31 results on '"Bekun, Festus Victor"'
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2. Role of green technology, environmental taxes, and green energy towards sustainable environment: Insights from sovereign Nordic countries by CS-ARDL approach
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Sharif, Arshian, Kartal, Mustafa Tevfik, Bekun, Festus Victor, Pata, Ugur Korkut, Foon, Chan Ling, and Kılıç Depren, Serpil
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- 2023
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3. Democracy and deforestation: The role of spillover effects
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Cary, Michael and Bekun, Festus Victor
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- 2021
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4. Energy consumption, economic policy uncertainty and carbon emissions; causality evidence from resource rich economies
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Adams, Samuel, Adedoyin, Festus, Olaniran, Eniola, and Bekun, Festus Victor
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- 2020
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5. Spillover of mortgage default risks in the United States: Evidence from metropolitan statistical areas and states
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Ji, Qiang, Gupta, Rangan, Bekun, Festus Victor, and Balcilar, Mehmet
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- 2019
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6. Glasgow climate change conference (COP26) and its implications in sub-Sahara Africa economies.
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Adedoyin, Festus Fatai, Bekun, Festus Victor, Hossain, Md. Emran, Ofori, Elvis kwame, Gyamfi, Bright Akwasi, and Haseki, Murat Ismet
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CLIMATE change conferences , *ENERGY industries , *ALTERNATIVE fuels , *ENERGY development , *RENEWABLE energy sources - Abstract
Alternative energy has been hailed as a feasible resolution to the environmental degradation and energy problems that have plagued Sub-Saharan Africa (SSA) recently. The expansion of the clean energy sector, on the other hand, relies on economic growth, effective governance, and financial considerations. As a result, it is important to investigate the links between these variables in SSA. This study investigated the influence of economic growth, institutional quality, foreign direct investment (FDI), and financial development on renewable energy at the national threshold in SSA using a two-step difference GMM model based on panel data collected from 2002 to 2019. The outcome shows that economic growth and all three financial development indicators (FD1, FD2 and FD3) have a positive significant relationship with renewable energy. Furthermore, for SSA countries, FDI, as well as all six proxy factors for institutional quality, had a negative significant influence on renewable energy. Our empirical findings propose a variety of policies that might help the renewable energy sector grow. [ABSTRACT FROM AUTHOR]
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- 2023
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7. Race to carbon neutrality in South Africa: What role does environmental technological innovation play?
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Bekun, Festus Victor
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ENVIRONMENTAL quality , *ENERGY consumption , *SUSTAINABLE development , *SUSTAINABILITY , *CARBON offsetting , *POLLUTION , *TECHNOLOGICAL innovations , *CARBON nanofibers - Abstract
Governments worldwide have prioritized carbon reduction and neutrality to address the escalating threat of climate change. These goals are in line with the United Nations Sustainable Development Goals (UNSDG-13). These goals stress taking action on climate change to lessen the bad effects of human activities and using fossil fuels for energy. To this end, the present study investigates the connection between conventional energy usage, agricultural practices, economic growth, and their impact on environmental sustainability in South Africa. Additionally, it explores the role of renewable energy consumption and environmental technological innovation in mitigating these effects. To achieve the study objectives, a carbon-income function is fitted with an annual frequency data from 1975 to 2020. The present study leverages on Pesaran's Autoregressive distributed lag (ARDL) method and for robustness analysis the dynamic ARDL simulations method to simultaneously explore the short and long-run coefficients of the study's outlined variables. Empirical analysis, confirmed by bounds testing for cointegration, reveals a long-term equilibrium relationship among the variables considered. Notably, economic growth, fossil fuel energy consumption, and agricultural activities have adverse effects on environmental sustainability in South Africa, indicating a trade-off between economic growth and environmental quality. Dynamic ARDL simulations provide further evidence of an Environmental Kuznets Curve (EKC) phenomenon. However, renewable energy consumption and environmental technological innovation positively influence environmental quality. These findings highlight the imperative for South Africa and its stakeholders to adopt green growth policies and transition to cleaner energy alternatives. • This study explored nexus between environmental pollution, economic growth, and environmental technological innovation in South Africa • Utilisation of Autoregressive distributed lag (ARDL) estimators were employed • Agricultural activities dampens environmental sustainability in South Africa • Green growth policies should be pursued in South Africa energy mix [ABSTRACT FROM AUTHOR]
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- 2024
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8. Growth impact of transition from non-renewable to renewable energy in the EU: The role of research and development expenditure.
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Adedoyin, Festus Fatai, Bekun, Festus Victor, and Alola, Andrew Adewale
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RENEWABLE energy sources , *RESEARCH & development , *ECONOMIC expansion , *NONRENEWABLE natural resources , *ENERGY development , *ENERGY consumption - Abstract
In recent times, physical-capital investment has been outweighed by research and development expenditure in terms of their growth impact. However, how such expenditure affect economic expansion in the presence of energy consumption is yet to be given thorough attention in the literature. Consequently, this study used data from 1997 to 2015 for 16 EU countries to demonstrate how expenditure on research and development drives growth in the presence of renewable and nonrenewable energy consumption. Empirical results from the Pool Mean Group Autoregressive distributive lag model (PMG-ARDL) revealed that in the short run, investment in research and development adversely affect growth prospect in the EU. However, in the long run, research-led growth is evident alongside energy consumption, although the latter outweighs the former. Additionally, result from Dumitrescu and Hurlin Panel Causality tests showed a feedback causality between energy consumption, research and expenditure and economic growth. The findings of this study make it essential for EU countries to boost spending on renewable energy sources. Additionally, EU countries should pay closer attention to investment in research and development in order to sustain the plan for long term advancement in sustainable power sources for feasible energy and economic development. Image 1 • Economic impact of R&D and energy consumption in EU is examined. • Physical-capital investment outperforms R&D expenditure. • Energy consumption affect economic growth than the effect of R&D in the long run. • Increased renewable energy development in the EU is encouraged. • More investment in research and development by the EU states should be sustained. [ABSTRACT FROM AUTHOR]
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- 2020
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9. Contemporaneous interaction between energy consumption, economic growth and environmental sustainability in South Africa: What drives what?
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Akadiri, Seyi Saint, Bekun, Festus Victor, and Sarkodie, Samuel Asumadu
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Achieving environmental sustainability while mitigating climate change and its impact has become a global effort. This paper offers a new perspective on the kg oil equivalent per capita energy consumed and real income per capita level nexus for South Africa while controlling for the effect of ecological footprint. Using a time series data from 1973 to 2014, the study employed the Autoregressive Distributive Lag model and Toda-Yamamoto procedure for testing Granger causality. Empirical results revealed the significant role of kg oil equivalent per capita energy usage and real output per capita level towards environmental quality or degradation in South Africa. A 1% increase in kg of oil equivalent per capita energy consumed and real income per capita led to 0.167% decrease and 0.172% increase in environmental quality in the short-run. A 1% increase in kg of oil equivalent per capita energy consumed and real income per capita led to 0.542% decrease and 0.558% increase in environmental quality in the long-run. On the direction of predictive relationship, empirical results showed unidirectional causality running from environmental quality to real income per capita, from kg oil equivalent per capita of energy consumed to environmental quality and from kg oil equivalent per capita of energy consumed to real income per capita. Results indicated that environmental pollution in South Africa is not output driven but depends on the unit of kg oil equivalent per capita energy produced and consumed. Depending on the direction of causality between the variables, the policy implication can be examined from the perspective of economic performance, energy saving, and environmental sustainability in the long-run. Unlabelled Image • Energy and income level play a major role in achieving environmental quality. • There is unidirectional causality from energy consumption to income level. • We found environmental quality driven by energy rather than economic development. • Environmental policies with growth objectives improve environmental sustainability. [ABSTRACT FROM AUTHOR]
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- 2019
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10. Dynamic impact of trade policy, economic growth, fertility rate, renewable and non-renewable energy consumption on ecological footprint in Europe.
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Alola, Andrew Adewale, Bekun, Festus Victor, and Sarkodie, Samuel Asumadu
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Climate change mitigation has become the central theme for many policy initiatives, as such, the European Union (EU) member countries are working assiduously to achieve the emission targets. To provide policy direction in achieving the emission targets, this study investigated the drivers essential to attaining the Sustainable Development Goals in regards to reducing environmental pollution in EU member countries. A balanced panel of 16-EU countries from 1997 to 2014 was estimated with Panel Pool Mean Group Autoregressive distributive lag (PMG-ARDL) model. The study traced the equilibrium relationship between ecological footprint, real gross domestic product, trade openness, fertility rate, renewable and non-renewable energy consumption — suggested by both Kao and Pedroni cointegration tests. The PMG-ARDL analysis confirmed the role of non-renewable energy consumption in depleting environmental quality while renewable energy consumption was found to improve environmental sustainability. Interestingly, the unexpected long-run fertility-ecological footprint nexus was connected with the divergent fertility rate information of the EU member countries. Although, country-specific policy approach is essential, however, such a framework should be compatible with the region's overall Sustainable Development Goals. The call for diversification of existing energy portfolios by either incorporating or enhancing renewable energy technologies is essential to sustain the current success strides of most member states. Thus, the EU needs to strengthen its commitments to achieving the emission targets by decarbonizing and sustaining its economic growth trajectory. Unlabelled Image • We investigated the drivers that reduce greenhouse gas emissions in EU member countries • Panel Pool Mean Group Autoregressive distributive lag model was employed in the study • 1% increase in real GDP increases environmental quality by 0.81% in the long-run • Renewable energy consumption was found to improve environmental sustainability • Diversification of the energy mix with renewables is essential to reducing pollution [ABSTRACT FROM AUTHOR]
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- 2019
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11. Toward a sustainable environment: Nexus between CO2 emissions, resource rent, renewable and nonrenewable energy in 16-EU countries.
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Bekun, Festus Victor, Alola, Andrew Adewale, and Sarkodie, Samuel Asumadu
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Abstract The study investigates the long-run and causal interaction between, renewable energy consumption, nonrenewable energy consumption, and economic growth in a carbon function. The current study incorporates natural resources rent to the model as an additional variable. Empirical evidence is based on a balanced panel data between annual periods of 1996–2014 for selected EU-16 countries. The Kao test reveals a cointegration between carbon dioxide emissions, economic growth, natural resources rent, renewable, and nonrenewable energy consumption. The Panel Pooled Mean Group-Autoregressive Auto regressive distributive lag model (PMG-ARDL) suggests a positive significant relationship between the countries' natural resource rent and CO 2 emissions in the long-run. Implying that the overdependence on natural resource rent affects environmental sustainability of the panel countries if conservation and management options are ignored. Our study affirms that nonrenewable energy consumption and economic growth increase carbon emission flaring while renewable energy consumption declines CO 2 emissions. The panel causality analysis reveals a feedback mechanism between economic growth, renewable, and nonrenewable energy consumption. We further observed a feedback causality between natural resources rent and economic growth. Effective policy implications could be drawn toward modern and environmentally friendly energy sources, especially in attaining the Sustainable Development Goals. Graphical abstract Unlabelled Image Highlights • Renewable energy consumption improves environmental quality in 16 EU countries. • Feedback causality observed between natural resources rent and economic growth. • Long-term risk of natural resource rent affecting environmental sustainability. • Economic growth influences carbon dioxide emissions in EU-16 countries. • Fossil fuels exert more distortion on environmental sustainability. [ABSTRACT FROM AUTHOR]
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- 2019
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12. Another look at the relationship between energy consumption, carbon dioxide emissions, and economic growth in South Africa.
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Bekun, Festus Victor, Emir, Fırat, and Sarkodie, Samuel Asumadu
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Abstract This study explores the energy use and economic growth nexus from 1960 to 2016 in South Africa while accounting for capital, labour, and carbon dioxide emissions. We applied Bayer and Hanck (2013) combined co-integration approach, Pesaran et al. (2001) bounds test and Kripfganz and Schneider (2018) critical values and approximate p -values. The empirical evidence finds support for a long-run equilibrium relationship among investigated variables. The Granger causality test indicates one-way causality from energy use to economic growth, validating the energy-led growth hypothesis. Our study found an inverted U-shaped pattern between energy use and economic growth in the long run. This finding suggests that at a higher level of economic development there is less intensification of energy consumption, hence, signifying a decline in energy intensity while validating energy efficiency in South Africa. Graphical abstract Unlabelled Image Highlights • A unidirectional causality is observed from energy consumption to CO 2 emissions. • The results validate the energy-induced growth hypothesis in South Africa • Economic growth and carbon dioxide emission exhibits an inverse relationship. • Decoupling economic growth from energy use needed to achieve energy efficiency [ABSTRACT FROM AUTHOR]
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- 2019
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13. Can technological innovation, foreign direct investment and natural resources ease some burden for the BRICS economies within current industrial era?
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Gyamfi, Bright Akwasi, Agozie, Divine Q., and Bekun, Festus Victor
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NATURAL resources ,FOREIGN investments ,RENEWABLE natural resources ,CARBON emissions ,ENVIRONMENTAL quality ,GREEN technology ,TECHNOLOGICAL innovations - Abstract
Economic advancement has tended to affect the processes of industrialization, which has increased the value of exploited natural resources via the application of technology. Intensive use of natural resources via total reserves, technological innovation, foreign direct investment (FDI), and renewable energy can have an impact on the environment. Considering this, the present study investigates the nexus between industrialization, total reserves, inflows of FDI, technical innovation, renewable and natural resources, and CO 2 emissions in the case of BRICS. To this end, annual frequency data for BRICS from 1990 to 2019 are employed in panel framework. The study employs a battery of econometric techniques, namely the Augmented Mean Group (AMG), Common Correlated Effects Mean Group (CCEMG), and Driscoll-Kraay estimators to explore the underlined relationship. The cointegration results based on Westerlund, J. (2007) show that there exists a long-run equilibrium relationship between the study outlined variables over the investigated period. From the empirical analysis, technological innovation and renewable energy both reduce CO 2 emissions while industrial value-added, natural resources, FDI and total reserves contribute to the degradation of the environment. Additionally, the interaction between industrial value-added and technological innovation also has negative impact on the BRICS countries' environment. Based on these outcomes, the BRICS economies are enjoined to pursue green technology growth without compromise for environmental quality in the bloc. Finally, numerous significant policy ramifications for protecting environmental quality in BRICS economies have been proposed in the concluding section. • We explore the impacts ICT and industrialization on CO 2 emissions in BRICS. • We applied a battery of second-generation panel econometrics methods. • Natural resources worsens the environmental quality in the investigated bloc. • Renewables shows strong evidence to improve the quality of the environment in BRICS. [ABSTRACT FROM AUTHOR]
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- 2022
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14. Beyond the environmental Kuznets Curve in E7 economies: Accounting for the combined impacts of institutional quality and renewables.
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Bekun, Festus Victor, Gyamfi, Bright Akwasi, Onifade, Stephen Taiwo, and Agboola, Mary Oluwatoyin
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KUZNETS curve , *ENVIRONMENTAL quality , *EMERGING markets , *EMISSIONS (Air pollution) , *CLEAN energy , *ENVIRONMENTAL auditing - Abstract
This study explores the applicability of conventional environmental Kuznets curve (EKC) with an extension for the case of emerging industrialized economies, comprised of China, India, Brazil, Mexico, Russia, Indonesia, and Turkey, for annual time frequency from 1995 to 2016. This study is distinct from that already documented in the extant literature by extending the traditional EKC phenomenon by accounting for the combined impact of institutional quality and renewables in E7 blocs. The countries under review are known to be emerging and still at their scale stage of their growth path. As such, the need to explore the theme is pertinent for stakeholders. Empirical framework is built on second-generational panel econometrics strategies that consist of Augmented Mean Group, Common Correlated Effects Mean Group estimator, Driscoll-Kraay and Dumitrescu and Hurlin Causality analysis, which is superior to first-generation methods. Our study validates the EKC phenomenon in E7, i.e., where emphasis is placed on economic expansion relative to the quality of the environment. The EKC phenomenon is validated by the deteriorating effect of fossil-fuel energy consumption in the bloc. However, renewables are seen as a panacea to reduce pollution emission as renewable energy exerts a negative and statistical relationship with CO 2 emission over the sampled period. Additional results show that weak institution also dampens the quality of the environment in E7. These outcomes are suggestive to policy makers to reinforce their commitment to the quality of the environment in terms of growth and energy transition from fossil fuel to clean energy sources. Further policy prescriptions are presented in the concluding section. • We explore the impacts combined impact of institutional quality and renewables on the environmental quality in E7 economies. • We applied a battery of second-generation panel econometrics methods. • EKC phenomenon is validated in E7 bloc. • Weak institutions dampen the environmental quality of the E7 economies. • Renewables shows strong evidence to improve the quality of the environment. [ABSTRACT FROM AUTHOR]
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- 2021
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15. The effects of air transportation, energy, ICT and FDI on economic growth in the industry 4.0 era: Evidence from the United States.
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Adedoyin, Festus Fatai, Bekun, Festus Victor, Driha, Oana M., and Balsalobre-Lorente, Daniel
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INDUSTRY 4.0 ,INFORMATION & communication technologies ,ECONOMIC development ,FOREIGN investments ,GROSS domestic product ,TOURISM - Abstract
• Air transport increases economic Growth, validating the TLGH in the US between 1981 and 2017. • The connection between foreign direct investment and ICTs enhances economic growth in the US. • Coal rents and ICTs promote economic growth ins US. • Energy-led growth hypothesis affirmed as coal energy spurs economic growth. This study analyses the causal and long-run linkage between air transport and economic growth. It was conducted to validate the tourism-led growth hypothesis for the United States (US) during the period 1981–2017 and includes Information and Communication Technologies (ICTs) alongside coal rents in the tourism-led growth hypothesis. This study presents a new direction for future studies by considering the relevance of the fourth industrial revolution (Industry 4.0), particularly in the US. To achieve the stated claim, this study considers as additional explanatory variables how ICTs moderate the impact of Foreign Direct Investment (FDI) on GDP. The empirical result confirms a connection between the Industry 4.0 era and the role of ICTs, which promotes substantial changes in the way of life and productivity. This has led to a vast technological advancement, which is in line with but at a faster pace than the technological advancement of previous revolutions. From empirical results, the study provides relevant policy recommendations related to the role of natural resources, new technologies and tourism on US GDP, while it also provides evidence of the positive effect of ICTs over FDI under the Industry 4.0 era. Image, graphical abstract [ABSTRACT FROM AUTHOR]
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- 2020
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16. Modeling natural gas consumption, capital formation, globalization, CO2 emissions and economic growth nexus in Malaysia: Fresh evidence from combined cointegration and causality analysis.
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Etokakpan, Mfonobong Udom, Solarin, Sakiru Adebola, Yorucu, Vedat, Bekun, Festus Victor, and Sarkodie, Samuel Asumadu
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The discovery of natural gas in the 20th century has increased aggregate energy consumption while spurring economic development. However, very little attention has been given in the energy economics literature, especially in Malaysia. As such, this paper primarily revisited the natural gas — economic growth nexus hypothesis in the case of Malaysia. The study was conducted with data from 1980 to 2014 in a multivariate framework with the inclusion of capital formation, globalization, and CO 2 emissions to avoid omitted variable bias. We investigated the stationarity properties with a method that accommodates a single structural break. Subsequently, the novel combined co-integration test in conjunction with several techniques were used to assess the magnitude of the long-run equilibrium relationship. The empirical findings trace the long-run equilibrium relationship among the variables over the sampled period. The Granger causality test analysis confirmed the growth-energy driven hypothesis in Malaysia. The findings call for the adoption of cleaner and environmentally friendly energy sources in the Malaysian energy mix. We highlight the need for pragmatic strides from both private and public energy sector stakeholders to prioritize clean and accessible energy in line with the Sustainable Development Goals. • We assess Malaysia's growth-induce natural gas energy nexus in a multivariate framework. • We utilize novel and reliable combined cointegration and causality analysis in the study. • Feedback causality is observed between gross capital and natural gas energy consumption. • An increase in gross capital formation by 1% increases RGDP by 0.09% — leading to an expansion in the economy. • We find trade-off between environmental quality and economic development in Malaysia. [ABSTRACT FROM AUTHOR]
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- 2020
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17. Does nuclear energy mitigate CO2 emissions in the USA? Testing IPAT and EKC hypotheses using dynamic ARDL simulations approach.
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Hassan, Abubakar, Haseeb, Mohammad, Bekun, Festus Victor, Haieri Yazdi, Asieh, Ullah, Ehsan, and Hossain, Md. Emran
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NUCLEAR energy , *CARBON emissions , *DYNAMIC simulation , *CLIMATE change mitigation , *CLEAN energy , *KUZNETS curve - Abstract
Growing concern over climate change mitigation has heightened the search for low-carbon, affordable, and non-intermittent energy alternatives. In this perspective, hydropower, thermal, solar, photovoltaic, and nuclear energy sources fit all these qualities as they are well-known as cleaner and ecosystem-friendly energy sources. However, despite the attractiveness of the clean energy transition, the extant literature has less documentation on the pertinent role of nuclear energy in the "climate change mitigation (SDG-13)" agenda, hence making it difficult to predict nuclear energy-CO 2 emissions (CO 2 e) nexus. Hence, the present study, using IPAT and the "environmental Kuznets curve (EKC)" framework, explores the consequences of nuclear energy generation, population dynamics, and economic progress on CO 2 e in the "United States of America (USA)" by applying a "dynamic autoregressive distributed lag (DARDL)" model from 1973 to 2021. The study provides evidence the existence of the EKC phenomena, suggesting that economic expansion hurts the environment up to a specific threshold level of per capita income, which is identified as US$ 29,581.16. Further empirical findings also show the detrimental effect of population-induced-emission. Remarkably, a 1% rise in nuclear energy generation dwindles CO 2 e by around 0.819%. The outcomes of this research demonstrate that economic growth level, population, and CO 2 emission are entangled. However, there is a need for a collective role from both stakeholders and policymakers in achieving "SDG-13" as well as "clean and affordable energy (SDG-7)" with a paradigm shift of the USA energy portfolio away from fossil fuels to renewables. • The nexus between nuclear energy-population-CO 2 emissions is investigated for USA. • We applied dynamic ARDL simulations model. • Environmental Kuznets Curve (EKC) hypothesis prevails in USA. • Nuclear energy generation dampens the effect of CO 2 emission. • The population induced-emission in both the short- and long-run is observed. [ABSTRACT FROM AUTHOR]
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- 2024
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18. How does technological innovation affect the ecological footprint? Evidence from E-7 countries in the background of the SDGs.
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Dam, Mehmet Metin, Kaya, Funda, and Bekun, Festus Victor
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ECOLOGICAL impact , *ENVIRONMENTAL policy , *NATURAL resources , *SUSTAINABLE development , *SUSTAINABILITY , *TECHNOLOGICAL innovations - Abstract
Although technological innovation plays a critical role in promoting sustainable development and environmental sustainability, there are few studies in the existing literature that address this relationship. This study aimed to investigate the relationship between technological innovation (TI), renewable energy consumption (REC), natural resource rent (NRR) and ecological footprint (EF) of E-7 countries (i.e. Brazil, China, India, Indonesia, Mexico, Russia and Turkiye) from 1992 to 2018 in order to ensure environmental sustainability in the context of the Sustainable Development Goals (SDGs). Analysis was performed using the ARDL estimator, robustness test and Dumitrescu-Hurlin panel causality (DHC) test. Long-term empirical estimates from the PMG-ARDL technique have shown that a 1 % increase in TI and REC reduces EF by 0.064 % and 0.234 %, respectively, i.e. increases environmental sustainability. At this point, it is possible to say that TI and REC contribute to the achievement of SDG-7 and 13 in E-7 countries while NRR and real income (GDP) were found to impede the achievement of SDG-7 and 13 in E-7 countries through an increase in EF. The results were confirmed using robustness techniques. In the DHC test results, while there is a unidirectional causality from TI to EF, from EF to NRR and trade openness, a bidirectional causality was found between GDP and EF. This study suggests that policymakers should focus on introducing environmentally friendly equipment to reduce environmental degradation, increase the share of RECs and focus on sustainable development within the framework of the SDGs. • We explore nexus between technological innovation affect the ecological footprint in E-7 economies. • Adoption of second-generational panel econometrics techniques. • Technological innovation and renewable energy consumption help in mitigating climate change. • Green growth policies should be pursued in E7 energy mix. [ABSTRACT FROM AUTHOR]
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- 2024
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19. Renewable and non-renewable energy policy simulations for abating emissions in a complex economy: Evidence from the novel dynamic ARDL.
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Adedoyin, Festus Fatai, Ozturk, Ilhan, Bekun, Festus Victor, Agboola, Phillips O., and Agboola, Mary Oluwatoyin
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ENERGY policy , *RITUAL purity , *ENVIRONMENTAL degradation , *CARBON emissions , *PANEL analysis - Abstract
According to the Economic Complexity Index, Japan was the number 1 most complex economy in the world. In addition to complexity, Japan pledges to reduce emissions by boosting cleaner energy sources. This study simulates two policies to highlight a path for Japan in achieving this ambitious energy and environmental target. The novel dynamic autoregressive distribution lag (ARDL) model and Kernel-based regularized least squares (KRLS) are adopted over panel data from 1970 to 2018. Empirical evidence from the ARDL and dynamic ARDL models shows that CO2 emissions have a significant long-term relationship with GDP per capita, renewable energy, and economic complexity index while air transport is significant in the short run. Putting it more elaborately, a unit increase in GDP per capita increase the emission by 0.84%–0.96% in the long run and 0.46%–0.48% in the short run. As regards renewable energy, a unit increase in it decrease the carbon emission by 0.07% and 0.04% in the long-run and short-run respectively. Also, an increase in the economic index diminished the emission by 0.81% in the long run. Moreover, economic complexity moderates the role of GDP in environmental degradation as it also has a significant impact on carbon emission. • A -26% policy simulation of clean or unclean energy sources can both abate emissions. • Economic Complexity moderates the impact of economic growth on CO2 emissions. • A template for energy policy design is presented. • CO2 emissions have a significant long-term relationship with GDP per capita, renewable energy and ECI. [ABSTRACT FROM AUTHOR]
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- 2021
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20. Coal energy consumption beat renewable energy consumption in South Africa: Developing policy framework for sustainable development.
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Adebayo, Tomiwa Sunday, Awosusi, Abraham Ayobamiji, Bekun, Festus Victor, and Altuntaş, Mehmet
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ENERGY consumption , *SUSTAINABLE development , *ENVIRONMENTAL quality , *ENERGY development , *COAL - Abstract
Globally we are at a crossroad whereby energy production and consumption in themselves is partly blamed for climate change issues and global warming menace. The question that comes to heart is do we stop seeking energy production and consumption? of course no. Thus, there is a need for innovation on part of economies as they seek energy for sustainable development. This country-specific study focuses on South African, which reflects the above highlights menace in no small measure where her economic growth trajectory is plagued with high CO 2 emission. To this end, we explore the nexus between coal energy consumption, economic growth, renewable energy consumption and CO 2 emission between annual periods of 1980–2017. This study applied a battery of econometric techniques to underscore the relationship between the outlined variables. According to the ARDL bounds test to cointegration in conjunction with Kripfganz and Schneider (2018) critical approximation p-values both affirm long-run equilibrium relationship between study variables. Empirical evidence gives credence to the growth-induced pollution emission in South Africa as reported by the Autoregressive distributed lag Method, fully modified ordinary least squares and dynamic ordinary least squares as robustness test for soundness of analysis. This finding suggests that South Africa's economic growth trajectory is not clean. This preposition is resonated with the result of coal energy consumption also dampening environmental quality. Financial development shows strong statistical strength to improve the quality of the environment. These outcomes are indicative for policymakers as there is urgent need to energy transition from conventional energy based on fossil fuel (coal energy) to renewable energy mix which is more environmentally friendly should be pursued in South Africa. [Display omitted] [ABSTRACT FROM AUTHOR]
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- 2021
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21. Environmental sustainability amidst financial inclusion in five fragile economies: Evidence from lens of environmental Kuznets curve.
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Barut, Abdulkadir, Kaya, Emine, Bekun, Festus Victor, and Cengiz, Sevgi
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SUSTAINABILITY , *KUZNETS curve , *ENERGY development , *HUMAN Development Index , *ENVIRONMENTAL degradation , *TECHNOLOGICAL innovations - Abstract
Economic growth comes with it environmental trade-off on environmental sustainability. This occurrence is evidence on a global scale as it stems from human anthropogenic activities driven by the consumption of energy sources from fossil-fuel origin. On this premise, the present study focuses on five fragile economies with huge energy and sustainability targets to explore the nexus between economic growth and the environment. The present study is distinct from previous studies in scope by the construct and inclusion of a financial inclusion index with the aid of Principal component analysis (PCA), human development to the economic growth-environment argument. To this end to reach evidence-based outcomes second generational panel analysis is employed. The Durbin-Hansen cointegration test traces the long-run equilibrium relationship between the study variables. Subsequently, an augmented mean group (AMG) estimator is employed to explore the relationship between the outlined variables. Furthermore, the present study finds support for the pollution haven hypothesis for the selected fragile economies. The plausible explanation is due to weak trade and environmental treaties in the examined countries. However, the renewable energy human development index help mitigates environmental degradation. Thus, the present study advocates the need for energy transition and investment into new technological innovation in research and development to attain sustainable development goals and environmental sustainability resonated in UNSDGs-11,12 and 13. Additionally, financial inclusion plays a vital role in the five fragile energy-environment mixes. The current study presents vital policy directives in the concluding section for individual countries and the entire bloc for more effective policy direction. • We explore nexus between sustainability amidst financial inclusion in five fragile economies. • Utilization of robust second-generation estimators were employed. • Our study found finds support for the pollution haven hypothesis. • Renewable energy human development index help mitigates environmental degradation. • Green growth policies should be pursued in five fragile economies. [ABSTRACT FROM AUTHOR]
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- 2023
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22. Discerning the role of renewable energy and energy efficiency in finding the path to cleaner consumption and production patterns: New insights from developing economies.
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Shahbaz, Muhammad, Nwani, Chinazaekpere, Bekun, Festus Victor, Gyamfi, Bright Akwasi, and Agozie, Divine Q.
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ENERGY intensity (Economics) , *ENERGY consumption , *RENEWABLE energy sources , *CARBON emissions , *CONSUMPTION (Economics) , *SUSTAINABLE development - Abstract
This study provides empirical evidence on the relationship between energy efficiency and production- and-consumption based carbon emissions by assessing the impact of population size, income, and clean energy on the carbon dioxide (CO 2) emissions function. Method of Moments Quantile Regression (MM-QR) and Augmented Mean Group (AMG) estimators are applied to observe long-term associations between the variables, and Dumitrescu-Hurlin (DH) Ganger causality test is used to identify the direction of causality. Findings reveal that, across all specifications, energy intensity and population size have positive (increasing) impact on both estimates of CO 2 emissions while renewable energy use has a negatively significant impact and stronger on consumption-based estimates. The presence of an inverted U-shaped curve in the relationship between per capita income and CO 2 emissions, as predicted by the Environment Kuznets curve (EKC) hypothesis, only exists when CO 2 emissions are calculated based on production pattern. Further empirical analysis based on DH causality tests show a bidirectional causality between energy intensity and production-based CO 2 emissions, population size and consumption-based CO 2 emissions, per capita income and consumption-based CO 2 emissions, and energy intensity and renewable energy use. In addition, a unidirectional causality runs from per capita income to production-based CO 2 emissions, and from energy intensity and renewable energy use to consumption-based CO 2 emissions. This analysis outlines a paradigm for the formulation of a green development strategy in developing economies via energy and environmental resources. • This study explore nexus between energy efficiency and carbon emissions Production-based. • Method of Moments Quantile Regression (MM-QR) and Augmented Mean Group (AMG) estimators are used. • Validity of inverted U-shaped curve in the relationship GDP and production-based CO 2. • Bidirectional causality exists between energy intensity and production-based carbon emissions. • Green growth policies should be pursued in the developing energy mix. [ABSTRACT FROM AUTHOR]
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- 2022
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23. Symmetric and asymmetric impact of economic growth, capital formation, renewable and non-renewable energy consumption on environment in OECD countries.
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Mujtaba, Aqib, Jena, Pabitra Kumar, Bekun, Festus Victor, and Sahu, Pritish Kumar
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ENERGY consumption , *RENEWABLE energy sources , *ECOLOGICAL impact , *CARBON emissions , *ECONOMIC expansion , *ECONOMIC impact - Abstract
This study examines the symmetric (linear) and asymmetric (nonlinear) impact of economic growth (EG), capital formation (CF), renewable and non-renewable energy (NRE) consumption on CO 2 emissions and ecological footprint (EF) of seventeen OECD countries spanning data from 1970 to 2016. The autoregressive distributed lag (ARDL) model is used to examine the symmetric impact and the nonlinear autoregressive distributed lag (NARDL) model is employed to explore the asymmetric impact of the variables on the environment. The results indicate that economic growth and gross capital formation dampens environmental quality in the OECD region over the sampled period. Our estimation using the ARDL model shows that a 1% increase in renewable energy (RE) is projected to reduce CO 2 emission by 0.2% and a 1% increase in NRE is estimated to increase CO 2 emission by 1.08%. Similarly, a 1% rise in EG and NRE is expected to increase ecological footprint (EF) by 0.10% and 0.53%, respectively. Estimation using NARDL decomposed EG with positive (negative) shocks shows that a 1% increase (decrease) in EG is expected to reduce CO 2 emissions by 0.4% (0.16%). Similarly, 1% positive (negative) shock in RE is expected to decrease CO 2 emission by 0.5%. The findings indicate that conventional energy obtained from fossil fuels is observed to worsen the environment. Interestingly, renewable energy consumption enhances environmental quality for both fitted models with CO 2 emission and ecological footprint. This is insightful for stakeholders and government administrators in the region. This demonstrates the importance of a paradigm shift towards renewable energy consumption in the OECD countries to improve economic growth and productive capital stock. This finding also aligns with the non-linear investigation of the pivotal role of renewable energy consumption for a cleaner environment. • This study examines the symmetric (linear) and asymmetric (nonlinear) impact of Economic Growth, Capital Formation, Renewable and Non-Renewable Energy consumption on the CO 2 emissions and Ecological footprint of seventeen OECD countries spanning the data from 1970 to 2016. • The estimation of the study using the ARDL model shows that 1% increase in renewable energy (RE) is projected to reduce CO2 emission by 0.2%: and 1% increase in NRE is estimated to increase CO2 emission by 1.08%. Similarly, 1% rise in EG and NRE is expected to increase ecological footprint (EF) by 0.10% and 0.53%, respectively. • Estimation using NARDL decomposed EG with positive (negative) shocks shows that 1% increase (decrease) in EG is expected to reduce CO2 emissions by 0.4% (0.16%). Similarly, 1% positive (negative) shocks in RE is expected to decrease CO 2 emission by 0.5%. • The results show that economic growth and gross capital formation dampens environmental quality in the OECD region over the sampled period. • This study suggests the need for a paradigm shift to renewable energy consumption in the OECD for a better economic growth trajectory and productive capital stock. [ABSTRACT FROM AUTHOR]
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- 2022
- Full Text
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24. The alternative energy utilization and common regional trade outlook in EU-27: Evidence from common correlated effects.
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Adedoyin, Festus Fatai, Alola, Andrew Adewale, and Bekun, Festus Victor
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ENERGY consumption , *ALTERNATIVE fuels , *RENEWABLE energy sources , *SUSTAINABLE development , *CARBON emissions , *CLIMATE change mitigation , *CARBON dioxide mitigation - Abstract
The role of low-carbon energy and trade on the environment has drawn several studies that have looked at issues from different perspectives, thus yielding differing conclusions. Considering the current emphasis on the COP25 conference and the commitment to cut down carbon emissions level, this study also draws strength from the United Nations Sustainable development Goals (UNSDGs) that comprises of positive strides for access to clean and responsible energy consumption (SDGs 7, 12) and climate change mitigation issues (SDG-13). To this end, this study is a timely outlook that underpins the case of the European Union (EU) countries as well as the root cause of anthropogenic activities on clean trajectory of global environment. Hence, we investigate the connection between alternative and sustainable energy source, trade, income and emissions in 27 selected European Union economies by utilizing data covering the period 1990–2017 on an annual frequency. We used second-generation panel model estimators to analyze the relationship between the variables in the long-run. Specifically, the long run results from the MG (Mean Group), AMG (Augmented Mean Group), and CCEMG (Common Correlated Effects Mean Group) estimators reveal that sustainable and alternative energy sources have a negative significant impact on pollutant emissions while trade and income have a positive impact on carbon emissions except that the impact of trade is insignificant. Although the positive impact of openness in trade on carbon emission is insignificant, the positive impact suggests that the free-trade policy that is currently in place in the EU should further incorporate sustainable development goals (SDGs) to avoid the outsourcing of carbon emissions among the member countries. Causality tests reveal a feedback hypothesis between renewable energy, income, trade, and carbon emanations. The investigation proposes expanded utilization of sustainable power source to mitigate carbon emissions in the European Union. • Outlook of EU-27 alternative energy and regional trade. • The panel techniques of common correlated effect is employed. • Alternative energy utilization in the regional bloc aids. • Regional trade policy in the EU could posit environmental hardship. • Real income growth in the region hampers environmental sustainability. [ABSTRACT FROM AUTHOR]
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- 2021
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25. Does psychological empowerment improve renewable energy technology acceptance and recommendation? Evidence from 17 rural communities.
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Agozie, Divine Q., Afful-Dadzie, Anthony, Gyamfi, Bright Akwasi, and Bekun, Festus Victor
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SELF-efficacy , *RENEWABLE energy sources , *SUSTAINABLE development , *CLEAN energy , *RURAL poor , *RURAL women , *PILOT projects - Abstract
This research investigates the incorporation of the Unified Theory of Acceptance and Use of Technology (UTAUT) and the Empowerment Theory into a robust construct within a Partial Least Squares-Structural Equation Model (PLS-SEM). Utilizing a cross-sectional survey approach, the study focuses on selected rural communities of Northern Ghana. The research encompasses 613 respondents, with an initial pilot study involving 80 participants. The study yields notable findings, establishing statistically significant and positive correlations between empowerment and attitude within the rural Ghanaian context. Furthermore, it identifies a significant influence of purchase intention on the propensity to recommend renewable energy technologies among rural households. These outcomes align with the principles of the Empowerment Theory and are in congruence with the United Nations Sustainable Development Goals (UN-SDGs), particularly SDG-7 (universal access to energy) and SDG-12 (responsible production and consumption). The study's implications extend to policy recommendations, specifically tailored to the unique energy landscape of Ghana. These findings contribute to a deeper comprehension of renewable energy proliferation dynamics and emphasize their crucial role in advancing sustainable development objectives and fostering responsible energy practices. [Display omitted] [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
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26. An assessment of environmental sustainability corridor: The role of economic expansion and research and development in EU countries.
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Adedoyin, Festus Fatai, Alola, Andrew Adewale, and Bekun, Festus Victor
- Abstract
Given that the European Union-28 countries proposed a target of 3% of the Gross Domestic Product on research and development (R&D) expenditure by 2020, the current study attempts to examine the role of R&D on environmental sustainability. In addition, the study further investigates the long-run and causal interaction between, renewable energy consumption, nonrenewable energy consumption, and economic growth in an ecological footprint-income function. Notably, the study incorporates research and development (R&D) expenditure to the model as an additional variable, and measures impact of each variable on ecological footprint. Empirical evidence is based on a balanced panel data between annual periods of 1997–2014 for selected EU-16 countries. The Pedroni, Johansen Multivariate and Kao tests all reveal a cointegration between ecological footprint, economic growth, research and development expenditure, renewable, and nonrenewable energy consumption. The Fully Modified and Dynamic Ordinary Least Squares models (FMOLS and DOLS) both suggest a negative significant relationship between the countries' research and development expenditure and ecological footprint in the long-run. This implies that spending on R&D significantly impacts on environmental sustainability of the panel countries. Our study affirms that nonrenewable energy consumption and economic growth increase carbon emission flaring while renewable energy consumption declines ecological footprint. The panel causality analysis reveals a feedback mechanism between ecological footprint, R&D expenditure, renewable, and nonrenewable energy consumption. We further observed a one-way causality between ecological footprint and economic growth. The current further validates that the Environmental Kuznet Curve Hypothesis (EKC) holds for this panel of EU countries examined. Effective policy implications could be drawn toward modern and environmentally friendly energy sources, especially in attaining the Sustainable Development Goals via spending on R&D. Unlabelled Image • The determinant of environmental sustainability in EU countries is examined. • R &D improves environmental sustainability in EU. • The Inverted U-Shaped (EKC-hypothesis) pattern is affirmed for the EU Countries. • Renewable energy consumption enhances cleaner ecosystem. • Energy portfolio diversification in EU is more urgently necessary than ever. [ABSTRACT FROM AUTHOR]
- Published
- 2020
- Full Text
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27. Modelling coal rent, economic growth and CO2 emissions: Does regulatory quality matter in BRICS economies?
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Adedoyin, Festus Fatai, Gumede, Moses Iga, Bekun, Festus Victor, Etokakpan, Mfonobong Udom, and Balsalobre-lorente, Daniel
- Abstract
Global warming issues have been on the front burner of most economies and Brazil, Russia, India, China and South Africa countries (BRICS) are no exception. The region has joined the rest of the world on the global strides to mitigate against global warming in terms of decoupling carbon dioxide emissions from economic growth. This is the motivation for the present study to consider the interaction between economic growth, pollutant emissions, coal rent while accounting for the role of other covariates like regulatory quality. The study is conducted in a balanced panel setting over annual frequency data from 1990 to 2014. To this end, Pooled mean group with dynamic autoregressive distributed lag [PMG-ARDL (1,1,1,1,1)] was conducted to explore the coal-rents-energy nexus. The empirical study shows that for BRICS countries, unlike coal consumption, coal rents have a significant but negative impact on CO 2 emissions. Also, in contrast to expectation, regulations on coal rents in form of carbon damage costs have a significant but positive impact on CO 2 emissions. This suggest that in line with the drive for growth by BRICS countries, and to achieve a reduction in the levels of CO 2 emissions for green growth and sustainable development, more stringent environmental-energy-related regulations are inevitable. Thus, for policymakers it is vital to reinforce the use of stringent regulations as these economies opens up to more use of coal energy. However, the need to shift, the energy mix in BRICS to renewables is pertinent in a time of global environmental consciousness for cleaner energy sources and environmentally friendly ecosystem. Unlabelled Image • BRICS economies were investigated on coal rent, economic growth and CO 2 emissions. • Unlike coal consumption, an increase in coal rents does not increase CO 2 emissions in BRICS countries. • Energy diversification in BRICS economies can abate global dwindling energy market. • Environmental sustainability is achieved by decoupling CO 2 from GDP in BRICS economies. [ABSTRACT FROM AUTHOR]
- Published
- 2020
- Full Text
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28. Spatiotemporal influencing factors of energy efficiency in 43 european countries: A spatial econometric analysis.
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Quito, Byron, del Río-Rama, María de la Cruz, Álvarez- García, José, and Bekun, Festus Victor
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ENERGY consumption , *ENERGY intensity (Economics) , *RENEWABLE energy sources , *ENERGY development , *SUSTAINABLE development , *CONSUMPTION (Economics) - Abstract
The increase in consumption and the increase in the use of resources linked to increasing human activity puts both energy security and sustainability at risk, which has led to a global restructuring of the policy agenda to ensure and integrate environmental well-being through channels such as energy efficiency (EE). Bearing this in mind, the objective of this research is to analyze the relationship between energy efficiency, renewable energy and financial development? For this reason, an analysis is conducted, which includes energy intensity measured by the Gross Domestic Product (GDP) per unit of energy use as a measure of efficiency for 43 European countries (period 1990–2019). The objective is to observewhether the use of renewable energy and the investments being made are driving economies towards higher EE and sustainable economic growth. The present study leverages on spatial econometrics models, which allow for the analysis of spillovers between economies. The results obtained allow us to observe the existence of spatial autocorrelation of EE between countries in Europe. Secondly, it is observed that the use of renewable energies promotes EE in neighbouring economies, as well as in the return effect. On the other hand, financial development shows that only the institutional component favours EE by generating a return effect on the economy itself, while the stock market component deteriorates the EE of neighbouring economies and on the same economy. Therefore, the analyzed data shows that the use of renewable energies promotes the improvement of EE and that being close to countries that replace the use of traditional energies with alternative sources has a positive effect on national EE. These mechanisms would allow policy makers to develop mechanisms for greener and more sustainable development, while encouraging efficient energy use. • The indirect effects of the nexus of renewable energy and financial development on energy efficiency for the EU bloc are explored. • The present study explores the use of robust Spatial Durbin Model (SDM). • Renewable energies promote energy efficiency in neighbouring economies. • Financial development shows that only the institutional component favours energy efficiency. • Green growth policies should be pursued in EU bloc energy mix. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
29. Environmental consequences of economic complexities in the EU amidst a booming tourism industry: Accounting for the role of brexit and other crisis events.
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Fatai Adedoyin, Festus, Agboola, Phillips O., Ozturk, Ilhan, Bekun, Festus Victor, and Agboola, Mary Oluwatoyin
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- *
ECONOMIC impact , *TOURISM , *BRITISH withdrawal from the European Union, 2016-2020 , *CARBON emissions , *KUZNETS curve - Abstract
The European Union (EU) is one of the strongest, but most complex unions in the world with a competitive tourism industry. The aim of this study, therefore, is to account for economic complexity index (ECI), Brexit and other crisis episodes in the growth-energy-emissions nexus. Theoretically, the traditional Environmental Kuznets Curve (EKC) model is assessed by adopting a One-step System Generalized Method of Moment (Sys GMM) on data for 26 EU member states over the period from 1995 to 2018. For the first time, an EU-macro regional analysis is conducted with and without the UK. Empirical results reveal that an increase in tourism, real GDP per capita, and energy use across the four EU macro regions leads to increase in carbon emission. In some regions, it was observed that tourism, ECI, Brexit, and the Greece bailout have no significant impact on carbon emission. This suggests that the increase in international travel, complexity of the economy, and financial crisis do not accelerate environmental crisis in such regions. However, where such factors are statistically significant, Brexit and the Greece bailout crisis both heighten emissions. Particularly, when the UK is excluded, Brexit and the Greece bailout crisis increase and reduce emissions, respectively. The EKC hypothesis, however, holds in either scenario. Based on these empirical findings, vital policy directions are suggested for a post-Brexit EU-UK energy and environmental relations. • We examined ECI, Brexit and other crisis episodes in the growth-energy-emissions nexus. • An increase in tourism, real GDP per capita, and energy use lead to increase in carbon emission. • In some regions, tourism, ECI, Brexit, and the Greece bailout have no significant impact on carbon emission. • When the UK is excluded, Brexit and the Greece bailout crisis increase and reduce emissions, respectively. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
- View/download PDF
30. The anthropogenic consequences of energy consumption in E7 economies: Juxtaposing roles of renewable, coal, nuclear, oil and gas energy: Evidence from panel quantile method.
- Author
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Gyamfi, Bright Akwasi, Adedoyin, Festus Fatai, Bein, Murad A., Bekun, Festus Victor, and Agozie, Divine Q.
- Subjects
- *
NUCLEAR energy , *ENERGY consumption , *COAL , *ENVIRONMENTAL quality , *PETROLEUM industry , *AUTOMOBILE emissions - Abstract
The emerging industrialized seven (E7) economies are not excluded from the global warming issues which is a major problem for most economies. The E7 member countries have partaken in policies to mitigate against global warming in terms of decoupling CO 2 emission from economic growth trajectory in the highlighted economies. It is on this premise that the present study is motivated to consider the connection among economic growth, pollutant emissions, coal rent while accounting for the role of other co-variates such as CO 2 damage and energy from a nuclear energy source, oil gas energy between 1990 and 2016 on an annual frequency. This study adopts the use of panel ordinary least squares alongside panel quantile regression to explore the coal rent-energy and environment nexus. The empirical result shows a positive and significant effect of both real GDP and coal rent on CO 2 emissions. More precisely, a 1% increase in GDP growth increases pollution emission by 0.400% while for coal rent, an increase in coal consumption dampens environmental quality by 0.088% as reported by the panel regression which is resonated by the quantile regression estimations at different tails of the data. Nevertheless, we observe that 0.95 percentile GDP growth strongly contributes to environmental pollution while at the median tail i.e. 0.5 percentile renewable energy consumption dampens the adverse effect of environmental degradation. Additionally, renewable energy, on the other hand, was found a negative and significant impact on CO 2 emissions in E7 countries as a 1% increase in renewable energy consumption improves environmental quality by 0.588% Moreover, the estimated results indicate that regulation of coal consumption through the rent in addition to the cost of carbon damage will further increase the CO 2 emissions in E7 countries. This study implies that putting stringent regulations on coal consumption as it concerns the increasing cost of carbon damage will not be of help to environmental sustainability within the E7 economies. The adoption of renewable energy consumption, nuclear energy, oil energy will reduce CO 2 emissions in E7 countries. Thus, suggesting a paradigm shift for low-carbon energy sources which are more environmentally friendly. [Display omitted] • We explore the nexus between renewables, nuclear, coal, oil, gas energy on CO 2 emission in E7. • Coal rent and renewable energy decreases CO 2 emission in E7 countries. • Energy diversification in the E7 countries can abate global dwindling energy market. • Environmental sustainability is obtained by decoupling CO 2 emission from economic growth. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
- View/download PDF
31. The criticality of growth, urbanization, electricity and fossil fuel consumption to environment sustainability in Africa.
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Asongu, Simplice A., Agboola, Mary Oluwatoyin, Alola, Andrew Adewale, and Bekun, Festus Victor
- Abstract
While most African economies are primarily sandwiched with the seemingly unsurmountable task of attaining consistent economic growth and unhindered energy supply, the enormous threat posed by environmental degradation has further complicated the economic and environmental sustainability drive. In this context, the present study examines the effect of economic growth, urbanization, electricity consumption, fossil fuel energy consumption, and total natural resources rent on pollutant emissions in Africa over the period 1980–2014. By employing selected African countries, the current study relies on the Kao and Pedroni cointegration tests to cointegration analysis, the Pesaran's Panel Pooled Mean Group-Autoregressive distributive lag methodology (ARDL-PMG) for long run regression while Dumitrescu and Hurlin (2012) is employed for the detection of causality direction among the outlined variables. The study traces long run equilibrium relationships between examined indicators. The ARDL-PMG results suggest a statistical positive relationship between pollutant emissions and urbanization, electricity consumption and non-renewable energy consumption. Dumitrescu and Hurlin (2012) Granger causality test lends support to the long-run regression results. A bi-directional causality is observed between pollutant emissions, electricity consumption, economic growth and pollutant emissions while a unidirectional causality is apparent between total natural resources rent and pollutant emission. Based on these results, several policy implications for the African continent were suggested. (a) The need for a paradigm shift from fossil fuel sources to renewables is encouraged in the region (b) The need to embrace carbon storage and capturing techniques to decouple pollutant emissions from economic growth on the continent's growth trajectory. Further policy insights are elucidated. Unlabelled Image • Investigation of environmental degradation in selected African countries • Long and short-run pollutant emissions decomposition in Africa • Economic growth-pollutant emission directional causality has a feedback. • Urbanization, electricity consumption and fossil fuel positively impact pollutant emission. • Energy portfolio diversification in Africa is more urgently necessary than ever. [ABSTRACT FROM AUTHOR]
- Published
- 2020
- Full Text
- View/download PDF
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