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Gulf Cooperation Council (GCC) members have recently experienced rapid environmental degradation. Although there has been a boom in studies investigating the causes of environmental degradation, little is known about the drivers of maritime sustainability. This study examines the impacts of economic freedom and human capital on the fishing grounds footprint in GCC countries between 2000 and 2021. To account for potential heterogeneity and nonnormal distribution of the data, the study implements the Method of Moments Quantile Regression (MMQR). The empirical investigation suggests interesting findings. First, the analysis confirms the Marine Environmental Kuznets Curve across GCC countries, with a turning point of $38,177 per capita. In addition, the population has long-term detrimental effects on the fishing grounds footprint. Economic freedom and financial development have also deteriorated maritime sustainability, but only for low and medium quantiles. These factors are neutral for high levels of maritime degradation. Furthermore, improved human capital contributes to maritime sustainability in the long-run. Finally, the adverse repercussions of economic freedom are reduced by improved human capital and environmental awareness.
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Conservación de los Recursos Naturales , Explotaciones Pesqueras , Explotaciones Pesqueras/economía , Humanos , Medio OrienteRESUMEN
Several governance regulations have been adopted in European countries to promote environmental sustainability, such as environmental taxation and environmental disclosures in financial reports. In this context, this paper examines the linkage between environmental taxation, International Financial Reporting Standards (IFRS), and environmental sustainability in European countries from 1994 to 2018. Unlike earlier empirical studies, the present work is the first to assess the impact of environmental taxation and IFRS adoption on consumption-based carbon emissions. In order to yield valid and reliable outcomes, the modern econometric method that is vigorous to cross-sectional dependence and slope heterogeneity was employed. Likewise, the study uses the novel method of moment quantile regressions (MMQR). The MMQR outcomes illustrated that environmental taxation significantly negatively affects consumption-based emissions in European countries, indicating that environmental taxation has a positive effect on the ecological sustainability. Besides, the findings show that IFRS negatively affects consumption-based emissions, while economic growth positively affects the level of consumption-based emissions. Therefore, European governments must use fiscal and financial policies to mitigate ecological pollution. Moreover, more environmental, social, and governance (ESG) disclosure in European industries could also help promote environmental sustainability in European countries.
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Impuestos , Europa (Continente) , Carbono , Política Ambiental , Contaminación AmbientalRESUMEN
In an exploration of environmental concerns, this groundbreaking research delves into the relationship between GDP per capita, coal rents, forest rents, mineral rents, oil rents, natural gas rents, fossil fuels, renewables, environmental tax and environment-related technologies on CO2 emissions in 30 highly emitting countries from 1995 to 2021 using instrumental-variables regression Two-Stage least squares (IV-2SLS) regression and two-step system generalized method of moments (GMM) estimates. Our results indicate a significant positive relationship between economic growth and CO2 emissions across all quantiles, showcasing an EKC with diminishing marginal effects. Coal rents exhibit a statistically significant negative relationship with emissions, particularly in higher quantiles, and mineral rents show a negative association with CO2 emissions in lower and middle quantiles, reinforcing the idea of resource management in emissions reduction. Fossil fuels exert a considerable adverse impact on emissions, with a rising effect in progressive quantiles. Conversely, renewable energy significantly curtails CO2 emissions, with higher impacts in lower quantiles. Environmental tax also mitigates CO2 emissions. Environment-related technologies play a pivotal role in emission reduction, particularly in lower and middle quantiles, emphasizing the need for innovative solutions. These findings provide valuable insights for policymakers, highlighting the importance of tailoring interventions to different emission levels and leveraging diverse strategies for sustainable development.
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Dióxido de Carbono , Desarrollo Económico , Dióxido de Carbono/análisis , Combustibles Fósiles , Conservación de los Recursos Naturales , Gas NaturalRESUMEN
The global increase in temperature and climate change signals the need for humanity to reduce greenhouse gas emissions and to adopt eco-friendly lifestyles. The 2023 United Nations Climate Change Conference (COP28) in the UAE emphasized this, urging nations to commit to the Paris Agreement and pursue a greener, carbon-free future. In recent decades, climate change has become a critical issue, primarily because of the extensive use of fossil fuels and conventional energy resources. Economic growth has led to an increase in energy consumption and widespread environmental damage. The present study empirically explores whether any changes in environmental governance, economic complexity, geopolitical risk, and the interaction term influence energy transition and environmental stability in OECD economies over the period 1990-2021. Novel econometric methods, including Westerlund co-integration and the Method of Moments Quantile Regression (MMQR), are employed to address complexities such as cross-sectional dependency and panel causality. The key findings from the MMQR technique showed a positive link between environmental governance and economic complexity in driving sustainable energy transitions, thus bolstering environmental resilience in OECD countries. However, economic complexity counterbalances environmental stability. Significantly, geopolitical risk acts as a moderating variable, enhancing the effects of governance and complexity on sustainable energy practices and environmental stability. Based on these insights, this study recommends strategic initiatives, including investment in eco-friendly technologies, to fast-track the shift to clean energy and strengthen environmental resilience in OECD countries. These strategies align with the broader objectives of global sustainable development, offering a path towards a greener and more sustainable future.
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Conservación de los Recursos Naturales , Política Ambiental , Estudios Transversales , Organización para la Cooperación y el Desarrollo Económico , Desarrollo Económico , Energía Renovable , Dióxido de CarbonoRESUMEN
Green finance has been valued and promoted by Regional Comprehensive Economic Partnership (RCEP) countries for its attribute of supporting green and sustainable development. However, the fossil fuel-centric growth pattern poses a threat to the sustainable development of RCEP countries. The existing literature remains inadequate regarding the relationship between green finance and fossil energy consumption. An in-depth understanding and empirical examination of the nexus between green finance development and fossil energy consumption in RCEP countries is key to successful policymaking and sustainable development. This study proposes a theoretical framework for analyzing the nexus between green finance and fossil energy consumption. Then, a green finance development index is constructed by using the entropy weight method based on green credits, green securities, and green investments. By utilizing method of moment quantile regression (MMQR), panel data of 10 RCEP countries from 2008 to 2020 are investigated. The results demonstrate a strong nonlinear pattern of green finance's impact on reducing fossil energy consumption. Conventional finance and fossil energy consumption from the preceding period significantly promote fossil energy consumption, while green technology serves as a mitigating factor for fossil energy consumption. However, the impacts of education and environmental expenditure on fossil energy consumption are limited and inconsistent. Hence, the relevant practitioners, including governments and policymakers, are encouraged to collaboratively promote the green finance policies, and devise tailor-made strategies based on countries' features. Additionally, this study recommends that the RCEP countries incorporate research and development of green technologies, as well as environmental and educational expenditures, into the policymaking process.
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Desarrollo Económico , Inversiones en Salud , Ciclo Celular , Proliferación Celular , Escolaridad , Entropía , Energía RenovableRESUMEN
The world is currently facing urgent climate and environmental issues, such as global warming, ecosystem collapse, and energy shortages. In this context, this study selected data from 2000 to 2021 and employed the Method of Moment Quantile Regression (MMQR) to thoroughly investigate the impact of renewable energy consumption, economic complexity, and geopolitical risks on the ecological footprint of the Group of Twenty (G20) countries. The results indicate that in countries with lower quantiles, renewable energy consumption significantly reduces the ecological footprint, whereas its effect is not prominent in countries with higher quantiles. Economic complexity has a negative impact on the ecological footprint, and this impact becomes stronger as the quantile of the ecological footprint rises. Additionally, economic complexity moderates the effect of renewable energy on the ecological footprint. Geopolitical risks facilitate the growth of the ecological footprint. Likewise, robustness tests such as DOLS, FMOLS, and quantile regression confirm these estimates in the same framework. This study has conducted a profound analysis of global environmental issues, offering innovative perspectives and recommendations for achieving goals related to sustainable energy utilization, mitigating climate change, and improving the ecological environment. The findings of this research will guide policymakers in G20 countries to adopt more effective environmental protection measures, thereby contributing to the construction of a sustainable future.
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Ecosistema , Resiliencia Psicológica , Desarrollo Económico , Dióxido de Carbono , Energía RenovableRESUMEN
Achieving sustainable development necessitates proactive measures to mitigate the economy's negative impact on environmental standards. A new empirical association between renewable energy patent innovation and net international trade on carbon emissions in ASEAN countries from 1990 to 2021 is presented, along with its significance. Using present panel data techniques, this study investigates the connections between these factors. Second-generation cointegration and unit root tests, as well as a novel method of Moments Quantile Regression, are used in the econometric procedure. Compared to standard quantile regression, this method is more resistant to outliers and provides an asymmetric relationship between the variables. The findings show that trade increases carbon emissions in countries with medium to high emissions, that patent innovation contributes to increasing emissions, and that renewable energy mitigates carbon emissions in countries with low to medium emerging economies. Our results are consistent with other specifications, including quantile regression canay (Canay 2011), fully modified, dynamic, and fixed effect regressions, proving the EKC hypothesis. These countries need to prioritize greener products and adopt advanced manufacturing technologies to reduce carbon emissions from consumption. However, as prosperity increases, it also leads to higher consumption-based carbon emissions, worsening ecological damage in the region. Implementing policies like trade synchronization and increasing investment in patent innovations are proposed in this study to lower the current level of carbon emissions.
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Carbono , Comercio , Internacionalidad , Desarrollo Económico , Dióxido de Carbono , Energía RenovableRESUMEN
This study delves into the intricate relationship between financial development and environmental sustainability by considering the role of the Paris Agreement in the context of developing countries. By employing advanced econometric techniques method of moment quantile regression (MMQR) and considering a period spanning from 1996 to 2021, this research unravels the non-linear impact of financial development on environmental degradation while considering population and GDP as control variables. The study reveals an inverted N-shaped relationship between financial development and environmental degradation, indicating that environmental degradation (ED) decreases as financial development increases. However, this is followed by a rise in ED before eventually witnessing a further decline. Additionally, the study highlights the positive correlation between GDP and population with ED across all quantiles, with a more pronounced impact observed in higher quantiles. Furthermore, the coefficient of the Paris Agreement demonstrates its effectiveness in decreasing environmental degradation, particularly at higher quantiles of ED. The findings of this study hold practical implications for policymakers, emphasizing the importance of designing and implementing coherent environmental and economic policies in developing countries. This study contributes to understanding the complex dynamics between financial development and environmental sustainability, offering valuable insights for fostering sustainable development pathways.
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Países en Desarrollo , Desarrollo Sostenible , Paris , Desarrollo Económico , Dióxido de CarbonoRESUMEN
Global warming, a persistent issue, needs comprehensive solutions. Shifting to sustainable resources and promoting green initiatives like green logistics, green investments, and environmental policies (such as environmental technology and environmental tax) are potential ways to address this challenge. The current study explores relationships between these factors and transportation emissions in China, with a focus on achieving the 2060 carbon neutrality goal. To investigate the research gap, the study employs the novel econometric, method of moments quantile regression (MMQR) for benchmark estimation and the bootstrap quantile regression (BSQR) technique for sensitivity estimations from 2000/Q1 to 2019/Q4, and the study confirms the hypothesis of "carbon neutrality." The results reveal that green logistics and green finance have a negative impact on transportation emissions across all quantiles. Environmental technology, environmental tax, and renewable energy also help reduce transportation emissions. On the contrary, economic growth increases transportation emissions, with a greater effect in the early quantile stages but a diminishing impact in later stages. Based on the study's findings, policymakers should prioritize sustainable development strategies to achieve the goal of "carbon neutrality." Implementing green logistics and promoting green investments are essential steps in this direction. Additionally, greater support should be given to the renewable energy sector, green technologies, and sustainable growth to achieve the carbon neutrality goal in China by 2060.
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Objetivos , Emisiones de Vehículos , Condiciones Sociales , Benchmarking , Carbono , Desarrollo Económico , Energía Renovable , Dióxido de CarbonoRESUMEN
The study was aimed at investigating the dynamic relationship between environmental taxes, green financing, and carbon dioxide (CO2) emissions in Brazil, China, India, and South Africa from 1994 to 2019. To thoroughly examine the proposed relationship, a family of robust econometric methods is used to get reliable and accurate results. Our evidence indicates that green finance and CO2 emissions are negatively connected with each other. Similarly, positive relationship is found between environmental taxes and CO2 emissions. Additionally, environmental taxes and green finance are positively related as well. Further, the results of the Method of Moments Quantile Regression estimator indicate that green finance and CO2 emissions decrease in countries with higher pollution compared to those with lower pollution. Interestingly, environmental taxes only contribute to pollution in countries with higher emissions, whereas CO2 emissions increase environmental taxes in all sample countries. Lastly, green finance has a mitigating effect only in countries with greater pollution, and CO2 emissions have a negative rebound effect on green finance in countries with greater CO2 emissions. According to the evidence, green financing can be an effective tool for promoting environmental quality. By allocating the funds collected from environmental taxes to green financing, environmental sustainability can be promoted in sample countries.
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Dióxido de Carbono , Impuestos , Causalidad , Brasil , China , Desarrollo EconómicoRESUMEN
This study explores the relationship between economic growth, tourism, and the environment in South Asian economies. It finds that factors such as GDP, human capital, globalization, and financial risk are interconnected and have long-term associations in these countries. The study employs various methodologies and tests to analyze the data. The author employs novel panel methodologies such as the method of moment of quantile regression analysis, slope heterogeneity, cross-section dependence test, and Westerlund cointegration. Additionally, a causality test along with the latest unit-root test is used. The results reveal important findings. As GDP expands, its impact on international tourism diminishes at higher quantiles, suggesting a decreasing effect. However, GDP still contributes positively to tourism across all quantiles. Human capital has a stronger effect on attracting tourists at lower quantiles, while globalization has varying impacts depending on the level of globalization in a country. Financial risk has a greater negative impact on tourism in larger economies compared to smaller ones. The study also examines the relationship between CO2 emissions and the variables under investigation. It finds that the effect of GDP on emissions decreases at higher quantiles, indicating a smaller contribution. Human capital has a larger effect on reducing emissions at lower quantiles, while the impact of globalization is more significant at higher quantiles. Moreover, an increase in financial risk leads to a decrease in emissions, particularly at lower quantiles. Based on these findings, the study suggests policy recommendations for South Asian economies. These include promoting sustainable tourism practices, investing in human capital development, encouraging responsible globalization, mitigating financial risks, and aligning tourism strategies with sustainable development goals.
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Desarrollo Económico , Ambiente , Turismo , Sur de Asia , Internacionalidad , Desarrollo SostenibleRESUMEN
Creating a reliable energy supply, ecological quality, and economic development has become a global effort. Finance is at the center stage ecological transition to low-carbon emission. Against this backdrop, the present work analyses the impact of the financial sector on CO2 emissions using data from the top 10 emitting emissions economies from 1990 to 2018. Using the novel method of moments quantile regression, the findings illustrate that renewable energy usage enhances ecological quality while economic growth lowers it. The results also affirm that financial development is positively linked with carbon emission in the top 10 emitting emissions economies. These results can be explained by the fact that financial development facilities offer low borrowing rates with less restrictions for environmental sustainability projects. The empirical findings of this study highlight the necessity for policies that boost the proportion of clean energy consumption in the top 10 polluting nations' overall energy mix to reduce carbon emissions. It follows that the financial sectors in these nations must invest in cutting-edge energy-efficient technology and clean, green, and environmentally friendly initiatives. This trend will increase productivity, improve energy efficiency, and reduce pollution.
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Dióxido de Carbono , Energía Renovable , Dióxido de Carbono/análisis , Contaminación Ambiental/análisis , Desarrollo Económico , CarbonoRESUMEN
Evidence shows that the European Union (EU) is a leader in using financial innovation to overcome environmental challenges and ensure sustainable development. This study explores the heterogeneous effects of financial innovations on carbon dioxide emissions (CO2) due to their destructive effects in the context of the EU, by employing the novel Method of Moments Quantile Regression (MM-QR). The study also evaluates the environmental Kuznets hypothesis during the period of 2000-2020. We used four proxies for financial innovation; the ratio of the aggregate money supply to narrow money (M3/M1), the ratio of broad to narrow money (M2/M1), the percentage change in domestic credit to the private sector (% of GDP) and a composite index of these indices using the Principal Component Analysis technique. The findings indicate that raising three financial innovation proxies can effectively raise environmental quality. It should be noted that while M3/M1 has a stronger and negative effect on CO2 emissions in low quantiles, M2/M1 has a stronger and negative effect on CO2 emissions in high quantiles. Therefore, it is recommended that a larger amount of M2 and M3 resources be directed towards green projects for financing in countries with both high and low levels of CO2 emissions, respectively.
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Dióxido de Carbono , Desarrollo Económico , Unión Europea , Dióxido de Carbono/análisis , Desarrollo SostenibleRESUMEN
The global pandemic of covid-19 affected human lives and the global environment. Further, literature on the nexus of natural resources and economic growth, initiating the pandemic in the 21st century has confronted policymakers with uncertainty. This requires revisiting the link between natural resources and the economic performance of the South Asian economies. For this purpose, the present study has tried to investigate the role of natural resources in the economic growth of the aggregate South Asian economies during the Covid-19 challenge. The analysis has been completed by a novel approach of MMQR taking data from 1980 to 2021. The oil rents have negatively affected the economic growth may be due to its lower demand during the pandemic caused by lockdown activity. The trade and electricity produced from renewable improve the economic performance of the designated sample economies. The results provide evidence of the irreversible investment theory. The analysis implies that efficient policies for natural resources, specifically oil prices, are required to encourage the South Asian economies' role. Further, the positivity of electricity production from renewable gives rise to the growth hypothesis, which depicts that using renewable energy enhances the economic growth of South Asian economies.
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ABSTRACTThis research examines the trends in environmental footprints through energy innovations, digital trade, economic freedom, and environmental regulation from the context of G7 economies. Quarterly observations from 1998-2020 have been utilized for the advanced-panel model entitled Method of Moments Quantile Regression (MMQR). The initial findings confirm slope heterogeneity, interdependence between the cross-sectional units, stationarity properties, and panel cointegration. The results through FM-OLS, D-OLS, and FE-OLS justify that energy innovations, digital trade, and environmental regulations control ecological damages. In contrast, economic freedom and growth are causing more damage to nature, like ecological footprints (EFP). Similarly, the results through MMQR confirm that the impact of energy innovations, digital trade, and environmental regulations is accepted as a panacea to control environmental degradation in G7. However, the magnitude of the coefficient varies across different quantiles. More specifically, the findings show that the impact of energy innovations is highly significant at 0.50th quantile. In contrast, through digital trade, the impact on EFP is only significant under medium and higher order quantiles (i.e. 0.50th, 0.75th-1.0th). Contrarily, economic freedom is causing more EFP across all the quantiles, where the findings are highly significant at 0.75th quantile. Besides, a few other policy implications are also discussed.
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At the heart of the EU cohesion policy and the European Green deal lies the underlying sub-goals not limited to; financing the transition, promoting economic well-being of regions, take everyone along, achieving climate neutrality and a zero pollution Europe which the small and medium enterprises positions as the perfect conduit to achieve the aforementioned sub-goals in the case of Europe. Our study seeks to investigate if credit flowing from private sector units and government-owned enterprises to SMEs guarantees inclusive growth and environmental sustainability in EU-27 member states using data collected from OECD Stat. Database and the World Bank database from 2006 to 2019. Findings from the econometric analysis shows that SMEs activities is a significant and positive predictor of environmental pollution in the EU. In the case of inclusive growth countries cohort in the EU, both credit flowing from private sector funding institutions and government-owned enterprises to SMEs enhances a positive SME growth impact on environmental sustainability. In the case of non-inclusive growth countries cohort in the EU, credit flowing from private sector to SMEs enhances the positive impact of SME growth on environmental sustainability while credit flowing from government-owned enterprises to SMEs intensify the negative impact of SME growth on environmental sustainability.
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Attention to environmental sustainability has increased among nations, especially after the Paris Agreement and COP26 of 2021. Considering that fossil fuel consumption is one of the main factors causing environmental degradation, altering the energy consumption patterns of nations toward clean energy can be a suitable solution. For this purpose, this study investigates the impact of energy consumption structure (ECS) on the ecological footprint from 1990 to 2017. This research includes three steps: First, the energy consumption structure is calculated using the Shannon-Wiener index. Second, from 64 countries with middle- and high-income levels, the club convergence method is used to identify countries with similar patterns in an ecological footprint over time. Third, using the method of moments quantile regression (MM-QR), we examined the effects of ECS in different quantiles. The results of club convergence show that the two groups of countries with 23 and 29 members have similar behavior over time. The results of the MM-QR model show that for club 1, the energy consumption structure in quantiles of 10th, 25th, and 50th has positive effects on the ecological footprint, while in 75th and 90th are negative. The results of club 2 indicate that the energy consumption structure has positive effects on the ecological footprint in quantiles 10th and 25th, but negative effects on 75th. Also, the results show that GDP, energy consumption, and population in both clubs have positive effects, and trade openness has negative effects on ecological footprint. Considering that the results indicate that changing the structure of energy consumption from fossil fuels to clean energies improves the environmental quality, so governments should use incentive policies and support packages for the development of clean energy and reduce the costs of installing renewable energy.
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Dióxido de Carbono , Desarrollo Económico , Dióxido de Carbono/análisis , Energía Renovable , Combustibles Fósiles , RentaRESUMEN
In the empirical literature, few studies assessed the influence of the insurance market on carbon emissions. However, the effects of insurance markets on the load capacity factor (LCF) have been ignored. In this regard, the objective of the current work is to assess the potential impact of the insurance market on environmental sustainability in 27 OECD countries from 1990 to 2018 based on the LCF, which implies the strength of a state to enhance the population based on the current lifestyle. The present work employed the novel Method of Moments Quantile Regression (MMQR). This model is the prime and correct technique to better understand the association between the insurance market and the LCF across heterogeneous quantiles and to yield more robust empirical outcomes. The MMQR findings indicate a negative interaction between the insurance market and the LCF. In other words, the insurance sector has a powerful influence on economic activities and investments, such that insurance activities lead to an increase in the level of energy utilization, and thus have a negative influence on ecological sustainability. In contrast, the findings illustrate a positive and considerable association between renewable energy consumption and LCF. Based on the overall outcomes, it is suggested that OECD countries should focus on policies that encourage the use of renewable energy rather than incentivizing the insurance market. OECD country governments should also support green insurance activities to minimize the environmental damage of the insurance market.
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Desarrollo Económico , Organización para la Cooperación y el Desarrollo Económico , Humanos , Dióxido de Carbono , Energía Renovable , Inversiones en SaludRESUMEN
In the face of climate change and environmental degradation, reducing emission of greenhouse gases has become a key factor for environmental sustainability. Therefore, the present research is intended to explore the roles of renewable energy consumption, institutional quality, technological innovation, and GDP on carbon dioxide emissions in the 14 EU countries. In doing so, this study employed novel method of moments quantile regression (MMQR) using annual data from 2000 to 2019. Also, a number of other estimators were applied for robustness check including the fully modified ordinary least square (FMOLS), the dynamic ordinary least squares (DOLS), and the fixed effect ordinary least square (FE-OLS). The empirical findings indicate that renewable energy consumption significantly reduces CO2 emissions across all quantiles (0.1-0.9). Furthermore, institutional quality and technological innovation improve environmental quality in 0.1-0.7 quantiles, although GDP enhances carbon emissions significantly in all quantiles. In addition, the FMOLS, DOLS, and FE-OLS results confirmed the MMQR results. The outcomes of this study suggest insights for the policymakers to mitigate carbon emissions through promoting innovative technologies for environmental protection and investing more in the development of renewable energy.
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Desarrollo Económico , Invenciones , Energía Renovable , Dióxido de Carbono , Análisis de los Mínimos CuadradosRESUMEN
The age-long debate between SME-growth nexus has ignored environmental sustainability, as evident by many previous empirical studies. However, the pivotal role of SMEs and their undeniable dominance in the business landscape of Africa presents itself as a potential instrument for leading sustainability advocacy on the African continent. The study investigates whether credit flows from the private sector and government-owned enterprises to small and medium enterprises guarantee growth and environmental sustainability using data from World Bank Databases for 35 African countries from 2006 to 2019. Results from the econometric analysis show that domestic credit flowing from the private sector and government-owned enterprises to SMEs leads to significant growth with greater impact at lower quantiles in the case of Africa. On the issue of environmental sanctity, credit flowing from the private sector to SMEs counteract the adverse effect of SMEs activities on the environment, while credit flowing from government enterprises intensify the negative effect of SMEs activities on the environment in the case of Africa. Furthermore, renewable energy significantly reduces environmental decay more efficiently in upper quantiles while natural resource rents aggravate environmental decay only for African countries in the lower quantiles. Policy recommendations are proffered in the manuscript within the ambit of the study findings.