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Öğe Analyzing transport demand and environmental degradation: the case of G‑7 countries(SPRINGER, VAN GODEWIJCKSTRAAT 30, 3311 GZ DORDRECHT, NETHERLANDS, 2022) Erdoğan, Sinan; Sarkodie, Samuel Asumadu; Adedoyin, Festus Fatai; Bekun, Festus Victor; Owusu, Phebe AsantewaaThe debate for green development has been ongoing in the energy and environment literature—especially initiatives to mitigate climate change. On this note, we explore the efects of the air and railway transport demand, fossil-fuel energy consumption, demographic policies, economic growth, and alternative energy consumption on environmental degradation in Group of Seven (G7) economies. Using robust panel estimation techniques that account for cross-sectional dependence, empirical results afrm the presence of long-run relationships among variables. Besides, the results give credence to the environmental Kuznets curve hypothesis (EKC) in G7 countries over the sampled period. We observe that demand for air transport, energy from fossil fuel sources, and economic development dampen environmental quality by 0.12%, 0.33%, and 46.54%, respectively. Interestingly, renewable energy and rail transportation demand improve environmental quality. This outcome resonates with the need for alternative and clean energy production and consumption (Sustainable Development Goals 11 and 12) while enhancing the fght against climate change—especially the adoption of clean energy technologies in the air transport sector for sustainable growth.Öğe Assessment of the role of renewable energy consumption and trade policy on environmental degradation using innovation accounting: Evidence from the US(PERGAMON-ELSEVIER SCIENCE LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, ENGLAND, 2020) Usman, Ojonugwa; Alola, Andrew Adewale; Sarkodie, Samuel AsumaduRenewable energy technologies are promising, yet, very little is known about its role as a limiting factor in fossil fuel-attributable environmental degradation - especially in high-income countries. This study investigated the dynamic effect of renewable energy consumption, economic growth, biocapacity and trade policy on environmental degradation in the United States from 1985Q1 to 2014Q4. To achieve this objective, the study applied an autoregressive distributed lag (ARDL) model to obtain the long-run and short-run dynamic coefficients. Toda-Yamamoto causality test was used to examine the direction of causality while Cholesky decomposition test was for innovative accounting to validate the estimated models. The empirical results divulged that a decline in environmental degradation can be attributed to an increase in renewable energy consumption through its negative effects on ecological footprint. Economic growth and biocapacity were found to exert upward pressure on ecological footprint; however, trade policy exerts downward pressure on ecological footprint. A two-sided causal relationship was established between economic growth and ecological footprint as well as economic growth and biocapacity. In contrast, a one-way causality was confirmed running from trade policy to renewable energy consumption and from renewable energy consumption to biocapacity. The innovative accounting revealed that 14.79% and 8.41% of renewable energy consumption and trade policy caused 0.60% and 9.88% deterioration in the environment. Hence, country-specific energy policies that increase the share of renewable energy in the energy portfolio are recommended.Öğe Dynamic Impact of Trade Policy, Economic Growth, Fertility Rate, Renewable and Non-Renewable Energy Consumption on Ecological Footprint in Europe(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2019) Alola, Andrew Adewale; Bekun, Festus Victor; Sarkodie, Samuel AsumaduClimate 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. (C) 2019 The Authors. Published by Elsevier B.V.Öğe Energy-Climate-Economy-Population Nexus: An Empirical Analysis in Kenya, Senegal, and Eswatini(MDPI, ST ALBAN-ANLAGE 66, CH-4052 BASEL, SWITZERLAND, 2020) Sarkodie, Samuel Asumadu; Ackom, Emmanuel; Bekun, Festus Victor; Owusu, Phebe AsantewaaMotivated by the Sustainable Development Goals (SDGs) and its impact by 2030, this study examines the relationship between energy consumption (SDG 7), climate (SDG 13), economic growth and population in Kenya, Senegal and Eswatini. We employ a Kernel Regularized Least Squares (KRLS) machine learning technique and econometric methods such as Dynamic Ordinary Least Squares (DOLS), Fully Modified Ordinary Least Squares (FMOLS) regression, the Mean-Group (MG) and Pooled Mean-Group (PMG) estimation models. The econometric techniques confirm the Environmental Kuznets Curve (EKC) hypothesis between income level and CO(2)emissions while the machine learning method confirms the scale effect hypothesis. We find that while CO(2)emissions, population and income level spur energy demand and utilization, economic development is driven by energy use and population dynamics. This demonstrates that income, population growth, energy and CO(2)emissions are inseparable, but require a collective participative decision in the achievement of the SDGs.Öğe Environmental quality effects of income, energy prices and trade: The role of renewable energy consumption in G-7 countries(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2020) Ike, George N.; Usman, Ojonugwa; Alola, Andrew Adewale; Sarkodie, Samuel AsumaduRenewable energy plays a vital role in achieving environmental sustainability, however, the mitigating effect varies across countries depending on the share of renewables in the energy mix. Herein, we analyze the effect of renewable energy consumption, energy prices, and trade on emissions in G-7 countries. The results demonstrate that renewable energy and energy prices exert negative pressure on CO2 emissions while trade volume exerts a robust positive pressure on CO2 emissions. The country-specific estimation results provide evidence of a negative effect of energy prices on CO2 emissions. While the environmental Kuznets curve hypothesis is validated at the panel and country-specific levels, the effect of renewable energy consumption and trade, are disparate across countries. The panel Granger causality shows a mono-directional causality flowing from energy prices, GDP, the quadratic term of GDP and trade to CO2 emissions. Renewable energy consumption, however, has no causal relationship with CO2 emissions but indirectly affects CO2 emissions through its direct effect on energy prices. Joint action on trade, energy prices, and country-specific renewable energy policies have implications for environmental sustainability and the attainment of the Sustainable Development Goals (SDGs).Öğe Generation of energy and environmental-economic growth consequences: Is there any difference across transition economies?(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2020) Adedoyin, Festus Fatai; Abubakar, Isah Funtua; Bekun, Festus Victor; Sarkodie, Samuel AsumaduOne of the European Union’s (EU) membership conditions includes an ambitious energy policy objective such as energy security, environmental protection and diversification using renewables. However, the impact of the energy policy on environmental sustainability is yet to be assessed. In line with EU energy policy, we investigate the nexus between energy generation and CO2 emissions in three blocs of countries namely Central and Eastern Europe (CEE), Commonwealth of Independent States (CIS) and New Member States (NMS) from 1992–2014. The experimental exercise was conducted using the Generalized Method of Moment. The empirical results show that a 1% increase in renewable energy generation increases CO2 emissions in CIS countries by 0.04% and CEE countries by 0.02% respectively, but decreases CO2 emissions by 0.02% in NMS countries. Both subsamples of NMS and CIS countries conform to the inverted U-shape of the EKC hypothesis. However, the results of the subsample of CEE countries do not uphold the EKC hypothesis. This, suggests that environmental consequences of sustained economic growth in CEE countries does not increase pollutant emissions. Thus, we conclude that there exists a difference in the level of environmental degradation across the blocs. This study highlights the need to embark on decarbonized economic agenda that prioritizes clean environment.Öğe Mitigating human-induced emissions in Argentina: role of renewables, income, globalization, and financial development(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2021) Adebayo, Tomiwa Sunday; Akinsola, Gbenga Daniel; Bekun, Festus Victor; Osemeahon, Oseyenbhin Sunday; Sarkodie, Samuel AsumaduAchieving environmental sustainability has become a global initiative while addressing climate change and its effects. However, the role of energy production and consumption in economic development remains critical amidst environmental pollution. Thus, the need for innovation and clean energy alternatives is critical while pursuing sustainable development. This country-specific study focuses on Argentina, where economic growth trajectory is embedded with high CO2 emissions. This study assesses the long-term and causal impact of financial development and renewables on environmental pollution while accounting for the role of economic development and globalization using yearly data spanning 1980 to 2017. A battery of econometric methods is applied to underscore the interaction between the parameters of interest. The findings of Maki and ARDL tests of cointegration alongside Kripfganz and Schneider critical approximation p-values affirm long-run equilibrium interaction between variables. The outcomes of autoregressive distributed lag, fully modified, and dynamic ordinary least squares demonstrate that while economic expansion dampens environmental quality—globalization and renewables improve the environment. This finding suggests pollution-driven economic growth trajectory in Argentina with high dependence on fossil fuels. Besides, the gradual shift causality test finds evidence of one-way causality from renewable energy consumption, economic growth, and globalization to CO2 emissions. Argentina’s pathway in achieving sustainable development requires gradual and inclusive economic shift towards green growth.Öğe Modeling natural gas consumption, capital formation, globalization, CO2 emissions and economic growth nexus in Malaysia: Fresh evidence from combined cointegration and causality analysis(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2020) Etokakpan, Mfonobong Udom; Solarin, Sakiru Adebola; Yorucu, Vedat; Bekun, Festus Victor; Sarkodie, Samuel AsumaduThe 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 CO2 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.Öğe The nCOVID‑19 and fnancial stress in the USA: health is wealth(SPRINGER, VAN GODEWIJCKSTRAAT 30, 3311 GZ DORDRECHT, NETHERLANDS, 2021) Alola, Andrew Adewale; Alola, Uju Violet; Sarkodie, Samuel AsumaduSince its frst report in the USA on 13 January 2020, the novel coronavirus (nCOVID-19) pandemic like in other previous epicentres in India, Brazil, China, Italy, Spain, UK, and France has until now hampered economic activities and fnancial markets. To ofer one of the frst empirical insights into the economic/fnancial efect of the COVID-19 pandemic, especially in the USA, this study utilized the daily frequency data for the period 25 February 2020–30 March 2020. By employing the empirical Markov switching regression approach and the compliments of cointegration techniques, the study establishes a twostate (stable and distressing) fnancial stress situation resulting from the efects of COVID19 daily deaths, COVID-19 daily recovery, and the USA’ economic policy uncertainty. From the result, it is assertive that daily recovery from COVID-19 eases fnancial stress, while the reported daily deaths from COVID-19 further hamper fnancial stress in the country. Moreover, the uncertainty of the USA’ economic policy has also cost the Americans more fnancial stress and other socio-economic challenges. While the cure for COVID-19 remains elusive, as a policy instrument, the USA and similar countries with high severity of COVID-19 causalities may intensify and sustain the concerted eforts targeted at attaining a landmark recovery rate.Öğe New insight into the causal linkage between economic expansion, FDI, coal consumption, pollutant emissions and urbanization in South Africa(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2020) Joshua, Udi; Bekun, Festus Victor; Sarkodie, Samuel AsumaduThis study examines the relationship between foreign direct investment inflows and economic growth in a carbon function, by incorporating the role of urbanization, and coal consumption as additional variables to avoid omitted variable bias. The different order of integration from the unit root test suggested the adoption of a dynamic autoregressive distributed lag bounds testing procedure. The results confirmed the existence of a long-run equilibrium relationship between the outlined series within the period under investigation, with a high speed of convergence. The ARDL equilibrium relationship shows that coal consumption is the largest emitter of carbon dioxide emissions in both short- (0.77%) and long-run (0.86%). Economic growth was found to escalate CO2 emission by approximately 0.27% (in the short-run) and 0.19% (in the long-run). The Granger causality test indicates a non-causal effect between FDI inflow and economic expansion in South Africa, which implies that FDI is not a driver of economic advancement. The empirical study shows a bidirectional causal effect between urbanization and foreign direct investment. This suggests that urban development stimulates foreign direct investment in South Africa. The findings reveal a oneway link from GDP to coal consumption, suggesting economic prosperity promotes coal consumption. The study underscores that economic development and the attraction of more economic investments is in part dependent on the conservative policy, development of urban centers through infrastructural improvement, and establishing industrial zones.Öğe Rethinking electricity consumption and economic growth nexus in Turkey: environmental pros and cons(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2020) Etokakpan, Mfonobong Udom; Osundina, Olawumi Abeni; Bekun, Festus Victor; Sarkodie, Samuel AsumaduThe critical role of electricity consumption in influencing and reshaping the economic and environmental landscape of the global economy cannot be underestimated. Electricity is the most beneficial and commonly transformed energy source; however, the strength, weakness, opportunities and threat of its consumption require scientific scrutiny. This study investigates electricity-led growth hypothesis vis-à-vis its impact on economic growth and environmental quality of Turkey. The annual time series data set from 1970 to 2014 were employed in the analysis with a battery of unit root and stationary tests. The equilibrium relationship in the study is explored using Maki and Bayer-Hanck combined cointegration tests under multiple structural breaks along with the Pesaran’s ARDL bounds test procedure for robust check. The study confirms the existence of cointegration relationship between electricity consumption, economic growth, capital, labour and ecological footprint. To detect the direction of causal relations, the VECM Granger causality test is employed. The causality analysis provides empirical evidence that supports the electricityinduced growth hypothesis in Turkey. This implies that embarking on conservative energy-efficient policies will slow down Turkey’s economic growth. Thus, precautionary measures that ensure adequate policy on energy mix to guarantee availability and accessibility to modern electricity will sustain economic growth and improve environmental sustainability.Öğe Testing the transport-induced environmental Kuznets curve hypothesis: The role of air and railway transport(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2020) Erdoğan, Sinan; Adedoyin, Festus Fatai; Bekun, Festus Victor; Sarkodie, Samuel AsumaduThe airline and railway industry contribute immensely to economic development, however, its role in environmental pollution requires attention. Here, this study builds on the theoretical pedigree of the environmental Kuznets curve (EKC) hypothesis to explore the contribution of the air and railway transportation sector and urbanization to the emission-growth argument. We utilized annual time-frequency data from 1995 to 2014 for a panel of top 10 air passenger carrier countries using robust panel estimators that control for cross-section dependence. The empirical analysis shows a positive significant relationship between emissions and economic growth, thus, economic growth is emission-embedded with limited green growth. The existence of the EKC phenomenon is affirmed for the investigated blocs — where economic growth is prioritized over environmental quality. Additional, while air transportation drives pollution, railway transportation and urbanization decline emission over the sampled period. The results underscore the need for clean and environmentally friendly energy sources for air sector operations.Öğe Trivariate modelling of the nexus between electricity consumption, urbanization and economic growth in Nigeria: fresh insights from Maki Cointegration and causality tests(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2020) Ali, Hamisu Sadi; Nathaniel, Solomon Prince; Uzuner, Gizem; Bekun, Festus Victor; Sarkodie, Samuel AsumaduIn this era of intensive electricity utilization for economic development, the role of urbanization remains inconclusive, especially in developing economies. Here, this study examined the electricity consumption and economic growth nexus in a trivariate framework by incorporating urbanization as an additional variable. Using the recent novel Maki cointegration test, Ng-Perron, Zivot-Andrews, and Kwiatkowski unit root tests along with FMOLS, DOLS and the CCR estimation methods, we relied on an annual frequency data from 1971-2014. Results from FMOLS, DOLS and the CCR regression confirms the electricity consumption-driven economic growth. This is desirable as Nigeria is heavily dependent on energy (electricity) consumption. A unidirectional causality from urbanization to electricity consumption and economic growth was found but the long-run empirical findings revealed urbanization impedes growth-a situation that has policy implications. The study highlights that though urbanization is a good predictor of Nigeria's economic growth, however, the adjustment of the energy portfolio to meet the growing urban demand will curtail the adverse and far-reaching impact of urbanization on the economy.