How effective are renewable energy, tourism, trade openness, and foreign direct investment on CO2 emissions? An EKC analysis for ASEAN countries

The role of green growth and institutional quality on environmental sustainability: A comparison of CO2 emissions, ecological footprint and inverted load capacity factor for OECD countries

Green growth is of great importance in terms of solving environmental problems and achieving sustainable development goals. However, the existing literature has not investigated how green growth affects environmental degradation and environmental sustainability variables. In light of this gap, this study aims to analyse the impact of green growth and institutional quality on CO2 emissions, ecological footprint and inverse load capacity factor in OECD countries by constructing three different models. The results of the analysis indicate that (i) green growth exerts a significant mitigating and differentiating effect on CO2, ecological footprint and inverted load capacity factor in the long run. This is evidenced by a 1% increase in green growth reducing CO2, ecological footprint and inverted load capacity factor by 0.563%, 0.373% and 0.198%, respectively. (i) The impact of green growth on CO2 and inverted load capacity factor in the long run is negative and statistically significant; (ii) the impact of green growth on CO2 and inverted load capacity factor in the short run is negative and statistically significant; (iii) the impact of institutional quality on deterioration is positive and significant in the long run; (iv) the impact of population on deterioration and sustainability is significant and mixed. The findings indicate that decision-makers in OECD countries should review green energy policies when setting the sustainable development goals, as environmental sustainability is more challenging than reducing pollution.

Do circular economy, renewable energy, industrialization, and globalization influence environmental indicators in belt and road initiative countries?

This paper is the first comprehensive research to examine the effect of circular economy on environment employing two environmental degradation indicators (CO2 emissions, ecological footprint) and one environmental quality indicator (load capacity factor) for 57 Belt and Road Initiative (BRI) countries during 2000-2019. The effect of other variables such as renewable energy, industrialization, and globalization was also controlled. The study applied the cross-sectional autoregressive distributed lag method (CS-ARDL), the augmented mean group (AMG), and common correlated effects mean group (CCEMG) methods as a robustness checks. The empirical findings reveal that circular economy and renewable energy have pro-environmental effects by decreasing carbon emissions and ecological footprint and increasing the load capacity factor in BRI countries. However, industrialization and globalization have detrimental effects on the environment. The result of causality shows a bidirectional causality between renewable energy, circular economy, industrialization, and three environmental indicators, but the relationship of globalization with CO2 emissions and the load capacity factor is unidirectional and with the ecological footprint is bidirectional. All the results are confirmed by the robustness tests. The study suggests policy implications for the BRI government.

From black to green: Quantifying the impact of economic growth, resource management, and green technologies on CO2 emissions

In an exploration of environmental concerns, this groundbreaking research delves into the relationship between GDP per capita, coal rents, forest rents, mineral rents, oil rents, natural gas rents, fossil fuels, renewables, environmental tax and environment-related technologies on CO2 emissions in 30 highly emitting countries from 1995 to 2021 using instrumental-variables regression Two-Stage least squares (IV-2SLS) regression and two-step system generalized method of moments (GMM) estimates. Our results indicate a significant positive relationship between economic growth and CO2 emissions across all quantiles, showcasing an EKC with diminishing marginal effects. Coal rents exhibit a statistically significant negative relationship with emissions, particularly in higher quantiles, and mineral rents show a negative association with CO2 emissions in lower and middle quantiles, reinforcing the idea of resource management in emissions reduction. Fossil fuels exert a considerable adverse impact on emissions, with a rising effect in progressive quantiles. Conversely, renewable energy significantly curtails CO2 emissions, with higher impacts in lower quantiles. Environmental tax also mitigates CO2 emissions. Environment-related technologies play a pivotal role in emission reduction, particularly in lower and middle quantiles, emphasizing the need for innovative solutions. These findings provide valuable insights for policymakers, highlighting the importance of tailoring interventions to different emission levels and leveraging diverse strategies for sustainable development.

Greening the grid: A comprehensive review of renewable energy in Bangladesh

The escalating global demand for energy has coincided with economic development, while Bangladesh's reliance on renewable energy remains modest at 4.59%. Investigating economically viable solutions such as solar, biomass, and other renewable sources, the research underscores the pivotal role of sound policies and a strategic plan in transforming the current energy landscape. Despite facing various challenges, particularly in technology, the implementation of sound policies and a strategic plan can substantially alter the current landscape. By reviewing the Renewable Energy Policy of 2008 and incorporating recommendations from United States Agency for International Development (USAID) in 2023, this paper not only delves into challenges and future prospects but also aligns with the Sustainable Development Goal (SDG) aimed at achieving affordable and clean energy. This study contributes valuable insights by proposing methodologies to generate renewable energy by offering a comprehensive overview of the present energy scenario in Bangladesh, with a focus on strategic policy recommendations, thus surpassing previous efforts in the literature. The paper, in its entirety, strives to foster the adoption of renewable energy while concurrently mitigating reliance on conventional fossil fuels.

An empirical investigation of the nexus among renewable energy, financial openness, economic growth, and environmental degradation in selected ASEAN economies

This study investigates the relationship between economic growth, renewable energy consumption, financial openness, and environmental degradation in selected ASEAN (Association of Southeast Asian Nations) countries (Cambodia, Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam) from 1996 to 2018. We aim to analyze how macroeconomic situation, energy-related factors, and financial determinants contribute to environmental deprivation in selected countries whose growth has recently been substantial. To address this issue, we employ second-generation panel data regression models and quantiles with fixed-effects estimators. Initially, the cointegration analysis supports a long-run association between the variables of our interest. Empirical findings confirm the environmental Kuznets curve hypothesis, but it seems valid only for Singapore. Moreover, results highlight the ecological role of renewable energy for ASEAN countries to achieve Sustainable Development Goals, such as transitioning to a low-carbon economy and reducing air pollution. On the contrary, financial openness is a cause that positively influences CO2 emissions. This research offers practical policy recommendations for many countries, including the ASEAN economies, to attain sustainable development.

From brown to green: are Asian economies on the right path? Assessing the role of green innovations and geopolitical risk on environmental quality

Preserving the sustainability of the natural environment has emerged as a critical focus on policy agendas worldwide. Therefore, this study examines the relationship between environmental quality and key determinants, focusing on geopolitical risk (GPR), green innovations (GI), economic growth, FDI, renewable energy consumption, and urbanization. Dataset is used for the time period of 1990-2020 across selected Asian economies including China, India, Japan, Malaysia, and South Korea. Using load capacity factor (LCF) as a comprehensive proxy for environmental quality, the research utilizes panel quantile regression (QR) to provide empirical outcomes. Results of panel QR method reveal a negative impact of economic growth and GPR on LCF. On the other hand, green innovation, FDI, and renewable energy are found as supportive factors to boost environmental quality. In addition, urbanization also shows positive linkage with LCF. The application of Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS) further validates the robustness of the findings. Adoption of green innovations, practicing sustainable growth patterns, transition toward cleaner energy practices, and integrated urban planning are advocated to enhance environmental quality among Asian nations. Based on empirical findings study suggests comprehensive policy measures that can help in achieving sustainable development goals (SDGs) including SDG-7 (energy efficiency), SDG-8 (sustainable economic growth), SDG-11 (sustainable cities), and SDG-13 (climate action) among Asian countries.

The impact of agriculture production and renewable energy consumption on CO2 emissions in developing countries: the role of governance

Environmental pollution has aggravated the climate change issues posing unusual challenges to the survival and growth of humanity, including extreme weather, loss of species, and sustainability of the ecosystem in developing countries. Unlike previous studies, this paper adds new dimension to the literature by incorporating corruption into agriculture production-environment nexus. This study adds new dimension to the literature by examining corruption, agriculture, and renewable energy on CO2 emissions. The study therefore examines the effects of governance (corruption) and agriculture production on CO2 emissions in 20 countries in Africa from 1990 to 2019. The study employed recent panel econometric approach which accounts for cross-sectional dependence in the variables. The findings of the fixed effect model and panel dynamic ordinary least squares (PDOLS) show that forest and renewable energy consumption decrease CO2 emissions. However, corruption, agriculture production, export, and urbanization escalate CO2 emissions in African countries covered in the paper. Moreover, the Dumitrescu-Hurlin Granger causality indicates a bidirectional causality between agriculture production and CO2 emissions, renewable energy use, agricultural output, and forest. Also, unidirectional Granger causality runs from corruption to forest and agriculture production. On these premises, consented efforts by governments should be made to support good institutions in order to promote good governance to avert pervasive consequences of corruption on the environment.

Moving towards the path of environmental sustainability in Developing-8 countries: investigating the role of country's reputation in mitigating environmental externalities

A country's reputation plays a crucial role in shaping public perceptions, attracting investment and promoting economic development. At the same time, good governance is essential for promoting environmental sustainability and addressing pressing environmental issues such as climate change, pollution and natural resource depletion. This study examines the impact of a country's reputation on environmental sustainability in Developing-8 countries using panel data obtained from the Worldwide Governance Indicators and World Development Indicators for the duration from 1996 to 2020. This panel study adopted the Method of Moment Quantile Regression with fixed effects and mean-based regressions. The results demonstrated that the impact of the country's reputation index on carbon dioxide (CO2) emissions is negative, yet significant. Also, all the country's reputation indicators negatively affect CO2 emissions, but the case of political stability is only significant in the mid-quantiles, while government effectiveness is albeit insignificant across quantiles. Furthermore, economic growth is observed to stimulate CO2 emissions, while renewable energy consumption decreases CO2 emissions. These results have an inherent heterogeneity, culminating in an asymmetric pattern of the distribution of CO2 emissions. The novelty of this study is, firstly, the construction of a country's composite reputation index for Developing-8 countries; and secondly, assessing the impact of this index in mitigating environmental externalities measured by CO2 emissions. Based on these findings, it is recommended, among other things, the need for the D-8 countries to improve their reputation policy to be able to attain the desired environmental sustainability.

Examining the trade-offs in clean energy provision: Focusing on the relationship between technology transfer, renewable energy, industrial growth, and carbon footprint reduction

Sustainable energy mitigates climate change by reducing reliance on coal and oil for power generation, curbing global warming. It addresses environmental concerns and yields economic benefits-reduced fossil fuel dependence, financial inclusion, productive employment, and economic development. This research examines the impact of regional economic integration on environmental sustainability in 39 high-income European and Central Asian (ECA) nations from 2017 to 2021. Specifically, the study analyzes the influence of green energy demand, technological transfers, and trade openness on carbon emissions. The study employed various estimators, namely, a two-step Generalized Method of Moments (GMM) estimation, quantile regression, and the cointegration panel approach. These estimators were utilized to capture different aspects and dynamics of the research variables. The study finds that regional green programs and trade agreements effectively reduce carbon emissions, while technological advances and industrial output tend to raise them. Granger causality analyses reveal that emissions-led regional development, technical innovation, and trade openness are interconnected factors, and the deployment of renewable energy contributes to carbon emissions. The inter-temporal analysis suggests that regional economic integration factors will likely impact carbon emissions in the following decade. These findings support neoclassical growth theory, new institutional economics, and ecological modernization theory. Developing renewable energy sources in the region can minimize energy price fluctuations, strengthen energy security, and align with the carbon neutrality agenda. This research emphasizes the need for sustainable energy strategies and regional cooperation to foster a greener and more sustainable future.

How does renewable energy, newborn birth rates, industrialization, and economic growth affect environmental quality? New evidence from 90 Belt and Road countries

Reducing carbon emissions is a critical approach for attaining global environmental sustainability and combating climate change. To investigate how energy, population, industry, and economic structure affect environmental quality. This study collects panel data for 90 Belt and Road (B&R) nations from 1995 to 2021. For the first time, the nonlinear dynamic impacts of renewable energy, newborn birth rate, industrialization, and economic growth on carbon emissions are investigated using a threshold panel model and a panel vector autoregression (PVAR) model. According to the study's findings: (1) models 1-4 demonstrate that all structural factors have substantial threshold impacts on carbon emissions, demonstrating a nonlinear connection. (2) Carbon emissions are negatively impacted by energy structure (renewable energy) and population structure (newborn birth rate). Industrial structure (industrialization) and economic structure (economic growth), on the other hand, have a beneficial influence on carbon emissions. However, when the structural variables grow in size, their threshold effects all increase this contribution. (3) In three groups of nations with varying wealth levels, differences in the influence intensity of structural factors on carbon emissions, particularly renewable energy and economic growth, were detected. The impact of renewable energy on carbon emissions is: middle-income (MI) countries > high-income countries (HI) > low-income countries (LI). The impact of economic growth on carbon emissions is MI countries > LI countries > HI countries. Based on the findings, relevant policy recommendations are provided to the policy makers of the "B&R" countries from the perspectives of structural factors and heterogeneity. It provides certain references for the realization of global environmentally sustainable development strategies and the coordinated development of economic, social and environmental systems.

The impacts of renewable energy and institutional quality in environmental sustainability in the context of the sustainable development goals: A novel approach with the inverted load capacity factor

It is crucial to fulfill sustainable development goals in combating environmental pollution. Recently, there has been a growing literature on environmental pollution; however, while many proxies represent environmental pollution, few proxies represent environmental sustainability. In this paper, we examine the effects of institutional quality (SDG-16), economic growth (SDG-8), and renewable energy (SDG-7) on the inverted load capacity factor (SDG-13) in OECD countries from 1999 to 2018. The objective is to ensure environmental sustainability within the Sustainable Development Goals (SDGs) framework. In this respect, the study differs from the existing literature by approaching the sustainable environment literature from a broader perspective. Long-term empirical estimates from the PMG-ARDL technique have shown that institutional quality, reel income, and population increase the inverted load capacity factor, that is, decrease environmental sustainability. However, on the contrary, renewable energy decreases the inverted load capacity factor. Therefore, renewable energy consumption helps reach SDG-7 and SDG-13 in OECD countries. In addition, it is found that economic growth is significant both in the long run and in the short run, and the impact of economic growth on the environment is greater in the short run than in the long run. This result supports the environmental Kuznets curve (EKC) hypothesis for OECD countries. The panel causality test results find a bidirectional causality relationship from renewable energy and population to inverted load capacity factor and a unidirectional causality relationship from institutional quality to inverted load capacity factor. This study argues that policymakers should concentrate on deploying environmentally friendly technology to slow down environmental degradation, increase the usage of renewable energy sources, and promote sustainable development in line with the SDGs.

Financial sector development and testing the environmental Kuznets curve (EKC) hypothesis through a PCHVAR specification for the Middle Eastern region

This research aims to investigate the presence of environmental Kuznets curve hypothesis while considering the financial sector variables such as financial innovation, financial inclusion, and financial development on the environmental quality as well as achieving the energy efficiency in the Middle Eastern region. Current research employs a panel conditionally homogenous autoregressive (PCHVAR) specification for the annual dataset covering the time 2001-2021. The estimates reveal that in the short run, economic growth and financial sector variables adversely affect the environment quality by emitting more greenhouse gases, whereas in the long run, higher economic growth and developed financial sector help to improve the quality of the environment and energy efficiency. These findings are also verified through the Granger causality test. This research provides insights to establish long-term policies for facilitating investments in green technology and energy conservation in the Middle Eastern region.

Sustainable development goals perspective: nexus between Christians' religious tourism, geopolitical risk, and CO2 pollution in Italy

Travel and tourism support a country's economy and improve its social outlook. The religious inclination is an important factor influencing tourism and constitutes a significant part of general tourism. Thus, assessing and evaluating its real impacts on a country is crucial. As the world continues to grapple with the effects of environmental degradation, numerous studies have delved into the research between tourism, energy consumption, and pollution emissions. However, the impact of religious tourism on the environment is often overlooked. To bridge this gap, this study explores the relationship between religious tourist arrivals, geopolitical risk, and environmental quality in Italy. By employing ARDL and wavelets coherence analysis on the Italian data from 1997 to 2019, the findings of this study reveal a mitigation effect of religious tourist arrivals and geopolitical risk on CO₂ pollution levels. In contrast, it highlights the significance of foreign direct investment and transportation as significant contributors to CO₂ pollution. In conclusion, the study highlights the crucial role that religious tourism and religious leaders can play in mitigating environmental pollution and the importance of considering this aspect in future environmental studies as well as emphasize the need for Italian authorities to pay close attention to the impact of foreign direct investment and transportation energy consumption on the environment to achieve sustainable development goals.