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Energy efficiency and capital-energy substitutability: Evidence from four OPEC countries

机译:能源效率和资本能源可替代性:来自四个欧佩克国家的证据

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Rapid economic growth and development in several oil-exporting developing countries have led to increasing energy consumption and the accompanying greenhouse gas (CHC) emissions. Consequently, a good understanding of the nature and structure of energy use in developing economies is required for future energy and climate change policies. To this end, a modified translog cost function is employed in this paper to estimate energy efficiency for selected members of the Organization of the Petroleum Exporting Countries (OPEC) over the period 1972-2010. This also allows for the estimation of energy-capital substitutability, which arguably reflects the likely ease/disruption to long-term growth arising from policy measures aimed at reducing energy consumption and GHG emissions. The estimated results show that energy efficiency gains range from -14% to 13% for sampled countries. Furthermore, factor substitution elasticities suggest that energy and capital are substitutes in Algeria and Saudi Arabia, but are found to be complements in Iran and Venezuela. The insight generated by this study is that, over the last four decades, energy efficiency improvements in selected OPEC countries are modest, possibly reflecting a "subsidy effect" arising from artificially low energy prices. Thus, policy makers should take note that measures aimed at conserving energy need to internalize the environmental cost arising from energy consumption using pricing and fiscal instruments such as carbon taxes.
机译:几个石油出口发展中国家的快速经济增长和发展导致能源消耗增加,并伴随着温室气体(CHC)排放。因此,未来的能源和气候变化政策需要对发展中经济体能源使用的性质和结构有充分的了解。为此,本文采用修正的对数成本函数来估算1972-2010年间石油输出国组织(OPEC)选定成员的能源效率。这也可以估算能源资本的可替代性,可以说这反映了旨在减少能源消耗和温室气体排放的政策措施可能对长期增长造成的缓解/破坏。估计结果表明,在抽样国家中,能源效率的提高幅度为-14%至13%。此外,要素替代弹性表明,能源和资本在阿尔及利亚和沙特阿拉伯是替代品,但在伊朗和委内瑞拉被发现是补充。这项研究得出的见解是,在过去的四十年中,某些欧佩克国家的能源效率改善幅度不大,这可能反映出人为地降低能源价格会产生“补贴效应”。因此,决策者应注意,旨在节约能源的措施需要使用定价和财政手段(例如碳税)来内部化由能源消耗引起的环境成本。

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