Kyushu University Academic Staff Educational and Research Activities Database
Researcher information (To researchers) Need Help? How to update
KEELEY Ryota Alexander Last modified date:2023.01.06

Associate Professor / Urban and Environmental Engineering
Faculty of Engineering

E-Mail *Since the e-mail address is not displayed in Internet Explorer, please use another web browser:Google Chrome, safari.
 Reseacher Profiling Tool Kyushu University Pure
Field of Specialization
Energy Economics, Urban Engineering
ORCID(Open Researcher and Contributor ID)
Total Priod of education and research career in the foreign country
Research Interests
  • We are conducting empirical research on a wide range of complex problems facing cities, such as energy depletion, environmental pollution, population decline, and disasters, using multifaceted and interdisciplinary approaches including urban engineering and economics.
    keyword : Energy Economics; Urban Engineering; Environmental Economics; Corporate Activity Analysis
Academic Activities
1. Alexander Ryota Keeley, Timothy Dean, Third Financial Bailout for India's State-owned Power Distribution Companies-and Why it Matters, 九州産業大学経営学会経営学論集, 27, 2, 21-30, 2016.10.
2. Alexander Ryota Keeley, Renewable Energy in Pacific Small Island Developing States
the role of international aid and the enabling environment from donor's perspectives, Journal of Cleaner Production, 10.1016/j.jclepro.2016.05.011, 146, 29-36, 2017.03, Dependency on fossil fuels is an issue for numerous countries, and in particular, it is an acutely challenging problem for Pacific Small Island Developing States. For the utilization of Renewable Energy in Pacific Small Island Developing States, donor agencies and international organizations play major roles in funding. This study introduces the nature of the past renewable energy projects in Pacific Small Island Developing States and, in the process, clarifies the contribution of international aid to renewable energy deployment. Thereafter, the paper identifies the most important factors related to enhancing an enabling environment for the introduction of Renewable Energy in Pacific Small Island Developing States and the relative importance of these factors with a special focus on donors’ perspectives. The paper clarifies that approximately 1.5 billion USD (2011) was received by Pacific Small Island Developing States over the 44 years from 1970 to 2014 as funding for renewable energy projects that included funding for hardware, and the amount of aid allocated for renewable energy in the region greatly varies between countries. The paper also identifies the important factors that can enhance an enabling environment for the introduction of renewable energy and the relative importance of these factors. Some of the highlighted implications that can be made from the findings of the research are: (1) high renewable energy targets need to be supported by well-structured action plans; (2) there is a need for an effective regulatory body responsible for renewable energy; and (3) the financial aspects of utilities are of higher importance than technological aspects of utilities..
3. Alexnader Ryota Keeley, Timothy Dean, Perceived Market Risk of the Renewable Energy Industry in the United States, 九州産業大学経営学会経営学論集, 27, 3, 85-92, 2017.07.
4. Alexander Ryota Keeley, Yuichi Ikeda, Determinants of foreign direct investment in wind energy in developing countries, Journal of Cleaner Production, 10.1016/j.jclepro.2017.05.106, 161, 1451-1458, 2017.09, The renewable energy industry is one of the fastest growing industries attracting a great amount of foreign direct investment, being one of the top 5 industries in 2015 in terms of the amount of investment allocated. However, the allocation of foreign direct investment in the sector greatly varies between developing countries. Preceding studies have tried to explain the location determinants of foreign direct investment mainly by looking at the effects of institutional and macroeconomic factors. The renewable energy sector has been supported by various economic, regulatory, and political support policies. Considering the importance of these support policies, the paper analyses their effects on foreign direct investment as location determinants in comparison with that of the widely accepted determinants (institutional and macroeconomic determinants), focusing on wind energy in developing countries. The results show that renewable energy support policies have equivalent or greater effect compared to the widely accepted determinants such as corruption level, price stability, access to finance, and GDP growth. The paper demonstrates the importance of analysing determinants of foreign direct investment focusing on a specific sector rather than looking at overall foreign direct investment. The paper also provides important policy implications including the need to improve the regulatory aspect of renewable energy sector such as access to grid infrastructure in order to attract foreign direct investment into the sector..
5. Alexander Ryota Keeley, Ken'ichi Matsumoto, Investors' perspective on determinants of foreign direct investment in wind and solar energy in developing economies – Review and expert opinions, Journal of Cleaner Production, 10.1016/j.jclepro.2017.12.154, 179, 132-142, 2018.04, Foreign direct investment (FDI) in renewable energy projects in 2015 has reached more than 10% of the total green-field FDI worldwide, and developing economies were increasingly at the forefront of these investments. However, there are few studies that focus on the FDI in this emerging sector. Understanding determinants behind the location decisions of the FDI would lead to creating a better investment climate and further facilitate worldwide deployment of renewable energy technologies. Thus, this paper identifies the determinants of FDI in wind and solar energy in developing economies based on a literature review and semi-structured interviews. Factors that are identified through the literature review are categorized into the following categories: institutional environment, macroeconomic environment, natural conditions, and renewable energy policies. Semi-structured interviews were conducted with experts from multinational corporations that are active in FDI in wind and solar energy. Based on these interviews, 18 factors that could be considered as important determinants are selected and presented along with expert opinions. The experts' opinions suggest strong importance of renewable energy policies when compared to traditionally argued determinants of FDI including macroeconomic environment, institutional environment and natural conditions. Among traditionally argued determinants, exchange rate stability is suggested to be one of the most important factors considering the positioning of investments in solar and wind energy in most of the companies’ investment portfolios..
6. Alexander Ryota Keeley, Policy Intervention as a Determinant of Foreign Direct Investment : Implications from Renewable Energy Sector, Japanese review of political society : journal of the Association for the Study of Political Society, 5, 55-69, 2018.05.
7. Hironari Inoue, Alexander Ryota Keeley, 日本における小水力発電の普及に係る障壁と課題 ―事業主体の視点から―, Nenryo Kyokai-Shi, Journal of the Fuel Society of Japan, 97, 8, 245-251, 2018.08.
8. Alexander Ryota Keeley, Ken'ichi Matsumoto, Relative significance of determinants of foreign direct investment in wind and solar energy in developing countries – AHP analysis, Energy Policy, 10.1016/j.enpol.2018.08.055, 123, 337-348, 2018.12, The importance of foreign direct investment (FDI) for the development of renewable energy in developing countries has been increasingly recognized. Numerous countries have created various measures to attract FDI in the renewable energy sector. This paper uses the analytical hierarch process to clarify the relative significance of the determinants in the location decisions of foreign wind and solar energy investors. A total of 18 determinants that are categorized into the macroeconomic environment, institutional environment, natural conditions, and renewable energy policy categories are used for the analysis. The results show that adding to the traditional determinants of FDI, including the macroeconomic environment, the institutional environment, and natural conditions, renewable energy support policies have the same or stronger influence as location determinants of FDI. The paper also points out that some of the traditional determinants, such as exchange rate volatility, access to land, and an efficient and transparent administrative procedure, are also very important as determinants of FDI in wind and solar energy. Policy implications focus on the determinants of FDI in wind and solar energy. The relative significance of the determinants clarified through this study offers criteria for prioritizing policies and actions for policy makers..
9. Shutaro Takeda, Alexander Ryota Keeley, Shigeki Sakurai, Shunsuke Managi, Catherine Benoît Norris, Are renewables as friendly to humans as to the environment?
A social life cycle assessment of renewable electricity, Sustainability (Switzerland), 10.3390/su11051370, 11, 5, 2019.03, The adoption of renewable energy technologies in developing nations is recognized to have positive environmental impacts; however, what are their effects on the electricity supply chain workers? This article provides a quantitative analysis on this question through a relatively new framework called social life cycle assessment, taking Malaysia as a case example. Impact assessments by the authors show that electricity from renewables has greater adverse impacts on supply chain workers than the conventional electricity mix: Electricity production with biomass requires 127% longer labor hours per unit-electricity under the risk of human rights violations, while the solar photovoltaic requires 95% longer labor hours per unit-electricity. However, our assessment also indicates that renewables have less impacts per dollar-spent. In fact, the impact of solar photovoltaic would be 60% less than the conventional mix when it attains grid parity. The answer of "are renewables as friendly to humans as to the environment?" is "not-yet, but eventually"..
10. Clarence Tolliver, Alexander Ryota Keeley, Shunsuke Managi, Green bonds for the Paris agreement and sustainable development goals, Environmental Research Letters, 10.1088/1748-9326/ab1118, 14, 6, 2019.05, The Paris Agreement under the United Nations Framework Convention on Climate Change and the Sustainable Development Goals (SDGs) of the United Nations Development Programme both entail substantial global investments through cost-efficient, long-term financing. Noted for their risk-alleviating features and appeal to institutional and socially responsible investors, green bonds are gaining prominence in climate change and sustainable development finance frameworks. This study is the first to thoroughly examine publicly reported green bond proceeds allocations from 53 organizations to projects and assets throughout 96 countries from 2008 to 2017. Green bond markets are growing rapidly, and yearly proceeds allocation trends reveal increasing disbursements to renewable energy, clean water, low-carbon transportation, and other Paris Agreement and SDG-related investment categories. Circle plot analysis reveals unique allocation trends to specific green sectors at both regional and national levels. International finance institutions allocated the largest share of proceeds by both frequency and volume, and the projects and assets financed with green bonds in this study sample are associated with over 108 million tonnes of carbon dioxide equivalent (tCO2e) in greenhouse gas emissions reductions and over 1500 gigawatts in renewable energy capacity. The study concludes with suggestions for improving green bond post-issuance reporting and provides insights for future green bond applications in expanding Paris and SDG agendas..
11. Alexander Ryota Keeley, Shunsuke Managi, The importance of financial cost for renewable energy projects: economic viability assessment of renewable hybrid mini-grid systems in Indonesia, Green Finance, 1, 2, 139-155, 2019.05.
12. Clarence Tolliver, Alexander Ryota Keeley, Shunsuke Managi, Drivers of green bond market growth
The importance of Nationally Determined Contributions to the Paris Agreement and implications for sustainability, Journal of Cleaner Production, 10.1016/j.jclepro.2019.118643, 244, 2020.01, Green bonds are increasingly being applied to finance emissions reductions, sustainable development, and other cleaner production investments conducive to reaching the 2 °C temperature target of the Paris Agreement. As their markets are relatively nascent, there is a gap in the empirical literature on the drivers of green bond market growth. To assess the impact that capital market growth drivers and Nationally Determined Contributions to the Paris Agreement have on green bond issuance volumes as indicators of market growth, this study employed a structural equation model using a panel dataset of over $300 billion in green bonds issued in 49 countries between 2007 and 2017. This is the first econometric study to demonstrate unique drivers of green bond market growth in addition to factors that similarly affect conventional bond market growth. This is also the first study to construct a normalized index of Nationally Determined Contributions robustness scores to measure their impacts on green bond market growth. Macroeconomic latent factors exerted three times the total influence exerted by institutional latent factors. Institutional effects are positive and indirect, while OECD membership impacts were small and statistically insignificant. Nationally Determined Contributions scores exerted the largest positive and statistically significant impacts among observed variables. These results suggest that Nationally Determined Contributions and other macroeconomic and institutional factors are driving growing green bond issuances that will finance climate and sustainability investments through the future. They also highlight the need for broader examinations of the determinants of green bond issuances as investment vehicles for sustainable outcomes..
13. Alexander Ryota Keeley, Ken'ichi Matsumoto, Kenta Tanaka, Shunsuke Managi, The Impact of Renewable Energy Generation on the Spot Market Price in Germany: Ex-Post Analysis using Boosting Method, The Energy Journal, 10.5547/01956574.41.si1.akee, 41, 01, 2020.09.
14. Clarence Tolliver, Fujii Hidemichi, Alexander Ryota Keeley, Shunsuke Managi, Green Innovation and Finance in Asia, Asian Economic Policy Review, 2020.11.
15. Clarence Tolliver, Alexander Ryota Keeley, Shunsuke Managi, Policy targets behind green bonds for renewable energy : Do climate commitments matter?, Technological Forecasting and Social Change, 157, 2020.12.
16. Sunbin Yoo, Alexander Ryota Keeley, Shunsuke Managi, Does sustainability activities performance matter during financial crises? Investigating the case of COVID-19, Energy Policy, 10.1016/j.enpol.2021.112330, 155, 112330-112330, 2021.08.
17. Keeley, Alexander R., Kento Komatsubara, and Shunsuke Managi, The value of invisibility: factors affecting social acceptance of renewable energy, Energy Sources, Part B: Economics, Planning, and Policy, 1-20, 2021.10.
18. Dimiter Ialnazov, Alexander Ryota Keeley, Motivations, Enabling Factors and Barriers to the Energy Transition in Indonesia and Vietnam, 2020 6TH INTERNATIONAL CONFERENCE ON ENVIRONMENT AND RENEWABLE ENERGY, 10.1088/1755-1315/505/1/012044, 505.
1. キーリーアレクサンダー竜太, Measuring Environment, Social, Economic Impact of Energy Technologies Considering Supply Chain – A Novel Integrated Assessment Method, MIRAI 2.0 R&I Week 2021, 2021.06.
2. キーリーアレクサンダー竜太, Sustainability Modeling: Challenges and Solutions, WORKSHOP ON ADVANCING METHODS FOR MODELING SYSTEMS TO INFORM SUSTAINABILITY SCIENCE, 2021.06.
3. キーリーアレクサンダー竜太, Renewable Energy and Energy Market: Supply Impact and Demand Change, Kyushu-Illinois Strategic Partnership Colloquia Series #3 Environmental Economics, 2021.05.
4. キーリーアレクサンダー竜太, Measuring environmental, social, and governance impacts of DAC-U system: an integrated assessment method, Kyushu-Illinois Strategic Partnership Colloquia Series, 2021.01.
5. キーリーアレクサンダー竜太, Merit Order Effect: The Impact of Renewable Energy Generation on the Spot Market Price in Germany
, CREST Workshop, Economics-Engineering Modeling for Global and Long-term Issues: Climate Change, Energy and Social Development, 2020.03.
6. キーリーアレクサンダー竜太, 新国富指標と持続可能性, 水俣環境アカデミア, 2020.05.
7. キーリーアレクサンダー竜太, The Value of Invisibility: Factors Affecting Willingness to Pay for Renewable Energy, 15th CONFERENCE ON SUSTAINABLE DEVELOPMENT OF ENERGY WATER AND ENVIRONMENT SYSTEMS , 2020.09.
Membership in Academic Society
  • Society of Global Business
  • The International Association for Energy Economics
Educational Activities
Research focusing on analysis of financial aspect and economic, environment, social impact of Energy and Environment sector.
Professional and Outreach Activities
As one of the young researchers from Kyushu University, I gave an invited lecture at the first and third symposiums of the "Kyushu-Illinois Strategic Partnership Colloquia Series" with the University of Illinois, with which a strategic partnership was established in August 2019. I was also invited to the workshop "Workshop on advancing methods for modeling systems to inform sustainability science," which was organized by prominent scholars working on sustainability mainly in Europe and the United States, with the aim of establishing an international research project. We were invited to the workshop, "Workshop on advancing methods for modeling systems to inform sustainability science," which was held by prominent scholars who are doing research on sustainability. As a contribution to the society in Japan, I have been continuously giving invited lectures at the Energy Forum organized by Itoshima City, and I am also a member of the Nogata Town Development Promotion Council, which aims to revitalize the town development of Nogata City Translated with (free version).