Trade openness continues to have the potential to influence many parts of today's society, including religion, transportation, lifestyle, language, and international relations; however, its ability to impact environmental quality is the primary issue for environmental policy guidelines. In response to an increasing interest in finding the dynamic association between trade openness and environmental quality, the current study explores the trade openness- environmental quality nexus in the ten most open Organization of Islamic Cooperation (OIC) countries for the years 1991 to 2018. By taking CO2 emissions and ecological footprint as environmental indicators, a novel methodology "quantile-on-quantile (QQ)" is used to indicate how different quantiles of trade openness asymmetrically affect the quantiles of environmental indicators by providing an adequate pattern to comprehend the overall dependence structure. A negative openness-CO2 emissions association is dominant in seven out of ten selected OIC countries (i.e., Suriname, Malaysia, Jordan, UAE, Libya, Brunei, and Qatar). On the other hand, a positive impact of trade openness on ecological footprint is dominant in eight out of ten selected OIC countries (i.e., Oman, Jordan, UAE, Libya, Bahrain, Brunei, Qatar, and Kuwait). The outcomes indicate that the asymmetric strength of openness-induced environmental quality differs with countries at both upper and bottom quantiles of data distribution that need specific attention in contending trade and environment policies in OIC countries.
Environmental sustainability is an umbrella approach depending on various climatic and economic policies. In doing so, the current study empirically evaluates the role of green finance, eco-innovation, and environmental policy stringency on the ecological footprint in China. To meet the objectives, the novel quantile autoregressive distributed lag (QARDL) approach was employed from 2000 to 2017. The outcomes reveal heterogeneous associations between the proposed variables. Manifestly, the QARDL estimation results demonstrate a positive impact between eco-innovation, green finance, and environmental policy stringency with the ecological footprints of China; however, the extent of the relationship is quantile dependent. The outcomes are further validated through the Wald test of parameter constancy. The bi-direction causality is observed among all variables at several quantiles. The current study offers policymakers helpful suggestions on enhancing the positive effects of environmentally supported innovation, green finance, and stringent environmental policies on the ecosystem.
The current study explores the relationship between water resources and tourism in South Asia for the period of 1995-2017. The study employs the CIPS unit root test for stationarity of the variables and the CD test for cross-sectional dependence among cross-sectional units. As for the long-run parameters, a novel technique, known as dynamic common correlated effect (DCCE) model, is used which was recently developed by Chudik and Pesaran (J Econ 188:393-420, 2015b). The outcomes from the DCCE method suggest that water resources have a positive impact on tourism in South Asia. It is also proven that ignoring cross-sectional dependence among the cross-sectional units may bring about misleading outcomes. The findings of the study can be helpful for policymakers to understand the role of water resources in boosting tourism and contributing to the economic prosperity of South Asian countries.
Attaining Sustainable Development Goals (SDGs) is important to control the adverse impacts of climate change and achieve sustainable development. Among the 17 SDGs, target 13 emphasizes enhancing urgent actions to combat climate-related changes. This target is also dependent on target 7, which advocates enhancing access to cheap alternative sustainable energy. To accomplish these targets, it is vital to curb the transport CO2 emissions (TCO2) which increased by approximately 80% from 1990 to 2019. Thus, this study assesses the role of transport renewable energy consumption (TRN) in TCO2 by taking into consideration transport fossil fuel consumption (TTF) and road infrastructure (RF) from 1970 to 2019 for the United States (US) with the intention to suggest some suitable mitigation policies. Also, this study assessed the presence of transport environmental Kuznets curve (EKC) to assess the direction of transport-induced growth. The study used the Bayer-Hanck cointegration test which utilizes four different cointegration techniques to decide cointegration along with the Gradual Shift causality test which considers structural shift and fractional integration in time series data. The long-run findings of the Dynamic Ordinary Least Squares (DOLS) test, which counters endogeneity and serial correlation, revealed that the transport renewable energy use mitigates as well as Granger causes TCO2. However, transport fossil fuel usage and road infrastructure enhance TCO2. Surprisingly, the transport EKC is invalid in the case of the US, and increased growth levels are harmful to the environment. The association between TCO2 and economic growth is similar to a U-shaped curve. The Spectral Causality test revealed the growth hypothesis regarding transport fossil fuel use and economic growth connection, which suggests that policymakers should be cautious while decreasing the usage of transport fossil fuels because it may hamper economic progress. These findings call for revisiting growth strategies and increasing green energy utilization in the transport sector to mitigate transport emissions.
The present study presents a retrospect into environmental Kuznets curve hypothesis (EKC). The EKC debate is dated over four decade long and worthy of empirical scrutiny. To this end, the present study leverages on over 200 previous studies curated from SCOPUS and Web of science (WOS) core collection database respectively. The present study also presented both literature schematic on the evolution, trends, gaps, and future directions on the EKC debate. This paper endeavors to enhance our comprehension of the inherent paradoxes present in sustainability discourses by delving into the fundamental assumptions underlying the Environmental Kuznets curve (EKC). By conducting a bibliometric analysis, we aim to shed light on the factors contributing to the prominence of thematic keywords within sustainability discourses. This study seeks to provide valuable insights into these dynamics and implications on sustainability debates. Key empirical findings outlines predominant and influential studies and journal outlets on the theme under consideration. The present study bibliometric analysis displays that Ozturk i. with 13 published papers 3153 citations and a link strength of 2, Dogan e. Had 7 papers with 2190 citations with no link strength, Shahbaz. B 7 papers 1347 citations and 1 link strength, Saboori b.7 papers 677 citations 1 strength link and Liu y. 6 papers 582 citations with no link strength. From a policy dimension, the present bibliometric study presents valuable depth on the evolution and development of the EKC phenomenon by identifying's the extant literature leaders, action-step for future studies on environmental sustainability without compromise on economic growth as the EKC theme express the tradeoff between economic growth and environmental degradation. Further insights are rendered in the concluding section.
Uncertainty is an overarching aspect of life that is particularly pertinent to the present COVID-19 pandemic crisis; as seen by the pandemic's rapid worldwide spread, the nature and level of uncertainty have possibly increased due to the possible disconnects across national borders. The entire economy, especially the tourism industry, has been dramatically impacted by COVID-19. In the current study, we explore the impact of economic policy uncertainty (EPU) and pandemic uncertainty (PU) on inbound international tourism by using data gathered from Italy, Spain, and the United States for the years 1995-2021. Using the Quantile on Quantile (QQ) approach, the study confirms that EPU and PU negatively affected inbound tourism in all states. Wavelet-based Granger causality further reveals bi-directional causality running from EPU to inbound tourism and unidirectional causality from PU to inbound tourism in the long run. The overall findings show that COVID-19 has had a strong negative effect on tourism. So resilient skills are required to restore a sustainable tourism industry.
Climate change repercussions such as temperature shifts and more severe weather occurrences are felt globally. It contributes to larger-scale challenges, such as climate change and biodiversity loss in food production. As a result, the purpose of this research is to develop strategies to grow the economy without harming the environment. Therefore, we revisit the environmental Kuznets curve (EKC) hypothesis, considering the impact of climate policy uncertainty along with other control variables. We investigated yearly panel data from 47 Belt and Road Initiative (BRI) nations from 1998 to 2021. Pooled regression, fixed effect, and the generalized method of moment (GMM) findings all confirmed the presence of inverted U-shaped EKC in BRI counties. Findings from this paper provide policymakers with actionable ideas, outlining a framework for bringing trade and climate agendas into harmony in BRI countries. The best way to promote economic growth and reduce carbon dioxide emissions is to push for trade and climate policies to be coordinated. Moreover, improving institutional quality is essential for strong environmental governance, as it facilitates the adoption of environmentally friendly industrialization techniques and the efficient administration of climate policy uncertainties.
Pollution in the environment is today the biggest issue facing the globe and the main factor in the development of many fatal diseases. The main objective of the study to investigate green investments, economic growth and financial development on environmental pollution in the G-7 countries. This study used annual penal data from 1997 to 2021. The panel NARDL (Non-linear autoregressive distributed lag) results affirm that the positive change of green investment and negative shock in green investment have a significant and positive association with environment pollution in G-7 nations. Our findings provide more evidence for the long-term asymmetry between financial development and environmental performance. However, the findings confirm that a positive modification in financial development has a positive and significant effect on environment pollution. Whereas negative shock in financial development is negative and insignificant relationship with environment pollution. Moreover, the outcomes of the study reveal that both positive shock in gross domestic product growth and negative shock of economic growth have a significant and positive link with environment pollution in G-7 countries. According to the findings, by lowering carbon dioxide emissions, green investments reduced environmental pollution in the G-7 nations over the long and short term. Moreover, it is an innovative research effort that provides light on the connection between green investments, financial development, and the environment while making mention to the EKC in G-7 countries. After all these, our recommendation is to increases green investment expenditures to reduce environmental pollution in the G-7 nations based on our findings. Additionally, one important way for the nation to achieve its sustainable development goals is to improve advancements in the financial sector.