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Öğe Assessment of environmental implications of energy consumption towards sustainable development in G7 countries(WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ, 2021) Gyamfi, Bright Akwasi; Bein, Murad A.; Bekun, Festus Victor; Yaw, Sarpong Steve; Vo, Xuan VinhFollowing universal debate for energy sources and sustainable development across the globe, with its far-reaching implications on the environment, this crusade aligns with the United Nations Sustainable Development Goals (UN-SDGs). The study variables are based on the SDGs-7, 8, and 13 that highlights access to clean energy, sustainable economic growth and mitigation of climate change issues. Awareness of environmental sustainability has received much consideration because of the hazards associated with climate change issues in recent times. Studies on environmental quality and pollution emissions (CO2) are becoming increasingly interesting. It is reported that human activities and increasing economic issues resolve environmental-related challenges. In the light of this, we assess how employment moderates energy consumption and climate change for G7 countries. We utilise panel co-integration and long-run regression using dynamic ordinary and fully modified ordinary least squares to institute the magnitude of long-run elasticity among the outlined variables. Panel heterogeneous techniques are used to detect the direction of causality for the annual data from 1990 to 2016. The empirical result shows a clear significant correlation between variables and the long-run relationship between pollutant releases and energy utilisation, employment and real output. The study finds an inverse relationship between trade and pollutant emissions, thus suggesting that openness trade mitigates against environmental degradation in the sampled blocs. The causality analysis reveals a bidirectional causality between emissions and employment and a unidirectional causality between emissions, real GDP, energy utilisation and trade. These results have far-reaching outcomes on environmental fronts and economic growth highlighted in this study.Öğe The relevance of EKC hypothesis in energy intensity real-output trade-off for sustainable environment in EU-27(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2021) Bekun, Festus Victor; Alola, Andrew Adewale; Gyamfi, Bright Akwasi; Yaw, Sarpong SteveConsidering the prevailing wave of global warming and other environmental challenges, which can be attributed to increasing environmental pollution as a result of economic activity, thus, it is essential to understand the effect of economic progress on the environment. More importantly, this endeavor is especially suited for the European Union (EU) member states, which account for a sizable portion of the world economy. However, by considering the open border or trade policy approach of the bloc, this study applies a battery of econometrics analysis that consists of mean group, augmented mean group, common correlated effect mean group estimators, and Dumitrescu and Hurlin causality analysis for direction of causality. These techniques are superior to firstgeneration methods to substantiate the relationship between real income, energy intensity, and carbon emission between annual frequency data from 1990 to 2017. Empirical results from series of cointegration tests reveal the long-run equilibrium relationship between the highlighted variables in the EU. Our study validates the existence of EKC phenomenon where emphasis is based on GDP growth at the expense of environmental quality. This implies that EU growth trajectory comes with an environmental tradeoff and consequences. However, few countries in the region have made substantial strides of carbon reduction but not as a bloc. This position is resonated by the regression from all estimators in harmony where energy intensity dampens environmental quality in the blocs investigated. On the direction of causality, feedback Granger causality is observed running from GDP growth and carbon emission. A similar direction of causality is seen between energy intensity and carbon emission. These outcomes have far-reaching consequences on the environment. This study recommends the need for energy transition to cleaner and friendlier energy technologies by EU officials. That is, the need for a paradigm shift from conventional energy based on fossil fuel to renewable energy should be pursued in the region. More policy directions are outlined in the concluding section.