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Öğe Examining the environmental aspect of economic complexity outlook and environmental-related technologies in the Nordic states(Elsevier Sci Ltd, 2023) Alola, Andrew Adewale; Celik, Ali; Awan, Usama; Abdallah, Ibrahim; Obekpa, Hephzibah OnyejeUnderstanding the outlook of countries' economic complexity is vital for assessing the future of industries' product characterization. It provides opportunity and insight on how to mitigate the negative externalities that arises from the increasing pressure on the ecosystem. Based on this account, the effect of economic complexity and the corresponding outlook on environmental degradation vis-a-vis greenhouse gas (GHG) emissions alongside other environmental indicators are examined for the panel of Denmark, Finland, Norway, and Sweden for the period 1995 to 2020. After employing Driscoll- Kraay's standard errors for random effect (RE) with individual effects for the examination, the results indicate that the region's level of economic complexity favors environmental sustainability. Contrarily, the economic complexity outlook spurs GHG emissions, thus suggesting that future performance of the region's economic complexity could be detrimental to its ecosystem. Another similar, and undesirable observation is that the increase in urban population hampers environmental quality as it causes a surge in GHG emissions. Meanwhile, the results then conclude that economic growth, economic complexity, and environmental-related technologies are found to be potent drivers of environmental sustainability as the indicators exert negative pressure on GHG emissions in the Nordic region. Important policies that potentially guide immediate, and future sector-wide activities toward enhancing the region's sustainable development programs are posited through the study outcome.Öğe Explaining the environmental efficiency capability of energy mix innovation among the Nordic countries(Elsevier, 2024) Alola, Andrew Adewale; Festus Victor, Bekun; Obekpa, Hephzibah Onyeje; Adebayo, Tomiwa SundayImproving the environmental efficiency performance of energy mix is important to the global carbon neutrality goal. Given this motivation, this study delves into providing more explanation about the role of innovation approaches to coal, oil, and natural gas energy resources in the Nordic economies i.e., Denmark, Finland, Norway, and Sweden during the period 2000-2019. To achieve this objective and reach an evidence-based insight for policy formulation, the present study leveraged robust panel econometrics estimators that circum-vent cross-sectional dependence and heterogeneity issues in the investigated blocs. The empirical evidence shows that economic growth (GDP), coal energy, oil and natural gas contribute to the Nordic economies' environmental degradation in the short-and long-run. Contrarily, innovation via environmental-related patents mitigates environmental degradation, especially in the long run. Furthermore, the interaction models, i.e., applying innovative approaches in the energy mix's consumption, can mitigate carbon emissions across the countries, thus significantly improving environmental sustainability. Specifically, innovative approaches in coal, oil, and natural gas consumption improve environmental sustainability by mitigating carbon emissions, thus delivering respec-tive environmental efficiency improvements of-94%,-108%, and-123%. Additionally, Granger causality evidence further suggests that the examined factors are significant drivers of the environmental indicator. Regarding policy insight, this study affirms that further improvement in energy savings is vital to continuously deploying the conventional energy mix.Öğe The making-or-breaking of material and resource efficiency in the Nordics(Elsevier, 2023) Alola, Andrew Adewale; Celik, Ali; Obekpa, Hephzibah Onyeje; Usman, Ojonugwa; Echebiri, ChukwuemekaThe relevance of efficient direct material input through both export market and domestic material sources offers useful material and resource productivity guidelines from both economic and environmental sustainability dimensions. In the current context, the drivers of material and resource efficiency in the Nordic region are examined by utilizing requisite empirical approaches over the period 1995-2020. The investigation revealed that economic activities which are characterized by Gross domestic product (GDP) alongside the growth of urban population and utilization of oil energy are all detrimental to the region's resource efficiency. It implies that material utilization efficiency cannot be optimized with the current trend of the region's GDP, urban population growth and the use of dirty energy. Contrarily, the findings, further revealed that alternative energy utilization vis-`a-vis renewables are key indicators to spur material and resource efficiency in the region, thus throwing more support for the region's unavoidable energy transition goal. These highlighted results alongside the Granger causality inference offer sustainable development measures that are specifically motivated through the improvement of efficient and optimization of output.