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Abstract Topic: Energy Economics

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Alternative Financing for Renewable Energy Development for Electric Power Generation
NisfulLaila, ZhazhaQuamilla, Hafiz Minhajuel

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Corresponding Author
zhazha quamilla

Institutions
Universitas Airlangga

Abstract
The importance of renewable energy development is beneficial to the society, not only to reduce the amount of pollution, but also for sustainable economic development. However, despite the efforts of the government of Indonesia in optimizing renewable energy technologies, there are some key barriers that cause insufficient access to financing and investing in renewable energy projects due to high initial costs, especially for remote areas. Therefore, the alternative financing for financing renewable energy projects through Islamic finance, namely with zakat and green sukuk. One of the religious institutions isBadanAmil Zakat Nasional (BAZNAS), with the Bank of Jambi, financed the development project of micro-power plant in power plant in Jambi Province. Once installed and revitalized, power plants will provide electricity for about 806 households, benefiting people and local businesses as well as public facilities.These projects demonstrate an example of alternative financing to finance renewable energy development projects as well as contributing to reducing development gaps in lagging regions in Indonesia

Keywords
SDGS, Zakat, green sukuk

Topic
Energy Economics

Link: https://ifory.id/abstract/WfZ2emM9TE68


Does Biodiesel Initiative Save the State Budget?
Sulistya Rusganto (a*) Anastasya Firdauzi (b) Nursilah Ahmad (c)

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Corresponding Author
Sulistya Rusgianto

Institutions
a) Center for Islamic Social Finance Intelligence, Faculty of Economics and Business, Universitas Airlangga
* sulistya[at]feb.unair.ac.id
b) Islamic Economics Study Program, Faculty of Economics and Business, Universitas Airlangga
c) Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia

Abstract
The Indonesian government has taken the initiative to gradually convert fossil based diesel fuels into biodiesel. This initiative aims to save the state budget as well as to encourage the use of renewable and environmentally friendly alternative energy. This study aims to analyze the effectiveness of the initiatives through investigating the effect of crude oil prices and implementation of the initiative on the price of crude palm oil as the raw material of biodiesel. The results of the study revealed that the crude palm oil increase as the crude oil price increase and the initiative in force, but not as much as the increase in the crude oil. The results imply that the initiative, at a certain level, able to save the state budget.

Keywords
Biodiesel, CPO, Crude Oil, State Budget, Energy Economics

Topic
Energy Economics

Link: https://ifory.id/abstract/M67KWqabcgUY


Existence of Environmental Kuznets Curve (EKC) in Indonesia: Evidence from Fossil Fuel and Renewable Energies
Eko Fajar Cahyono,Evi Aninatin Ni-matul Choiriyah,Ghozian Hakeem,Imam Wahyudi Indrawan

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Corresponding Author
Eko Fajar Cahyono

Institutions
Islamic Economics Department
Faculty Economics and Bussiness
Airlangga University

Abstract
This paper tests for the short and long-run relationship between economic growth, carbon dioxide (CO2) emissions and energy consumption, using the Environmental Kuznets Curve (EKC) by employing both the aggregated and disaggregated energy consumption data in Indonesia. The Autoregressive Distributed Lag (ARDL) methodology approach was used to test the cointegration relationship; and the Granger causality test, based on the vector error correction model (VECM), to test for causality. The study does not support an inverted U-shaped relationship (EKC) when aggregated energy consumption data was used. When data was disaggregated based on different energy sources such as oil, coal, gas and electricity, the study does show evidences of the EKC hypothesis. The long-run Granger causality test shows that there is bi-directional causality between economic growth and CO2 emissions, with coal, gas, electricity and oil consumption. This suggests that decreasing energy consumption such as coal, gas, electricity and oil appears to be an effective way to control CO2 emissions but simultaneously will hinder economic growth. Thus, suitable policies related to the efficient consumption of energy resources and consumption of renewable sources are required.

Keywords
Environmental Kuznets Curve, Fossil Fuels, Indonesia, Renewable Energy

Topic
Energy Economics

Link: https://ifory.id/abstract/k9YTnH4PFyDv


FINANCING MODEL TO DEVELOP LOCAL COMMODITY BUSINESS OF EAST JAVA IN MAQASHID SYARIAH PERSPECTIVE
1*.Ana Toni Roby Candra Yudha, 2.Muhamad Nafik Hadi Ryandono, 3.Akmalur Rijal, 4.Ida Wijayanti

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Corresponding Author
Ana Toni Roby Candra Yudha

Institutions
1Faculty of Islamic Economics and Business, State Islamic University Sunan Ampel of Surabaya (*anatoniroby[at]gmail.com)
2 Faculty of Economics and Business, Airlangga University
3Faculty of Islamic Economics and Business, State Islamic University Sunan Ampel of Surabaya
4 Faculty of Economics and Business, Airlangga University

Abstract
East Java has an average economic growth above the average national economic growth, which means the productivity of superior local commodities has been accepted and consumed by the community, both local and global community. Local commodities are goods produced by people with added value so as to increase per capita income and economic prosperity. This has become a common conversation both from practitioners, businesspeople, academics, and even government. The existence of local commodities need to be maintained and continue to be the focus of economic revamping, so it needs a development model of local superior commodities that can run continuously based on the values of justice, balance, and efficiency. This study aims to build a modification model which develop local commodity business in maqashid syariah perspective and produce business indicator that developed by maqashid syariah perspective. This research is expected to contribute a concept and application of scholarship which especially focuses on business development model. The research approach used is qualitative descriptive with explanatory analysis. The object of research is local businessmen from cooperative managers and coffee farmers in Puncu village, Kediri Regency. The financing model to develop the local commodities business of East Java lies not only in developing the material only, but also should place human as the subject and main object to be involved in the business development process. The indicator of commodity business that develops based on the perspective of maqashid shariah is the preservation of worldly and ukhrowi maslahah.

Keywords
Financing, Business, Local Commodities, Maqashid Syariah

Topic
Energy Economics

Link: https://ifory.id/abstract/CHpzm3FLW7ZR


Globalisation- Regionalisation Debate in International Crude Oil Markets
Nissar Ahmad Yatoo* & Arif Billah Dar**

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Corresponding Author
Nissar Ahmad Yatoo

Institutions
*Faculty, International Open University- Gambia
**Assistant Professor, SMVD University India.

Abstract
We test whether the international crude oil markets are globalized (as proposed by Adelman, M.A. International oil agreements. The Energy Journal 1984; 5; 1-9) or regionalized (as advocated by Weiner, R. J. Is the world oil market one great pool? The Energy Journal 1991;12: 95–107). We put forth arguments in support of studying the crude oil prices at different time horizons to augment the regionalization-globalization debate. Unlike previous studies, our results indicate that both the hypothesis make sense, albeit, for different crude oil market pairs, time horizons and time periods.

Keywords
Brent, Crude Oil, WTI, Globalization, Regionalization, Wavelet

Topic
Energy Economics

Link: https://ifory.id/abstract/k8jcdBEu9RQy


Protection of Natural Resources in Sustainable Economic Development
Raditya Sukmana, Hanif Fadhlillah, M. Nafik H.R, Sri Herianingrum

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Corresponding Author
Hanif Fadhlillah

Institutions
Department of Sharia Economic, Faculty of Economic and Business, Universitas Airlangga, Surabaya, Indonesia
Master of Islamic Economic, Faculty of Economic and Business, Universitas Airlangga, Surabaya, Indonesia

Abstract
Islam Damage to natural resources that have occurred so far is a negative impact of unplanned economic development activities so that the concept of sustainable development becomes a concept offered to provide solutions to the problem. In addition, the goal of sustainable development is to bring prosperity to all elements of society. The management of natural resources is also explained in the Islamic perspective originating from the teachings of Islam, namely the Quran. Islamic economics sees sustainable economic development as a multidimensional thing. In addition, Islam also explained that maqashid syariah is a way to achieve welfare goals or what is referred to as the Falah concept.

Keywords
Natural resources, sustainable development, Islamic economics

Topic
Energy Economics

Link: https://ifory.id/abstract/qvywWFMfxnkT


The Correlation of Financial Development on Energy Consumption, A Study Case in Indonesia
Ririn Tri Ratnasari, Nadira Rahmandani

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Corresponding Author
Nadira Rahmandani

Institutions
Universitas Airlangga

Abstract
The relationship between energy consumption and financial development is still uncertain. This study aim to analyses the correlation between energy consumption, financial development, and energy price. This study will use regression model, ordinary least square (OLS) with time series data from 2002-2014. The result show that the regression model is statistically significant, but only energy price that significantly determine the model.

Keywords
Financial development, Energy Consumption, Energy Price

Topic
Energy Economics

Link: https://ifory.id/abstract/nKy4HFMRCJec


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