Kyushu University Academic Staff Educational and Research Activities Database
List of Papers
Alexander Ryota KEELEY Last modified date:2023.07.27

Associate Professor / Urban and Environmental Engineering / Faculty of Engineering

1. Shutaro Takeda, Alexander Ryota Keeley, Shunsuke Managi, How Many Years Away is Fusion Energy? A Review, JOURNAL OF FUSION ENERGY, 10.1007/s10894-023-00361-z, 42, 1, 2023.06.
2. Jun Xie, Yoshitaka Tanaka, Alexander Ryota Keeley, Hidemichi Fujii, Shunsuke Managi, Do investors incorporate financial materiality? Remapping the environmental information in corporate sustainability reporting, CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT, 10.1002/csr.2524, 2023.05, Although the consideration of financial materiality is important for securing shareholders' interests, the degree of financial materiality that is considered for existing sustainability ratings is still questionable. In this study, we hand-mapped the financial materiality of environmental information based on Sustainability Accounting Standards Board (SASB) industry-specific accounting metrics to reassess environmental performance. Based on the SASB-based environmental score, we tested whether investors price environmental risk. The results show significant pricing anomalies related to environmental risk. Companies with lower SASB-based environmental scores experience higher environmental risk. Additionally, a premium in the cross-section of stock returns compensates for this risk. Our findings suggest that integrating financial materiality based on the SASB could be an effective way to capture corporate environmental risk..
3. Kento Komatsubara, Alexander Ryota Keeley, Shunsuke Managi, Revisiting the Value of Various Ecosystems: Considering Spatiality and Disaster Concern, SUSTAINABILITY, 10.3390/su15043154, 15, 4, 2023.02, Recently, concerns about ecosystem loss and the threat of disasters have emerged. Understanding people's perception of the ecosystem's value will lead to disaster adaptation through ecosystem conservation. We incorporated use and disaster attributes into a contingent valuation study to investigate Japanese peoples' perceptions of the value of various ecosystems. We construct a concept representing ecosystems' perceived disaster prevention and mitigation functions by investigating the effects of use status and disaster concerns on people's preferences. Results revealed that almost all of the ecosystem's disaster prevention and mitigation functions are not perceived by people. In some cases, people mistakenly avoid ecosystems that protect people from disasters. In conclusion, this concept and its findings facilitate an understanding of people's perceptions of disaster prevention mitigation functions of ecosystems and promote the concrete practice of conserving ecosystems..
4. Kenta Tanaka, Ken'ichi Matsumoto, Alexander Ryota Keeley, Shunsuke Managi, The impact of weather changes on the supply and demand of electric power and wholesale prices of electricity in Germany, SUSTAINABILITY SCIENCE, 10.1007/s11625-022-01219-7, 17, 5, 1813-1825, 2022.09, Weather conditions critically affect electricity demand. Recently, weather changes have also affected the electricity supply because renewable energy sources have been diffused. Some studies have revealed that weather conditions affect electricity supply or demand. However, few studies have revealed the integrated effects of weather changes on the electricity supply, demand, and market prices. This study aims to reveal the regional weather impact on the German electricity spot market based on combined hourly weather and electricity market data using structural equation modeling. Our results reveal that weather changes affect both demand and supply. First, the effect of weather on electricity supply differs in each state. Our estimation results show a more complex effect of an increase in solar radiation. Second, the electricity demand is also affected by weather conditions, particularly by temperature. Additionally, regional differences in weather conditions create a complex structure of electricity supply and demand. Our results indicate that extreme weather events in specific areas have a significant impact on the electricity market price..
5. Akihiro Okuyama, Sunbin Yoo, Junya Kumagai, Alexander Ryota Keeley, Shunsuke Managi, Questioning the Sun: Unexpected emissions implications from residential solar photovoltaic systems, RESOURCES CONSERVATION AND RECYCLING, 10.1016/j.resconrec.2021.105924, 176, 2022.01, Reaching carbon neutrality would require the retirement of conventional power sources and substitution with renewable energy sources. Given that immediate substitution from conventional to renewable power sources is not feasible in the status quo, we investigate whether adding residential solar photovoltaic (PV) technology in addition to conventional power sources would reduce residential emissions. We use a large survey dataset of more than 300,000 observations and employ a structural equation model (SEM) to validate our findings. Interestingly, emissions increase by 1.75% if residential PV is adopted, and Japanese citizens with residential PV systems end up using 3.02% more electricity. We also find that pro-environmental consumers may also produce more emissions with PVs. As a result, reaching target carbon reductions in the residential sector would necessitate eliminating conventional energy sources. We address the policy implications for pathways to reduce residential emissions..
6. 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, 10.1080/15567249.2021.1983891, 17, 1, 1-20, 2021.10, Notwithstanding the global turn to renewable energy, its development is constrained by a lack of social acceptance. Various studies have evaluated citizens’ acceptance of and willingness to pay (WTP) for renewable energy and associated factors. We broadened the analytical framework of previous studies by incorporating spatial data on renewable and nonrenewable power plants, natural and produced capital, and renewable energy potential to determine key factors affecting social acceptance measured through WTP for renewable energy in Japan. We found that besides respondents’ ages, sex, education levels, and household incomes, their proximity to existing power plants generating renewable and nonrenewable energy and natural capital endowments in their locations significantly affected their WTP for renewable energy. Our analysis further revealed that whereas visible solar PV plants located within 3 km of respondents’ residences negatively affected their WTP, less visible plants at high elevations did not impact negatively on social acceptance..
7. 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, As a market for sustainability investing is growing rapidly, understanding the impact of environmental, social, and governance (ESG) activities on firms' financial performance is becoming increasingly important. In this study, we examine the effect of ESG performance on stock returns and volatility during the financial crisis resulting from the coronavirus (COVID-19) pandemic. To quantify the impact, we use company-level daily ESG score data and United Nations Global Compact (GC) score data. In our dataset, ESG scores indicate ESG performance that is deemed important to financial materiality, and the GC score indicates the firm reputation for following UN rules. Our results indicate that during the pandemic, an increase in the ESG score, especially the E score component, is related to higher returns and lower volatility. Conversely, increasing GC scores is correlated with lower stock returns and higher volatility. In addition, we find that firms in lower return groups benefit more than other firms. Focusing on energy sector impacts, we show that although the non-energy sector benefits more than the energy sector from increasing E scores, energy sector firms can still reduce their stock price volatility by increasing these scores. Our study offers significant implications for ESG investment strategies during financial crises..
8. Kento Komatsubara, Alexander Ryota Keeley, Shunsuke Managi, Analysis of Factors Affecting Willingness to Pay for Renewable Energy Incorporating Spatial Information, 土木計画学研究, 62, 17-22, 2021.03.
9. Rinawati, Dyah Ika, Alexander Ryota Keeley, Shutaro Takeda, and Shunsuke Managi., A systematic review of life cycle assessment of hydrogen for road transport use
, Progress in Energy 4, no. 1 (2021): ., 10.1088/2516-1083/ac34e9, 4, 1, 012001, 2021.02.
10. Clarence Tolliver, Alexander Ryota Keeley, Shunsuke Managi, Policy targets behind green bonds for renewable energy : Do climate commitments matter?, Technological Forecasting and Social Change, 10.1016/j.techfore.2020.120051, 157, 2020.12, Green bond markets are expanding precipitously and proceeds are increasingly being allocated to renewable energy. There is a gap in the empirical literature on the policies affecting green bond finance for the renewable energy assets critical to achieving Paris Agreement emissions reduction targets. To assess the impact that Nationally Determined Contributions (NDCs) to the Paris Agreement have on green bond finance for renewable energy, this study employed a difference-in-differences (DiD) analysis using an original panel dataset of $25 billion in green bond proceeds allocations in 66 countries between 2008 and 2017. An original normalized index of NDC robustness was constructed to measure unique NDC impacts on green bond disbursements to renewable energy. The results are the first to show that in the years following their submission in 2015, comparatively stringent NDCs demonstrated large positive impacts on green bond allocations to renewable energy with 99% statistical significance. These findings suggest that beyond conventional economic policy supports, climate commitments can drive global emissions reductions by inciting greater green bond finance for the renewable energy projects vital to achieving emissions reduction targets..
11. Clarence Tolliver, Fujii Hidemichi, Alexander Ryota Keeley, Shunsuke Managi, Green Innovation and Finance in Asia, Asian Economic Policy Review, 10.1111/aepr.12320, 16, 1, 67-87, 2020.11, Green innovation and green finance are two key components of sustainable development. In the most populous, fastest-growing region in the world, Asian countries are pressed to maintain economic growth while addressing climate change and environmental externalities. Japan, South Korea, and China have each implemented policies to promote green innovation and finance conducive to such ends. While each country possesses unique capabilities, the extent to which they can promote environmentally adjusted multifactor productivity growth, green patent registrations, green bond issuances, green foreign direct investment, and environmental, social, and governance information disclosures stands to impact on their shifts to sustainable growth paradigms..
12. 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, 119-139, 2020.09, This study combines regression analysis with machine learning analysis to study the merit order effect of renewable energy focusing on German market, the largest market in Europe with high renewable energy penetration. The results show that electricity from wind and solar sources reduced the spot market price by 9.64 (sic)/MWh on average during the period from 2010 to 2017. Wind had a relatively stable impact across the day, ranging from 5.88 (sic)/MWh to 8.04 (sic)/MWh, while the solar energy impact varied greatly across different hours, ranging from 0.24 (sic)/MWh to 11.78 (sic)/MWh and having a stronger impact than wind during peak hours. The results also show characteristics of the interactions between renewable energy and spot market prices, including the slightly diminishing merit order effect of renewable energy at high generation volumes. Finally, a scenario-based analysis illustrates how different proportions of wind and solar energies affect the spot market price..
13. 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..
14. 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..
15. 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, 10.3934/GF.2019.2.139, 1, 2, 139-155, 2019.05, Still a lot of Indonesia's population lacks access to electricity, and a large number of those people live in remote areas or on islands. Traditionally, electrification of areas not yet connected to the main electricity grid and too remote for grid extension has mainly been achieved through installation of decentralized generation units with diesel generators. However, with decreased cost of renewable energy technologies, renewable hybrid mini-grid systems are becoming economically viable options in an ever-increasing number of places. This paper analyzes the economic viability of renewable hybrid mini-grid systems with solar Photo-Voltaic cells, batteries, and diesel generators in a typical un-electrified village in Indonesia employing local data. The analysis is conducted by utilizing HOMER simulation techniques to design the optimal renewable hybrid mini-grid systems and the economic viability assessment of the system is performed by comparing the levelized cost of energy of the system with that of the conventional diesel system under different financial scenarios. Further financial analyses, such as Internal Rate of Return and Net Present Value, are performed for the hybrid systems to investigate what kind of financial scenarios (debt/equity ratios) and public aid (international aid and government fund), would make the hybrid systems attractive to private investors. The analysis has clarified that even at the most conservative scenario with 100% equity finance, the levelized cost of energy of the renewable hybrid mini-grid system is lower than that of the diesel system. Further analysis has shown that grant finance that covers 35% of the total project cost could make the hybrid system a profitable investment project for private investors even in the most conservative scenario. The paper also demonstrates that the profitability of renewable hybrid mini-grid systems is highly affected by financial scenarios (debt/equity ratios) in comparison with that of diesel systems, concluding with policy recommendations..
16. 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"..
17. 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..
18. 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.
19. 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.
20. 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..
21. 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..
22. 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.
23. 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..
24. 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.
25. 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.