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Öğe Another look at energy consumption and environmental sustainability target through the lens of the load capacity factor: Accessing evidence from MINT economies(Wiley, 2024) Bekun, Festus Victor; Uzuner, Gizem; Meo, Muhammad Saeed; Yadav, AshutoshThe relationship between energy utilization and the environment is crucial in an era of environmental concerns by global economies and rising energy consumption. Emerging economies such as Mexico, Indonesia, Nigeria, and Turkey (hereafter, MINT) face complex trade-offs between economic growth and environmental sustainability. Strengthening this study are the UN Sustainable Development Goals prepositions on access to clean and alternative energy, decent economic growth, responsible production and consumption and climate action (UN-SDGs-7, 8, 12, and 13). The present study examines the environmental Kuznets curve (EKC) hypothesis for MINT economies within the framework of the load capacity factor (LCF). The article leverages panel econometrics to operationalize the relationship between study variables. Empirical findings show that the present study fails to confirm the presence of EKC. Thus, it implies that the MINT economies are at their first stage of accelerated economic growth which might result in an augmented ecological footprint and exert pressure on natural resources, as indicated by the observed negative outcome. Furthermore, there is a positive and significant relationship between renewable energy consumption (RENENG) and LCF. It implies that a 1% increase in RENENG leads to an increase in LCF of 0.70%. These outcomes indicate that the level of RENENG in MINT economies is not sufficient to mitigate climate change issues. Thus, from a policy perspective, there is a need for change in the MINT nations' energy portfolio mix, such as the need to switch from conventional energy sources (fossil fuels) to renewable energy sources, including solar, wind, photovoltaic and hydropower, which usually have a smaller negative impact on the environment. Furthermore, there is a need for investment in new and green energy technologies in the countries investigated to arrive at a clean and better ecosystem as desired. More insight is outlined in the concluding section.Öğe Unravelling the role of financial development in shaping renewable energy consumption patterns: Insights from BRICS countries(Elsevier, 2024) Yadav, Ashutosh; Bekun, Festus Victor; Ozturk, Ilhan; Ferreira, Paulo Jorge Silveira; Karalinc, TurgayIn line with the pursuit of clean and affordable energy, our study contributes to the United Nations Sustainable Development Goals (UNSDGs-7 and -13) and the global fight against climate change by offering evidence-based insights. We conducted a panel analysis of BRICS (Brazil, the Russian Federation, India, China, and South Africa) economies to investigate the relationship between financial development and renewable energy utilization. Our empirical findings highlight a positive statistical association between economic growth and renewable energy consumption, indicating that higher economic growth correlates with increased renewable energy adoption. Similarly, significant positive relationships are observed between the consumer price index and domestic credit with renewable energy consumption. Moreover, our study also uncovers a counterintuitive relationship between foreign direct investment and renewable energy consumption. These results provide valuable insights into the determinants of renewable energy consumption in BRICS countries. From a policy perspective, we advocate for robust strategies to promote the adoption and utilization of renewable energy sources alongside the implementation of policies encouraging the uptake of clean technologies. Such measures can spur economic growth and contribute to achieving low-carbon targets and sustainability goals within the BRICS economies. Practical steps, including incentives like feed-in tariffs and subsidies, can further enhance the cost-effectiveness of renewable energy adoption in the investigated bloc.