Carbon tax and energy innovation at crossroads of carbon neutrality: Designing a sustainable decarbonization policy

Perceived adequacy of policy instruments reveals weak targets in the Sustainable Development Goals

We report the results of a novel worldwide survey on how adequate are existing policy instruments (if any) across the 169 targets of the Sustainable Development Goals. By obtaining more than 130,000 responses about 146 countries from more than 7000 experts, a large‐scale picture of the existence and adequacy of policy instruments emerges. This survey provides the first dataset depicting the current state of the world according to how well prepared (in terms of instruments) are countries and regions to tackle the challenges posed by the 2030 Agenda. We combine these data with the official UN SDG indicators and identify targets that systematically exhibit weaknesses in their historical performance and the adequacy of the available policy instrument, revealing key policy issues that need to be prioritised through interventions that go beyond the allocation of financial resources.

Moving toward sustainable goals 7 and 13: An inclusive mechanism to achieve environmental sustainability through digitalization and energy transition in OECD countries

In line with Sustainable Development Goals (SDGs) 7 and 13, this study proposes a policy framework while considering digitalization as a critical tool in shaping the energy transition process to attain environmental suitability in OECD countries. The study employed multifaceted empirical techniques, including Method of Moment Quantile Regression (MMQR), Fully Modified Ordinary Least Squares (FMOLS), and Dumitrescu and Hurlin (D-H), augmented with robustness tests over the period 2000 to 2021. The results indicate that digitalization augments energy transition and green finance to attain environmental sustainability. However, moving toward higher quantiles (4th, 6th, and 8th), the total impact of energy transition and digitalization is diminished. Besides that, a bidirectional causal relationship was reported running from green finance and digitalization to greenhouse gas (GHG) emissions. This study offers a detailed policy framework while considering SDGs 7 and 13.

Do circular economy, public-private Partnership and carbon policy manage the environmental stress? Developed countries' situation under the Prism of COP27

Since the Industrial Revolution, the economies have played well to make progress in economic growth. Besides, rapid growth has brought severe challenges, and environmental degradation is one of them. Therefore, the globe has introduced several green initiatives, such as the Kyoto Protocol, the Paris Agreement, and the Sustainable Development Goals, but the problem remains intact. Specifically, this study focuses on COP27 and highlights the key challenges and their best solutions. Undoubtedly, most nations have tried to meet their settled targets by 2030, but these have different priorities to facilitate their populace. Therefore, international cooperation has been introduced as a logical solution to collaborate across borders or within the region to deal with sustainability themes. However, developed nations have environmental problems due to industrial, income, and population growth, directly associated with environmental risks. Thus, under the SDGs, this empirical research tries to cover the critical problems (income, population aging, & industrial development) and their best alternative (public-private partnership, emission taxes & circular economy) to minimize environmental issues. Similarly, the current study utilizes an advanced series of estimators to investigate the study's objective for 17 developed nations from 2000 to 2021. Investigated outcomes describe income, population aging, and industrial activities that bring carbon emissions. Conversely, carbon policy and public-private partnerships support the sustainability theme for specified economies. Under the base model, the circular economy declines the environmental pressure by 0.016 %, 0.002 %, and 0.019 %, respectively, under the specified estimators. Moreover, this empirical research investigates the mediating role of carbon policy, public-private partnership & circular economy on industrial development. It brings a significant decline in emissions only for carbon policy & circular economy. However, this study also proposes some green policies to become clean & green shortly.

Research on the evolution game of low-carbon operations in cold chain logistics considering environmental regulations and green credit

To solve the problem of insufficient low-carbon operational motivation among cold chain logistics enterprises due to the high investment costs of low-carbon assets and considering the promotional effect of environmental regulatory policies and green credit, an evolutionary game model was constructed for the government, cold chain logistics enterprises, and financial institutions. The stability strategies of each participating entity and the stability of the system equilibrium point were analyzed, and the relevant conclusions were verified through numerical simulations. The research results indicated the following: (1) the initial willingness of the three parties to participate increased, the low-carbon operation of cold chain logistics enterprises and the speed of green credit services provided by financial institutions accelerated, and the rate of strict government regulation slowed down. (2) Moderate subsidies and taxes were conducive to the joint participation of the three parties. (3) Increasing the subsidy for green credit provided positive incentives for financial institutions to provide green credit services, while reducing credit interest rates accelerated the low-carbon operation rate of cold chain logistics enterprises.

Analysis of the potential application of a residential composite energy storage system based on a double-layer optimization model

Along with the further integration of demand management and renewable energy technology, making optimal use of energy storage devices and coordinating operation with other devices are key. The present study takes into account the current situation of power storage equipment. Based on one year of measured data, four cases are designed for a composite energy storage system (ESS). In this paper, a two-tiered optimization model is proposed and is used to optimizing the capacity of power storage devices and the yearly production of the system. Furthermore, this paper performs a comparative analysis of the performance of the four cases from the energy, environmental and economic perspectives. It is concluded that this kind of energy storage equipment can enhance the economics and environment of residential energy systems. The thermal energy storage system (TESS) has the shortest payback period (7.84 years), and the CO2 emissions are the lowest. Coupled with future price volatility and the carbon tax, the electrothermal hybrid energy storage system (HESS) has good development potential. However, the current investment cost is very high, and it will not be possible to recover this cost in 10 years. Finally, it is recommended that the cost of equipment be reduced in combination with subsidies and incentives for further promotion. The research results not only fill a gap in the study area, but also provide some suggestions for further development of industry and research on user-side energy storage.

From Covid-19 to conflict: Does environmental regulation and green innovation improve industrial sector decarbonization efforts and environmental management?

During the COVID-19 period, industrial production was slowed or halted due to COVID restrictions and lockdowns, followed by global tensions and conflicts, which created uncertainties for industrial production. Similarly, during this period, the growth in carbon emissions was seen shrinking. However, it is greatly important to explore whether this shrinking trend will continue or whether a new growth pattern could emerge. Considering this, the research was carried out to investigate the relationship between green innovation initiatives and environmental regulations in the process of environmental management and environmental performance in the industrial sector. To do so, the survey-based research methodology using PLS-SEM was adopted, and data was gathered from 279 managers working in the equipment manufacturing industry. Our empirical findings revealed that environmental regulation and green innovation efforts strengthen decarbonization efforts, which further improve environmental management and environmental performance. The mediating role of decarbonization efforts was found to be prominent among green process innovation, environmental management and environmental performance. Moreover, decarbonization serves as a mediator between green product innovation and environmental management. In contrast, we could not verify that decarbonization mediates the relationship between green product innovation and environmental performance. The key findings are greatly important and provide a fresh roadmap for environmental management in the post-COVID era.

Energy taxes, energy innovation, and green sustainability: empirical analysis from a China perspective

The idea that energy taxes and innovation may contribute to lowering greenhouse gas emissions and fostering the development of a more sustainable energy future is gaining popularity. Therefore, the study's main goal is to explore the asymmetric impact of energy taxes and innovation on CO2 emissions in China by employing linear and nonlinear ARDL econometric methods. The outcomes of the linear model demonstrate that long-term increases in energy taxes, energy technological innovation, and financial development cause CO2 emissions to reduce, while increases in economic development cause CO2 emissions to climb. Similarly, energy taxes and energy technological innovation cause CO2 emissions to fall in the short run, while financial development promotes CO2 emissions. On the other hand, in the nonlinear model, the positive energy changes, positive energy innovation changes, financial development, and human capital help reduce the long-run CO2 emissions, and economic development increase the CO2 emissions. In the short run, the positive energy and innovation changes are negatively and significantly connected to CO2 emissions, while financial development is positively linked to CO2 emissions. The negative energy innovation changes are insignificant in both the short and long run. Therefore, Chinese policymakers should try to promote energy taxes and innovations as tools to achieve green sustainability.

Toward carbon neutrality: a bibliometric analysis of technological innovation and global emission reductions

In the context of global carbon neutrality, climate change mitigation and response has become a top priority. Currently, countries around the world are setting emission reduction targets or are already involved in carbon-neutral actions, with technological innovation becoming the key to global emission reduction. Therefore, a systematic review of the literature related to technology innovation and emission reduction in response to carbon-neutral actions for climate change is conducted. A global bibliometric visualization analysis is presented using CiteSpace and VOSviewer software. This study visualizes the basic relationship between global emission reduction and technology-related literature under the carbon neutrality target and analyzes and discusses the spatial distribution and hotspot trends of the co-author network and knowledge base. The results show that (1) the trend of the number of relevant studies can be divided into two phases before and after, and starts to increase gradually after 2020. (2) The structural relationship of the author- and institution-based cooperative networks is relatively loose, and the main cooperative networks, mainly by countries, are initially formed by the key contributions of developed and emerging economies. (3) Relevant research hotspots are reflected in multiple perspectives such as investment, management, and policy, in addition to emission reduction targets and technological innovation itself. The causal relationship between relevant research and economic and political dimensions has become an important driving factor for research development. Especially in the paradigm shift phase, there are research characteristics of human intervention and specific actions. (4) In terms of future trends, research involving policy management, methodological efficiency, and systemic models will become important research paths in the future by matching the supply of actions to real needs.

Multi-step prediction of carbon emissions based on a secondary decomposition framework coupled with stacking ensemble strategy

Accurate prediction of carbon emissions is vital to achieving carbon neutrality, which is one of the major goals of the global effort to protect the ecological environment. However, due to the high complexity and volatility of carbon emission time series, it is hard to forecast carbon emissions effectively. This research offers a novel decomposition-ensemble framework for multi-step prediction of short-term carbon emissions. The proposed framework involves three main steps: (i) data decomposition. A secondary decomposition method, which is a combination of empirical wavelet transform (EWT) and variational modal decomposition (VMD), is used to process the original data. (ii) Prediction and selection: ten models are used to forecast the processed data. Then, neighborhood mutual information (NMI) is used to select suitable sub-models from candidate models. (iii) Stacking ensemble: the stacking ensemble learning method is innovatively introduced to integrate the selected sub-models and output the final prediction results. For illustration and verification, the carbon emissions of three representative EU countries are used as our sample data. The empirical results show that the proposed framework is superior to other benchmark models in predictions 1, 15, and 30 steps ahead, with the mean absolute percentage error (MAPE) of the proposed framework being as low as 5.4475% in Italy dataset, 7.3159% in France dataset, and 8.6821% in Germany dataset.

Re-examining the governance effect of China's environmental protection tax

China has long exercised environmental control through the imposition of sewage charges. The start of the environmental protection tax on January 1, 2018, means that China has entered a new phase of environmental control. Unlike many previous studies on the role of environmental taxes at the firm level, this paper examines whether environmental taxes affect pollution emissions by influencing the behavioral choices of micro-actors. This paper first reviews the Pyrrhic tax, the Porter hypothesis, and the "double dividend effect." We then construct provincial panel data for 30 provinces in China from 2012 to 2019 as a sample, use the environmental protection tax as a natural experiment to evaluate the policy of this environmental protection tax using propensity score matching and difference-in-differences model, investigate the intermediate transmission mechanism of the policy implementation, and then analyze the differences in policy effects between provinces with different levels of economic development. The increased tax burden in 2018 led to a general reduction in provincial pollution emissions in which technological innovation by various groups, including firms and universities, had a mediating role.

Effect of environmental taxes on environmental innovation and carbon intensity in China: an empirical investigation

Environmental taxes are deemed to be an important carbon mitigating factor and also encourage the producers to adopt environmentally friendly technologies. Therefore, the main objective of the analysis is to evaluate the environmental taxes on environmental innovations and carbon intensity in China. The novel quantile autoregressive distributed lag (QARDL) is applied to investigate the model empirically. From the results, we confer that the short and long run estimated coefficients of environmental taxes are positive and significant at most quantiles in the environmental innovation model, implying that the higher the rate of environmental taxes, the higher the rate of environment-related innovations. However, the estimates of environmental taxes are significant and negative in both short and long run at more than half quantiles in the carbon emissions model, suggesting the positive role of environmental taxes in reducing carbon emissions. In general, our findings imply that an increase in environment-related taxes helps reduce carbon intensity and promote environmental innovation in China. The study suggests that policymakers in China should promote environmental innovation and expand the environmental tax base to achieve the objective of carbon neutrality.

Heterogeneous impact of environmental taxes on environmental quality: Tax domain based evidence from the nordic countries by nonparametric quantile approaches

This study aims to examine the heterogeneous causality and impact of environmental taxes at both aggregated and disaggregated levels on environmental quality. In this context, the study focuses on Nordic countries as green economies; handles carbon dioxide (CO₂) emissions as an environmental quality indicator; includes aggregated and disaggregated levels of environmental taxes as explanatory variables; uses quarterly data for the period 1994/Q1-2020/Q4 as the most recent available data; applies novel nonparametric Granger causality-in-quantiles (GCQ) and quantile-on-quantile regression (QQR) approaches as the main models while using quantile regression (QR) for robustness check. The results present that (i) causal impacts of environmental taxes on CO₂ emissions exist in most quantiles at disaggregated levels excluding some lower, middle, and higher quantiles, whereas indicator-, country-, and quantile-based results vary; (ii) environmental tax on energy (ETE) has a mainly decreasing impact in Iceland, a mixed impact in Denmark, Finland, Norway, and Sweden based on quantiles; (iii) environmental tax on pollution (ETP) has the highest decreasing impact in most quantiles in Denmark, Iceland, and Norway; (iv) environmental tax in transport (ETT) has a decreasing impact in Norway and Sweden, whereas it has a reverse impact in Denmark, Finland, and Iceland; (v) impact of total environmental tax (TET) has a decreasing impact in Denmark and Norway at some quantiles, whereas an increasing impact in Finland, Iceland, and Sweden; (vi) the robustness of the QQR results are confirmed by the QR approach. Hence, the results underline the importance of country and quantile-based disaggregated analyses and Nordic countries should re-adjust environmental taxes to increase environmental quality.

Forecasting carbon emissions future prices using the machine learning methods

Due to the uncertainty surrounding the coupling and decoupling of natural gas, oil, and energy commodity futures prices, the current study seeks to investigate the interactions between energy commodity futures, oil price futures, and carbon emission futures from a forecasting perspective with implications for environmental sustainability. We employed daily data on natural gas futures prices, crude oil futures prices, carbon futures prices, and Dow Jones energy commodity futures prices from January 2018 to October 2021. For empirical analysis, we applied machine learning tools including traditional multiple linear regression (MLR), artificial neural network (ANN), support vector regression (SVR), and long short-term memory (LSTM). The machine learning analysis provides two key findings. First, the nonlinear frameworks outperform linear models in developing the relationships between future oil prices (crude oil and heating oil) and carbon emission futures prices. Second, the machine learning findings establish that when oil prices and natural gas prices display extreme movement, carbon emission futures prices react nonlinearly. Understanding the nonlinear dynamics of extreme movements can help policymakers design climate and environmental policies, as well as adjust natural gas and oil futures prices. We discuss important implications to sustainable development goals mainly SDG 7 and SDG 12.

Economic policy uncertainty and CO2 emissions: a comparative analysis of developed and developing nations

Energy consumption is essential for economic growth; however, its consumption also increases CO2 emissions, which contributes to climate change and environmental degradation. However, both environmental sustainability and sustainable development can be achieved by clean energy (CE) consumption since it consists of noncarbohydrates energy sources that seldom or do not cause CO2 emissions. Therefore, the current study considers economic policy uncertainty (EPU) to study the impacts of CE on CO2 emissions that control economic growth (GDP) and urbanization in both developed and developing nations. The findings from ARDL show that EPU significantly increases CO2 emissions in both the long and short run for both developing and developed nations. While CE and urbanization contribute to improving environmental quality. Economic growth increases CO2 emissions. The results could have a few significant practical impacts on economic policies across which policymakers could try to reduce policy uncertainty by participating in and organizing international treaties and summits. Additionally, international organizations could organize programs to reduce EPU. The role of political stability can be effective in reducing EPU in these countries. Moreover, these nations should introduce environmentally friendly innovation and clean energy technologies and give tax releases on the import and use of CE products while increasing R&D budgets.

Greening aviation in era of COVID-19: Towards conceptualizing and operationalizing decarbonization

Although net-zero greenhouse gas emission targets continue to gather burgeoning streams of research, there is a lacuna in current literature on the pathway challenges towards operationalizing decarbonization. The study advanced 2 × 2 matrix of an organizing framework of challenges in accomplishing net-zero emissions targets. Using the global airline industry as an illustrative context, the study provided deep insights on the pivotal industry, institutional, and organizational challenges in the era of COVID-19 such as fleet modernization, over-reliance on fossil fuel, slow progress in the development of hydrogen and electric aircraft, risk of corporate greenwashing, and divergent approaches adopted by airlines. The challenges can be classified into policy-oriented, organization-specific, and external/macro-environment factors. The contributions to theory and practices were identified and examined.

Exploring the influencing factors of carbon neutralization in Chinese manufacturing enterprises

One of the key issues facing the government in achieving carbon neutrality is what methods can be used to effectively reduce carbon emissions. Taking manufacturing enterprises as an example, this paper studies the carbon emission reduction effects of green technology innovation subsidy (GIS), carbon tax (CT), and carbon emission trading (CET). Under the background of social welfare and carbon emission reduction efficiency, we get the results of optimal carbon emission reduction measures in different environments. The results are as follows: (1) In the initial and mature stage of green technology innovation, GIS is the best choice to improve the degree of green manufacturing and maximize social welfare. CT and CET are the best choice to obtain the highest SE (carbon emission reduction efficiency). (2) In the transitional stage, CET and CT can promote the maturity of green technology. However, with the maturity of green technology, the promotion of green technology has weakened. CT is the best choice to achieve the highest SE. (3) When the carbon tax or carbon trading price is at a high or low level, raising the tax rate or carbon trading price can increase the income of enterprises. Therefore, the government should take measures according to the objectives of different stages. When the goal is to maximize social benefits, GIS is the best choice in the initial stage and transition stage, and CET or CT is the best choice in the transition stage. In the initial stage and fertilization stage, when the highest SE, CT, or CET is the best choice, while in the transition stage, CT is the best choice.

Effect of time and temperature of pretreatment and anaerobic co-digestion of rice straw and swine wastewater by domesticated paddy soil microbes

Rice straw and swine wastewater are abundant, easy to obtain, and inexpensive biomass materials. Anaerobic digestion of rice straw and swine wastewater effectively regulates the carbon-to-nitrogen ratio and also improves methane production efficiency. The dense lignocellulosic structure, unsuitable carbon-to-nitrogen ratio, and light texture of rice straw hinder its application in anaerobic digestion. Effective pretreatment technologies can improve degradation efficiency and methane production. Our study is the first to apply domesticated paddy soil microbes to enhance the efficiency of hydrolytic acidification of rice straw and swine wastewater at varying temperatures and times. The results show that the highest total organic carbon (1757.2 mg/L), soluble chemical oxygen demand (5341.7 mg/L), and organic acid concentration (4134.6 mg/L) appeared in the hydrolysate after five days of hydrolytic acidification at 37 °C. Moreover, the use of hydrolysate produced 13% more gas and reduced the anaerobic digestion period by ten days compared to the untreated control. This suggests that using domesticated paddy soil microbes as a pretreatment might be a sustainable and cost-effective strategy for improving the degradation efficacy and methane production from lignocellulosic materials.

Toward next-generation green solar cells and environmental sustainability: impact of innovation in photovoltaic energy generation, distribution, or transmission-related technologies on environmental sustainability in the United States

Photovoltaic is emerging as a cost-competitive source of energy generation and has experienced a decade of substantial cost decline. Recognizing that innovation in sustainable technologies can substantially contribute to the sustainable generation of energy, the federal government, universities, and industries in the USA have invested considerably in innovative solar technologies involving photovoltaic energy generation. However, the association between innovations in photovoltaic energy generation, distribution, or transmission-related technologies (IPVEGRT) and carbon dioxide emissions is unclear. The present study significantly contributes to energy economics by inspecting the nexus between IPVEGRT and carbon dioxide emissions, renewable energy consumption, the expansionary monetary policy, international collaboration in green technology development, gross domestic product per capita, and trade openness in the USA from 1990Q1 to 2018Q4. The results indicate that IPVEGRT helps reduce carbon dioxide emissions. International collaboration in green technology development and renewable energy consumption was negatively associated with carbon dioxide emissions, while expansionary monetary policy, gross domestic product per capita, and trade openness were positively associated with carbon dioxide emissions. The two-way causality between IPVEGRT and carbon dioxide emissions and between international collaboration in green technology development and carbon dioxide emissions was validated. Finally, a one-way causality between expansionary monetary policy, carbon dioxide emissions, gross domestic product per capita, and carbon dioxide emissions was validated.

Can inequality reduction decrease carbon emissions in China? A counterfactual analysis

The relationship between the two sustainable development goals (SDGs)-inequality reduction and carbon emission reduction is critical for governments formulating and implementing environmental and redistribution policies. This study uses micro survey data from the China Family Panel Studies (CFPS) to conduct a counterfactual analysis that decomposes and quantifies the net effects of consumption growth, redistribution, and changing patterns of consumption on household carbon emissions. The counterfactual approach helps to overcome the endogeneity concerns. The findings of our study convey a profoundly important and alarming message: the redistribution measures for inequality reduction may increase household carbon emissions. The findings attest to the need for Chinese policymakers to seriously consider the trade-off between inequality reduction and emission reduction, particularly in certain regions in China. To address the trade-off, one key measure is to encourage low-carbon lifestyles and consumption patterns to ensure that the benefits gained by poorer households from redistribution measures will not translate into higher emissions.

Exploring the impact of environmental, social, and governance on clean development mechanism implementation through an institutional approach

The study hypothesizes that the environmental, social, and governance (ESG) of the host country have a significant effect on clean development mechanism (CDM) implementation. As CDM incorporates sustainable development as one of the objectives for the green transition, many countries endeavor to adopt and implement CDM as their cleaner production method. Based on the institutional theory, the study aims to investigate the mechanism by which the institutional process of each ESG pillar makes an opportunity for a host country and to see how such country-specific factors influence the implementation of CDM projects. A county-year unbalanced sample drawn from World Bank and multinational CDM project data was analyzed using panel logistic and Poisson regression. Panel regression results show that high-energy intensity and low renewable electricity output as an environmental pillar positively affect CDM implementation. Unemployment and undernourishment as a social pillar positively affect CDM whereas low government effectiveness and the high rule of law positively affect CDM. In the results of zero-inflated Poisson regression, the direction of government effectiveness was upturned. The findings have broadened and deepened the ESG pillar based on the institutional theory and emphasized sustainable development rather than economic outputs.

Institutional Logic of Carbon Neutrality Policies in China: What Can We Learn?

Global warming is a critical crisis threatening human survival and development. International organizations and countries worldwide are introducing policies and practices to achieve carbon neutrality. In China, numerous carbon neutrality policies have been established; however, a systematic understanding of the underlying policy logic is lacking. Using the institutional analysis and development (IAD) framework, this paper analyzes selected carbon neutrality policies in China. We conducted a bibliometric visualization analysis of the texts of 20 policies and matched their logic to the elements of the IAD framework. We established 90 keywords with occurrences of no less than 10 times in China’s carbon neutrality policies. The network visualization analysis identified six clusters. We discuss implementation challenges of China’s carbon neutrality policies, address the policy implementation, and finally outline impacts on China’s carbon neutrality governance. This study responds to the global concern over China’s carbon neutrality commitments by clarifying the institutional logic of China’s policies and actions. This study could provide a reference for countries worldwide that are designing and introducing carbon neutrality policies.

Strategies to achieve a carbon neutral society: a review

The increasing global industrialization and over-exploitation of fossil fuels has induced the release of greenhouse gases, leading to an increase in global temperature and causing environmental issues. There is therefore an urgent necessity to reach net-zero carbon emissions. Only 4.5% of countries have achieved carbon neutrality, and most countries are still planning to do so by 2050-2070. Moreover, synergies between different countries have hampered synergies between adaptation and mitigation policies, as well as their co-benefits. Here, we present a strategy to reach a carbon neutral economy by examining the outcome goals of the 26th summit of the United Nations Climate Change Conference of the Parties (COP 26). Methods have been designed for mapping carbon emissions, such as input-output models, spatial systems, geographic information system maps, light detection and ranging techniques, and logarithmic mean divisia. We present decarbonization technologies and initiatives, and negative emissions technologies, and we discuss carbon trading and carbon tax. We propose plans for carbon neutrality such as shifting away from fossil fuels toward renewable energy, and the development of low-carbon technologies, low-carbon agriculture, changing dietary habits and increasing the value of food and agricultural waste. Developing resilient buildings and cities, introducing decentralized energy systems, and the electrification of the transportation sector is also necessary. We also review the life cycle analysis of carbon neutral systems.

On the nexus between globalization, tourism, economic growth, and biocapacity: evidence from top tourism destinations

Several studies have investigated the relationship between tourism, consumption of energy, globalization, and ecological footprint. However, the role of biocapacity alongside tourism development in environmental sustainability is yet to be documented in the extant literature. No doubt, the biocapacity of a country, its level of tourist's arrival, as well as globalization all contribute immensely to ecological footprint. Consequently, this study looks at long-run and causality connections with a special focus on bio-capacity. The study uses the pooled mean group-autoregressive distributed lag model (PMG-ARDL) methodology to test the causality relationship during 2016 international tourists' receipt from world tourism organization data files for 10 tourism destinations. Empirical result based on the panel PMG-ARDL confirms the environmental Kuznets curve (EKC) hypothesis for the 10 tourism destinations countries investigated. Furthermore, the panel ARDL estimator was used to estimate the short-run and long-run relationships simultaneously between biocapacity, tourist arrivals, GDP per capita, globalization, and ecological footprints. While the Dumitrescu and Hurlin panel causality test was used to establish causality relationships among the highlighted variables. The trade-off between economic growth and environmental quality suggests that tourist arrival dampens environmental quality. In addition, the study finds that growing biocapacity affects ecological footprints negatively. Furthermore, an increase in tourism-related activities, globalization, and economic production has the potential to damage the quality of the environment. To this end, given the study results, there is a need to pursue green tourism which can reduce environmental degradation and destruction of land caused by multiple tourism-related transportation and construction of tourist facilities respectively in the top ten tourist destination countries.

How Does the Carbon Tax Influence the Energy and Carbon Performance of China’s Mining Industry?

As the world’s largest energy consumer, China’s CO2 emissions have significantly risen, owing to its rapid economic growth. Hence, levying a carbon tax has become essential in accelerating China’s carbon neutralization process. This paper employs the two-stage translog cost function to calculate the price elasticity of the mining industry’s energy and input factors. Based on the price elasticity, the carbon tax’s influence on the mining industry’s energy and carbon performance is estimated. In the calculation of energy efficiency, the non-radial directional distance function is adopted. The results express that the carbon tax significantly decreases the mining industry’s CO2 emissions and promotes its energy and carbon performance. In addition to levying a carbon tax, the government should also strengthen the market-oriented reform of the oil and power infrastructure to optimize the mining industry’s energy structure.

The Impact of CSR on the Performance of a Dual-Channel Closed-Loop Supply Chain under Two Carbon Regulatory Policies

Under different carbon regulatory policies, corporate social responsibility (CSR) activities will have different impacts on the environmental benefits of the supply chain and corporate carbon emission reduction decisions. In this study, we examine a dual-channel closed-loop supply chain consisting of a single manufacturer selling re-products generated from waste products and a single retailer selling new products and consider two settings: enforcing a carbon tax policy or enforcing a subsidy policy. Under each setting, we put CSR into account, construct two models for the retailer to implement or not implement CSR activities, and analyze the decisions obtained under optimal solutions. Through numerical simulation and comparative research, we observe that the carbon tax policy applies to the supply chain where CSR activities are implemented, while the subsidy policy applies to the supply chain where CSR activities are not implemented. Reasonable selection of CSR implementation methods with low-cost coefficients by the retailer is conducive to eliminating profit conflicts among supply chain members. The government should fully consider the decision-making thresholds of supply chain members to ensure the maximum effectiveness of the policy.

Analyzing global inequality in access to energy: Developing policy framework by inequality decomposition

Energy poverty is a critical policymaking problem in the world, while the outlined solutions in academic and policy literature talks about the solutions, without addressing the possible cause of the problem. The interaction between labor and energy market might pave a way to address the issue. Within the context of energy poverty, this interaction might turn out to be a major roadblock in the way to attain the objectives of Sustainable Development Goals (SDGs). From this perspective, this study aims at analyzing the constituents of inequality in access to energy, and in that pursuit, it has employed Kaya-Theil Decomposition method. The study is carried out at the global level over the period of 1990-2019. The study outcomes demonstrate all the inequality components to be rising during the study period. Presence of a possible feedback loop in the association might create the Vicious Circle of Energy Poverty around the globe. This study contributes to the literature by addressing the demand-side dimension of the energy poverty issue, while using the Kaya-Theil Decomposition method as an estimator of demand-side factors. Based on the study outcomes, a policy framework has been recommended, and it is aimed at helping the nations to achieve the objectives of SDG 7, SDG 8, and SDG 10.

Does energy consumption reinforce environmental pollution? Evidence from emerging Asian economies

Steadily improving per capita income level, energy consumption, and delivery of financial services in South and Southeast Asian countries has remained a subject of discussion among policymakers. Because these endeavors have not only elevated their growth trajectory but also widened the scope for carbon emissions, especially in the preceding two decades. In order to confirm this argument, therefore, in the present study, we intended to examine their dynamic impacts on carbon emissions. In this pursuit, by using the second-generation unit-root test, cointegration test, and panel regression procedures, we investigated the moderating impact of energy solutions on the association between per capita income and CO₂ emissions and financial development and CO₂ emissions from 1976 to 2015. The computed results revealed that the energy's interaction with the linear per capita income significantly escalated carbon emissions in the long run. However, the impact of energy's interaction with the squared per capita income on carbon emissions is found insignificant but positive in the long run. On the other hand, the interaction of energy with financial development provided a negative but insignificant coefficient. Based on the outcomes, we can ascertain that, at the lower level of income, energy consumption leads to environmental pollution, whereas at the higher level of income, its harmful effect on carbon emissions becomes weak in the given regions. By taking a cue from the computed results, we proposed a policy framework that might help these regions to navigate the energy-led environmental challenges in the coming years.

The impact of carbon neutrality on the investment performance: Evidence from the equity mutual funds in BRICS

The promotion of carbon-neutral investments is among the primary constituents of developing a carbon-neutral economy. This is even more important for emerging economies that have constrained financial markets. In this paper, using monthly data between 2011 and 2019, we study 6519 actively managed mutual funds in BRICS after sorting them into black, brown, and green categories based on their investment holdings. Our comparative performance shows that green funds outperform their counterparts for the entire sample and within-country assessment. We also document the volatility and market timing ability of green funds, mainly absent in high emission funds. The results remained robust for various definitions of performance. Our findings also indicate Chinese green funds perform better than those of other countries. This is attributed to the multiple ecologically friendly economic policies that China has adopted over the years. Based on the results, we propose various interventions that could foster the adaptability of a carbon-neutral investment landscape.

The Green-Innovation-Inducing Effect of a Unit Progressive Carbon Tax

The major global economies are facing increasing pressure to reduce their carbon emissions. Introducing environmental policy instruments to stimulate green innovation is key to mitigating global warming. We propose a carbon tax design with a typical green innovation orientation that links carbon taxes with the low-carbon technology (LCT) of enterprises and imposes a progressive tax on heterogeneous enterprises with LCT stock to encourage green innovation. This study used a dynamic evolution game model based on the Stackelberg model of heterogeneous enterprises with LCT stock to analyze the green-innovation-inducing effect of unit progressive carbon taxes. A unit progressive carbon tax could encourage enterprises to participate in green innovation, regardless of their initial green innovation willingness. The progressive tax rate was more effective than a fixed rate for stimulating green innovation by all enterprises. There was a marginal diminishing effect of increases in the tax rate. An increase in the innovation cost coefficient of enterprises reduced the green-innovation-inducing effect of the unit progressive carbon tax. Increasing the tax rate was effective only under normal circumstances. A decline in the carbon reduction in enterprises also reduced the green-innovation-inducing effect of the unit progressive carbon tax. Furthermore, increasing the tax rate when the carbon reduction amount was extremely low caused enterprises to abandon green innovation.