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Öğe Exploring the potential of the carbon credit program for hedging energy prices in Brazil(SPRINGER HEIDELBERGTIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2024) Rafael, Baptista Palazzi; Quintino, Derick David; Ferreira, Paulo Jorge Silveira; Bekun, Festus VictorThe transition to a low-carbon economy is imperative to reduce reliance on fossil fuels and mitigate pollution emissions. This preposition also aligns with the United Nations Sustainable Development Goals (SDGs-13), which highlight the climate change action. In this vein, Brazil has implemented the Decarbonization Credit (CBIOS) program to incentivize biofuel production and promote environmental sustainability through carbon credit emissions. To this end, the present study evaluates the efectiveness of the CBIO contract as a hedging tool for investors in the face of energy price fuctuations and decarbonization eforts. Specifcally, we employ conditional dynamic correlation (DCC-GARCH) and optimal hedge ratio (HR) techniques to assess the relationship between CBIO and the futures and spot prices of sugar, oil, and ethanol. Our fndings suggest that the current CBIO contract is not an efective hedge against energy spot and future prices. However, our analysis identifes a strengthening correlation between ethanol traded in Chicago and CBIO over time, highlighting the potential for an underlying contract to serve as an efective hedging tool in the future. Our study adds to the existing literature on carbon pricing mechanisms and their impact on fnancial markets, emphasizing the importance of sustainable energy policies and their potential to mitigate the risks associated with energy price volatility and decarbonization eforts.Öğe Unravelling the role of financial development in shaping renewable energy consumption patterns: Insights from BRICS countries(Elsevier, 2024) Yadav, Ashutosh; Bekun, Festus Victor; Ozturk, Ilhan; Ferreira, Paulo Jorge Silveira; Karalinc, TurgayIn line with the pursuit of clean and affordable energy, our study contributes to the United Nations Sustainable Development Goals (UNSDGs-7 and -13) and the global fight against climate change by offering evidence-based insights. We conducted a panel analysis of BRICS (Brazil, the Russian Federation, India, China, and South Africa) economies to investigate the relationship between financial development and renewable energy utilization. Our empirical findings highlight a positive statistical association between economic growth and renewable energy consumption, indicating that higher economic growth correlates with increased renewable energy adoption. Similarly, significant positive relationships are observed between the consumer price index and domestic credit with renewable energy consumption. Moreover, our study also uncovers a counterintuitive relationship between foreign direct investment and renewable energy consumption. These results provide valuable insights into the determinants of renewable energy consumption in BRICS countries. From a policy perspective, we advocate for robust strategies to promote the adoption and utilization of renewable energy sources alongside the implementation of policies encouraging the uptake of clean technologies. Such measures can spur economic growth and contribute to achieving low-carbon targets and sustainability goals within the BRICS economies. Practical steps, including incentives like feed-in tariffs and subsidies, can further enhance the cost-effectiveness of renewable energy adoption in the investigated bloc.