This book explores the economics of energy and policy by examining recent trends in global energy markets and the social cost of war-related emissions, with a focus on the twin energy crises of recent years.
It contributes to discussions on the economics of global climate change, the social cost of carbon, carbon tax, emissions trading systems (ETS), the energy crisis during the pandemic, the Russia-Ukraine war, and the geopolitics of oil, tariffs, and trade wars—all grounded in micro and macroeconomic foundations.
As global demand rises, so does production, resulting in increased public bads and externalities. The book sheds light on externalities, the public goods problem, and emission accounting, using illustrative examples and calculations to deepen understanding of global energy supply and demand, commodity trends, energy pricing, OPEC behavior, crude oil export and import analysis, energy production patterns, and carbon footprint. It argues that traditional approaches to energy economics should be recontextualized beyond free-market philosophies.
This book will appeal to students, researchers, and scholars engaged in debates on current developments. It covers carbon accounting—a vital tool in estimating an organization’s emissions—with illustrations of Scope 1, 2, and 3 emissions, Net Zero targets, energy finance, and recent innovations.
Climate change as a negative global production externality.- Economics
of fossil fuels.- Geopolitics of oil and trade war.- Recent trends in energy
production and the changing energy mix.- Carbon accounting and footprint
calculation.- Renewable energy transition and energy policies.
Amrutha Mary Varkey is a lecturer and researcher in Economics. Her research interests are intangible assets, energy innovations, urbanisation, energy economics, and climate change. She has been a researcher at the University of Warsaw since 2021 and taught Development Economics at the Faculty of Economic Sciences, UW. She engaged in the FIRMINREGGospostrateg VI research project in the Faculty of Economic Sciences and the Ministry of Finance, Poland (grant from the National Centre for Research and Development), 20212022. She was an affiliate at Adam Smith Business School, University of Glasgow (20222023). She was a research fellow at the Institute for Global Food Security, Queens University Belfast, and worked on NERC-funded project on Biodiversity and Green Finance (20232024). She is the author of The Rural to Urban Transition in Developing Countries: Urbanisation and Peri-Urban Land Markets (Routledge, 2023). She teaches Economics at Coventry University, UK. Eby Johny is a researcher and teacher of Geopolitics of Aid in University of Warsaw, Poland. His research interests are Foreign Aid Diplomacy, Geopolitics of Energy, Trade War, South Asian Relations, Secular Democracy in India, and Federalism. He has a profound interest in international affairs, Foreign Aid Diplomacy, the Global South, Trade and the Environment. Eby Johny has been a researcher at the faculty of Political Science and International Relations, University of Warsaw, since 2021.
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