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Measuring the Socioeconomic and Environmental Effects of Energy Efficiency Investments for a More Sustainable Spanish Economy

Author

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  • Ana Medina

    (Departamento de Economía Financiera y Contabilidad, Universidad Rey Juan Carlos, Madrid 28032, Spain)

  • Ángeles Cámara

    (Departamento de Economía Financiera y Contabilidad, Universidad Rey Juan Carlos, Madrid 28032, Spain)

  • José-Ramón Monrobel

    (Departamento de Economía Financiera y Contabilidad, Universidad Rey Juan Carlos, Madrid 28032, Spain)

Abstract

We present here an application of a multisector economic model to simulate the impact of investing in energy-efficiency-related sectors. Given the value chain of energy production shows several aspects to be improved, this paper intends to identify the economic sectors where investment should be allocated in order to reach the targeted energy efficiency levels in the overall economic system. We expect that an improvement in energy efficiency will bring a fall in electricity demand. Simulating these impacts will enable an assessment of the macroeconomic effects of such demand-side changes in Spain. For simulation purposes, we will use input–output methodology, based on data from a Spanish input–output table from the year 2012 that we have constructed. The scenario used for modeling has been obtained from the objectives proposed by the European Union for 2030, specifically the one promoting an increase to at least a 27% increase in energy efficiency compared with the business-as-usual scenario. This demand-side model enables us to measure the potential sector-by-sector growth of the Spanish economy and to calculate households’ expected savings in energy bills due to the implementation of energy efficiency measures. The impacts of employment and CO 2 emissions are also quantified as a result of the investments aimed at improving energy efficiency.

Suggested Citation

  • Ana Medina & Ángeles Cámara & José-Ramón Monrobel, 2016. "Measuring the Socioeconomic and Environmental Effects of Energy Efficiency Investments for a More Sustainable Spanish Economy," Sustainability, MDPI, vol. 8(10), pages 1-21, October.
    • Handle: RePEc:gam:jsusta:v:8:y:2016:i:10:p:1039-:d:80735
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    References listed on IDEAS

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    1. Backlund, Sandra & Thollander, Patrik & Palm, Jenny & Ottosson, Mikael, 2012. "Extending the energy efficiency gap," Energy Policy, Elsevier, vol. 51(C), pages 392-396.
    2. López-Peña, Álvaro & Pérez-Arriaga, Ignacio & Linares, Pedro, 2012. "Renewables vs. energy efficiency: The cost of carbon emissions reduction in Spain," Energy Policy, Elsevier, vol. 50(C), pages 659-668.
    3. Lisa Ryan & Nina Campbell, 2012. "Spreading the Net: The Multiple Benefits of Energy Efficiency Improvements," IEA Energy Papers 2012/8, OECD Publishing.
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    2. Federico Divina & Aude Gilson & Francisco Goméz-Vela & Miguel García Torres & José F. Torres, 2018. "Stacking Ensemble Learning for Short-Term Electricity Consumption Forecasting," Energies, MDPI, vol. 11(4), pages 1-31, April.
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    4. Darío Serrano-Puente, 2021. "Are we moving toward an energy-efficient low-carbon economy? An input–output LMDI decomposition of CO $$_{2}$$ 2 emissions for Spain and the EU28," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 12(2), pages 151-229, June.
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