uses the TOPSIS method and 25 variables for EU countries from 2013 to 2021. Key findings reveal that the link between sustainable energy sources and financial development varies across EU countries, country size affects energy autonomy, and the transition also differs by business sector. Surprisingly, higher financial development correlates with less progress in sustainable energy initiatives. The results of our research may be useful for government decision-makers in the process of designing and controlling the country’s transition to sustainable energy. The original contribution of the study is expressed in its the diagnosis of the relationship between financial development and sustainable energy sources, while most studies have focused on the relationship between the energy market and financial development. Full article
(This article belongs to the Special Issue Breakthroughs in Sustainable Energy and Economic Development)

Review

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15 pages, 2919 KiB  
Review
The Role of Financial Markets in Energy Transitions
by Magdalena Zioło, Iwona Bąk and Anna Spoz
Energies 2024, 17(24), 6315; https://doi.org/10.3390/en17246315 - 14 Dec 2024
Cited by 1 | Viewed by 622
Abstract
This review organizes the current state of knowledge on the role of financial markets in energy transition. The originality of the study lies in the delimitation of its scope and diagnosis of research trends concerning the role of financing, innovation, and financial development [...] Read more.
This review organizes the current state of knowledge on the role of financial markets in energy transition. The originality of the study lies in the delimitation of its scope and diagnosis of research trends concerning the role of financing, innovation, and financial development sources. The study sets out to identify the role of the financial market in the energy transition process and present the state-of-the-art and main research focuses. For this purpose, a literature review was carried out based on the search results from the Web of Science database and using VOSViewer software, version 1.6.20. The analysis of 54 papers in the final sample allowed us to pinpoint the key links between financial markets and energy transition. Capital markets support green initiatives, with green bonds as a primary funding source. Blockchain and fintech technologies also significantly contribute to transition by offering innovative solutions. Additionally, a range of papers examine the costs associated with energy transition and the role of financial instruments in managing these. Regulatory challenges are another significant focus. This comprehensive analysis underscores the multifaceted relationship between financial markets and energy transition, providing insights into the current trends and the critical role of finance in fostering a sustainable future. Full article
(This article belongs to the Special Issue Breakthroughs in Sustainable Energy and Economic Development)
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Planned Papers

The below list represents only planned manuscripts. Some of these manuscripts have not been received by the Editorial Office yet. Papers submitted to MDPI journals are subject to peer-review.

Title: How Does the Interplay Between Banking Performance, Digitalization, and Renewable Energy Consumption Shape Sustainable Development in EU Countries?
Authors: Alina Georgiana Manta; Roxana Maria Bădîrcea; Claudia Gherțescu; Florin Liviu Manta; Jenica Popescu
Affiliation: Faculty of Economics and Business Administration, University of Craiova; 200585 Craiova, Romania Faculty of Automation, Computers and Electronics, University of Craiova; 200585 Craiova, Romania
Abstract: The aim of this paper is to explore the interplay between banking performance, digitalization and renewable energy consumption in the context of the European Union, with a focus on sustainable economic development. The study examines the extent to which digitization and efficiency of the banking sector influence the uptake of renewable energy considering EU environmental and economic priorities. The methodology used involves a quantitative analysis based on statistical data from EU countries, using econometric models to assess causal relationships between variables. The data were processed to investigate the correlation between banking performance, digitalization and renewable energy consumption levels. The results indicate that greater digitalization in the banking sector and strong financial performance contribute to increased investment in renewable energy sources. These factors also support the transition to a green economy, but the effect varies between Member States depending on national policies and existing digital infrastructure. Recommendations for policy makers include stimulating digitization in the financial sector, creating a regulatory framework to encourage green energy investments and strengthening collaboration between financial institutions and the energy sector to facilitate the transition to renewables. It also suggests a fiscal policy conducive to technological innovation and digitization to accelerate the uptake of renewable energy.

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