| 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. |
Dyah Ika Rinawati, Alexander Ryota Keeley, Shutaro Takeda, Norihiro Itsubo, Shunsuke Managi, Potential for reducing CO2 emissions from passenger cars in Japan by 2030 to achieve carbon neutrality, IATSS Research, 10.1016/j.iatssr.2023.02.004, 47, 2, 185-195, 2023.03, For Japan to achieve its targets for carbon neutrality and reduction of carbon dioxide (CO2) emissions, decarbonization of road transport is essential. Japan regards next-generation vehicles, including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), battery electric vehicles (BEVs), and fuel cell vehicles, as a key means of reducing carbon emissions from road transport. Four scenarios were proposed to predict the potential carbon emissions reduction of passenger car use in 2030: baseline, business-as-usual, government's target-based, and aggressive scenarios. Economic input–output life cycle assessment was used to evaluate potential CO2 emissions, acidification, eutrophication, human toxicity, and photochemical oxidation associated with passenger cars. In this study, all environmental impacts were calculated using the multi-regional environmentally extended supply and use/input–output database by applying the CML 2001 impact assessment method. The findings indicate that PHEVs have the lowest CO2 emissions per km traveled, followed by HEVs and BEVs. The prediction for carbon emissions from passenger cars shows that adopting electrified vehicles, such as HEVs, PHEVs, and BEVs could help decarbonize the passenger car sector. The population of vehicles, vehicle manufacturing, well-to-wheel cycle of fuel, and fuel economy will significantly contribute to CO2 emissions. Finally, this study recommends policies to steer Japan into achieving its goal of carbon neutrality.. |
| 4. |
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.. |
| 5. |
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.. |
| 6. |
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, 105924-105924, 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.. |
| 7. |
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.. |
| 8. |
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. |
| 9. |
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. |
| 10. |
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. |
| 11. |
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, 120051, 2020.12. |
| 12. |
Clarence Tolliver, Hidemichi Fujii, 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. |
| 13. |
Alexander Ryota Keeley, Ken’ichi Matsumoto, Kenta Tanaka, Yogi Sugiawan, 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. |
| 14. |
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, 118643, 2020.01. |
| 15. |
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, 064009, 2019.05, Abstract
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. . |
| 16. |
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.. |
| 17. |
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".. |
| 18. |
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. |
| 19. |
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. |
| 20. |
Barriers and Obstacles to Development of Mini-Hydro Energy in Japan: From the Perspectives of Project Developers
This study aims to clarify the barriers and obstacles to the development of mini-hydro energy in Japan through participant observation. and interviews and questionnaires to the practitioners active in the field. Despite of the great potential of mini-hydro energy in Japan, various barriers and obstacles hinder the development. In total, 8 factors were identified as important factors, and these factors are classified into 3 broad categories: political, technologies and infrastructure, implementation body and finance & development plan. Based on the questionnaires conducted with the practitioners in the field, the relative importance of each identified factor is clarified using analytic hierarchy process method. Adding to the problem of access to electricity grid that has been observed in renewable projects in general, mini-hydro energy projects face various issues related to permits and licenses. community engagement, and slow-development of domestic technology. In order to facilitate the development of mini-hydro energy in Japan. these issues need to be addressed in the formation of the implementation body, financing, and engagement with the local community and other stakeholders. This study adds to the existing knowledge with the clear focus on the perspectives of project developers.. |
| 21. |
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, 5, 55-69, 2018.05. |
| 22. |
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. |
| 23. |
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. |
| 24. |
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. |
| 25. |
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. |
| 26. |
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. |
| 27. |
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. |
