Globalisation and Energy Transition in Latin America and the Caribbean: Economic Growth and Policy Implications PDF
Preview Globalisation and Energy Transition in Latin America and the Caribbean: Economic Growth and Policy Implications
Matheus Koengkan · José Alberto Fuinhas Globalisation and Energy Transition in Latin America and the Caribbean Economic Growth and Policy Implications Globalisation and Energy Transition in Latin America and the Caribbean Matheus Koengkan • José Alberto Fuinhas Globalisation and Energy Transition in Latin America and the Caribbean Economic Growth and Policy Implications Matheus Koengkan José Alberto Fuinhas Department of Economics, CeBER and Faculty of Economics Management, Industrial Engineering University of Coimbra and Tourism (DEGEIT) Coimbra, Portugal University of Aveiro Aveiro, Portugal ISBN 978-3-031-13884-3 ISBN 978-3-031-13885-0 (eBook) https://doi.org/10.1007/978-3-031-13885-0 © The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature Switzerland AG 2022 This work is subject to copyright. 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The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland C ontents 1 Introduction 1 2 Renewable Energy Transition and Globalisation in the Latin American and Caribbean Region: A Five-Decade Picture 7 3 Does Financial Openness Expand the Renewable Energy Investment in Latin American Countries? 27 4 The Interactions Between Renewable Energy Consumption, Economic Growth, and Globalisation: Fresh Evidence from the Mercosur Countries 63 5 The Energy-Economic Growth Nexus in Latin American and Caribbean Countries: A New Approach with the Globalisation Index 101 6 Impact of Trade Openness on the Consumption of Fossil Fuels in Latin American and Caribbean Countries 137 v vi CoNTENTS 7 The Role of the Globalisation Process in Mitigating Carbon Dioxide Emissions in Latin American and Caribbean Countries 175 8 Does the Energy Transition Process Decrease the Environmental Degradation in Latin American and Caribbean Countries? 199 9 Conclusions 245 Index 253 A A bout the uthors Matheus Koengkan holds a PhD in Economics from the University of Évora. He is an energy and environmental economics researcher at the Department of Economics, Management, Industrial Engineering and Tourism (DEGEIT), University of Aveiro, Aveiro, Portugal. He has pub- lished in international journals, such as Energy; Environmental Economics and Policy Studies; GeoJournal; Environmental Science and Pollution Research; and Environment Systems and Decisions. José Alberto Fuinhas, PhD in Economics, is Professor of Monetary Economics and Intermediate Econometrics at the Faculty of Economics of the University of Coimbra, Coimbra, Portugal. In addition, he is a researcher in macroeconomics, energy economics, and environmental eco- nomics at the CeBER—Centre for Business and Economics Research— sponsored by the Portuguese Foundation for the Development of Science and Technology. He has published in international journals, such as Energy, Economic Modelling; Energy Policy; Energy Economics; Renewable and Sustainable Energy Reviews; Applied Energy; Environmental Science and Policy; Environmental Resources and Economics; and Energy Sources Part B: Economics, Planning, and Policy. vii L f ist of igures Fig. 2.1 Evolution of GDP per capita growth (annual %) in Latin America and the Caribbean (1989–2014). (The authors created this figure using the World Bank open Data database (2021)) 9 Fig. 2.2 Evolution of GDP per capita (current US$) in Latin America and the Caribbean (1989–2014). (The authors created this figure using the World Bank open Data database (2021)) 10 Fig. 2.3 Evolution of electric power consumption (kWh per capita) in Latin America and the Caribbean (1989–2014). (The authors created this figure using the World Bank open Data database (2021)) 11 Fig. 2.4 Evolution of renewable and fossil fuel energy consumption (% of total energy consumption) in Latin America and the Caribbean (1989–2014). (The authors created this figure using the World Bank open Data database (2021)) 11 Fig. 2.5 Energy consumption by source in Central and South America between 1970 and 2015. Energy consumption is measured in terawatt-hours (TWh); other renewables include geothermal, biomass, and waste energy. (The authors created this figure using our World in Data (2021) database) 13 Fig. 2.6 Evolution of installed renewable energy capacity (million kilowatts) from biomass, hydropower, solar, photovoltaic, wind, wave, and waste in Latin America and the Caribbean from 1989 to 2014. (The authors created this figure using the IEA database (2018)) 14 ix x LIST oF FIGURES Fig. 2.7 Evolution of trade (% of GDP) in Latin America and the Caribbean (1989–2014). (The authors created this figure using the World Bank open Data database (2021)) 17 Fig. 2.8 Evolution of foreign direct investment (FDI), net inflows per capita (BoP, current US$) in Latin America and the Caribbean between 1989 and 2014. (The authors created this figure using the World Bank open Data database (2021)) 18 Fig. 2.9 Evolution of exports and imports of goods and services per capita (BoP, current US$) in Latin America and the Caribbean between 1989 and 2014. (The authors created this figure using the World Bank open Data database (2021)) 20 Fig. 2.10 Evolution of KoF globalisation index de facto (scale from 1 to 100) in Latin America and the Caribbean between 1989 and 2014. (The authors created this figure with the database from the KoF globalisation index (2021)) 21 Fig. 3.1 Global trends in renewable energy investment between 2004 and 2018. New investment United States Dollar (USD) billion. (The authors created this figure with the database from the IEA (2020)) 28 Fig. 3.2 Summary of causality of the variables. (The authors created this figure) 46 Fig. 3.1a Impulse—response functions from robustness check 53 Fig. 4.1 Energy consumption by energy source in Central and South America between 1970 and 2015. Energy consumption is measured in terawatt-hours (TWh); other renewables include geothermal, biomass, and waste energy. (The authors created this figure with the database from our World in Data (2021)) 64 Fig. 4.2 Evolution of GDP per capita growth (annual %) in Latin America and the Caribbean (1989–2014). (The authors created this figure with the database from the World Bank open Data (2021)) 65 Fig. 4.3 Evolution of GDP per capita (current US$) in Latin America and the Caribbean (1989–2014). (The authors created this figure with the database from the World Bank open Data (2021)) 65 Fig. 4.4 Summary of causality of the variables. (The authors created this figure) 85 Fig. 4.5 Impulse-response functions 87 Fig. 5.1 Evolution of GDP per capita (current US$) in Latin America and the Caribbean (1989–2014). (The authors created this figure with the World Bank open Data database (2021)) 102 Fig. 5.2 Granger causality. (Figure created by the authors) 123 LIST oF FIGURES xi Fig. 6.1 Summary of the variable’s effect. (The authors created this figure) 159 Fig. 8.1 Evolution of carbon dioxide emissions (Co ) in Kilotons (Kt) 2 per capita in Latin America and the Caribbean (1989–2014). (The authors created this figure with the database from the World Bank open Data (2021)) 200 Fig. 8.2 Evolution of KoF globalisation index de facto (scale from 1 to 100) in Latin America and the Caribbean between 1989 and 2014. (The authors created this figure with the database from the KoF Globalization Index (2021)) 220 Fig. 8.3 Summary of the impact of globalisation on renewable energy development. (Adapted from Koengkan et al., 2019) 224 Fig. 8.1a Impulse-response functions from complementary robustness check 233
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