Climate impacts on geographical changes in the energy industry

Abstract Owing to global warming, ice in the Arctic Ocean has shrunk by 2.7% every 10 years since 1978, resulting in tremendous damage. This study uses the Cobb–Douglas production function to analyze the impact of abnormal weather on energy industry production using temperature and precipitation ind...

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Bibliographic Details
Published in:Business Strategy and the Environment
Main Authors: Nam, Solji, Shin, Jungwoo, Ryu, Jaena, Ryu, Hanee
Other Authors: Korea Electric Power Corporation, Korea Environment Institute
Format: Article in Journal/Newspaper
Language:English
Published: Wiley 2020
Subjects:
Arctic Ocean
Climate change
Global warming
Online Access:http://dx.doi.org/10.1002/bse.2632
https://onlinelibrary.wiley.com/doi/pdf/10.1002/bse.2632
https://onlinelibrary.wiley.com/doi/full-xml/10.1002/bse.2632
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Summary:Abstract Owing to global warming, ice in the Arctic Ocean has shrunk by 2.7% every 10 years since 1978, resulting in tremendous damage. This study uses the Cobb–Douglas production function to analyze the impact of abnormal weather on energy industry production using temperature and precipitation indicators. In particular, the government identified the impact of abnormal weather conditions on manufacturing and public works related to the Korean energy industry. The results showed that the numbers of freezing days and heavy rain days adversely affect public works, whereas hot and cold days and heavy rain days all positively affect the production of coal, petroleum, and chemical products. These results also led to regional risk assessments of the energy industry. This study can help in developing the 2030 industry climate change adaptation plan.

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