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1Osaka University of Economics, Japan; 2Nagoya University, Japan
Discussant: Konrad Bierl (Humboldt University Berlin, Berlin School of Economics)
This study quantitatively assesses the negative externalities of geothermal power plants by analyzing their impact on local land values in Japan. Using a hedonic pricing approach and a difference-in-differences framework, the analysis finds that land prices within a 2 km radius of a geothermal power plant declined by approximately 7% to 12% after their installation, even after accounting for various fixed effects and robustness checks. The study utilizes data on all 28 large-scale geothermal power plants with a capacity of at least 1,000 kilowatts that were operational in Japan as of 2018, covering a 42-year period from 1983 to 2024. The findings highlights the complex interplay between renewable energy expansion and local economic conditions, emphasizing the need to balance the benefits of clean energy with local stakeholders’ concerns to ensure a sustainable energy transition in Japan.
Local Climate Politics: The Negative Effect of Green Party Vote Shares on Photovoltaic Capacities
Konrad Bierl1,2, Klaus Eisenack1, Peter Wieland1, Angelika von Dulong3
1Humboldt University Berlin; 2Berlin School of Economics; 3Aurora Energy Research
Discussant: Andreas Loeschel (Ruhr University Bochum)
As green parties put climate action at the core of their political program, it
seems reasonable that they would facilitate more investment in renewables
after obtaining a larger vote share in elections. We test this hypothesis by
leveraging a unique context in Germany with subsequent municipal election
dates between 2009 and 2011 and strong variation in electoral support for the
green party during this time. In a triple difference-in-difference approach, we
find that local elections indeed affect PV expansion. However, this effect is
contrary to the common expectation negative. An increase in the local green
party election share by one extra percentage point persistently leads to reduced
PV capacities (highly significant), by about 0.54 kW per inhabitant in the
municipality. These results are robust after geographical and city matching.
We find indications of an adverse sentiment change as the main mechanism.
Clean hydrogen pathways in Australia: expert projections and implications
Zarah Thiel1, Reza Fazeli2, Frank Jotzo1, Andreas Löschel2
1Ruhr-Universität Bochum, Germany; 2Australian National University
Discussant: Selahattin Murat Sirin (KAPSARC)
Hydrogen produced from renewable energy sources or through carbon capture and storage (CCS) is seen as an important pillar for reducing global emissions. Using structured interviews, we collect and analyze expectations of 47 industry, science, and government experts on hydrogen pathways and policy needs in Australia. This is the first study of this scope conducted for a potential major clean hydrogen producing country.
A detailed picture emerges of expectations for how hydrogen will be produced, exported or used domestically, including projections of future production cost and quantities. Experts also shared views on key obstacles and factors that could support hydrogen deployment.
The expert views predominantly align with prevailing perspectives in current research and analysis, e.g. regarding major end-use applications and export options for hydrogen. However, there are also notable divergences in expectations, including among different stakeholder groups and levels of experience. For instance, the importance of blue hydrogen remains contested. Nevertheless, a large majority anticipates a transition to renewable hydrogen by 2050. While the experts were largely optimistic that technical and environmental barriers could be overcome, the main policy gaps identified relate to regulatory and market uncertainties, such as lengthy approval processes, demand uncertainty, the need for harmonized certification, and a reform of existing regulations and laws. Infrastructure development, especially for renewable electricity, and engagement with local communities were also identified as essential for establishing a clean hydrogen economy.
The green transition and tech firms' financial performance: Insights from patent data
Selahattin Murat Sirin
KAPSARC, Saudi Arabia
Discussant: Hiroko Okajima (Nagoya University)
The twin transition, digital transition and green transition, is shaping the global business environment; however, academic research on the financial implications of the green-digital nexus is still limited. This paper explores one of the mechanisms within the green-digital nexus, knowledge creation and spillover. Quantified through patent data between 2010 and 2022, this study examines how tech firms' financial performance is affected by their knowledge creation and spillovers to green and brown domains using portfolio- and firm-level analyses. The results indicate that the positive financial connectedness between tech and renewable energy firms, as shown in the aggregated analyses, is not straightforward. While firm-level heterogeneity in knowledge creation affects excess returns, there is no conclusive evidence that knowledge spillovers affect financial performance.
