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Environmental Economics Department

Department Mission

The mission of the Department is to advance environmental economics, climate change economics, and energy economics through top-level research that strengthens the academic community and transforms knowledge into public policies, sustainable business practices, and overall societal development.

Key Research Areas

The Environmental Economics Department focuses on the economic aspects of climate change, energy transition, and sustainable development. Research covers climate change economics and energy economics, decarbonisation policies, renewable energy sources, green and sustainable finance, circular economy and corporate environmental efficiency, as well as sustainable mobility and transport systems. Special attention is devoted to just transition, socio-economic effects of the green transformation, and innovation and digitalisation in support of sustainable development. Methodologically, the Department applies modern quantitative and qualitative approaches, including advanced econometrics, mathematical modelling, and analysis of complex and nonlinear systems, empirical research based on surveys and interviews, public policy evaluation, and the application of artificial intelligence and machine learning in the analysis of climate, energy, financial, and sustainability systems. A particular strength of the Department lies in integrating advanced quantitative models and qualitative public policy analyses into a unified research framework.

Strategic Importance and Context

The countries of the Western Balkans face high energy and carbon intensity, the need to align with the European Union climate and energy policies, structural changes in industry and labour market, pressures on competitiveness, investment and fiscal stability, as well as accelerated digital transformation and demographic changes. In this context, the Department develops economic analyses, models, and scenarios that provide expert support to public policy makers, businesses, society, and the academic community in planning and implementing a green, just, and economically sustainable transition.

Research Applicability and Impact

The Department’s research has multiple and direct applications in public policy making, academic knowledge development, and the improvement of practice in business and society. Through the development of economic analyses, models, and scenarios, the Department provides an expert basis for shaping climate, energy, industrial, and development policies. At the same time, the Department contributes to the advancement of academic knowledge through highly ranked scientific publications and the application of modern methodological approaches, while strengthening the capacities of the professional and wider audiences through round tables and expert discussions. Research activities are continuously strengthened through participation in national and international projects, which contribute to expanding research capacities and facilitating the practical application of results in public policies and real-world practice.

Core Department Activities

The Department’s activities include the strategic design, preparation, writing, and implementation of national and international research and development projects, as well as conducting applied and theoretical research in the fields of climate, energy, and sustainable economics. Department members publish scientific papers in international journals and conference proceedings, and produce studies, analyses, and expert reports. They also develop cooperation with domestic and foreign universities, research institutes and centres, public institutions, the business sector, and civil society. Special attention is devoted to organising and participating in scientific conferences, workshops, and round tables, as well as active involvement in expert and public policy dialogues.

Department members

Selected references

 

  1. Mitić, P., Fedajev, A., Radulescu, M., & Rehman, A. (2023). The relationship between CO2 emissions, economic growth, available energy, and employment in SEE countries. Environmental Science and Pollution Research, 30, 16140-16155. https://doi.org/10.1007/s11356-022-23356-3
  2. Mitić, P., Hanić, A., Kojić, M., & Schlüter, S. (2023). Environment and Economy Interactions in the Western Balkans: Current Situation and Prospects. In: Tufek-Memišević, T., Arslanagić-Kalajdžić, M., Ademović, N. (eds) Interdisciplinary Advances in Sustainable Development. ICSD 2022. Lecture Notes in Networks and Systems, vol 529. pp. 3-21. Springer, Cham. https://doi.org/10.1007/978-3-031-17767-5_1
  3. Kojić, M., Schlüter, S., Mitić, P., & Hanić, A. (2022). Economy-environment nexus in developed European countries: Evidence from multifractal and wavelet analysis. Chaos, Solitons & Fractals, 160, 112189. https://doi.org/10.1016/j.chaos.2022.112189
  4. Schlüter, S., Menz, F., Kojić, M., Mitić, P., & Hanić, A. (2022). A Novel Approach to Generate Hourly Photovoltaic Power Scenarios. Sustainability, 14(8), 4617. https://doi.org/10.3390/su14084617
  5. Fedajev, A., Radulescu, M., Mitić, P., & Bouraoui, T. (2022). Assessment of Electricity Market Liberalization in CEE Economies: A Multicriteria Approach. In: Khan, S.A.R., Panait, M., Puime Guillen, F., Raimi, L. (eds) Energy Transition: Economic, Social and Environmental Dimensions. Springer, Singapore. pp. 165-192. https://doi.org/10.1007/978-981-19-3540-4_6
  6. Jednak, S., Minović, J., & Kragulj, D. (2021). The Role of Foreign Direct Investment, Energy and Pollution in Obtaining Sustainable Economic Development. Polish Journal of Environmental Studies, 30(6), 5051-5063. https://doi.org/10.15244/pjoes/134088
  7. Kojić, M., Mitić, P., Dimovski, M., & Minović, J. (2021). Multivariate Multifractal Detrending Moving Average Analysis of Air Pollutants. Mathematics, 9(7), 711. https://doi.org/10.3390/math9070711
  8. Milošević, D., Savić, S., Kresoja, M., Lužanin, Z., Šećerov, I., Arsenović, D., ... & Matzarakis, A. (2021). Analysis of air temperature dynamics in the “local climate zones” of Novi Sad (Serbia) based on long-term database from an urban meteorological network. International Journal of Biometeorology, 66, 371–384. https://doi.org/10.1007/s00484-020-02058-w
  9. Hanić, A., Jovanović. O., & Stevanović, S. (2021). Environmental Disclosure Practice in the Serbian Banking Sector, Management - Journal of Contemporary Management Issues, 26(2), 115-144. https://doi.org/10.30924/mjcmi.26.2.7
  10. Petrović-Ranđelović, M., Mitić, P., Zdravković, A., Cvetanović, D., & Cvetanović, S. (2020). Economic growth and carbon emissions: evidence from CIVETS countries. Applied Economics, 52(16), 1806-1815. https://doi.org/10.1080/00036846.2019.1679343

Selected projects

 

  1. Subsidies for purchasing electric and hybrid vehicles - SPARK, Internal project of the Institute of Economic Sciences. (2022).
  2. European integration and socio-economic changes of the Serbian economy on the way to the EU, Ministry of Education, Science and Technological Development of the Republic of Serbia - 47009 (2011-2020).
  3. Challenges and perspectives of structural changes in Serbia: strategic directions of economic development and alignment with EU requirements, Ministry of Education, Science and Technological Development of the Republic of Serbia - 179015 (2011-2020).
  4. Enriching tourism offer for persons with visual impairment and blindness – VISITUS – 2017HR-RS87, contractor: European Commission, Interreg IPA CBC Craotia Serbia 2014-2020. (2017-2019).
  5. Analysis of economic instruments for financing the environment in the territory of the City of Novi Sad with a proposal for their improvement, commissioned by: the City of Novi Sad, City Administration for Environmental Protection. (2018-2019).
  6. Strategy for the development of agriculture and rural development of the City of Novi Sad for the period 2018-2022. commissioned by: City of Novi Sad. (2017).
  7. Analysis of the legal and economic aspects of the application of the "polluter pays" principle (fees for environmental protection) with a comparative presentation of policies in the EU, Serbia and selected countries, commissioned by: City of Novi Sad, City Administration for Environmental Protection. (2017-2018).
  8. Cluster for the EU-Assessment Negotiations – Review of Analytical Support, commissioned by: GIZ – Deutsche Gesellschaft für Zusammenarbeit. (2017).
  9. Services for the analysis of the legal and institutional framework of the agricultural land market, assessment of the economic effects of the liberalization of the agricultural land market, as well as recommendations for changes to the domestic legislative and institutional framework and their adequate implementation, within the project "Analytical support for negotiations with the EU", JN 16/16 , commissioned by: GIZ – Deutsche Gesellschaft für Zusammenarbeit / Office for European Integration. (2017).
  10. Economic aspects of costs and benefits of environmental policy in Serbia. contractor: Environmental Protection Fund. (2011).