Economic challenges of the transition to low-carbon growth

Economic growth is extremely important; however, to adequately combat the adverse socio-economic and environmental consequences, it must be socially and environmental sensitive and support the transition to low-carbon economy. There is a lack of knowledge related to this transition and its consequences. Hence, the first objective of the project is to analyze the socio-economic effects of the low-carbon transition on economic growth. Energy is vital to the existence and development of a modern economy; but, its generation and consumption generate adverse greenhouse gas emissions. Thus, the second objective is to investigate the role of energy (renewable and non-renewable) and the energy industry in the transition to low-carbon growth. To mitigate the adverse effects of economic growth, new knowledge, policies, strategies, governance and business models as well as changes in behavioral practices are needed. Hence, the third objective is to explore the importance of innovation, human resource management and sustainable entrepreneurship in building a low-carbon economy. The project will be based on quantitative research approaches to achieve the objectives. Accordingly, it will develop multivariate models, apply multivariate statistics and perform multivariate regressions. The project will generate significant theoretical and methodological contributions. In general, it will increase the existing knowledge on low-carbon growth through its focus on (i) the complex interactions between energy, innovation, sustainable entrepreneurship and policies at different levels, and (ii) the development of conceptual models suitable for transitioning to a low-carbon future. The expected empirical contributions will refer to deepening our understanding on the economic situation and trends in the European Union and Croatia in particular, as well as formulating policy recommendations aiming at encouraging low-carbon growth and accelerating the transition to low-carbon economy.

There are three fundamental objectives of the project:

1. To analyze the socio-economic effects of the low-carbon transition on economic growth
2. To investigate the role of energy and the energy industry in the transition to low-carbon growth
3. To explore the role of innovation, human resource management, and sustainable entrepreneurship in building a low-carbon economy.

Prof. Đula Borozan, PhD

Prof. Sanja Pfeifer, PhD

Prof. Nela Vlahinić Lenz, PhD

Prof. Dubravka Pekanov, PhD

Assist. Prof. Sofija Turjak, PhD

Assist. Prof. Ana Štefanec, PhD

PUBLISHED PAPERS – 1st year of the project (2021)

• Pekanov Starcevic, D.; Crnković, B.; Bestvina Bukvić, I. (2021). European Union energy industry: an overview, Proceedings of FEB Zagreb 12th International Odyssey Conference on Economics and Business (Šibenik, 9.-12.6.2021.), Zagreb. 3(1), 361-369., https://drive.google.com/file/d/161-Nz6JuGDyQy0iX3K3DIfsui6yMWD0o/view
• Borozan, Đ. (2021). Technical efficiency and productivity change in the European Union with undesirable output, Energies, 14(16), 4937,, Q2, IF: 3.004, https://www.mdpi.com/1996-1073/14/16/4937/htm.
• Vlahinić Lenz, N., Fajdetić, B. (2021). Globalization and GHG Emissions in the EU: Do We Need a New Development Paradigm?, Sustainability, 13(17), 9936, Q1-Q2, IF: 3.251, https://www.mdpi.com/2071-1050/13/17/9936
• Borozan, Đ., Pekanov Starčević, D. (2021). Analysing the Pattern of Productivity Change in the European Energy Industry, Sustainability, 13(21), 11742, Q1-Q2, IF: 3.251, https://www.mdpi.com/2071-1050/13/21/11742/htm
• Maljković, D., Vlahinić Lenz, N., Žiković, S. (2022). The pitfalls of shared metering: Does the self-interest in district heating systems cause tragedy of the commons, Energy Research and Social Science (on-line first articles), 83, 102335, Q1, IF: 6.834, https://www.sciencedirect.com/journal/energy-research-and-social-science
• Pekanov Starčević, D.; Zrnić, A.; Bestvina Bukvić, I. (2021).The impact of social and governance factors on GHG emissions: Evidence from the Euroepan energy companies, Proceedings of the 76^th International Scientific Conference on Economic and Social Development – “Building Resilient Society“, 28-36.
• Pfeifer, S., Stanić, M., Borozan, Đ. (2021). Students’ intentions for going green – extending the pro-environmental theory of planned behavior, Zbornik „38th IBIMA conference”, Sevilla, 3.-4.11.2021., 1009-1017.
• Pekanov Starčević, D., Crnković, B., Fosić, I. (2021.). “Investing in CHP plants: estimating external costs and benefits“, Ekonomski vjesnik – ECONVIEWS: Review of contemporary business, entrepreneurship and economic issues,  34(2), 351-360.

PUBLISHED PAPERS – 2nd project period

•  Borozan, Đ. (2022). Detecting a structure in the European energy transition policy instrument mix: What mix successfully drives the energy transition?, Renewable and Sustainable Energy Reviews, 165, 112621, Q1, IF: 16.799, https://www.sciencedirect.com/science/article/abs/pii/S1364032122005159
• Borozan, Đ. (2022). Revealing the complexity in the environmental Kuznets curve set in a European multivariate framework, Environment, Development and Sustainability, Q1/Q2, IF: 4.080, https://link.springer.com/article/10.1007/s10668-021-01817-y
• Ćelić, F., Vlahinić Lenz, N. (2022). EU Financial Instruments in Practice: SMEs’ investments in energy efficiency and renewable energy in Croatia, International Journal of Energy Economics and Policy, 12(4), 173-185., Q2, Scopus,file:///D:/Download/22_IJEEP_13216_celic_okey.pdf
• Borozan, Đ. (2022)..Asymmetric effect of policy uncertainty on renewable energy consumption in G7 countries, Renewable Energy, 189, 412-420, Q1, IF: 8.001, https://www.sciencedirect.com/science/article/abs/pii/S0960148122001975
• Pfeifer, S. (2022). Green management – a systematic review of the literature, 39th EBES conference, 5.-8.04.2022., Rim, Italija, Proceedings – volume II, 1726-1740
• Borozan, Đ., Lolić Ćipćić, M. (2022). Asymmetric and nonlinear oil price pass-through to economic growth in Croatia: Do oil-related policy shocks matter? Resources Policies, 76, 102736, Q1, IF: 5.634,  https://www.sciencedirect.com/science/article/abs/pii/S0301420722001842
• Borozan, Đ., Borozan, B. (2022). The asymmetric effect of economic policy uncertainty on energy consumption, Energy Efficiency, 15, 28, Q2, IF: 2.574
• Vlahinić Lenz, N., Fajdetić, B. (2022). Does Economic Globalisation Harm Climate? New Evidence from European Union, Energies, 15(18), 6699, Q1/Q2, IF: 3.252, https://www.mdpi.com/1996-1073/15/18/6699
• Borozan, Đ., Borozan, B. (2022). Analyzing an energy sectoral specialization pattern in Southern European Union countries, 11th International Conference on Environment Science and Engineering (ICESE 2021), 10-13.09.2021., Vienna (online), IOP Conference Series: Earth and Environmental Series,  952  2022, 012009, 1-8,, https://iopscience.iop.org/article/10.1088/1755-1315/952/1/012009
• Borozan, Đ.: Croatian youth perception of the low-carbon institutional and awareness-behavior gaps, Proceedings of the 6th International Conference on Business, Management and Economics, Nice, Francuska, 17.-19.06.2022., https://www.doi.org/10.33422/6th.icbmeconf.2022.06.10
• Zrnić, A. (2022). Socially and environmentally responsible business practices in SMSs: A case study of Croatia, 88th International Scientific Conference on Economic and Social Development – “Roadmap to NetZero Economies and Businesses” – Dubai, 19–20 October, 2022.
• Turjak, S., Unukić, I., Kristek, I. (2022). Trends in environmental taxes in the European Union, 88th International Scientific Conference on Economic and Social Development – “Roadmap to NetZero Economies and Businesses” – Dubai, 19–20 October, 2022.
• Borozan, Đ. (2022). Environmentally adjusted productivity change: comparing Croatia with other European Union member states, 37th EBES Conference Proceedings, series: Euroasian Studies in Business and Economics, Springer, CPC-SSH
• Pfeifer, S., Borozan, Đ. (2022). Factors influencing personal carbon footprint of the croatian university students, 37th EBES Conference Proceedings, series: Euroasian Studies in Business and Economics, Springer, CPC-SSH
• Pekanov D., Fosić, I., Jadrešič, I.: EU energy policy: Implications for renewable energy investments, u W.C. Gartner (ur.): New Perspectives and Paradigms in Applied Economics and Business, Select Proceedings of of the 2022 6th International Conference on Applied Economics and Business, Springer (electronic ISSN: 2198-7254; print ISSN: 2198-7246) book series, 207-2018.
• Pfeifer, S. (2022). Management perspective of „green strategies“ research – scientometric analysis, u: W.C. Gartner (ur.): New Perspectives and Paradigms in Applied Economics and Business, Select Proceedings of of the 2022 6th International Conference on Applied Economics and Business, Springer (electronic ISSN: 2198-7254; print ISSN: 2198-7246) book series, 451-464.
• Borozan, Đ., Pfeifer, S. (2022). Students’ environmental awareness and low carbon behavior: Exploring the differences, u: W.C. Gartner (ur.): New Perspectives and Paradigms in Applied Economics and Business, Select Proceedings of of the 2022 6th International Conference on Applied Economics and Business, Springer (electronic ISSN: 2198-7254; print ISSN: 2198-7246) book series, 411-424.
• Fatur Šikić, T., Borozan, Đ. (2023.).Meeting the low-carbon challenge: the role of EU energy policy, u: Economics and business in the post-COVID-19 world, urednici: Drezgić, S., Host, A., Tomljanović, M., Žiković, S., poglavlje 11, 213-230.

PUBLISHED PAPERS – 3rd project period

• Borozan, Đ., Bayar, Y., Gavriletea, D.M (2023). Do stringent environmental regulations, and uncertainty matter for foreign direct investment inflows? Evidence from G7 and BRICS countries, Economic Research - Ekonomska istraživanja, 36(2), 1-18.
• Borozan, Đ., Pirgaip, B. (2023). Does uncertainty in climate policy play a role in shaping renewable energy use? Evidence from the USA, Environment, Development and Sustainability, Q1/Q2, IF.4.7
• Borozan, Đ., Pfeifer, S. (2023). Unpacking psychological antecedents of low-carbon behavior: What differentiates champions, skeptics, talkers and walkers across young adults? , Sustainability, 15(21), 15650, Q1/Q2, IF: 3.3
• Turjak, S., Zrnić, A., Briš Alić, M. (2023). Development and changes in ESG ratings of the European Union companies, Proceedings of the 102nd International Scientific Conference on Economic and Social Development, Lisbon, 20.-21.10.2023., 205-212.
• Borozan, Đ. (2023). Institutions and environmentally adjusted efficiency, Journal of Knowledge Economy, 14, 4, 4489–4510., Q2, IF: 3.3
• Borozan, Đ., Pfeifer, S. (2023). Unpacking psychological antecedents of low-carbon behavior: What differentiates champions, skeptics, talkers and walkers across young adults? , Sustainability, 15(21), 15650, Q1/Q2, IF: 3.3
• Zrnić, A., Pekanov, D., Fosić, I. (2023). GRI-based sustainability reporting in the European Union energy sector: A comprehensive overview, Proceedings of the International Conference on Economics, Finance & Business (IISES), 368-380.
• Dumančić, A., Vlahinić Lenz, N., Wagman, L. (2024). Profitability Model of Green Hydrogen Production on an Existing Wind Power Plant Location, Sustainability, 16, 1424.,Q1/Q2, IF: 3.3
• Vlahinić Lenz, N., Dumančić, A., Wagman, L. (2024). The green hydrogen production in Croatia: Potentials and challenges, Proceedings of Techno Conferences, Institute for Technology and Research, 1-7.
• Borozan, Đ. (2024). Do geopolitical and energy security risks influence carbon dioxide emissions? Empirical evidence from European Union countries, Journal of Cleaner Production, 439, 140834, Q1, IF: 9.8
• Borozan, Đ., Pirgaip, B. (2024). Climate policy uncertainty and firm-level carbon dioxide emissions: Assessing the impact in the U.S. market, Business Strategy and the Environment, 6.05.2024., Q1/Q2, IF: 12.5
• Zrnić A., Pekanov, D., Borozan, Đ. (2024). Assessing the sustainability reporting transparency and engagement of European energy companies, Energies, 17(19), 4934 , Q1/Q2, IF: 3.0
• Borozan, Đ., Barković Bojanić, I., Leko Šimić, M. (2024). Exploring return intentions from the young migrant’s point of view, Ekonomski vjesnik / Econ Views, 37(1), 93-107.
• Zrnić, A., Koprivnjak Popović, T., Mezulić Jurić, P. (2024). Going Greener in Energy Supply: How Companies Are Improving Sustainability through Green Business, 49th EBES Conference – Athens, Proceedings Vol. 1, Atena, 16.-18.10.2024., 95 – 105
• Borozan, Đ. (2024). European institutional quality and carbon emissions: Convergence club analysis, Structural Change and Economic Dynamics, 71, 646-657, Q1, IF: 5.0
• Turjak, S. (2024). Evaluating the Informational Market Efficiency of the European Union Emissions Trading Scheme in Phase Four, 49th EBES Conference – Athens, Proceedings Vol. 1, Atena, 16.-18.10.2024., 1264-1274
• Pekanov, D. (2024). Evaluating the economic viability of forest biomass energy production, u: Social & Economic Studies within the Framework of Emerging Global Developments - Volume 5, Kemal Cebeci / Muhammed Veysel Kaya (eds.), Peter Lang, Berlin, 71-83.