DR. OLATUNJI SHOBANDE - Assistant Professor of Economics

DR. OLATUNJI SHOBANDE

Assistant Professor

I am Dr Olatunji Shobande, Assistant Professor at Hartwick College. My research examines the interdependence of energy economics, climate finance, renewable transitions, and sustainability, grounded in advanced expertise in macroeconomic modelling, econometrics, and public policy. At its core, my work investigates how financial innovation, institutional governance, and dynamic optimisation may be marshalled to design equitable and durable climate transitions. This page highlights my scholarship, publications, and collaborations, each reflecting a commitment to conceptual precision and to solutions that address the structural challenges of global economic transformation.

Areas of Interest

  • ▸ Energy Economics
  • ▸ Environmental Economics
  • ▸ Macroeconomics
  • ▸ Public Economics
  • ▸ Resources Economics
  • ▸ Business Strategy
  • ▸ Business Sustainability
  • ▸ Applied Econometrics
  • ▸ Dynamic Optimisation

Education

University of Aberdeen, UK

PhD Energy Economics 2022

University of Lagos, Nigeria

MSc Economics 2016

Caleb University, Nigeria

BSc Economics 2015

Certification

Harvard Business School

Negotiation and Decision Making

Cranfield School of Management

Leadership Resilience and Management

Professional Affiliations

Academic Institutions

▸ Hartwick College, US
▸ Teesside University, UK
▸ University of Sunderland, UK
▸ University of Aberdeen, UK

Professional Organizations

▸ SFHEA: Advanced Higher Education Academy (HEA), UK
▸ CMBE: Chartered Association of Business Schools (CABS), UK
▸ Member: Royal Economic Society, UK
▸ Member: American Economic Association, US
▸ Member: International Association of Energy Economics, US
▸ Member: Energy Institute, UK

Awards, Fellowships, and Grants

Awards/Grants

2018-2023

▸ Digital Trade Project - Teesside University, UK (2023)
  Lead, Use Cases
▸ USCIS Exceptional Talent
▸ Climate Finance Project (UKRI), UK (2022)
  Co-investigator
▸ UK Research and Innovation (2022)
  Global Talent Award
▸ University of Aberdeen, UK
  Post Graduate COVID19 Grant
▸ Petroleum Technology Development Fund (PTDF), (2019)
  Principal Investigator

Fellowship

2022

▸ Senior Research Fellowship, Teesside University (2022), UK

Publications

Journal Articles

  • Shobande, O. A. (2025). Costs of Love: A Constrained Utility Approach to Marital Decisions and Family Outcomes. Research in Economics, 101064.
  • Shobande, O. A., Ogbeifun, L., Tiwari, A. K. (2025). Do Structural Transformation and Energy Transition Cause Growth? Review of Development Economics.
  • Shobande, O. A., Ogbeifun, L., Tiwari, A. K. (2025). Carbon neutrality: Synergy for energy transition, circular economy and inclusive green growth. Journal of Environmental Management, 374, 124114.
  • Shobande, O. A., Ogbeifun, L., Tiwari, A. K. (2025). Netzero transitions: Advancing dynamic econometric analysis of carbon tax, renewable energy and circular economy on government actions. Journal of Environmental Management, 378, 124761.
  • Shobande, O. A., Tiwari, A. K., & Ogbeifun, L. (2025). Quantifying the role of the energy transition in alleviating marginalisation and advancing inclusive green growth. Journal of Environmental Management, 390, 126241.
  • Shobande, O. A., & Ogbeifun, L. (2025). Debt by Rules: Recrafting Impact of Infrastructure Investments and Business Cycles on Debt Sustainability. Structural Change and Economic Dynamics.
  • Ogbeifun, L., & Shobande, O. (2025). Exploring the implications of FOREX restriction policies: Theory and new evidence. Research in Economics, 101033.
  • Piwowar-Sulej, K., Malik, S., Shobande, O. A., Singh, S., & Dagar, V. (2024). A Contribution to Sustainable Human Resource Development in the Era of the COVID-19 Pandemic. Journal of Business Ethics, 1-19.
  • Shobande, O. A., Ogbeifun, L., & Apergis, N. (2024). Crafting monetary policy beyond low carbon legacy. International Review of Economics & Finance.
  • Shobande, O. A., Ogbeifun, L., Simplice A. (2024). Globalization, technology and global health. Journal of Science and Technology Policy Management.
  • Shobande, O. A., Ogbeifun, L., Tiwari, A.K. (2024). Demystifying circular economy and inclusive green growth for promoting energy transition and carbon neutrality. Structural Change and Economic Dynamics.
  • Shobande, O. A., Ogbeifun, L., Tiwari, A.K. (2024). Extricating the impacts of emissions trading system and energy transition on carbon intensity. Applied Energy.
  • Shobande, O. A., Ogbeifun, L., Tiwari, A.K. (2024). Unlocking information technology infrastructure for promoting climate resilience and environmental quality. Technological Forecasting and Social Change, 198, 122949.
  • Shobande, O. A., & Ogbeifun, L. (2024). Emergence of Forest Environmental Kuznets Curve in Africa: Some New Evidence. The Journal of Developing Areas, 58(4), 131-147.
  • Shobande, O. A., & Ogbeifun, L. (2024). Exploring the Criticality of Natural Resources Management and Technological Innovations for Ecological Footprint in the OECD Countries. The Journal of Developing Areas, 58(1), 157-170.
  • Shobande, O. A. (2023). Rethinking social change: Does the permanent and transitory effects of electricity and solid fuel use predict health outcome in Africa. Technological Forecasting and Social Change, 186, 122169
  • Enemona, J.O & Shobande, O.A. (2023) The carbon Kuznets curve in Africa: Do energy consumption and governance really matter? Journal of Developing Areas, 57(3), 185-197.
  • Shobande, O.A. & Asongu, S.A. (2023) Searching for Sustainable Footprints: Does ICT Increase CO2 Emissions? Environment Modelling Assessment, 28, 133–143.
  • Shobande, O. A., Ogbeifun, L., & Tiwari, A. K. (2023). Re-evaluating the impacts of green innovations and renewable energy on carbon neutrality: Does social inclusiveness really matters? Journal of Environmental Management, 336, 117670.
  • Shobande, O. A., & Ogbeifun, L. (2023). Pooling cross-sectional and Time Series Data for Estimating Causality between Technological Innovation, Affluence and Carbon Dynamics: Comparative evidence from developed and developing economy. Technological Forecasting and Social Change, 187, 122192.
  • Shobande, O.A. & Ogbeifun, L. (2023) An empirical analysis of fishery Kuznets Curve hypothesis: Evidence from OECD Countries. Journal of Developing Areas, 57(1), 1-16.
  • Shobande, O. A. (2022). Is climate change a monetary phenomenon? Evidence from time series analysis. International Journal of Sustainable Development & World Ecology, 29(2), 99-111.
  • Shobande, O. A. (2022). Does FDI Promote the Resource Curse in Nigeria? Journal of Risk and Financial Management, 15(9), 415.
  • Shobande, O. A. (2022). Postponing the Inevitable: Can Monetary Policy Promote Environmental Sustainability in Southern Africa? The Journal of Developing Areas, 56(3), 93-114.
  • Shobande, O. A., & Asongu, S. A. (2022). The Critical Role of Education and ICT in Promoting Environmental Sustainability in Eastern and Southern Africa: A Panel VAR Approach. Technological Forecasting and Social Change, 176, 121480.
  • Shobande, O. A., & Ogbeifun, L. (2022). Has information and communication technology improved environmental quality in the OECD? —a dynamic panel analysis. International Journal of Sustainable Development & World Ecology, 29(1), 39-49.
  • Shobande, O. A., & Ogbeifun, L. (2022). Sustainable Blueprint: Do Stock Investors Increase Emissions? Journal of Risk and Financial Management, 15(2), 70
  • Shobande, O. A., & Ogbeifun, L. (2022). The criticality of financial development and energy consumption for environmental sustainability in OECD countries: evidence from dynamic panel analysis. International Journal of Sustainable Development & World Ecology, 29(2), 153-163.
  • Shobande, O. A., & Asongu, S. A. (2021). Financial development, human capital development and climate change in East and Southern Africa. Environmental Science and Pollution Research, 28(46), 65655-65675.
  • Shobande, O. A., & Asongu, S. A. (2021). Has knowledge improved economic growth? Evidence from Nigeria and South Africa. Journal of Public Affairs, e2763.
  • Shobande, O. A., & Enemona, J. O. (2021). A multivariate VAR model for evaluating sustainable finance and natural resource curse in West Africa: evidence from Nigeria and Ghana. Sustainability, 13(5), 2847.
  • Shobande, O. A. (2021). Decomposing the persistent and transitory effect of information and communication technology on environmental impacts assessment in Africa: Evidence from Mundlak Specification. Sustainability, 13(9), 4683.
  • Shobande, O. A., & Shodipe, O. T. (2021). Monetary policy interdependency in Fisher effect: Comparative evidence. Journal of Central Banking Theory and Practice, 10(1), 203-226.
  • Shobande, O., & Asongu, S. (2021). The rise and fall of the energy-carbon Kuznets curve: Evidence from Africa. Management of Environmental Quality: An International Journal, 33(2), 390-405.
  • Ogbeifun, L., & Shobande, O. A. (2021). A reevaluation of human capital accumulation and economic growth in OECD. Journal of Public Affairs, e02602.
  • Shobande, O. A., & Akinbomi, M. D. (2020). Competition dynamics in Nigerian aviation industry: a game theoretic approach. Future Business Journal, 6(1), 1-8.
  • Shobande, O. A. (2020). Does Electricity Use Granger-Cause Mortality? The Journal of Energy and Development, 46(1/2), 265-291.
  • Shobande, O. A. (2020). The effects of energy use on infant mortality rates in Africa. Environmental and Sustainability Indicators, 5, 100015.
  • Shobande, O., & Ogbeifun, L. (2020). A spatial econometric analysis on the impact of covid-19 on mortality outcome. Economics and Business, 34(1), 179-200.
  • Ogbeifun, L., & Shobande, O. (2020). Debt sustainability and the fiscal reaction function: evidence from MIST countries. Future Business Journal, 6(1), 1-8.
  • Shobande, O. A., & Shodipe, O. T. (2019). Carbon policy for the United States, China, and Nigeria: An estimated dynamic stochastic general equilibrium model. Science of The Total Environment, 697, 134130.
  • Shobande, O. A. (2019). Effect of economic integration on agricultural export performance in selected west African countries. Economies, 7(3), 79.
  • Joseph, E., & Shobande, O. A. (2018). Revalidating Saving-Investment Comovement in Nigeria: Surprises, Stylized Facts and Explanations. Theoretical Economics Letters, 8(15), 3594-3610.
  • Shobande, O. A. (2018). Modelling the dynamics of government finance on bond market return in Nigeria. Theoretical Economics Letters, 8(15), 3438-3443.

Working Papers

  • ▸ Globalization, technology, and global health African Governance and Development Institute Working Paper (No. 22/070) (with Ogbeifun, L., & Asongu, S. A. (2022).
  • ▸ Economic rent capturing for petroleum exploration: Concepts, issues & considerations Working Paper of CEPPEL (No. 983), (with Onanubi, K. S., & Onanubi, T. S. 2020).
  • ▸ Global shocks alert and monetary policy responses. European Xtramile Centre of African Studies, (WP/19/066). (With Shodipe, O., & Asongu, S. (2019).

Selected Chapters in Books

  • Shobande, O. A. (2025). Monetary policy towards climate risks: Myth and realities. Academic Press
  • Shobande, O. A. (2025). Macroeconomic dynamics of climate financial risks: Theory and practical implications. Academic Press

Research Statement

My research is situated at the intersection of energy economics, climate finance, and sustainability, grounded in doctoral training in economics and shaped by advanced expertise in econometrics, macroeconomic modelling, and applied public policy. It is guided by the conviction that the architecture of climate transition requires not only analytical precision but also intellectual imagination: the ability to integrate financial innovation, distributive justice, and institutional design into a coherent framework for sustainable transformation.

My agenda advances the discipline by reconceptualising finance as an active institution of climate governance rather than a neutral mechanism of capital allocation. The first axis of my scholarship interrogates the foundations of Energy, Environmental, and Climate Finance, examining instruments such as green and climate bonds, carbon markets, catastrophe insurance, transition finance, ESG strategies, biodiversity finance, sustainability-linked loans, derivatives, and impact investment. I recast these not as simple vehicles of capital mobilisation but as institutional mechanisms of resilience that internalise environmental externalities, recalibrate incentives, and embed long-horizon commitments into financial markets.

The second axis advances Business Sustainability, encompassing circular economy finance, sustainable supply chains, corporate disclosure, sustainable innovation, and stakeholder-centred governance. Here, I propose a novel view of sustainability as endogenous to corporate value rather than exogenous to profitability. By embedding stewardship, transparency, and ethical governance into strategic design, firms can strengthen long-term competitiveness while fulfilling societal responsibility.

The third axis investigates Renewable Energy and Just Transition Finance, focusing on solar, wind, hydrogen and green fuels, grid modernisation, storage, and equitable transitions. This research links clean-energy financing to the ethical imperative of justice, ensuring that technological diffusion is aligned with fairness, inclusivity, and resilience, particularly for vulnerable communities disproportionately exposed to climate risks.

Complementing these applied fields, my work in Macroeconomic Modelling and Econometrics employs DSGE and OLG frameworks, fiscal and environmental taxation, and advanced econometric methods to evaluate climate policy and transition risks. This methodological integration strengthens the credibility of policy evaluation, illuminating intertemporal trade-offs and collective action dilemmas with empirical grounding.

Editorial and Academic Services

Associate Editor, Sustainability

Associate Editor, Journal of Risk & Financial Management

Reviewer, Research Policy

Reviewer, Energy Economics

Reviewer, Journal of Environmental Management

Reviewer, Technological Forecasting and Social Change

Reviewer, Renewable Energy and Sustainable Review

Reviewer, Resource Policy

Reviewer, Nature Journal

Reviewer, Structural Change and Economic Dynamics

Reviewer, International Review of Economic & Finance

Reviewer, Business Strategy & Environment

Contact Information

Office

238 Golisano Building
Hartwick College
Oneonta, NY 13820

Phone

607-431-4889

Office Hours

Monday & Wednesday: 2:00-4:00 PM
Or by appointment

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