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Recent and ongoing regulatory efforts of the European Commission have made sustainable investments a relevant topic for the broader public. Likewise, the economy itself and the financial markets within the European Union are in transition to support the overall goal of climate neutrality by 2050. Scientific research mostly focused on professional or institutional investors, hardly on retail investors. This study aimed to investigate whether there are significant gender differences in prospective retail investors' knowledge, experience, and preference for sustainable investment (SI). The research was based on data from a survey conducted by the Portuguese Securities Market Commission at the end of 2020, containing a general section on investments in securities as well as a section dedicated to sustainable investments. To test the hypothesis of equalness, chi-square tests were applied. In the second step, multinomial logit regression testing and marginal effects were computed to identify determinants of sustainable investment knowledge and experience. The results proved that there are gender differences in the knowledge of sustainable investing. Well-known gender differences in general investment knowledge and behavior were confirmed. [ABSTRACT FROM AUTHOR]

The objective of this study is to contribute to the knowledge about the relationship between financial inclusion and credit risk in the Southern African Development Community (SADC) countries, which remains relatively unexplored in the developing countries context. The result of panel vector autoregressive models (PVAR) estimation shows that there is no bidirectional causality between financial inclusion and credit risk, but there is unidirectional causality where financial inclusion improves credit risk. Furthermore, the feasible generalised (FGLS) estimation result confirms that financial inclusion reduces credit risk. Policymakers in SADC countries should implement measures that foster financial inclusion to achieve financial stability. [ABSTRACT FROM AUTHOR]

The connection between Earth's global temperature and carbon dioxide (CO2) emissions is one of the highest challenges in climate change science since there is some controversy about the real impact of CO2 emissions on the increase of global temperature. This work contributes to the existing literature by analyzing the relationship between CO2 emissions and the Earth's global temperature for 61 years, providing a recent review of the emerging literature as well. Through a statistical approach based on maximum entropy, this study supports the results of other techniques that identify a positive impact of CO2 in the increase of the Earth's global temperature. Given the well-known difficulties in the measurement of global temperature and CO2 emissions with high precision, this statistical approach is particularly appealing around climate change science, as it allows the replication of the original time series with the subsequent construction of confidence intervals for the model parameters. To prevent future risks, besides the present urgent decrease of greenhouse gas emissions, it is necessary to stop using the planet and nature as if resources were infinite. [ABSTRACT FROM AUTHOR]

Using a unique or common measure of energy poverty is very limited for the true classification of a household being in energy poverty. Thus, this study proposes a composite indicator, whose weights will be determined from the estimation of two relationships using a robust and stable methodology based on information theory. This work considers two regression models, where the two dependent variables are the gross domestic product and greenhouse gas, and the 12 energy poverty explanatory variables are based on those proposed by Recalde et al. (Energy Pol 133:110869, 2019. https://doi.org/10.1016/j.enpol.2019.07.005), for the period 2008–2018. Hence, the study presents a more comprehensive measurement with additional dimensions, weights, and indicators. Probably most important, in addition to the discussed proposal with a specific choice of models and variables, this work reveals a promising methodology that can be replicated in any other theoretical configuration. This approach is suitable for the discussion and design of new energy, environmental and social policies. Findings can be used to assess in advance the effectiveness of energy poverty measures, turning the model into a valuable policy tool. [ABSTRACT FROM AUTHOR]

Although a few studies have analyzed the nexus of renewable energy and green finance, the literature lacks the use of renewable energy by sources. The other major failure is that it uses only annual and small data. Therefore, this study investigates the connectedness and spillovers relationship between green finance and five types of renewable energy (biofuels, fuel cell, geothermal, solar, and wind) by applying the novel TVP-VAR method of Balcilar et al. [1] to the daily indexes from July 31, 2014, to Feb 4, 2022. The results show that dynamic connectedness, both total and pairwise, is heterogeneous over time and influenced by economic events. Furthermore, wind is found to be the largest transmitter of shocks to green finance, followed by biofuels, while both fuel cell and geothermal receive the least shocks. The findings suggest that green finance is mostly a net receiver of shocks from renewable energy sources and that wind has been a net receiver of shocks during the COVID-19 pandemic. A high interconnectedness between the indexes highlights the safe-haven property for diversification purposes of green finance. Our results are important for energy policymakers, those responsible for the implementation of environmental policies, individual investors, and portfolio managers, while also shedding light on the achievement of COP26 goals. • The study aims to analyze the spillovers and connectedness relationship between green and renewable energy sources. • Five types of renewable energy (biofuels, fuel cell, geothermal, solar and wind) are considered. • The novel method TVP-VAR is applied on a daily data. • Dynamic connectedness is heterogenous over time. • Green finance is mostly a net receiver of shocks from renewable energy sources. [ABSTRACT FROM AUTHOR]

• Impacts of export quality on economic progress are examined. • The role of economic complexity for economic growth is investigated. • 28 OECD country's data is utilized from 1990 to 2019. • Export quality and economic complexity induce sustainable growth. • Institutional quality is a significant determinant for economic growth. It is important to unearth the role of structural change factors for sustainable growth in developed economies. Economic complexity, export product quality, and institutional indicators represent the overall structural change and transformation in an economy. This paper probed the influence of export product quality and economics of complexity on economic growth for 28 OECD (Organization for Economic Co-operation and Development) countries using the data from 1990 to 2019. In doing so, the study employs three-panel data econometric models to investigate the role of economic complexity, export quality, and institutional quality on economic development. The paper performs the empirical tests, including the cross-sectional related dependency methods and cointegration techniques. As per the results emerging from fully modified OLS (FMOLS) and dynamic OLS (DOLS) estimation, export quality and financial development positively and significantly strongly impact growth in the long run. The empirical conclusions report detailed discussion on sustainable growth and discuss novel implications concerning product quality and institutional performance. The conclusions stress the practical implications for sustainable economic growth of OECD economies. [ABSTRACT FROM AUTHOR]

Monetary policy ensures the financial system stabilization. Financial inclusion, characterized by the access and use of available financial services (credit, savings, payments, insurance at a low cost), by a broader population, may explain the effectiveness of the monetary policy, especially in developing countries. The objective of this study is to carry out a comparative analysis between the countries of Sub-Saharan Africa (SSA) and the countries of Latin America and the Caribbean (LAC), on the causal relationship between financial inclusion and monetary policy, as well as to assess the impact of financial inclusion over monetary policy. To support our study, we applied the panel vector autoregressive (PVAR) methodology, simple panel data models, and a feasible generalized least squares (FGLS) model. Results provide strong evidence of the existence of reverse causality between financial inclusion and monetary policy in both SSA and LAC, with monetary policy facilitating financial inclusion in both regions. Financial inclusion increases the effectiveness of monetary policy in SSA, while for LAC financial inclusion improves the efficiency of monetary policy. Thus, increased access to and use of financial services increase the efficiency of monetary policy in controlling inflation. Governments are encouraged to design or enhance policies that expand financial services, as well as to promote investment in financial inclusion in developing countries, to maintain the monetary system stability. [ABSTRACT FROM AUTHOR]

This study breaks down carbon emissions into six effects considering the current Top 23 countries group on renewable energies, afterwards divided into two different groups (the TOP countries in Europe and the remaining group entering into the Top 23 countries included in the category Rest of the World). It analyses the effects evolution using a larger available data span that runs from 1985 until 2011, to determine which of the effects had more impact over changes of CO 2 emissions. The complete additive decomposition technique was used to examine carbon dioxide (CO 2 ) emissions and its components. Moreover, it is performed a comparative analysis to contrast their performance, and a decoupling analysis is presented. For the 1985–2011 period results point for different positive and negative impacts in the behavioral change of CO 2 emissions throughout Europe as compared to the Rest of the World. Moreover, the productivity of renewable sources and the financial development effect in renewable electricity generation per GDP are the main responsible for the total and negative changes of CO 2 emissions in the last decade; whereas an increase in total changes of emissions are observed due to the fossil fuel energy consumption effect. The multiplicative cross effect, into these two important effects in CO 2 emissions decomposed, indicate an aggregate proxy effect of the energy technology level of a country's economy. [ABSTRACT FROM AUTHOR]

The Paris Agreement on climate change is the first international climate agreement that extends mitigation obligations to all countries. Accordingly, the EU has already put in place some policy measures to decrease CO 2 and GHG emissions from cars, e.g. the obligation of each Member State to provide information on the fuel-efficiency of new passenger cars, namely on fuel consumption and CO 2 emissions. In Portugal, in 2013, the transport sector was responsible for 33.3% of energy consumption with the road transport accounting for 95% of this percentage. Furthermore, the transport sector was also responsible for 34.7% of CO 2 emissions, a value highly concentrated in the major cities. To improve significant reductions on emissions in the transport sector, the Government has introduced several energy efficiency measures. Although there are many countries that have introduced special programs aimed at increasing vehicle replacement through new low-carbon vehicles purchases, little attention has been paid to their impact on sales and prices. Using a completely unexplored database of sales regarding new cars sold in Portugal during the period of 2002 and 2016 we have explored the evolution of average CO 2 emissions and sales considering different types of new cars sold (gasoline, diesel and electrical) in terms of descriptive statistics. We have also applied multiple regression models using macroeconomic variables able to justify changes in terms of both sales and emissions. Results demonstrate that including macroeconomic effects, household characteristics and city specificities are important for both emissions and sales explanatory behaviour that allow inferring how policy makers should redirect attention when formulating new policies regarding environmental performance. [ABSTRACT FROM AUTHOR]

This article aims to estimate the efficiency of 26 different European Countries over 2001 and 2012 comparing their performance. Data Envelopment Analysis technique is used in a first step to evaluate the performance of each European country. The output-oriented model was used with two specifications (Variable and Constant Returns to Scale) including as inputs labour and capital productivity, the weight of fossil energy and the share of renewable energy in GDP (gross domestic product), being the output GDP per GHG (greenhouse gases) emissions. In a second step, the quantile regression technique was used, to explain different efficiency scores through variables as Environmental Taxes Revenues, Resources Productivity and Domestic Material Consumption. Results indicate that share of renewables and non-renewable energy sources are important to explain differences in emissions. They suggest a significant change in the trend of economic and environmental efficiency in European countries and put forward the high disparities existing among them. Policy recommendations point for the need of higher steps if the goal is to equal countries efficiency scores. Moreover, environmental tax revenue effects are negatively stronger in less efficient countries, whereas also exerting negative influence over those more eco-efficient. Transport taxes affect negatively more eco-efficient countries and positively less eco-efficient countries. Energy taxes only seem to positively influence the lower eco-efficient countries. There is also evidence for a negative premium of efficiency considering domestic materials consumption. Finally, resources productivity shows a positive and significant influence independently of the country technical eco-efficiency level. [ABSTRACT FROM AUTHOR]

This study breaks down carbon emissions into six effects within the 15 European Union countries group (EU-15) and analyses their evolution in four distinct periods: 1995-2000 (before European directive 2001/77/EC), 2001-2004 (after European directive 2001/77/EC and before Kyoto), 2005-2007 (after Kyoto implementation), and 2008-2010 (after Kyoto first stage), to determine which of them had more impact in the intensity of emissions. The complete decomposition technique was used to examine the carbon dioxide (CO) emissions and its components: carbon intensity (CI effect); changes in fossil fuels consumption towards total energy consumption (EM effect); changes in energy intensity effect (EG effect); the average renewable capacity productivity (GC effect); the change in capacity of renewable energy per capita (CP effect); and the change in population (P effect). It is shown that in the post Kyoto period there is an even greater differential in the negative changes in CO emissions, which were caused by the negative contribution of the intensity variations of the effects EM, GC, CP and P that exceeded the positive changes occurred in CI and EG effects. It is also important to stress the fluctuations in CO variations before and after Kyoto, turning positive changes to negative changes, especially in France, Italy and Spain, revealing the presence of heterogeneity. Moreover, the positive effect of renewable capacity per capita and the negative effect of renewable capacity productivity are the main factors influencing the reduction in CO emissions during the Kyoto first stage. It is possible to infer from the results that one of the ways to reduce emissions intensity will be by increasing the renewable capacity and the productivity in energy generation and consequently through the reduction of the share of the consumption of fossil fuels. [ABSTRACT FROM AUTHOR]

By considering a panel dataset between 1995 and 2019 including several countries in South America and methodologically using the fixed effect and GMM methods in first differences, the authors sought to empirically determine the relationship between traditional energy consumption, renewable energy consumption, and economic growth. The results show that the two main variables studied (fossil energy consumption and renewable energy consumption) are statistically significant and contribute to economic growth per capita in all nine South American countries studied. Furthermore, it should be noted that this significance persists in the four models discussed in this study, demonstrating a link between the positive economic impact of reducing traditional energy consumption and increasing renewable energy consumption in the South American countries studied. This article also contributes to the existing literature by highlighting the fundamental role of gross capital formation, labor force participation, and tertiary school enrollment in the economic growth of these countries. Two rather small effects on the aforementioned growth are the corruption perception index and domestic lending to the private sector by banks. This paper calls on policymakers to reconsider increasing energy production using renewable sources and to promote measures for its consumption. [ABSTRACT FROM AUTHOR]

This empirical work examines interactions between carbon, electricity and fossil fuel (coal, oil and natural gas) returns. Impacts of emission trading are studied with the Vector Error Autoregressive Correction Model (VECM) approach, for 5 endogenous variables, using monthly data from October 2005 to October 2009, throughout Europe (Germany, France and Nordic countries), by taking into account their heterogeneity. Results reveal that nuclear power generation could limit increases in prices of electricity and that the effect of carbon depends on the energy mix and electricity deregulation stage of the country under analysis. It seems that in the European Energy Exchange (EEX) more carbon coercion was undergone and innovations in carbon are stronger in electricity prices. In sum, carbon constraints on the cost of coal and electricity production depend on the country analyzed, which addresses an answer to the impact of the recently created European Union Emission Trading System (EU ETS). In this respect, it also provides further development directions of the EU ETS, while recognizing its features and effects on other energy markets, drawing some lessons in terms of domestic policies. [ABSTRACT FROM AUTHOR]

This study aims to evaluate the economic and environmental efficiency of Asian and African economies. In the model proposed, Gross Domestic Product (GDP) is considered as the desired output and Greenhouse Gases (GHG), like carbon dioxide (CO2) emissions, as the undesirable output. Capital, labor, fossil fuels, and renewable energy consumption are regarded as inputs, and the GDP/CO2 ratio is the output, by using a log-linear Translog production function and using data from 2005 until 2018, including 22 Asian and 22 African countries. Results evidence cross-countries heterogeneity among production inputs, namely labor, capital, and type of energy use and its efficiency. The models complement each other and are based on different distributional assumptions and estimation methods while providing a picture of Eco-efficiency in Asian and African economies. Labor and renewable energy share increase technical Eco-efficiency, while fixed capital decreases it under time-variant models. Technical improvements in Eco-efficiency are verified through time considering the time variable into the model estimations, replacing fossil fuels with renewable sources. An inverted U-shaped Eco-efficiency function is found concerning the share of fossil fuel consumption. Important policy implications are drawn from the results regarding the empirical results. [ABSTRACT FROM AUTHOR]

The G7 countries consist of some of the world's most economically developed nations. However, alongside such robust economic growth performances, the environmental qualities in these countries have simultaneously aggravated to raise deep concerns among the stakeholders. Hence, this study is designed to empirically examine the environmental effects of nuclear and renewable energy consumption, economic complexity, and economic growth in the context of the G7 countries for the period between 1995 and 2016. To ensure novelty, this study considers carbon footprints along with carbon dioxide emissions to measure environmental quality in the context of the G7 nations. The results reveal that although nuclear energy consumption is effective in mitigating carbon dioxide emissions and carbon footprints in the long run, renewable energy consumption degrades the environment in the G7 countries. Besides, the results also suggest that the G7 countries can transform their production processes in an environmentally friendly manner provided they can undergo a clean transition in energy use. Finally, economic growth is evidenced to be detrimental for the environment since higher economic growth levels are seen to boost both carbon dioxide emission and carbon footprint levels. Therefore, in line with the findings, this study recommends the G7 countries to significantly enhance their nuclear and renewable energy consumption levels, increase their economic complexity indices, and integrate environmental welfare policies within their economic growth strategies. • Determinants of CO 2 emissions and carbon footprints are evaluated in G7 countries. • Renewable energy use boosts CO 2 emissions and carbon footprints. • Nuclear energy use curbs CO 2 emissions and carbon footprints. • Economic complexity reduces CO 2 emissions and carbon footprints. • Economic growth stimulates CO 2 emissions and carbon footprints. [ABSTRACT FROM AUTHOR]

Sectors contribute differently to the total level of CO 2 emissions per capita, since they are heterogeneous in terms of GDP structure. This work investigates the Environmental Kuznets Curve hypothesis considering a set of twelve of the fourteen OPEC countries. It contributes to previous literature exploring the Environmental Kuznets Curve relationship by analysing how economic activity sector diversification impacts the relationship between economic growth and carbon emissions, addressing an important identified gap. To address this gap, annual data from 1992 to 2015 is used. A panel cross-section analysis is provided between countries, and for the seven considered sectors, is estimated through panel corrected standard errors and convergence estimations are presented. Conclusions point to the relocation of pollution-intensive sectors to almost all of the OPEC countries. For all countries, a U-shaped relationship is evidenced, implying that economic growth in oil-producing and exporting countries increases environmental degradation. While energy consumption increases environmental damage, trade openness seems to have a significant and negative effect over emissions, leading to environmental improvements. This study points out that OPEC countries will have increased challenges facing them in terms of environmental degradation and only a few economic activity sectors can conduct environmental improvements through growth. The inclusion of oil prices increased coefficients magnitude. Probably these sectors are already allocating more labour and capital in projects and investments on renewable energy, energy efficiency and energy savings, substituting fossil fuels like oil. • Economic activity sectors diversification influences EKC hypothesis?. • Different degrees of environmental awareness are evidenced by sector. • Trade openness reveals to have a significant and negative effect over emissions. • Deterministic and stochastic convergence differences in sectors and countries. • Relocation of pollution-intensive sectors to almost all of the OPEC countries needed. [ABSTRACT FROM AUTHOR]

Energy literacy is a concept which is not widely known by the public; however, it has captured the attention of several researchers in recent years. Concerning the assessment of energy and financial knowledge and people's attitudes, intentions and behavior, it provides a global view of people's knowledge, feelings, concerns and habits related to energy usage. Since energy is such an important resource in our daily lives, we can hardly imagine living without it. Moreover, considering that its production often requires the use of limited resources and leads to the worsening of already existing environmental problems, finding ways to alert consumers to the efficient management of their consumption is an urgent need. Therefore, in this article, we aimed to evaluate energy literacy levels, considering all the dimensions mentioned above, and search for the determinants of these levels. As an added novelty, we also aimed to determine the role of financial knowledge on energy literacy dimensions. After distributing a questionnaire to the university community in Portugal, we found good levels of energy literacy, despite moderate levels of energy and financial knowledge. Gender seems to be a determinant of all energy literacy dimensions, and financial knowledge has a positive and significant impact on energy knowledge. [ABSTRACT FROM AUTHOR]

This study investigates the dynamic interdependence between CO 2 emissions, real gross domestic product (GDP), renewable and non-renewable energy generation, urbanization, and export quality for both the top ten renewable energy and top ten economic complexity index (ECI) countries. The techniques of panel cointegration, long-run FMOLS, DOLS, and Granger causality are used spanning the period 1980–2014. Long-run estimates suggest that, for the top ten renewable energy countries, only renewable energy generation contributes to mitigating CO 2 emissions, while the other variables lead to increase emissions levels in the long-run. However, for the case of leading complex economies, the empirics highlighted the significant role of renewable energy in carbon mitigation. Exports quality leads to decrease emissions level and real GDP, non-renewable energy and urbanization contribute to the rise in emissions. Interestingly, for the top ten renewable energy countries, Granger causality analysis mentioned a two-ways short-run relationship between renewable energy generation and export quality and one-way causality from export quality to CO 2 emissions. The findings mention that adopting clean technologies using renewable energy might act as a key tool for export quality improvement and mitigation of CO 2 emissions. Results are related to Sustainable Development Goals (SDG-7: using more renewable, affordable energy; SDG-8: sustainable economic growth and decent employment for all, SDG-13: regulating emissions and promoting renewable energy) and discussed in this sense. • Dynamic interdependence between CO 2 emissions, energy generation, and exports quality is examined. • Panel data is used for renewable energy and economic complexity countries. • Export quality tend to have positive effects on CO 2 emissions. • Non-renewable energy induces pollution levels. • Renewable energy mitigates CO 2 emissions. [ABSTRACT FROM AUTHOR]

An integrated (statistical, econometric, and economic) analysis is conducted of two relevant financial performance measures—return on assets (ROA) and return on equity (ROE)—for 958 construction companies from eight EU countries between 2004 and 2013. The methodology can be readily applied to any country, region, or even the entire global construction sector. Findings indicate that companies fromWestern EU countries have higher ROE compared to companies from Eastern EU countries, but the latter offered higher ROA. Inverse of short-term debt has a high explanatory capacity in the long run. Investment productivity and labor productivity are also instrumental in explaining the variance of inverse of long-term debt. These findings indicate that companies should increase their productive investments when faced with a crisis. The majority of findings are consistent with recent research. The results are important for academics, investors, and managers because knowledge about variables, factors, and mutual influences allows better forecasts and better short-term and medium-term actions and strategies. [ABSTRACT FROM AUTHOR]

The literature has mainly relied on an annual and short span of data to analyze the relationship between energy, environmental and financial indicators. This study analyzes the relationship between energy efficiency, energy research, pollution mitigation, and FinTech by applying two novel methods-the causality test in the frequency domain [11] and the causality test in the time domain (Shi et al., 2018; 2020)- on the daily data from June 17, 2016 to November 16, 2021. Empirical results from the frequency domain test report that pollution mitigation temporarily causes energy efficiency only in the short run while energy efficiency Granger causes it in the short, medium, and long run. Furthermore, energy efficiency can predict FinTech in the short, medium, and long-run; on the other way, FinTech Granger causes energy efficiency in the long and medium run, suggesting a permanent causality relationship. Empirical results from the time-varying test show a bidirectional relationship between energy efficiency, and environmental and financial variables, especially with very high significant episodes around the recent pandemic collapse. Policymakers should promote the launch of financial technologies that will provide finance through green bonds for energy efficiency improvements as well as energy efficiency improvements for pollution mitigation. Further policy implications are discussed in the study. • The study analyzes the nexus between energy efficiency, pollution and FinTech. • The novel time-varying Granger causality test is employed. • The results show bidirectional causality among the variables during most periods. • The pandemic period is worth to focus in terms of causality checking. [ABSTRACT FROM AUTHOR]

Despite the growing influence of air pollution on people's behaviour, little attention has been given to visitors' behavioural intentions towards air pollution episodes. Understanding visitors' behaviours is crucial in developing effective marketing strategies and preventing damaging consequences for both visitors and destinations. This paper presents a segmentation analysis based on visitors' behavioural intentions towards a hypothetical episode of air pollution, based on a visitor survey (N = 625) applied over the Central Region of Portugal. Two clusters with different behavioural intentions were obtained. Differences were found between groups regarding attitudes towards the environment, risk perceptions, travel behaviour and sociodemographic profile. [ABSTRACT FROM AUTHOR]

Abstract The decarbonization of the Portuguese electricity system, currently around 50% renewable-based, is undergoing with the commitment to reach 60% of renewable electricity share by 2020. Because of this, the phase-out of the two remaining coal-fired power plants has been receiving close attention, as they currently contribute to about one-fifth of the total electricity generation and two-thirds of the CO 2 emissions in the power sector. This work assesses the impact of eliminating coal-fired generation from the Portuguese electricity system without replacing it, and explores a cleaner supply alternative achievable before 2025. Coal phase-out without substitution results in slightly increased CO 2 emissions for the atmosphere if one assumes that the required additional imports are of carbon-intensive electricity, leading to the need of adding clean power capacity to the system. It is shown that coal plants could be replaced by about 8 GW of photovoltaics if accompanied by a modest increase in the already existing hydro pump capacity. In this case, the renewable electricity share increases to 77%, and carbon footprint decreases by 56%. Graphical abstract Image 1 Highlights • Coal power plants still supply a fifth of the Portuguese electricity demand. • Coal power plants phase-out is tested, considering alternative supply sources. • Coal phase-out slightly increases CO 2 emissions assuming carbon intensive imports. • Photovoltaics coupled with hydro pump can replace coal (−56% of CO 2 emissions). • Photovoltaics with storage increases renewable electricity share from 50 to 77%. [ABSTRACT FROM AUTHOR]