Are the structure dynamics of capital stock impacting carbon intensity from energy consumption? European insights

José Alberto Fuinhas , Matheus Belucio , Renato Santiago , Matilde Betencourt

Energy, Ecology and Environment ›› 2025, Vol. 10 ›› Issue (5) : 555 -574.

PDF
Energy, Ecology and Environment ›› 2025, Vol. 10 ›› Issue (5) : 555 -574. DOI: 10.1007/s40974-025-00370-y
Original Article
research-article

Are the structure dynamics of capital stock impacting carbon intensity from energy consumption? European insights

Author information +
History +
PDF

Keywords

Structure of capital stock / Carbon intensity / Energy transition / Energy intensity / European countries

Cite this article

Download citation ▾
José Alberto Fuinhas, Matheus Belucio, Renato Santiago, Matilde Betencourt. Are the structure dynamics of capital stock impacting carbon intensity from energy consumption? European insights. Energy, Ecology and Environment, 2025, 10(5): 555-574 DOI:10.1007/s40974-025-00370-y

登录浏览全文

4963

注册一个新账户 忘记密码

References

[1]

AbbasS, KousarS, PervaizA. Effects of energy consumption and ecological footprint on CO2 emissions: an empirical evidence from Pakistan. Environ Dev Sustain, 2021, 23: 13364-13381.

[2]

AnderssonFNG, KarpestamP. CO2 emissions and economic activity: Short- and long-run economic determinants of scale, energy intensity and carbon intensity. Energy Policy, 2013, 61(C): 1285-1294.

[3]

ApergisN, OzturkI. Testing environmental Kuznets curve hypothesis in Asian countries. Ecol Ind, 2015, 52: 16-22.

[4]

ApergisN, PayneJE. Renewable energy consumption and economic growth: evidence from a panel of OECD countries. Energy Policy, 2010, 38(1): 656-660.

[5]

BalcilarM, UzunerG, NwaniC, BekunFV. Boosting energy efficiency in turkey: the role of Public–Private partnership investment. Sustainability, 2023, 1532273.

[6]

BastyN, GhachemDA. Is relationship between carbon emissions and innovation nonlinear?? Evidence from OECD countries. Borsa Istanbul Rev, 2023, 23(4): 906-918.

[7]

BelsleyDA, KuhE, WelschRERegression diagnostics: identifying influential data and sources of collinearity, 1980, New York. Wiley. .

[8]

BelucioM, SantiagoR, FuinhasJA, BraunL, AntunesJ. The impact of natural gas, oil, and renewables consumption on carbon dioxide emissions: European evidence. Energies, 2022, 15145263.

[9]

BreuschTS, PaganAR. The Lagrange multiplier test and its applications to model specification in econometrics. Rev Econ Stud, 1980, 47(1): 239-253.

[10]

BucakÇ, Önder, ÇatıkAN. Spatial effects of renewable and fossil energy consumption on the ecological footprint for the EU countries. Environ Sci Pollut Res, 2024.

[11]

ChengG, ZhaoC, IqbalN, GülmezÖ, IşikH, KirikkaleliD. Does energy productivity and public-private investment in energy achieve carbon neutrality target of china??. J Environ Manage, 2021, 298113464.

[12]

CopelandBR, TaylorMS. Trade, growth and the environment. J Econ Lit, 2004, 42: 7-71.

[13]

Danish, UlucakR, KhanS. Relationship between energy intensity and CO2 emissions: does economic policy matter?. Sustain Dev, 2020, 28(5): 1457-1464.

[14]

De HaasR, PopovAA. Financial development and industrial pollution. SSRN Electron J, 2018.

[15]

De Haas R, Popov AA (2022) Financial development and industrial pollution. LSE Research Online 1–57. Available in: https://eprints.lse.ac.uk/91310/1/De-Haas_Financial-development.pdf

[16]

DestekMA, SohagK, AydınS, et al.. Foreign direct investment, stock market capitalization, and sustainable development: relative impacts of domestic and foreign capital. Environ Sci Pollut Res, 2023, 30: 28903-28915.

[17]

DriscollJC, KraayAC. Consistent covariance matrix Estimation with spatially dependent panel data. Rev Econ Stat, 1998, 80(4): 549-560.

[18]

EmodiNV, RekkerS, GreigC, WadeB, InekweJN, ZakariA. The contribution of cross-border capital flow towards decarbonisation. J Clean Prod, 2023, 405137040.

[19]

European Central Bank (2006) Monthly Bulletin May 2006. Available in: https://www.ecb.europa.eu/pub/pdf/mobu/mb200605en.pdf

[20]

Eurostat (2025) Energy statistics - an overview. Available in: https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Energy_statistics_-_an_overview

[21]

Filipović S, Verbič M, Radovanović M (2015) Determinants of energy intensity in the European Union: A panel data analysis. Energy 92:547–555. https://doi.org/10.1016/j.energy.2015.07.011

[22]

FreesEW. Assessing cross-sectional correlations in panel data. J Econ, 1995, 64(2): 393-414.

[23]

FreesEWLongitudinal and panel data: analysis and applications in the social sciences, 2004, New York. Cambridge University Press. .

[24]

FriedmanM. The use of ranks to avoid the assumption of normality implicit in the analysis of variance. J Am Stat Assoc, 1937, 32(200): 675-701.

[25]

FuinhasJA, MarquesAC, KoengkanM. Are renewable energy policies upsetting carbon dioxide emissions? The case of Latin America countries. Environ Sci Pollut Res, 2017, 24: 15044-15054.

[26]

Fuinhas JA, Koengkan M, Santiago R (2021a) Physical capital development and energy transition in Latin America and the Caribbean. Elsevier, Nederlandes. https://doi.org/10.1016/C2020-0-01491-X

[27]

Fuinhas JA, Koengkan M, Santiago R (2021b) The downward trend in the energy intensity of Latin America and the Caribbean: Is the region’s physical capital contributing to this tendency? In Physical Capital Development and Energy Transition in Latin America and the Caribbean 67–93. Elsevier. https://doi.org/10.1016/b978-0-12-824429-6.00004-8

[28]

Gilje EP, Taillard JP (2012) Do public firms invest differently than private firms? Taking cues from the natural gas industry. SSRN Electronic Journal https://doi.org/10.2139/ssrn.2023919

[29]

GiljeEP, TaillardJP. Do private firms invest differently than public firms? Taking cues from the natural gas industry. J Finance, 2016, 71(4): 1733-1778.

[30]

Greene WH (2002) Econometric Analysis 5th Edition, Prentice Hall, USR 802.

[31]

Grimes P, Kentor J (2003) Exporting the greenhouse: foreign capital penetration and CO? Emissions 1980–1996. J World-Syst Res 261–275. https://doi.org/10.5195/jwsr.2003.244

[32]

Grossman GM, Krueger AB (1991) Environmental Impacts of a North American Free Trade Agreement, NBER Working Papers 3914, National Bureau of Economic Research https://doi.org/10.3386/w3914

[33]

Hallegatte S, Jooste C, McIsaac F (2024) Modeling the macroeconomic consequences of natural disasters: capital stock, recovery dynamics, and monetary policy. Econ Model, 139:106787 https://doi.org/10.1016/j.econmod.2024.106787

[34]

HausmanJA. Specification tests in econometrics. Econometrica, 1978, 4661251.

[35]

Hou J, Wang J, Chen J, He F (2019) Does urban haze pollution inversely drive down the energy intensity? A perspective from environmental regulation. Sustain Dev 28(1):343-351 https://doi.org/10.1002/sd.2022

[36]

KazemzadehE, FuinhasJA, KoengkanM, OsmaniF. The heterogeneous effect of economic complexity and export quality on the ecological footprint: A Two-Step club convergence and panel quantile regression approach. Sustainability, 2022, 1411153.

[37]

Kennedy C (2022) Capital energy and carbon in the United States economy. Appl Energy 314:118914. https://doi.org/10.1016/j.apenergy.2022.118914

[38]

KirikkaleliD, AdebayoTS. Do public-private partnerships in energy and renewable energy consumption matter for consumption-based carbon dioxide emissions in india??. Environ Sci Pollut Res, 2021, 28(23): 30139-30152.

[39]

KoengkanM, SantiagoR, FuinhasJA. The impact of public capital stock on energy consumption: empirical evidence from Latin America and the Caribbean region. Int Econ, 2019, 160: 43-55.

[40]

KoengkanM, FuinhasJA, BelucioM, AlavijehNK, SalehniaN, MachadoD, SilvaV, DehdarF. The impact of Battery-Electric vehicles on energy consumption: A macroeconomic evidence from 29 European countries. World Electr Veh J, 2022, 1336.

[41]

KoengkanM, FuinhasJA, OliveiraFP, UrsavaşU, MorenoN. Building a sustainable future: how eco-friendly homes are driving local economic development in Lisbon metropolitan area. Energies, 2023, 16134855.

[42]

KraftJ, KraftA. On the relationship between energy and GNP. J Energy Dev, 1978, 3(2): 401-403

[43]

KuznetsS. Economic growth and income inequality. Am Econ Rev, 1955, 45: 1-28

[44]

Le Roux J (2021) The Euro area capital stock since the beginning of the COVID-19 pandemic. ECB Economic Bulletin, Issue 2/2021. Available in: https://www.ecb.europa.eu/press/economic-bulletin/focus/2021/html/ecb.ebbox202102_02~79710cb696.en.html

[45]

Lee CC, Chien MS (2010) Dynamic modelling of energy consumption, capital stock, and real income in G-7 countries. Energy Econ 32(3):564–581 https://doi.org/10.1016/j.eneco.2009.08.022

[46]

LinB, XuC. The effects of capital-biased tax incentives on firm energy intensity: environmental dividend or consequence?. J Environ Manage, 2023, 345118507.

[47]

LiuX, HangY, WangQ, ChiuC, ZhouD. The role of energy consumption in global carbon intensity change: A meta-frontier-based production-theoretical decomposition analysis. Energy Econ, 2022, 109105968.

[48]

MachadoJAF, SilvaJMCS. Quantiles via moment. J Econ, 2019, 213(1): 145-173.

[49]

MagazzinoC, ShahbazM, AdamoM. On the relationship between oil market and European stock returns. Environ Sci Pollut Res, 2023, 30: 123452-123465.

[50]

MalaczewskiM. Complementarity between energy and physical capital in a simple model of economic growth. Econ Res-Ekonomska Istrazivanja, 2018, 3111169e84.

[51]

MarquesLM, FuinhasJA, MarquesAC. Augmented energy-growth nexus: economic, political and social globalization impacts. Energy Procedia, 2017, 13697101.

[52]

Menegaki AN (2023) The role of financial development in the energy-growth nexus. Reference Module in Social Sciences. ISBN 9780443157851. https://doi.org/10.1016/B978-0-44-313776-1.00014-3

[53]

NevesSA, MarquesAC, FuinhasJA. Could alternative energy sources in the transport sector decarbonise the economy without compromising economic growth?. Environ Dev Sustain, 2018, 20(1): 23-40.

[54]

Nguyen JH, Phan HV (2020) Carbon risk and corporate capital structure. Journal of corporate finance, 64:101713 https://doi.org/10.1016/j.jcorpfin.2020.101713

[55]

Ogunrinde O, Shittu E, Dhanda KK, (2022) Distilling the Interplay Between Corporate Environmental Management, Financial, and Emissions Performance: Evidence From U.S. Firms, In IEEE Trans Eng Manag 69(6):3407–3435. https://doi.org/10.1109/TEM.2020.3040158

[56]

PassasC. Standardized capital stock estimates for the Greek economy 1948–2020. Struct Change Econ Dyn, 2023, 64: 236-244.

[57]

Pesaran MH (2004) General diagnostic tests for cross section dependence in panels. University of Cambridge, Faculty of Economics, Cambridge Working Papers in Economics No. 0435. Available in: https://docs.iza.org/dp1240.pdf

[58]

PesaranMH. A simple panel unit root test in the presence of cross-section dependence. J Appl Econom, 2007, 22(2): 265-312.

[59]

RahmanMM, SultanaN, VelayuthamE. Renewable energy, energy intensity and carbon reduction: experience of large emerging economies. Renewable Energy, 2022, 184: 252-265.

[60]

RoystonJP. A simple method for evaluating the Shapiro-Francia W’ test of Non-Normality. Stat, 1983, 32(3): 297-300.

[61]

SaidelMA, AlvesSS. Energy efficiency policies in the OECD countries. Appl Energy, 2003, 76(1–3): 123-134.

[62]

SalamalikiPK, VenetisIA. Energy consumption and real GDP in G-7: Multi-horizon causality testing in the presence of capital stock. Energy Econ, 2013, 39: 108-121.

[63]

Sampson RC, Zhou YM, (2018) Public versus Private Firms: Energy Efficiency, Toxic Emissions, and Abatement Spending, In Dorobantu S, Aguilera RV, Luo J, Milliken FJ (Eds.) Sust., Stakeholder Gov & CSR Adv Strat Mgmt 38: 37–68, Emerald Publishing Limited, Leeds, https://doi.org/10.1108/S0742-332220180000038006

[64]

SantiagoR, FuinhasJA, MarquesAC. An analysis of the energy intensity of Latin American and Caribbean countries: empirical evidence on the role of public and private capital stock. Energy, 2020, 211118925.

[65]

SariR, SoytasU. The growth of income and energy consumption in six developing countries. Energy Policy, 2007, 35(2): 889-898.

[66]

ShahbazM, SinhaA. Environmental Kuznets curve for CO2 emissions: a literature survey. J Economic Stud, 2019, 46(1): 106-168.

[67]

ShapiroSS, FranciaRS. An approximate analysis of variance test for normality. J Am Stat Assoc, 1972, 67(337): 215-216.

[68]

ShiveSA, ForsterMM. Corporate governance and pollution externalities of public and private firms. Rev Financial Stud, 2020, 33(3): 1296-1330.

[69]

Stern DI (2011) The role of energy in economic growth. Annals of the New York Academy of Sciences, 1219:26–51 https://doi.org/10.1111/j.1749-6632.2010.05921.x

[70]

SunX, ZhouW, NakagamiK, RenH, MuH. Capital stock-labour-energy substitution and production efficiency study for China. Energy Econ, 2012, 34(4): 1208-1213.

[71]

TrinksA, IbikunleG, MulderM, ScholtensB. Carbon intensity and the cost of equity capital. Energy J, 2022, 43(2): 181-214.

[72]

WangQ, WangL. How does trade openness impact carbon intensity?. J Clean Prod, 2021, 295126370.

[73]

WesterlundJ. Testing for error correction in panel data. Oxf Bull Econ Stat, 2007, 69: 709-748.

[74]

Wooldridge JM (2002) Econometric analysis of cross section and panel data, 6th Edition, The MIT Press, Cambridge, Massachusetts. Available in: https://www.jstor.org/stable/j.ctt5hhcfr

[75]

Xiao Y, Le N-P, Amaglobeli D, Matsumoto R (2022) What’s New in the IMF Investment and Capital Stock Dataset: Estimating the stock of public capital in 170 countries (May 2021 update). IMF Data. Available in: https://infrastructuregovern.imf.org/content/dam/PIMA/Knowledge-Hub/dataset/WhatsNewinIMFInvestmentandCapitalStockDatabase_May2021.pdf

[76]

XueY, GuanH, CoreyJ, ZhangB, YanH, HanY, QinH. Transport emissions and energy consumption impacts of private capital investment in public transport. Sustainability, 2017, 9101760.

[77]

YangQ, HuoJ, SaqibN, MahmoodH. Modelling the effect of renewable energy and public-private partnership in testing EKC hypothesis: evidence from methods moment of quantile regression. Renewable Energy, 2022, 192: 485-494.

[78]

YaoX, TangX. Does financial structure affect CO2 emissions? Evidence from G20 countries. Finance Res Lett, 2021, 41101791.

Funding

Universidade de Coimbra

RIGHTS & PERMISSIONS

The Author(s)

AI Summary AI Mindmap
PDF

256

Accesses

0

Citation

Detail

Sections
Recommended

AI思维导图

/