There are many advantages of the hydropower industry, as an environmentally friendly resource, and also some challenges that need to be overcome to fully exploit this sustainable and renewable natural resource. The primary objective of this study is to find out the impact of hydropower factors and economic growth on the agriculture industry output among the EU27 nations within the time factor 1990 to 2021. Adopting the autoregressive distributed lag (ARDL), the findings show a significant positive effect could occur in agriculture industry growth of the European Union (EU13)-emerging economies using hydropower factors than in EU14-emerged economies. On one hand, among additional factors, economic growth and institutional quality contribute more positively to agriculture growth in EU13 economies than in EU14 economies. On the other hand, population density contributes more negatively to agriculture growth in EU13 economies than in EU14 economies. The findings show there can be a positive significant growth increase in the EU13 agriculture industry using fossil fuel output than in EU14 economies. The results show that growth could be sustained in the agricultural industry of the European nations by increasing the level of hydropower production as this will help in attaining sustainable development by the year 2030. This will therefore help in mitigating the effect of climatic changes due to environmental pollution. The projected calculations were seen to be reliable and valid and this was attested to by the three estimators used in the study (pooled mean group, mean group, and dynamic fixed effect). This study recommended that European nations could leverage hydroelectricity to achieve sustainable growth and development. The legislative arms of the government of these European nations should as well show more interest in green energy to achieve security and sustainable development in hydroelectricity production. Decision-makers in the EU nations should buttress more emphasis on sustainable means through which hydropower could be used to attain sustainable irrigation systems for the agriculture industry and thus minimize the demand for fossil fuels and reduce CO2-related emissions in the future tine ahead.
ICTs (information and communication technologies) have emerged as a potent new force. Digitalization, modernization, and automation of the manufacturing process are expected to facilitate ICT adoption, resulting in increased genuine environmental concerns. This research aims to examine the impact of ICTs on environmental quality and the relationship between ICTs, environmental quality, and economic growth. Dynamic panel threshold regression was employed, and the sample countries comprised 69 developing countries from 2010 to 2019. The threshold technique will identify the precise threshold value of ICTs and highlights the impacts of ICTs on the environmental quality nexus when above and below the threshold value in developing countries. Empirical evidence suggests that ICTs positively impact environmental quality (CO2) when above the ICTs threshold value. However, ICTs provide a positive but insignificant impact on environmental quality when below the ICTs threshold value of 4.699. Additionally, ICTs affect the economic growth and environmental quality nexus, with increasing economic growth resulting in a decrease in CO2 emissions in developing countries when ICTs are below the threshold value. Thus, the ICTs threshold value should be used to ensure that ICTs adoption promotes sustainable economic growth and resolves environmental degradation issues in developing nations.
Green growth is an extension of traditional economic growth. Financial fragility and ICT penetration are important pillars of green growth sustainability. However, very limited studies have explored this association and provided conflicting results. Thus, our study intends to fill this vacuum by exploring the impact of financial fragility and ICT penetration on renewable energy consumption and green growth for the top five polluting economies over the period 1996-2020. In this study, financial fragility is measured by bank costs and bank non-performing loans. Panel ARDL technique is used to find out long-run and short-run results estimates. Financial fragility reduces renewable energy consumption and green growth in the long run. However, internet penetration enhances renewable energy consumption and green growth in the long run. Our findings suggest imperative policy implications for the green economy.
As an important indicator of sustainable development, industrial eco-efficiency (IEE) has aroused growing attention from governments all over the world including China, in recent decades. The Chinese government has introduced numerous environmental regulations; however, the environmental pollution issue does not appear to have been solved. Moreover, although several earlier studies have shown that environmental regulations may promote innovation, there is no consensus on their ultimate effects on IEE. Therefore, this study took a critical look at the connection between environmental regulations and IEE in 36 Chinese sub-sectors from 2009 to 2018. Based on the weak Porter hypothesis (weak PH) and strong Porter hypothesis (strong PH), this paper constructed two panel regression models and conducted group analysis by pollution intensity to check the relationships among environmental regulations, technological innovation, and IEE. It was found that environmental regulations can improve technological innovation and IEE, but these impacts vary across different pollution groups. Specifically, environmental regulations have a U-shaped or inverted U-shaped relationship with technological innovation and IEE. Of the 36 sub-sectors, 26 prove the existence of the Weak PH while 10 verify the Strong PH, indicating that environmental regulations generally advocate technological innovation for most sub-sectors but only promote IEE in a few sub-sectors at present. Finally, differentiated policy implications for environmental regulations and technological innovation are provided for decision-makers.
This study analyses the relationship between democracy and environmental pollution in the MINT countries using a panel data spanning 1971-2016. It also investigates the interactive effect of income and democracy on CO2 emissions. We used various estimation techniques for the analysis, ranging from the quantile regression, OLS-fixed effect and GLS-random effect regressions with Driscoll-Kraay standard errors to control for cross-sectional dependence while a panel threshold regression is used for robustness check. The results showed existence of long-run relationship between CO2 emissions and the explanatory variables. The quantile regression results for interaction model indicate that economic growth, democracy and trade openness promote environmental pollution via their positive effects on CO2 emissions. Primary energy however reduces pollution across the lower and middle quantiles but enhances it in higher quantiles. The interaction effect is negative and statistically significant across all quantiles. This implies that democracy has a significant role in moderating the impact of income on CO2 emission in the MINT countries. It thus follows that if the MINT countries radically strengthen democracy and enhance income, it would be possible for them to achieve greater economic development and reduce CO2. In addition, a single threshold model is used to identify the asymmetry in response to CO2 emissions at lower and upper levels of democratic regimes. The results showed that once the degree of democracy is above the threshold level, an increase in income would reduce CO2 emissions but once it is below the threshold level, the effect of income becomes insignificant. Based on these results, the MINT countries need to strengthen democracy, enhance income level and relax trade barriers.
Rapid increases in energy consumption and economic growth over the past three decades are considered the driving force behind rising environmental degradation, which remain a threat to people and healthy environment. This study investigates the impact of energy consumption on environmental quality in the MINT countries using a panel PMG/ARDL modelling technique, and the Granger causality test spanning from 1971 to 2017. The empirical results confirm the existence of long-run nexus among the variables employed. The results also reveal that economic growth, energy consumption and bio-capacity have a positive and statistically significant effect on environmental degradation during the long run period. We find that a 1% increase in primary energy consumption leads to 0.4172% increase in environmental deterioration in the long-run period, but it is insignificant in the short run. This implies that energy consumption deteriorates environmental quality through a negative effect of ecological footprint. The result also suggests that as MINT countries increase the use of energy to accelerate pace of economic growth, environmental quality would deteriorate through increased ecological footprints. The coefficient of the error correction term (ect) is negative and significant (- 0.2306), suggesting that ecological footprint, a measure of environmental degradation would converge to its long-run equilibrium in the MINT region by 23.06% speed of adjustment every year due to contribution of economic growth, energy consumption, urbanization and biocapacity. The Granger non-causality test results reveal a unidirectional causal relationship from economic growth, energy consumption, and urbanization to ecological footprint and from economic growth to biocapacity. The results further show bi-directional causality between biocapacity and ecological footprint as well as between biocapacity and economic growth. Moreover, urbanization causes economic growth and biocapacity Granger-causes urbanization. Based on these findings, policy implications are adequately discussed.
In the face of mounting climate change challenges, reducing emissions has emerged as a key driver of environmental sustainability and sustainable growth. Despite the fact that research has been conducted on the environmental Kuznets curve (EKC), few researchers have analyzed this in the light of economic complexity. Thus, the current research assesses the effect of economic complexity on CO2 emissions in the MINT nations while taking into account the role of financial development, economic growth, and energy consumption for the period between 1990 and 2018. Using the novel method of moments quantile regression (MMQR) with fixed effects, an inverted U-shape interrelationship is found between economic growth and CO2 emissions, thus validating the EKC hypothesis. Energy consumption and economic complexity increase CO2 emissions significantly from the 1st to 9th quantiles. Furthermore, there is no significant interconnection between financial development and CO2 emissions across all quantiles (1st to 9th). The outcomes of the causality test reveal a feedback causal connection between economic growth and CO2, while a unidirectional causality is established from economic complexity and energy use to CO2 emissions in the MINT nations. Based on the findings, we believe that governments should stimulate the financial sector to provide domestic credit facilities to industrialists, investors, and other business enterprises on more favorable terms so that innovative technologies for environmental protection can be implemented with other policy recommendations.
The foremost purpose of the study is to establish a point that an economy of G-7 countries has an abundance of resources to tackle the environmental changes that occur in the world, but these countries are still behind the line because in this modern era, environmental performance changes their shape, dimension, and nature very frequently and create a huge impact on globalization of world economy. To fill this gap, we use green investment, institutional quality, and economic growth on environmental performance for this, we use four proxies for green investment and three proxies for greenhouse gas, and we also use six proxies of institutional quality to do this using period of 1997 to 2021. Moreover, we have used the panel nonlinear autoregressive distributed lag method to evaluate the long-run and short-run asymmetric effects of green investment, institutional quality, and economic growth on greenhouse gas emissions. The findings of the study affirm that the positive change of green investment has a positive and significant relationship with environmental performance, while the negative change of green investment has a significant and positive influence with environmental performance in the long run. Furthermore, the outcomes demonstrate that the positive shock of institutional quality has a positive and significant relationship with environmental performance, while the negative shock of intuitional quality has a significant and positive association with environmental performance in the long run, whereas positive change in economic growth has a positive and significant with the environmental performance, while the negative change of economic growth has a positive effect with environmental performance in the long run. This study finds future precautions that institutional quality has to perform exceptionally and shows results very rapidly, while green investment with economic growth has also made a deadly combination to control greenhouse gas emission, so the role of G-7 countries is pretty clear and straight. Furthermore, it is suggested that governments and policymakers take a proactive stance to promote resource acquisition and investment across all industries. To reduce gas emissions, public interest might also be complementary to private ones. So, economic policymakers, specifically in G-7 countries, should consider strategies that support sustainable economic growth.
As a means of enhancing food security, efficient agricultural processing and the maintenance of a smooth supply chain are essential for ensuring food quality and reducing food wastage. Agricultural enterprises play a crucial role in the processing and transportation of food from farms to dinner tables. Operating income growth plays the vital role of ensuring that agricultural enterprises function in a stable manner while also indicating the quantity and quality of market food supply. Therefore, the objective of this study is to explore the impact of digital inclusive finance on food security by analyzing the effect of digital inclusive finance on the operating income of agricultural enterprises in China. By applying pooled OLS analysis to Chinese agricultural enterprises that are listed in the National Equities Exchange and Quotations, this study finds that digital inclusive finance can help improve agricultural operating income. The results reveal that digital inclusive finance can facilitate the promotion of agricultural operating income by increasing the supply of financing, accelerating inventory liquidity, and supporting investment in research and development. In addition, this study concludes that digital inclusive finance is more effective for increasing agricultural operating income as a result of its wider coverage and deeper utilization. Furthermore, the development of traditional finance is still necessary for the digitization of digital inclusive finance to be effective.
'The Belt and Road Initiative' (B&R) was proposed by Chinese President Xi Jinping in September and October 2013 and is now actively supported and participated by more than 100 countries and international organizations. B&R has become a hot topic all over the world since its inception. However, the environmental issues arising from this Initiative should not be underestimated. The concept of 'A Community of Shared Future for Mankind' is being promoted under the context of globalization, and there has been a lot of coverage in the mainstream media from various countries on the topic of environmental cooperation along B&R. This study takes a sample of reports on the 'Belt and Road Environmental Cooperation' from July 2021 to August 2022 and uses Van Dijk's theory of news discourse analysis to analyze 20 articles in depth. This study attempts to explore the kind of thematic structure and lexical style that the mainstream newspapers from different countries use to report the environmental cooperation among the countries along B&R, also the implications of such a thematic structure and lexical style, and the characteristics of the discourse construction of mainstream newspapers in different countries. The research has found that B&R countries are used to holding a positive attitude to make a report and seek international cooperation. The headlines are mostly made up of nouns, and both direct and indirect quotations are used. Besides, to enhance the truth of the report, different number types are also involved; the theme structures are often made up of a two-level hierarchy.
The tourism industry is vulnerable to a range of economic and political factors, which can have both short-term and long-term impacts on tourist arrivals. The study aims to investigate the temporal dynamics of these factors and their impact on tourist arrivals. The method employed is a panel data regression analysis, using data from BRICS economies over a period of 1980-2020. The dependent variable is the number of tourist arrivals, while the independent variables are geopolitical risk, currency fluctuation, and economic policy. Control variables such as GDP, exchange rate, and distance to major tourist destinations are also included. The results show that geopolitical risk and currency fluctuation have a significant negative impact on tourist arrivals, while economic policy has a positive impact. The study also finds that the impact of geopolitical risk is stronger in the short term, while the impact of economic policy is stronger in the long term. Additionally, the study shows that the effects of these factors on tourist arrivals vary across BRICS countries. The policy implications of this study suggest that BRICS economies need to develop proactive economic policies that promote stability and encourage investment in the tourism industry.
Australia is one of the largest nations in the globe in terms of land area and is home to numerous animals alongside unique and unusual climates and immense forests and oceans. Despite having a very tiny population, the nation is an extremely valuable ecological territory. Unfortunately, due to several changes in land use, habitat loss and deterioration-particularly in light of the recent severe bush fires exacerbated by climate change-the environmental issues in Australia have got the attention of many academics. Therefore, this paper seeks to assess the association between Australia's energy use, [Formula: see text] emission, trade liberalization, industrialization and economic growth from 1990 to 2018. An autoregressive distributed lag and a vector error correction model (VECM) are employed to take care of possible endogeneity and the long-run association. Our results demonstrated that economic growth and energy use have positive and statistically significant effects on emissions of [Formula: see text], but trade liberalization has a significantly adverse influence on emissions of [Formula: see text] both in the long and short term. Granger test in VECM uncovered single-direction Granger interrelationships among trade liberalization and industrialization, as well as among industrialization and carbon dioxide. When attempting to implement effective energy policies, Australian policymakers should first take into account the prominent role played by energy usage and trade liberalization in promoting economic development and impeding environmental health.
The spatial effects of agricultural market integration on industrial agglomeration are an important field of regional economic. This paper collected the data of agricultural market integration and industrial agglomeration in 31 provinces in China from 2010 to 2019, analyzed the spatial effects of the two by constructing a dynamic spatial Dubin model, and explored its long-term and short-term effects of the spatial effects. The results show the following: (1) the primary terms of agricultural market integration were negative and the secondary terms were positive. The impact of agricultural market integration on local industrial agglomeration had a "U-shaped" characteristic. Whether in the short-term or long-term, there was a significant direct effect of "suppression to promotion." (2) The agricultural market integration had a spatial spillover effect on industrial agglomeration in the neighboring areas. This effect had an "inverted U-shaped" characteristic. Whether in the short-term or long-term, there was a prominent spatial spillover effect of "promotion to suppression." (3) For direct effects, the short-term direct effects of agricultural market integration on industrial agglomeration were - 0.0452 and 0.0077, and the long-term direct effects were - 0.2430 and 0.0419. For spatial spillover effects, the short-term spatial spillover effects were 0.0983 and - 0.0179, and the long-term spatial spillover effects were 0.4554 and - 0.0827. The long-term effects were greater than the short-term effects. This paper provides empirical evidence for the effects of agricultural market integration on industrial agglomeration in different regions, and exploring the development of agricultural agglomeration in the long-term.
Numerous studies have demonstrated that the development of low-carbon economy and industrial restructuring cannot occur in a coordinated manner. However, academic literature does not provide further explanations for this phenomenon. In this paper, we introduce a novel decomposition method to reassess the relationship between industrial restructuring and low-carbon economy, which yields similar findings. Next, we construct a straightforward theoretical model to investigate two fundamental reasons that interrelate with this issue: excessively high proportion of secondary sector and excessive carbon intensity of tertiary sector. Finally, we implement a rigorous causal identification using three-dimensional panel data at the provincial, industrial, and yearly levels by undergoing multiple robustness tests and mitigating endogeneity issues. Our heterogeneity tests suggest that the impact of industrial restructuring is greater in high-polluting industries, the Eastern region, and non-digital pilot regions. Overall, our theoretical and empirical analysis serves as a vital reference for other developing and developed countries to attain harmonious development between low-carbon economy and industrial restructuring.
There is a shred of evidence of environmental degradation in the form of carbon emissions to behave differently when tested with different macroeconomic variables. This paper aims to examine the long-run and short-run association between natural resource rent, financial development, and urbanization on carbon emission from the context of the USA during 1995-2015 with the help of a contemporary and innovative approach named quantile autoregressive distributed lagged model (QARDL). The stated approach is applied due to the fact that non-linearity is observed for the study variables. The findings indicated that the higher financial development (0.304), natural resource rent (0.102), and urbanization (0.489) have a positive impact on the environmental degradation in the region of USA during long-run estimation in the stated quantiles of the study. This would indicate that higher financial development, urbanization, and natural resources are putting more environmental pressure on the economy of the USA. Similarly, the findings under short-run estimation confirm that past and lagged values of carbon emission, financial development, natural resource rent, and urbanization are significantly determining the current values of the carbon emission. For this reason, it is suggested that the government requires some immediate steps of the USA to control the harmful effect of such financial development, more urbanization, and higher natural resource rent as well. This would indicate the reflection of some green strategies in all three explanatory variables to generate some fruitful environmental outcomes.
The government of any country can play a great role in promoting economic and environmental policy reforms in both normal and crisis periods, but during the crisis period, the role of the government should take the economy into a recovery position. The stock market is the backbone of the financial system that needs the government's attention, especially in the period of financial stress and environmental protection is the responsibility of every economy to live in a healthy environment. Combining this motive, this study analyzed the role of the government towards the stock market and carbon emission by using different approaches, including the wavelet approach, OLS regression, and the Granger causality test. The wavelet approach is useful for analyzing the role of the government at different time intervals by using the time horizon from 1993 to 2021. World governance's six indicators in terms of voice and accountability, control of corruption, rules of law, regulatory quality, political stability, and government effectiveness are used as the proxy for the role of the government. Our findings show that all WGI indicators have a positive relationship with the stock market of Malaysia except voice and accountability while concerning voice and accountability, the role of the government of Malaysia is negative on the stock market. Similarly, our findings also show that the effective government governance mechanism through WGI indicators has a significant positive impact on CO2 emission due to industrialization. Furthermore, findings of the Granger causality test reveal that all the WGI indicators cause to stock market of Malaysia, and political stability has bi-directional causality indicating stock market index is also a factor that caused the political stability within Malaysia. In the Granger causality results of the CO2 and WGI indicators, there is unidirectional causality found between rules of law and regulatory quality with CO2 emission. This study advocated strong implementations for the investors for investment decisions in effective governance countries and implications for the government to remove their weakness by making effective governance related to the economy and as well as the environments within the country.
This study critically examines the dynamic interplay between green finance and environmental sustainability using a systematic review and bibliometric analysis. The analysis is centered on 507 scholarly articles published between 2013 and 2023 in the Scopus database and leverages Microsoft Excel, Harzing Publish or Perish, and VOSviewer to identify publication trends, key contributors, research impact, and emergent themes in this rapidly evolving field. The findings reveal that research on green finance and environmental sustainability has increased exponentially over the past decade, with China and institutions in Asia emerging as prominent contributors compared to other regions. This study also identified the Environmental Science and Pollution Research journal as the most active source title, demonstrating its commitment to publishing current findings on the topic. Through keyword analysis, several research avenues have been proposed to guide future research on enhancing the strategic role of green finance in promoting environmental sustainability. These avenues include broadening the geographical scope of research, exploring the synergies between green finance and emerging fintech innovations, developing robust metrics to quantify the socioeconomic impacts of green finance, establishing a risk and resilience framework to protect green finance against uncertainties, and creating a Green Finance Performance Index to evaluate the dual returns of environmental and financial performance.
This study investigates the impact of macroprudential policies on CO2 emissions in G7 and BRIC countries using country-level panel data from 11 countries, covering the period from 1992 to 2020. The findings indicate that macroprudential policies alleviate CO2 emissions in the sample. Quantile regression results reveal that policies can exacerbate CO2 emissions in countries with high levels of CO2 emissions due to carbon leakage. The positive impact of macroprudential policies on sustainable development can be strengthened by high level of globalisation. Moreover, the influence of macroprudential policies stayed the same based on the basic regression results during the post-global financial crisis (GFC) period, while the impact was positive in the pre-GFC period. Finally, robust tests validated the findings reported in the basic regression model. From this, policymakers should prioritise sustainable economic growth when implementing macroprudential policies and leverage the influence of globalisation to amplify their impact on CO2 emissions. Furthermore, it is crucial to strengthen environmental regulations to prevent carbon leakage that result from industries seeking lenient standards.
Carbon reduction has become a major challenge for China's economy in its transition toward sustainability. The government has been monitoring the behavior of enterprises through regulations to protect the environment, while green finance has rapidly developed in recent years as a new tool to reduce carbon emissions. Despite these measures, few studies have explored the interaction between these two drivers of carbon reduction. Therefore, this study aimed to examine the impact of green finance and environmental regulations on carbon emissions. To determine whether their coordination can lead to greater carbon reduction, the spatial spillover effect of this impact was also investigated. The results show that green finance can reduce carbon emissions and that the interaction of green finance with environmental regulations plays a significant positive role in reducing carbon emissions. Finally, this study concludes that the carbon reduction effects of green finance and environmental regulations have positive spillover effects on adjacent areas.
An era of rapid changes in the technological and economic aspects of developing and developed countries can have detrimental extortions on the environment around the world. From the perspective of globalization, the rapid development and growth can reroute to enhance the interaction between people, organizations, and countries across the globe including China through the usage of information and communication technology which in turn contributes to the economic growth of one side, whereas on the other side, it affects the environmental quality. Referring to this aspect, this study is focused to inspect the link between information and communication technology, and globalization with the facets of degradation in the environment that as CO2 emission and ecological footprint by keeping the view of economic growth prospects as well via using the EKC hypothesis. In our study, time-series data was employed from 1987 to 2020 for China using the Dynamic ARDL approach. Grounded on the findings of the study, economic growth from the sight of GDP fallouts in rising the emission of CO2 and EFP in the short and long run whereas GDP sqr cause decrease in the CO2 emission and EFP. Thus, this authorizes the presence of inverted U-shaped existence among GDP sqr, CO2 emission, and EFP. Therefore, this provides provision for the EKC hypothesis in China. Furthermore, ICT and globalization cause a decline in the emission of CO2 and EFP in the short and long run respectively. In combatting challenges linked to the environment, globalization, as well as ICT, is seen as a crucial factor based on the pieces of evidence in our study while the policy implications are also proposed in the paper.