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Jaime Nieto Vega
Professor of Applied Economics at the Faculty of Economics and Business, Universidad de Valladolid
Speaker Biography:
Jaime Nieto is an Associate Professor in the Department of Applied Economics and a member of the Energy, Economy and System Dynamics Group (GEEDS) at the University of Valladolid. His research career focuses on ecological economics, the analysis of transitions towards low-carbon economies and integrated assessment modelling. His work combines System Dynamics, Input–Output Analysis and macro econometric modelling, with particular attention to the interactions between economic activity, energy, materials, employment, finance, and biophysical limits. He has participated in numerous competitive national and European research projects, authored several book chapters, and published in top academic journals such as Ecological Economics, Energy Policy, Applied Energy and Journal of Industrial Ecology.
Abstract:
An increasing number of countries have committed to achieving net-zero emissions by 2050. Integrated Assessment Models (IAMs) are tools employed by policy-makers and scholars to assess decarbonization pathways. However, conventional IAMs are typically based on a stylized economy, aggregate agents, linear relationships, theoretical optimization behavior and a soft integration between the biophysical and socioeconomic dimensions. The MEDEAS model is an Integrated Assessment Model (IAM) that combines System Dynamics with Input–Output Analysis, capturing both the dynamics of decarbonization and the structural interdependencies of the economy. It integrates and integrates nine interlinked modules covering the economy, energy demand, energy availability, energy infrastructure, minerals, land use, water and climate. The economy module is based on Ecological Macroeconomics and Post-Keynesian economics, in which the level and structure of final demand drive the economy, though the economy is subject to biophysical constraints. In this talk, we will present the methodological approach of MEDEAS and some applications to the World, European, and Spanish economies across different scenarios. These applications include the assessment of the interaction between energy reduction targets, energy efficiency, renewable energy deployment, material requirements, working-time reduction, employment, economic growth, and structural change. The results provide a novel framework to explore the feasibility and socioeconomic implications of alternative transition pathways beyond conventional green growth.