Economic applications of thermodynamic accounting: A contribution to the analysis of “sustainability” Michelle Arias, William Sacher y Walter Briec Introduction State of the art * The study of valuation of “natural capital” and The studies carried out to date involve developing datasets sustainability has become an important issue due of useful exergy consumption within both orthodox and to loss of significant biodiverse areas and increase heterodox models of economic growth such a (Ayres & Warr, of pollution problems (Redclift, 2002). 2005; Ayres, Brockway, & Aramendia, 2019; Sakai, Brockway, Barrett, & Taylor, 2019). Sustainability is a complex issue, there is no a simple approach able to deal with its total Net energy yield from different energy sources and assessing complexity. Due to this there are different views the importance of this for economic activity such as the work of sustainability. Theoretical and methodological developed by (Brockway, Owen, Brand-Correa, & Hardt, tools are required to make this complex concept 2019). operational and measurable (Romero & Linares, 2014). Exergy analysis and sustainability there are an important number of research from an environmental engineering perspective such as the work of (Dincer & Rosen., 2012) and This research is focused on this field, the role of (Romero & Linares, 2014) and few from an ecological energy in economy performance and the search economic perspective such as the work of (W.King, 2020) for an alternative definition more operational of sustainability based on thermodynamic valuation. Theoretical approach Methodology: Exergy based indicators Exergy Exergy is defined as the maximum amount of useful work The cumulative exergy that can be obtained when some form of energy is consumption analysis converted reversibly to a defined reference system (van Gool & Hoogendoorn, 1990). This concept has been used mainly within engineering analyses. Exergy cost analysis Thermoeconomics is a branch of heterodox Thermo- Extended Exergy economics that applies the thermodynamics laws to Accounting economics economic theory (Valero, 1998), where process efficiencies are calculated via an exergy analysis and no energetic expenditures are expressed as functions of Results and Conclusions thermodynamic parameters (Romero & Linares, 2014). Thermodynamic valuation of non-renewable natural resources would help identify a more "real" value that includes the cost of Exergy economics studies all the interaction between resource depletion. energy use, economy and society by focusing upon the Thermoeconomics has been use for cost benefit analysis to useful stage of the energy provision chain (Exergy optimized industrial system, this type of study has been applied Economics, 2020). Contrary to orthodox economics, this primarily in the field of industrial ecology, there are few approach argues that improvements in exergy efficiency application from economic theory perspective. Exergy are a key driver of productivity improvements (Brockway, economics Sorrell, Foxon, & Miller, 2018). Exergy based indicator have been used for economic analysis from a macro and a microeconomic perspective. In a References: macroeconomic this approach has been applied to analyze the cost share of energy as a third production factor related with Ayres, R. U., Brockway, P. E., & Aramendia, E. (2019). The Key Role of Energy in Economic Growth. Oxford: economic growth. In microeconomics this has been use as a Oxford University Press. resource-based costing method. Ayres, R., & Warr, B. (2005). Accounting for growth: the role of physical work. Structural Change and Economic Dynamics, 181-209. This approach might be applied to analyze sustainability. Brockway, P. E., Owen, A., Brand-Correa, L. I., & Hardt, L. (2019). Estimation of global final-stage energy- Although it has some limitations it would provide return-on-investment for fossil fuels with comparison to renewable energy sources. Nature Energy , 612– 621. complementary information to study the complexity of the Dincer, I., & Rosen., M. A. (2012). Exergy: energy, environment and sustainable development. Newnes. concept of sustainability specially from a strong sustainability Romero, J. C., & Linares, P. (2014). Exergy as a global energy sustainability indicator. A. Renewable & Sustainable Energy Reviews. perspective. Sakai, M., Brockway, P. E., Barrett, J. R., & Taylor, P. G. (2019). Thermodynamic efficiency gains and their role as a key ‘engine of economic growth’. Energies. Acknowledgements: Sciubba, E. (2004). From Engineering Economics to Extended Exergy Accounting: A Possible Path from Monetary to Resource-Based Costing. Journal of Industrial Ecology. -Fonds de Solidarité pour Projets de Innovants (FSPI), Université W.King, C. (2020). An integrated biophysical and economic modeling framework for long-term de Perpignan Via Domitia (UPVD) & Facultad Lationoamericana sustainability analysis: the HARMONEY model. Ecological Economics. de Ciencias Sociales (FLACSO).