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Öğe The anthropogenic consequences of energy consumption in E7 economies: Juxtaposing roles of renewable, coal, nuclear, oil and gas energy: Evidence from panel quantile method(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2021) Gyamfi, Bright Akwasi; Adedoyin, Festus Fatai; Bein, Murad A.; Bekun, Festus Victor; Agozie, Divine Q.The emerging industrialized seven (E7) economies are not excluded from the global warming issues which is a major problem for most economies. The E7 member countries have partaken in policies to mitigate against global warming in terms of decoupling CO2 emission from economic growth trajectory in the highlighted economies. It is on this premise that the present study is motivated to consider the connection among economic growth, pollutant emissions, coal rent while accounting for the role of other co-variates such as CO2 damage and energy from a nuclear energy source, oil gas energy between 1990 and 2016 on an annual frequency. This study adopts the use of panel ordinary least squares alongside panel quantile regression to explore the coal rent-energy and environment nexus. The empirical result shows a positive and significant effect of both real GDP and coal rent on CO2 emissions. More precisely, a 1% increase in GDP growth increases pollution emission by 0.400% while for coal rent, an increase in coal consumption dampens environmental quality by 0.088% as reported by the panel regression which is resonated by the quantile regression estimations at different tails of the data. Nevertheless, we observe that 0.95 percentile GDP growth strongly contributes to environmental pollution while at the median tail i.e. 0.5 percentile renewable energy consumption dampens the adverse effect of environmental degradation. Additionally, renewable energy, on the other hand, was found a negative and significant impact on CO2 emissions in E7 countries as a 1% increase in renewable energy consumption improves environmental quality by 0.588% Moreover, the estimated results indicate that regulation of coal consumption through the rent in addition to the cost of carbon damage will further increase the CO2 emissions in E7 countries. This study implies that putting stringent regulations on coal consumption as it concerns the increasing cost of carbon damage will not be of help to environmental sustainability within the E7 economies. The adoption of renewable energy consumption, nuclear energy, oil energy will reduce CO2 emissions in E7 countries. Thus, suggesting a paradigm shift for low-carbon energy sources which are more environmentally friendly.Öğe Assessment of the influence of institutions and globalization on environmental pollution for open and closed economies(Springer Science and Business Media B.V., 2024) Gyamfi, Bright A.; Agozie, Divine Q.; Ali, Ernest B.; Bekun, Festus V.; Asongu, Simplice A.As the environmental sustainability effectiveness of various political systems is taken into consideration, it is doubtful as to whether the presumption of the overall efficiency of democracy can be sustained in global governance architecture. The effectiveness of autocracies and democracies (i.e., governance indicators are compared in the present study) with reference to strengths and weaknesses in environmental objectives. This analysis explores the effect of autocracy, democracy, as well as the trend of globalization on CO2 emissions for open and closed economies from 1990 to 2020. Crucial indicators such as economic growth, renewable energy and non-renewable energy are controlled for while examining the roles of economic expansion on the disaggregated energy consumption portfolios for both open and closed economies. The empirical analysis revealed some insightful results. First, for the open economies, with the exception of non-renewable energy which shows a positive significant impact on emissions, all variables show a negative effect on emissions. Furthermore, the closed economies result indicate that, apart from renewable energy which has a negative relationship with emissions, all the variables including the interaction terms have a positive relation with emissions. However, an inverted U-shaped environmental Kuznets curve hypothesis was validated for both economies. © The Author(s) 2024.Öğe Beyond the Environmental Kuznets Curve in South Asian economies: accounting for the combined effect of information and communication technology, human development and urbanization(Springer, 2023) Gyamfi, Bright Akwasi; Agozie, Divine Q.; Bekun, Festus Victor; Koksal, CihatThe aim of this study is to investigate the role of information and communication technology (ICT) and human capital development on environmental degradation (CO2) using the Environmental Kuznets Curve (EKC) framework in line with the 21st Conference of the Parties to the UNFCCC (COP21). Five South Asian countries namely: Bangladesh, India, Nepal, Pakistan and Sri Lanka were considered in the context of the present study between the annual time period of 1990 to 2016. Pedroni cointegration test and Kao's residual cointegration test are used to assess long term relationship while Dumitrescu and Harlin (Econ Model 29:1450-1460, 2012) is used to test causality relationship between the variables. Empirical findings from the study showed significant effects of ICT import, renewable energy usage and human development decrease CO2 levels while ICT export and urbanization increase carbon emission levels in the long run. Furthermore, a significantly positive association is observed between economic growth and CO2 emission while the square of national income exerts a significantly negative effect on environmental degradation, which supports the EKC for the South Asian states. From a practical implication context, policymakers should not only concentrate on their economic growth trajectory improvement but also enhance the improvement of their ICT infrastructure, invest more in renewable energy sources, follow policies that would help the countries to raise human development standards, as well as consciousness for environmental sustainability should be pursued.Öğe Can technological innovation, foreign direct investment and natural resources ease some burden for the BRICS economies within current industrial era?(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2022) Gyamfi, Bright Akwasi; Agozie, Divine Q.; Bekun, Festus VictorEconomic advancement has tended to affect the processes of industrialization, which has increased the value of exploited natural resources via the application of technology. Intensive use of natural resources via total reserves, technological innovation, foreign direct investment (FDI), and renewable energy can have an impact on the environment. Considering this, the present study investigates the nexus between industrialization, total reserves, inflows of FDI, technical innovation, renewable and natural resources, and CO2 emissions in the case of BRICS. To this end, annual frequency data for BRICS from 1990 to 2019 are employed in panel framework. The study employs a battery of econometric techniques, namely the Augmented Mean Group (AMG), Common Correlated Effects Mean Group (CCEMG), and Driscoll-Kraay estimators to explore the underlined relationship. The cointegration results based on Westerlund, J. (2007) show that there exists a long-run equilibrium relationship between the study outlined variables over the investigated period. From the empirical analysis, technological innovation and renewable energy both reduce CO2 emissions while industrial value-added, natural resources, FDI and total reserves contribute to the degradation of the environment. Additionally, the interaction between industrial value-added and technological innovation also has negative impact on the BRICS countries’ environment. Based on these outcomes, the BRICS economies are enjoined to pursue green technology growth without compromise for environmental quality in the bloc. Finally, numerous significant policy ramifications for protecting environmental quality in BRICS economies have been proposed in the concluding section.Öğe Discerning the role of renewable energy and energy efficiency in finding the path to cleaner consumption and production patterns: New insights from developing economies(PERGAMON-ELSEVIER SCIENCE LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, ENGLAND, 2022) Shahbaz, Muhammad; Nwani, Chinazaekpere; Bekun, Festus Victor; Gyamfi, Bright Akwasi; Agozie, Divine Q.This study provides empirical evidence on the relationship between energy efficiency and production- andconsumption based carbon emissions by assessing the impact of population size, income, and clean energy on the carbon dioxide (CO2) emissions function. Method of Moments Quantile Regression (MM-QR) and Augmented Mean Group (AMG) estimators are applied to observe long-term associations between the variables, and Dumitrescu-Hurlin (DH) Ganger causality test is used to identify the direction of causality. Findings reveal that, across all specifications, energy intensity and population size have positive (increasing) impact on both estimates of CO2 emissions while renewable energy use has a negatively significant impact and stronger on consumptionbased estimates. The presence of an inverted U-shaped curve in the relationship between per capita income and CO2 emissions, as predicted by the Environment Kuznets curve (EKC) hypothesis, only exists when CO2 emissions are calculated based on production pattern. Further empirical analysis based on DH causality tests show a bidirectional causality between energy intensity and production-based CO2 emissions, population size and consumption-based CO2 emissions, per capita income and consumption-based CO2 emissions, and energy intensity and renewable energy use. In addition, a unidirectional causality runs from per capita income to production-based CO2 emissions, and from energy intensity and renewable energy use to consumption-based CO2 emissions. This analysis outlines a paradigm for the formulation of a green development strategy in developing economies via energy and environmental resources.Öğe Does psychological empowerment improve renewable energy technology acceptance and recommendation? Evidence from 17 rural communities(Pergamon-Elsevier Science Ltd, 2023) Agozie, Divine Q.; Afful-Dadzie, Anthony; Gyamfi, Bright Akwasi; Bekun, Festus VictorThis research investigates the incorporation of the Unified Theory of Acceptance and Use of Technology (UTAUT) and the Empowerment Theory into a robust construct within a Partial Least Squares-Structural Equation Model (PLS-SEM). Utilizing a cross-sectional survey approach, the study focuses on selected rural communities of Northern Ghana. The research encompasses 613 respondents, with an initial pilot study involving 80 participants. The study yields notable findings, establishing statistically significant and positive correlations between empowerment and attitude within the rural Ghanaian context. Furthermore, it identifies a significant influence of purchase intention on the propensity to recommend renewable energy technologies among rural households. These outcomes align with the principles of the Empowerment Theory and are in congruence with the United Nations Sustainable Development Goals (UN-SDGs), particularly SDG-7 (universal access to energy) and SDG-12 (responsible production and consumption). The study's implications extend to policy recommendations, specifically tailored to the unique energy landscape of Ghana. These findings contribute to a deeper comprehension of renewable energy proliferation dynamics and emphasize their crucial role in advancing sustainable development objectives and fostering responsible energy practices.Öğe Environmental Kuznets Curve hypothesis from lens of economic complexity index for BRICS: Evidence from second generation panel analysis(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2022) Agozie, Divine Q.; Gyamfi, Bright Akwasi; Bekun, Festus Victor; Öztürk, İlhan; Taha, AmjadThe present study contributes to the ongoing discussion on environmental sustainability, energy efficiency for the case of Brazil, Russia, India, China, and South Africa economies by investigating the dynamic connection regarding foreign direct investment, economic complexity index, renewable energy, natural resources, urbanization, and CO2 emission for annual frequency data from 1990 to 2019. The present study employs robust econometric techniques including Augmented Mean Group with Fully Modified-Ordinary Least Squares estimators as estimation techniques. Empirical outcome shows both inverted U-Shaped and N-Shaped EKC relationship between ECI and CO2 emission. The empirical findings also lend support to the Pollution Haven Hypothesis, which suggest that foreign direct investment influx is a contributing factor to environmental degradation in Brazil, Russia, India, China, and South Africa economies. Furthermore, renewable energy and the interaction between economic complexity index and urbanization is found to have adverse impact on emission while natural resources and urbanization have positive impact on the environment. Finally, the results from the Dumitrecu and Hurlin causality reveals a bi-directional causality between economic complexity and CO2 emission. Similar causality is found between economic complexity index and urbanization and CO2 emission while a one-way causality is seen running from foreign direct investment to CO2 emission over study period. These findings encourage authorities of the investigated countries to offer a broader energy strategy on alternative energies i.e., renewables improve Brazil, Russia, India, China, and South Africa environmental quality. Furthermore, emphasis on economic strategies that foster a healthier manufacturing activity to engender environmental sustainability without compromise for economic prosperity should be pursued among the examined economies.Öğe Environmental sustainability and ecological balance dilemma: accounting for the role of institutional quality(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2022) Agboola, Phillips O.; Bekun, Festus Victor; Agozie, Divine Q.; Gyamfi, Bright AkwasiGlobal warming is a global menace mainly driven by human anthropogenic activities. There is a need for environmental sustainability amidst increased economic growth. To this end, this study draws motivation from the United Nations Sustainable Development Goals (UNSDGs) with special focus on climate change mitigation and ecological balance. Thus, the present study analyses the dynamic relationship between economic growth, conventional energy consumption, access to technological innovation, economic globalisation, and the pertinent role of institutional quality for the case of the Russian Federation. This study employed novel combined Bayer and Hack cointegration test in conjunction with Pesaran’s ARDL bounds testing for robustness. Both tests validate a long-run equilibrium relationship between the outlined variables. Furthermore, empirical results show that increase in economic activities and consumption of energy that stem from a fossil-fuel basis both have deteriorating efect on environmental sustainability for Russia. Additionally, efect of globalisation shows mixed results, such as, in the short run, economic globalisation dampens environmental quality as increase in global integration exacerbates environmental quality, while, in the long term, globalisation improves the quality of the environment. On the contribution of institutional quality, it improves environmental sustainability over the investigated period. Interestingly, renewable is seen as a panacea for environmental sustainability in the Russian Federation given its pertinent efect to improve the environment of Russia. From a policy lens, there is need for a paradigm shift to renewables and clean technologies to mitigate the efect of climate change issues. The concluding section presents more policy strategies.Öğe Gravitating towards emission reduction targets in the G7 and E7 economies: the financial development and sustainable energy perspectives(TAYLOR & FRANCIS INC, 530 WALNUT STREET, STE 850, PHILADELPHIA, PA 19106, 2024) Gyamfi, Bright Akwasi; Agozie, Divine Q.; Bekun, Festus Victor; Onifade, Stephen TaiwoGovernments throughout the globe are confronted with climate change issues. In the wake of the climate change conference COP26—the Glasgow consensus, the criticality of attaining emission reduction targets to restrain global average temperature to 1.5 degrees has been reemphasized. Hence, we assessed these laudable climate action targets from the financial development and sustainable energy perspectives within the E7 and G7 economies. In lieu of this, the application of Augmented Mean Group (AMG) and Quantile regression techniques on annual frequency data from both blocs between 1990 and 2019 provide useful insights into the cruciality of financial development and renewable energy in CO2 mitigation toward attaining the 1.5°C vis-à-vis the net-zero emission goals. The empirical outcome shows that renewables create paths to emissions reduction targets in both blocs. Furthermore, financial development corroborates renewables’ emission reduction roles specifically in the E7. Additionally, renewables’ interactive roles with the expanding economic growth trajectory of both blocs also induce emission-mitigating effects. Finally, an inverted U-Shaped EKC phenomenon was validated. Hence, green growth policies corroborated by financial expansion strategies are recommended and deemed apt for attaining net-zero emission targets in these strategic economic blocs.Öğe Is sustainable energy consumption, technological advancement and urbanization fast addressing south Asia's green energy expansion deficits?(Springer, 2024) Gyamfi, Bright Akwasi; Adebayo, Tomiwa Sunday; Agozie, Divine Q.; Bekun, Festus Victor; Koy, AybenThe United Nation's sustainable development goals (UN-SDGs) like accessibility to renewable energies (SDG-7), sustainable production and consumption (SDG-12), as well as stable economic growth all centre on the notion of human development (HDI) and reflected in (SDG-8). In line with this motivation, this study explores the environmental sustainability targets for a panel of South Asian economies that are disproportionately affected by a huge energy deficit i.e., energy poverty, and technological immobility. This study considers evidence from south Asian nations to provide the role of certain indicators of human development in the wake of economic development and environmental quality objectives by unraveling the complex relationships between per capita income, access to technological innovation, access to clean energy, and urbanization. Employing a balanced panel econometric model, this study investigate the hypothesized nexus between specific macro-economic variables among South Asian economies. The empirical evidence indicates that the human development index (HDI), per capita income, accessibility to clean energy, technological innovation, as well as urbanization all exhibits a long-run equilibrium relationship over the study period. However, income per capita, accessibility to clean energy and technological innovation all exert a positive impact on HDI for the selected countries, while urbanization shows a negative impact on HDI. Furthermore, causality relationship shows a feedback causality relationship between income per capita, access to clean energy and urbanization with the human development variable, while access to technological innovation has a one-way causality with the HDI. This current study importantly extends the extant knowledge, by presenting new insights into the interaction between human development and its antecedents from a whole new contextual perspective. These outcomes will assist policymakers and stakeholders to obtain new insights into the crucial role of clean energy accessibility, technological innovation, income per capita, and urbanization on HDI processes among South Asian countries.Öğe The synergistic roles of green openness and economic complexity in environmental sustainability of Europe's largest economy: Implications for technology-intensive and environmentally friendly products(Elsevier Science Inc, 2023) Gyamfi, Bright Akwasi; Agozie, Divine Q.; Musah, Mohammed; Onifade, Stephen Taiwo; Prusty, SadanandaThe degrowth approach posits the idea that sustainable development and economic expansion are mutually exclusive. Conversely, it is believed that international trade within a complex economic system can help distribute green products to simultaneously ensure economic expansion and sustainable development. For this reason, the dynamic ARDL simulations technique was adopted to analyze the German economy's data from 2000 to 2020 toward determining the specific and interactive ecological implications of international green openness and economic complexity in Europe's largest economy. We discovered that green openness and economic complexity each have desirable impacts on ecofootprint, and their interaction further confirms a strong ecological-enhancing synergistic effect. The presence of the EKC phenomenon was also upheld from the analysis while clean energy exerts a positive impact on Germany's environmental quality level. The study further posits that a faster shift into the manufacture of technology-intensive and environmentally friendly products is possible for nations that invest in strengthening their internal technological skills to curb ecological harm. It is therefore advocated that even if the manufacturing of green items is not optimally done domestically, the special op-portunities presented by international trade in the distribution of green products should always be leveraged to foster environmental sustainability.Öğe Toward the Fourth Industrial Revolution among E7 Economies: Assessment of the Combined Impact of Institutional Quality, Bank Funding, and Foreign Direct Investment(Sage Publications Inc, 2022) Shahbaz, Muhammad; Gyamfi, Bright A.; Bekun, Festus Victor; Agozie, Divine Q.Background: Technological innovation and its paradigm, that is, the Fourth Industrial Revolution-4IR, have shown strong impact on income levels of adopters across the globe. To this end, this analysis examines the impact of bank funding and institutional quality on technological advancement. Objectives: This study adds additional variables such as high-technology exports and foreign direct investment (FDI) as control variable. Our study period spans from 2000 to 2018 on an annual frequency for E7 economies (Brazil, Indonesia, Mexico, India, Turkey, Russia, and China). Research Design: This study leverages on cross-sectional ARDL, Augmented Mean Group (AMG), and Common Correlated Effects Mean Group Estimates (CCEMG) estimation techniques to examine long-run relationship between the outlined variables. Subjects: Empirical findings show that institution quality, bank finance, income, high-technology exports, and foreign direct investments exert a positive effect on advancements in technology. Furthermore, the interaction between bank finance and institution quality on technological advancement is also positive and statistically significant. Based on the findings, it is concluded that large-scale funding is crucial for businesses to leverage revolutionary technology. Likewise, access to large capital sources if made easier encourages technology affordance as well as innovation and operational excellence. Thus, economies with established legal and financial systems stand to offer businesses such security, which encourages business innovation. Conclusions: Consequently, E7 economies ought to improve their financial and legal systems to boost financial security, creativity, and competitiveness of businesses.Öğe Unlocking the investment impact of biomass energy utilization on environmental degradation for an isolated island(Emerald Group Publishing Ltd, 2022) Gyamfi, Bright Akwasi; Agozie, Divine Q.; Bein, Murad A.; Bekun, Festus Victor; Adedoyin, Festus FataiPurpose Discussions on environment-friendly production connected with the concerns of growing biomass emissions have gained much attention. In this regard, this study aims to explore the issue of biomass energy consumption and its related emission effects on the economic and environmental well-being of the economy of Cyprus. Design/methodology/approach This study sources time series data on specific variables from the Global Material Flow and the World Bank's World Development Indicators (WDI, 2020) between 1990 and 2016. The Robust least square (ROB-L-2) in conjunction with Pesaran autoregressive distributed lag (ARDL) methodology analysis techniques was used in addition to the Granger causality tests to examine the direction of causality flow between the variables under consideration. Findings The results indicate that biomass energy usage in the long run reduces pollution and negatively correlates with CO2 emissions level. Also, the decline of emission is influenced by increased foreign direct investment (FDI), thus, activities of foreign investors contribute to combating emission in the country. According to empirical results, non-renewable energy consumption showed both positive and negative influences on increased emission level, whereas economic growth is increasing carbon dioxide emission for the case of Cyprus. Originality/value This study applies current reliable data that offers renewed insights and sheds light on the state of affairs on biomass utilization from a developing country perspective. Additionally, it extends the discourse on the impact of biomass utilization on CO2 emissions by considering the impact of FDI, trade flow and energy consumption in a carbon-income function built on the liner version of the environmental Kuznets curve hypothesis. Although this is by no means exhaustive, the study pioneers the discourse on how FDI with biomass utilization among other relevant variables influences carbon dioxide emission.