Ihor Vakulenko

Changes in the logistics of energy resources and their potential shortage are causing a review of the EU energy policy. The energy sector significantly affects the progress toward achieving climate policy goals due to significt greenhouse gas emissions. The REPowerEU plan, implemented in the EU27 to overcome the energy crisis, requires new forecasts of greenhouse gas emissions due to a change in European energy policy.
This paper aims to examine the consequences of the management of the energy crisis caused by Russia’s invasion of Ukraine on EU climate policy. This study focuses on forecasting greenhouse gas emissions in the EU until 2030 and uses the Seasonal ARIMA model based on quarterly time series in the EU27.
Depending on energy management and changes in energy policy to overcome the energy crisis, a positive or negative scenario for greenhouse gas emissions may occur. An important parameter that should be considered when determining the scenario of the EU energy development according to climate policy was defined by correlation analysis.
According to the negative scenario and under the influence of the effects of the Russian invasion of Ukraine, the value of greenhouse gas emissions in the EU at the beginning of 2030 will be 0.752911 tons per capita. The positive scenario shows greenhouse gas emissions can be reduced to 0.235225 tons per capita.
The study results proved two extreme scenarios of greenhouse gas emissions, depending on how to overcome the energy crisis.

Acknowledgment
The authors appreciate the copyright holder: © European Union, 1995–2022, as well as the source of the extracted data, which is the European Commission website, Eurostat http://ec.europa.eu/eurostat (accessed on 16 October 2022).
This study was funded by the European Union (the project No. 101048079 – EU4SmartED – ERASMUS-JMO-2021-HEI-TCH-RSCH); by the Ministry of Education and Science of Ukraine (projects No. 0122U000788, 0122U000769, 0121U109553, 0120U102001, 0122U000777).
This research was funded by Faculty of Organization and Management of the Silesian University of Technology (grant number: 13/990/BK_23/0178).

Type of the article: Research Article

Abstract
Europe’s post-2022 energy shock has renewed concern about electricity markets as an inflation channel. This paper quantifies how shocks to day-ahead electricity prices and the share of renewables are transmitted to consumer inflation and tests whether the Russia–Ukraine war altered these pass-through mechanisms, thus informing public governance. A harmonized monthly panel for 26 European countries from 2019 to 2025 combines HICP inflation and industrial producer prices with electricity prices and the share of RES, and generates estimations using the TWFE model, event-study dynamics, and generalized synthetic control. Results show that the direct pass-through from wholesale electricity prices to monthly HICP is small and short-lived: Event-time profiles indicate one-month responses that revert to zero within two to three months once producer-price pressures and common shocks are controlled for. In contrast, industrial producer prices have a significant impact, adding approximately 0.05 percentage points to the monthly HICP for each 1 percentage point increase in producer prices. In comparison, the war-period average treatment effect on inflation is close to zero (≈ 0.004 percentage points) after accounting for latent factors. A higher share of RES is associated with modestly lower inflation and attenuates the marginal impact of electricity-price spikes, leading to smaller and less persistent responses in such systems. Public governance should prioritize de-risking renewable investment, strengthening system flexibility, and managing broader cost-push pressures rather than relying on price suppression in electricity markets. Targeted consumer protection, transparent retail pass-through rules, and forward-looking risk monitoring emerge as key elements of a more sustainable price-stability strategy.

Acknowledgment
The project was funded by the European Union’s Horizon 2020 Research and Innovation Programme on the basis of the Grant Agreement under the Marie Skłodowska-Curie funding scheme No. 945478 – SASPRO 2 and through the MSCA4Ukraine project 06030419. Views and opinions expressed are, however, those of the authors only and do not necessarily reflect those of the European Union, the European Research Executive Agency, or the MSCA4Ukraine Consortium. Neither the European Union nor the European Research Executive Agency, nor the MSCA4Ukraine Consortium as a whole, nor any individual member institutions of the MSCA4Ukraine Consortium can be held responsible for them.

Type of the article: Research Article

Abstract
As renewable energy is now central to decarbonization and energy security, understanding how financial indices, green bonds, and venture capital steer capital flows has become crucial. This article aims to conduct a comprehensive bibliometric and science-mapping analysis of scholarly research on financial indices, green bonds, and venture capital in the context of renewable energy, to reveal the intellectual structure, thematic trends, and research gaps most relevant to investment management and financial innovations. Based on a Scopus dataset of 299 articles published between 1991 and 2023, the study employs Bibliometrix in R, standard performance metrics, and network-mapping techniques for co-authorship, co-citation, and keyword co-occurrence analysis. The results indicate a marked acceleration in publication activity after 2012, accompanied by rising citation rates and the emergence of a distinct research domain at the intersection of renewable energy and finance. This domain is characterized by a small core of journals and authors that account for a disproportionately large share of output and impact. Country analysis reveals a strong dominance of advanced economies, particularly the United States, China, the United Kingdom, Germany, Australia, and Italy. At the same time, many regions with substantial renewable energy potential remain underrepresented. Thematic and conceptual mapping shows that “investments” form the central organizing concept of the field; financial indices and stock-market linkages between fossil and clean-energy assets constitute a mature, densely connected cluster; green bonds and sustainable finance appear as a rapidly expanding frontier; venture capital and early-stage finance, though still peripheral, are gaining prominence in connection with policy stability, innovation support and market design.

Acknowledgments
The project was funded by the European Union’s Horizon 2020 Research and Innovation Programme based on the Grant Agreement under the Marie Skłodowska-Curie funding scheme No. 945478 - SASPRO 2, Ministry of Education, Research, Development and Youth of the Slovak Republic and the Slovak Academy of Sciences (VEGA 2/0003/23), and Ministry of Education and Science of Ukraine (0123U101920), and the project 101127491-EnergyS4UA-ERASMUS-JMO2023-HEI-TCH-RSCH. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or European Education and Culture Executive Agency. Neither the European Union nor the granting authority can be held responsible for them.