International Journal of Energy Economics and Policy

The Long-Run Linkage among the Macroeconomic Factors and CO2 Emissions in terms of Sea Transport Induced EKC Hypothesis in USA

Ayşe Özge Artekin — 2024-05-08

The main aim of this article is to comprehend the long-run relationship among sea transportation, energy use, GDP, and CO2 for USA from 1980 to 2023. In this sense, FMOLS, DOLS, CCR, and ARDL analyses are employed in order to investigate the entity of long-run linkage between the relevant variables. According to results of this manuscript, except energy use there is no both long-run relationship among variables and effects of independent variables (GDP, sea transportation) on dependent variable (CO2 emissions) from 1980 to 2023 in USA. Therefore, the sea transport-induced EKC hypothesis has not been confirmed empirically. Although the hypothesis has not been confirmed, there are some issues to consider in terms of energy consumption. Transportation energy consumption and greenhouse gas emissions are seen as an alarming threat to leaving a livable and sustainable green environment and economy to future generations. Fossil fuels used in transportation have an important place in carbon dioxide emissions. This is seen as a crucial environmental factor that all stakeholders should consider when planning energy and environmental policy decisions. In order to prevent environmental quality from being negatively affected by greenhouse gas and exhaust emissions, policy makers need to encourage more energy efficient and healthier transportation ways. Thus, the harmful effects of transportation energy consumption can be reduced as well.

Central Bank Independence and Oil Prices Impact on Macroeconomic Indicators

Bulat Mukhamediyev — 2024-05-08

The central bank's independence and oil prices can influence macroeconomic indicators. Many articles are devoted to studying their influence on individual macroeconomic indicators. As it turned out, the study's results depend on the sample of countries and the interval. They can lead to contradictory conclusions: from a negative or positive effect to its complete absence. However, these issues have not been sufficiently studied for post-Soviet countries with peculiarities in their past development. This study examines the impact of central bank independence (CBI) and oil prices on economic growth, inflation, and income inequality in post-Soviet and developed countries from 2001 to 2020. Based on the analysis of panel data, it was found that strengthening the independence of central banks does not significantly impact economic growth, inflation, and income inequality in developed countries but contributes to their reduction in post-Soviet countries. Higher oil prices reduce economic growth and increase income inequality in developed countries and reduce economic growth, but do not affect income inequality in post-Soviet countries. An increase in oil price increments increases inflation in both samples of countries. The results of this study may be useful for developing macroeconomic policies.

Analyzing Energy Consumption in Universities: A Literature Review

Mohammed Alnahhal‬‏ — 2024-05-08

This study investigates energy consumption in general and in universities in particular. A literature review was used as the methodology of the study to show the energy consumption purposes, major findings, research gaps, limitations, and future research about how to analyze energy consumption levels. The number of references examined was 60, with 29 references about universities and some of them are concentrating on the buildings’ consumption in the GCC area. Most of the references concentrated on investigating case studies in different countries. Analysis of the findings showed that tools such as big data analytics, machine learning, simulations, and predictive models were used. However, big data analytics was the most important one. It was found that AC systems are the most important component of energy consumption, especially in hot weather countries. The studies also showed that monitoring the consumption rates will reduce the total consumption of energy. In universities, the type of the building and the day index were found the most important factors affecting energy consumption. Factors such as number of smart devices, location, and floor space were found to have different positive and negative impacts on energy consumption from one study to another. Recommendations for future research were also presented.

The Role of Political Stability in Nine Arab Natural Resource-Abundant Countries (ANRAC) Toward Environmental Sustainability through CO2 Mitigation

Omed Rafiq Fatah — 2024-05-08

This study examines the intricate interplay of political stability, natural resource rent, industrialization, globalization, economic growth, and carbon emissions in nine Arab resource-abundant countries (ANRAC) from 1996 to 2019. Applying advanced statistical approaches, such as the Method of Moment Quantiles Regression (MMQREG) as a baseline estimation approach, along with the inclusion of PCSE, FGLS, and FMOLS, to enhance, to enhance the reliability and stability of the obtained results. The study results suggest that globalization, coupled with the interplay between political stability and economic growth, fosters advancements in environmental conditions and the pursuit of sustainable practices. In contrast, political stability, abundant natural resources, sustained economic expansion, and widespread industrialization are associated with increased CO₂emissions, posing detrimental effects on the environment. Notably, there seems to be a correlation between the concurrent improvement of political stability and economic growth and a reduction in CO₂emissions.

The Effects of Oil Price on Energy Production and the Ecuadorian Economy

Mirna Geraldine Cevallos-Mina — 2024-05-08

Through an empirical analysis of the impact of variations in the international price of oil on the economic production of different strategic sectors and on energy production from various sources in Ecuador, the study seeks to show evidence on the economic effects of the price of oil. in a Latin American economy strongly linked to oil production. For this, relevant data were collected on production in different economic sectors, on the type of ownership in oil production and on energy production in various energy sources in Ecuador and statistical analyzes were carried out to evaluate the relationships between these and the international oil price. The results indicate that the effect of the oil price varies between the economic sectors of Ecuador. Some sectors, such as financial services and construction, show positive responses, while others, such as agriculture and fishing, appear less affected. The oil and mining sector in Ecuador is strongly linked to variations in the price of oil. The positive and significant response of the Oil and Mines GDP underlines the sensitivity of this sector to changes in international prices. Furthermore, energy production in Ecuador exhibits heterogeneous responses to variations in the price of oil. Forms of energy such as wind, solar, and thermal energy show positive and significant responses, while hydropower presents a negative response in some periods. Positive responses in forms of energy such as wind, solar, and thermal may indicate that the increase in the price of oil positively influences investment decisions in these energy sources. The study provides a significant contribution to the field of energy economics in oil-exporting countries and, particularly, in developing countries, as well as highlights the importance of energy diversification for these types of economies.

Modelling Inflation Dynamics and Global Oil Price Shocks in OAPEC Countries: TVP-VAR

Marwa Elsherif — 2024-05-08

This paper aims to examine the dynamic pass-through effect of oil price shocks on inflation in OAPEC countries using quarterly data ranging from 1990:Q1 to 2022:Q4. The incorporation of the TVP-VAR model along with the Markov Chain Monte Carlo method with stochastic volatility estimation offers a robust framework for capturing the time-varying nature of the relationship. Additionally, the analysis of the Impulse Response Function provides valuable insights into the short-term and long-term dynamics following oil price shocks. The results demonstrate a significant positive pass-through effect of oil prices on inflation in the sample member states, with heterogeneous magnitude and persistence. These variations are attributed to diversity in oil dependency, exchange rate regimes, monetary policy frameworks and the degree of openness to global markets. The study suggests the need for effective inflation management strategies and appropriate policy responses to oil price fluctuations. Furthermore, policymakers may consider adjusting exchange rates, interest rates, or trade policies to manage inflationary pressures effectively.

Environmental Management Technologies, Environmental Policy Stringency, Energy Productivity and Pollution Emission: Fresh Evidence from Indonesia under STIRPAT Framework

Kartika Bungas — 2024-05-08

The rapid pace of climate change and global warming has become an ever growing challenge all over the world. Global warming and carbon concentrations can be mitigated by adopting strict environmental policies and effective management of the environment. Therefore, the study aims to empirically investigate the effect of environmental policy stringency (EPS), energy productivity and environmental management technologies (EMT) on pollution emission in Indonesia- one of the most polluting countries of the world. To this end, the study collects data over the 1990 to 2020 period. The study uses Autoregressive Distributed Lag Model (ARDL) approach to carry out empirical estimation. The findings reveal that environmental management technologies, energy productivity and environmental policy stringency had negative impact on CO₂ emission. However, economic growth (GDP) and urbanization had positive role in increasing CO₂ emission in the long run and the short run. On the basis of the outcomes, the study recommends that Indonesia should adopt strict environmental policies and legislations to mitigate environmental deterioration. Indonesian government is recommended to promote the adoption of environmental management technologies by providing substantial incentives and investment opportunities for businesses.

The Relationship between Energy Consumption, Agricultural and Industrial Production, and Economic Growth: ARDL Border Value Approach in the Case of Kazakhstan

Saken Ualikhanovich Abdibekov — 2024-05-08

This study analyzes the impact of energy consumption and industrial and agricultural production on economic growth between 2000 and 2022 in Kazakhstan using the ARDL method. The research findings determined that all three variables affect the economic growth of Kazakhstan. Another important finding is that, within the framework of the variables included in the analysis, the model shows that after a shock, the economic structure will recover and regain its footing in a short period, such as 1.5 years. Therefore this study provides important information to Kazakh decision-makers and gives confidence in the solidity of the country's economic structure. The study employs a model that includes industrial production and agricultural production, along with energy consumption on economic growth, as only one variable (index variable). As well known, production and trade as fields of economic activity can also be taken separately. Therefore they can be included in the model separately and their individual effects on GDP can be analyzed. By carrying out studies in this manner, we can identify the determinants of the Kazakh economy and use sample applications to analyze the dynamics of economic growth in general.

Disparities in Energy Productivity across the EU Countries

Tomasz Grodzicki — 2024-05-08

Energy plays a crucial role in everyday life and thus is one of the most essential inputs in all economic activities. Nowadays, the EU energy market has changed mainly due to the Russian invasion of Ukraine. The EU countries had to suddenly adapt to the new situation and secure energy supply for their citizens. But even before that, energy issues had been raised on a global scale through the United Nations’ 2030 Agenda for Sustainable Development. One of the seventeen Sustainable Development Goals (SDGs) is SDG 7: Affordable and clean energy. Therefore, this paper aims to examine energy productivity in EU countries as it should be at the heart of the ongoing debate on energy security across the EU. This study uses two sources of data: the Eurostat and OECD. The first one provides users with a composite indicator of energy productivity, which results from the division of the GDP by the gross available energy (primary production + recovered & recycled products + imports – exports + stock changes) for a given calendar year. The latter delivers an indicator of energy productivity measured in GDP per unit of total energy supply. This paper applies the β-convergence model to investigate the disparities between the EU countries in energy productivity and to see if they are widening or narrowing over time. The results show that although there are significant initial disparities, the EU countries have been converging over time; however, the speed of that process is not satisfyingly fast.

Influence of Financial Development on Environmental Quality: Research Results from Developing Countries

Yen Nguyen — 2024-05-08

This study provides evidence supporting the hypothesis that financial development reduces environmental pollution in developing countries. using an annual dataset of carbon emissions, financial development, and other factors from 1990 to 2020, with the GMM approach, We find that the more developed the financial system, the more advantageous it is for the environment. This conclusion is strengthened when particular facets of financial development are taken into account. Moreover, the impact is also influenced by the countries' wealth levels, in which countries with high average incomes have financial development that has an impact on reducing environmental pollution and the opposite result when viewed. considered in low-middle-income countries. Finally, we offer some policy recommendations regarding financial development to enhance its efficacy in maintaining environmental quality.

Examining the Role of Women’s Labor Participation in CO2 Emissions in Saudi Arabia

Haider Mahmood — 2024-05-08

Women can play an active role in determining environmental quality, and Saudi women’s share in the labor market is increasing considerably. Women's participation is still low in the labor market, and their participation might affect the aggregated environmental situation. Therefore, we explore the effect of Women's Labor Participation (WLP) on CO₂ emissions in Saudi Arabia from 1990 to 2022 by employing a cointegration technique. The Environmental Kuznets Curve (EKC) is tested and substantiated in the long run, but it is not verified in the short run. WLP raises CO₂ emissions. Thus, women's labor market entry has environmental consequences. Moreover, trade openness also contributes to CO₂ emissions over a long period of time. Nevertheless, its short-term impact is environmentally pleasant. The study recommends checking environmental problems out of WLP by developing gender-responsive environmental policies. So, gender equality and sustainable growth would be targeted simultaneously.

What Drives Clean Cooking Solutions in Africa? An Empirical Study in Kenya and Nigeria

Fumihiko Matsubara — 2024-05-08

Improved cookstoves and clean cooking solutions have been garnering increasing attention in Africa owing to their carbon credits. The energy ladder theory indicates that the utilisation rate of clean cooking solutions increases when the Gross Domestic Product (GDP) per capita increases. This study analyses other factors that may influence the utilisation rate of clean cooking solutions, such as population, women household heads, electricity utilisation, and improved water. The results show that GDP per capita correlated more highly with clean cooking solutions than with other factors. This study also determined that higher electricity access rates did not lead to high utilisation of electric cookstoves in Africa, likely due to the greater influence of traditional cooking methodologies and government policies. Through interviews, the study found that certain policies influence Kenya's high adaptability and Nigeria's low adaptability to clean cooking solutions.

Electricity Consumption and Food Production in Malaysia: Implication for the Sustainable Development Goal 2

Romanus Osabohien — 2024-05-08

The need to seek sustainable solutions to end hunger in all its forms by 2030 motivated the implementation of the Sustainable Development Goals. Against this backdrop, this study seeks to fill the existing gap by unraveling the underexplored dimension of escalating electricity consumption and its potential effects on the broader spectrum of Malaysia's food productivity, with a view to assessing the capacity or otherwise of Malaysia in achieving the SDG 2 (food and nutrition security) by 2030. To achieve the stated objectives, data from World Development Indicators (WDI) of the World Bank for the period 1990 to 2022 were collected for Malaysia. The collated data were analyzed within the framework of Fully Modified Ordinary Least Squares (FMOLS) method. The negative coefficient suggests that an increase in arable land is associated with a decrease in food production. Electricity consumption did not support expansion of food production in the country. Employment in agriculture, based on results, the study concludes that; electricity consumption did not support expansion of food production in Malaysia. In the same vein, arable land in Malaysia did not support sustainable food production in the country. Employment in agriculture did not drive food production changes in the country. Therefore, it could be submitted that electricity consumption only may not ensure a sustainable food production in Malaysia. Therefore, the study recommends that the policymakers and other concerned stakeholders in Malaysia should emphasize the importance of managing and utilizing arable land effectively in order for the country to experience a sustainable food production. Similarly, the policymakers in Malaysia should be given priority to food production when distributing electricity for both domestic and industrial consumptions in the country. If these policies are well implemented in Malaysia, the achievement of the Sustainable Development Goal 2- food security and sustainable agriculture will be tremendously facilitated before 2030.

Role of Economic Expansion, Energy Utilization and Urbanization on Climate Change in Egypt based on Artificial Intelligence

Mohamed F. Abd El-Aal — 2024-05-08

This study employs machine-learning algorithms (ML), specifically Random Forest (RF) and Gradient Boosting (GB), to assess the impact of various factors, including Gross Domestic Product (GDP) growth, urbanization, and energy consumption, on carbon dioxide emissions (CO2). The research underscores the RF algorithm's superior accuracy in determining independent variables' influence on CO2 emissions compared to GB. Furthermore, the study reveals that natural gas is the most significant contributor to CO2 emissions in Egypt, accounting for 49.7% of the total, followed closely by oil at 46.7%. The effect of other variables on CO2 emissions is relatively minimal. The findings also establish a strong positive correlation between the consumption of natural gas, oil, and coal and CO2 emissions in Egypt. Additionally, a negative relationship is observed between GDP growth, suggesting a positive trend in environmentally friendly economic expansion and urbanization on CO2 emissions in Egypt. This unique scenario, where urban expansion appears to have an inverse relationship with CO2 emissions, sets Egypt apart from many other countries and signifies a favorable environmental outcome.

Oil Price Volatility Shocks and the Macroeconomic Indicators: Evidence from Saudi Arabia

Darshita Fulara Gunwant — 2024-05-08

This study investigates whether the positive and negative shocks in oil price volatility have an asymmetric effect on the volatility measures of the macroeconomic variables in the context of Saudi Arabia- a major oil exporting country in the region. The empirical results suggest that a positive shock in the oil price volatility tends to generate higher volatility in inflation, forex reserves, public spending and stock prices, whereas a negative shock in the oil price volatility does not seem to have any significant impact on the volatility measures of most of these variables. The crucial inference that emerges from these findings is that the unfavourable events in the oil markets that cause higher volatility in oil prices seem to generate higher macroeconomic uncertainty. However, the favourable oil market events that are believed to reduce uncertainty, do not seem to have a stabilizing impact on the macroeconomic environment of the Saudi economy.

Design of Photovoltaic Systems in Industrial Electrical Systems Considering Power Quality

Natalia Ivaneth Luna Alvarino — 2024-05-08

This paper presents a comprehensive design methodology for photovoltaic systems (PVS) integrated into industrial electrical systems (IES), with a specific focus on preserving power quality (PQ). The 10-step methodology, ranging from initial interviews to detailed technical, energy, and economic assessments, is novel for its multi-factorial approach that combines an Excel application with ETAP software, prioritizing considerations for PQ. Evaluation across four scenarios demonstrated varying outcomes. In the worst-case technical and energy scenario, PVS installation on Point of Common Connection without PQ mitigation led to significant increases in harmonics and no reduction in energy consumption. Conversely, the best technical and energy scenario involved distributing PVS across load buses with PQ mitigation, resulting in a 5% reduction in energy consumption and 27% lower energy losses. The economic evaluation indicated a three-year payback period in all scenarios, primarily attributed to increased costs for PQ problem mitigation equipment. It was also observed that reducing losses and energy consumption limits the economic benefits of installing PVS in IES. This methodology serves as a valuable guide for designing PVS in IES, incorporating technical, energy, economic, and PQ considerations.

Saudi Arabia’s Green Vision: Examining the Kingdom’s Path to Sustainability, Covering Energy, Economy, Tourism, and Carbon Dynamics

Shaha Faisal — 2024-05-08

This study examines the Green Vision of Saudi Arabia and its efforts towards achieving sustainability in various domains such as energy, economy, tourism, and carbon emissions. The research uses time-series data from 2002 to 2020 to analyze the dynamic impacts of these variables. To achieve this, it employs a co-integration regression test, Granger causality relationships, and one-way and two-way causal effects between carbon emissions, tourism, economic growth, and energy use. The findings of the study provide valuable insights into the challenges and opportunities for sustainability in the kingdom, considering the goals of SDGs 8 and 13. This research contributes to the ongoing discourse on sustainable development in Saudi Arabia and offers significant insights for lawmakers, entrepreneurs, and researchers to influence the country's future direction. The research aims to guide strategic decision-making in line with Saudi Arabia's commitment to achieving a sustainable and resilient future by examining the interconnections between energy, economic growth, tourism, and carbon emissions.

Macroeconomic Impacts of Oil Price Shocks: Evidence from Iraq by Using Vector Autoregressive Model

Maitham Rodhan — 2024-05-08

Based on a VAR framework, Granger Causality Tests, Impulse Response Function and Variance Decomposition analysis on the annual data from 1970 to 2021, This study aims to demonstrate the effect of oil price fluctuations on GDP, imports, international reserves, and exports in Iraq. The Granger causality results demonstrated a unidirectional connection moving from oil price to imports, exports, international reserves, and GDP, this is an inevitable result because oil prices are determined in the international markets according to specific factors that do not include local economic variables. The variance decomposition result indicated that oil price changes are an important source of variation in the studied variables. Finally, the results of the impulse response function indicated that fluctuations in oil prices significantly impact GDP, exports, imports, and international reserves in Iraq. Therefore, we suggest that economic policymakers work seriously to develop practical plans to diversify the Iraqi economy instead of relying too heavily on oil revenues, which are characterized by sharp and continuous volatility, to avoid the negative effects of these fluctuations on the main macroeconomic variables in Iraq.

Agricultural Value Added in BRICS: A Panel Data Study

Sharmiladevi Jekka Chandrasekaran — 2024-05-08

Sustainable agricultural development is essential for ensuring food security, economic growth and ecological balance, which is a challenging phenomenon to achieve. This phenomenon is studied in the case of BRICS, considering agricultural value added, economic growth, openness to trade, carbon dioxide emission and net foreign direct investment. Panel unit root test, Fixed and Random Effect Model, Panel Cointegration test and Panel Causality are studied. Results of the analysis indicate that in all the BRICS countries, agricultural value added is significant to economic growth, inward foreign direct investment is reduced with agricultural growth, and inward foreign direct investment causes trade openness.

Symmetric Impact of Carbon Emissions on Poverty in South Africa: New Evidence from ARDL Bounds Test

Hlalefang Khobai — 2024-05-08

The purpose of this study is to investigate the relationship between poverty and carbon emissions in South Africa covering the period between 1994 and 2020. The study employed the ARDL bounds test to assess the existence of a long run relationship between the variables. The results evidenced existence of a long run relationship between poverty, carbon emissions, economic growth and renewable energy consumption in South Africa. The results are such that carbon emissions have a positive and a significant effect on poverty in the long run. Therefore, with CO2 emissions having a positive influence on poverty, causes more losses in the socioeconomic system and reduces the ability of the population to cope with poverty. Therefore, it is recommended that the government should promote the growth of the South African carbon market, increase enterprise involvement through acceptable price and quota allocation, and work in tandem with other environmental measures to promote sustainable development. This will help alleviate poverty in South Africa.

Eco-Friendly Energy Efficient Classrooms and Sustainable Campus Strategies: A Case Study on Energy Management and Carbon Footprint Reduction

Ganesh Nagraj Patil — 2024-05-08

This research paper presents a comprehensive study on energy management and carbon footprint reduction in an educational institutional campus. It focuses on implementing energy-efficient technologies and practices to minimize energy consumption and environmental impact. The study encompasses four cases, each addressing different aspects of energy use in a university setting, including the installation of LED lighting, programmable remote switches, and high-efficiency air conditioning systems. The methodology involves a detailed analysis of energy consumption patterns, using smart energy meters and theoretical calculations. Case I establishes a baseline energy consumption, while subsequent cases implement energy-saving measures. Case II involves replacing traditional tube lights with energy-efficient LED lights, resulting in considerable energy savings. Case III extends these savings further by integrating programmable remote switches mapped with student timetables. Finally, Case IV proposes the replacement of older air conditioning units with 25 SEER models, leading to significant reductions in energy use. The results highlight the effectiveness of these interventions. Case II achieves a 66.67% energy saving, while Case III yields up to 77.78% energy saving in lighting and 33.34% in air conditioning. In Case IV, the adoption of high-efficiency air conditioners can result in a 52% energy saving during teaching weeks. The economic benefits of these measures are substantial, with cost savings per classroom ranging from 7.65% in Case II to 53.46% in Case IV. Moreover, the environmental impact of these energy conservation techniques is substantial. The study reports reductions in carbon emissions from 14.71metric tons of carbon dioxide equivalent (MT CO2e) in base Case I to 6.85 MT CO2e in Case IV. The overall carbon emission reductions for Cases II, III, and IV are 7.61%, 36.37%, and 53.43%, respectively. This study demonstrates the profound impact of integrated energy management strategies in reducing the carbon footprint and energy consumption in educational institutions, offering a model for sustainable and economically viable operations.

The Impact of Islamic Finance on Carbon Emissions: Lessons from OIC Countries

Mohammad Iqbal Irfany — 2024-05-08

Environmental degradation especially the spread of emissions per capita in OIC countries has increase very rapidly with one of the factors being sharia bank financing. This study aims to know the financing of sharia banking and the other common factors in influencing emissions per capita in OIC countries. The method that will be used is panel data analysis with the Generalized Least Square (GLS) weighting model Fixed Effect Model (FEM). The results of this study indicate that Islamic bank financing, real GDP per capita, and trade openness have a positive and significant effect on emissions per capita. Then from the results of this study indicate that urbanization has a negative but it’s not significant effect on emissions per capita. The results of this study can be used as a basis for sustainability policies in the government and company regulations such as the application of the concept of green industry and the development of clean and environmentally friendly technologies and sharia banking in OIC countries can provide sustainable financing so that the financing provided is not only profit-oriented but also realizes green financing for the community and companies in general.

Asymmetric Effect of Shadow Economy on Environmental Pollution in Egypt: Evidence from Bootstrap NARDL Technique

Awadh Ahmed Mohammed Gamal — 2024-05-08

This study examines the asymmetric effect of shadow economy (SE) on environmental pollution in Egypt during the 1970 and 2022 period. Using the bootstrap nonlinear autoregressive distributed lag (NARDL) bounds-testing approach, the study presents evidence of nonlinear cointegrating relationship between environmental degradation (carbon emission) and shadow economic activities (alongside globalisation, urbanisation, size of economic activity, industrial growth). In addition, the results demonstrate that the impact of shadow economy on environmental pollution (Env) is nonlinear, with the positive shock in shadow economy promoting environmental degradation and negative shocks promoting environmental quality, both in the short- and long-runs. However, the study discovered that the magnitude of the impact of the SE on Env is larger in the short-run. This is further validated by the dynamic nonlinear ARDL simulations technique which demonstrates that the short-run effect of the SE on Env is large. Additionally, the results suggest that income growth, urbanisation, and industrial growth are important drivers of environmental pollution. Therefore, the study recommends the adoption, and most importantly implementation, of policies and strategies geared towards reducing the shadow economy, and consequently environmental pollution.

Energy Prices and Their Impact on US Stock Indices: A Wavelet- based Quantile-on-Quantile Regression Approach

Ahmad Monir Abdullah — 2024-05-08

This study delves into the effects of crude oil and gas prices on the United States’ (US) conventional, Islamic, and environmental, social, and governance (ESG) stock indices from January 2013 to December 2022. Decomposing original time series data to minimise inherent fluctuations and using the Quantile-on-Quantile (QQ) regression approach presents a nuanced view of how these energy prices impact different stock indices. The findings reveal that crude oil prices have a variable impact on the indices: high prices negatively influence the indices, low prices have a positive effect, and moderate prices yield a moderate positive impact. After data decomposition, this positive influence diminishes in higher quantiles, indicating an emerging neutral effect in stabilised conditions. In contrast, gas prices show a limited impact, with high prices slightly benefiting conventional and ESG indices but less so for the Islamic index. This suggests a more pronounced influence of oil prices on the indices, likely due to the dependence of many listed companies on oil. The study emphasises the importance of considering oil-related risks in investment strategies and highlights the asymmetric impact of crude oil prices on the US stock indices. These findings have significant implications for investors and policymakers. They underscore the need for careful consideration of oil price dynamics in investment decisions and the importance of staying vigilant against shifts in oil prices that could lead to market instability.

Does Internet Use Affect Air Pollution? Evidence from OECD Countries

Unzule Kurt — 2024-05-08

This study aims to analyze the relationship between the use of the internet, which has an important place in information and communication, and air pollution (Carbon Dioxide Emissions-CO₂). In this context, the relationship between the variables for the 1994-2019 period in 28 OECD countries selected was tested with the help of a panel data analysis with Fourier functions (Fourier unit root test, panel Fourier cointegration test and panel Fourier causality test). The results of the analysis show that internet use reduces air pollution, while economic growth increases air pollution. The results of the Panel Fourier Granger Causality test revealed a bidirectional causality relationship between internet use and air pollution and a unidirectional causality relationship from air pollution to economic growth throughout the panel. The analysis results present a policy proposal to the governments of OECD countries that they can reduce air pollution by investing in information and communication technologies (ICT) in their economic growth processes.

The Critical Role of Energy Intensity in Decarbonizing ASEAN: Integrating Growth and Emissions Reductions

Setia Damayanti — 2024-05-08

This research analyzes drivers of CO2 emissions across ASEAN countries from 1971-2017 to inform effective policies for sustainable decarbonized development. The goal is to identify critical factors influencing emissions growth and reductions to guide strategic climate mitigation planning. Data includes 3128 emissions, GDP, population, and energy consumption observations from 9 ASEAN nations. Results using the Kaya Index and Logarithmic Mean Divisia Index decomposition reveal GDP growth and population as primary drivers of increasing emissions, while energy efficiency dampens growth. Indonesia saw the highest emissions growth, driven by population and economic expansion. Thailand's phenomenal GDP growth of 3003.7% led to its emission increases. Singapore and the Philippines achieved notable reductions. Findings suggest integrated policies like clean energy, efficiency gains, infrastructure planning, and low-carbon economic reform are needed. Transitioning towards affordable clean energy systems with proactive leadership can enable ASEAN to sustain growth while mitigating climate risks. Further research should identify optimal policy mixes to maximize socio-economic progress and welfare while meeting urgent emission targets tailored to each nation. This study provides vital insights into key factors influencing ASEAN emissions and highlights pathways towards sustainable decarbonized development. The analysis of historical trends aims to inform strategic policymaking for decarbonization.

Airlines’ Corporate Growth and Environmental Conservation: Evidence from Global Carriers and Forwarders

Masao Tsujimoto — 2024-05-08

This study explores how global airlines can achieve growth and environmental conservation using transport, financial performance, and carbon dioxide (CO₂) emissions data before, during, and after the COVID-19 pandemic from 2019 to 2022 with manually collected data for 38 leading international airlines. First, the regression analyses identify a clear range of turning points that airlines should consider in terms of Scopes 1 and 2 CO₂ emissions per employee and cargo ton-kilometers per employee (cargo ton-kilometers (CTK)/EMP) considering the environmental Kuznets Curve (EKC) hypothesis. Second, the deciding factors, including fundamental efforts by the airlines themselves, result from the interaction of three points, which have been encouraged and promoted in the airline industry in recent years. (1) Tighter emissions controls for air transport, (2) investors’ emphasis on environment, society, and governance (ESG), and (3) assessments and guidelines from ratings agencies and economic and environmental organizations. Third, increasing CTK/EMP to verified thresholds and taking an ESG-oriented approach can contribute to airlines’ combined achievement of growth and environmental conservation and related data will expand academic and policy-related research.

The Role of Environmental Management Accounting in Mediating Green Innovation to Firm Value: Moderated by Quality Management

Imam Hidayat — 2024-05-08

Firm value is an important indicator for increasing the competitiveness of a company amidst very tight business competition. This research aims to obtain empirical evidence regarding the influence of Green Innovation on Firm Value which is mediated Environmental Management Accounting and moderated by Quality Management. The companies that are the object of this research are manufacturing companies listed on the Indonesia Stock Exchange (BEI) for the 2020-2022 period. The sampling technique in this research used a purposive sampling method and obtained 65 companies. The multicollinearity test and heteroscedasticity test are used as classical assumption tests. Eviews 12 software with panel data regression analysis was used to test the hypothesis. Based on the research results, it was found that green innovation, environmental management accounting, green innovation have an influence on Firm Value, environmental management accounting has an influence in mediating the relationship between green innovation and Firm Value and quality management can moderate the relationship between green innovation and Firm Value.

Study on Consumers’ Perceived Benefits and Risks of Smart Energy System

Chankook Park — 2024-05-08

This study explores consumer perceptions of smart energy systems, delving into both the perceived benefits and risks associated with their adoption and usage. This study addresses a crucial gap in understanding the consumer side of smart energy system implementation. Through ordinal logistic regression analysis, the study examines the relationship between various independent variables and an ordinal dependent variable represented on a Likert scale. The findings highlight a significant consumer emphasis on 'Safe Energy System Construction' and 'Economic Benefits,' including 'Home Energy Saving' and 'New Profit Creation.' However, the perceived benefits and risks are influenced by these factors and individual propensities, such as sensitivity to environmental destruction and acceptance of new technology. The study uncovers new areas of concern, exceptionally high energy consumption and the 'Uncertainty of Electricity Rates,' which have not been extensively addressed in previous research. The conclusions drawn from this study suggest a need for balanced policy-making that fosters technological advancement while addressing consumer apprehensions about energy consumption, rate volatility, and privacy. This study contributes to the broader discourse on technology acceptance and the sustainable implementation of smart energy solutions by providing a nuanced understanding of consumer perceptions in the evolving landscape of smart energy systems.

Linking Non-renewable and Renewable Electricity and Government Expenditures to Environmental Degradation: Evidence of 10 Newly Industrialized Countries

Najeh Bouchoucha — 2024-05-08

This research aims to identify the relationship between non-renewable electricity (NRE), renewable electricity (RE) and government expenditures (EXPD) on environmental degradation using the ARDL model for 10 Newly Industrialized Countries (NIC) during the period 1990-2021. Our empirical findings show that the NRE increases the CO2 emissions, however the RE decrease the CO2 emissions in the long and short run. For the effect of governement expenditure on the environment, it may be classified as direct and indirect. In fact, EXPD affect positively the CO2 emissions. In contrast, The indirect effect operates through the interaction between EXPD and NRE and RE. Our results demonstrate that the interaction between EXPD and NRE affects negatively the CO2 emissions. Nevertheless, the impact of the interaction between EXPD and RE on the CO2 emissions is more important. The results show also there is a bidirectional causality between each variable and CO2 emissions. With the empirical findings as a basis, we suggest that the NI countries should reduce NRE consumption and enhance the environmental expenditures so that they may produce more RE to combat environmental issues.

Examining the Relationship between Oil Prices and Stock Returns: Evidence from OECD Countries

Havane Tembelo — 2024-05-08

This study uses data from the OECD countries to investigate the relationship between stock returns and oil prices. The study uses daily closing values for analysis and covers the years 2000 - 2022. Oil prices are taken as the independent variable and stock returns as the dependent variable using the panel data analysis. The analysis includes intermediary factors as GDP and inflation. The research begins with a unit root test, followed by a panel co-integration test. Finally, the panel causality test and panel regression results are interpreted. This study primarily aims to explore the effect of oil price volatility on stock returns. Results show a statistically significant positive association between stock returns and oil prices. These findings highlight the importance of oil prices as a determinant of stock returns in the financial markets and provide investors, financial institutions and policymakers valuable insights.

Environmental Responsibility, Strategy, and Competitive Advantage: Mediating Effect of Environmental Innovation

Shaker M. Al-Kahtani — 2024-05-08

This study recognizes that corporate environmental responsibility (CER) can be put into practice in both tactical and strategic ways. Companies often embrace environmental responsibility (ER) as a commitment to the environment as they deal with constraints on their resources while seeking competitive advantages (CAs). Companies are under tremendous pressure to fulfill their social and environmental responsibilities because of accelerating environmental issues. This study uses environmental innovation (EI) as a mediating variable to study the relationship between ER, environmental strategy (ES), and CAs. The study also attempts to understand how EI affects companies' ability to compete. This paper fills the gap in the relevant literature where there is insufficient evidence regarding the practices of ER, ES, eco-innovation (EN), and competitive advantage (CA). This is due to the growing trend of EN and the resulting increase in research interest. A questionnaire was conducted on 45 of the largest local and foreign companies operating in the Republic of Yemen to achieve the objectives of the study. 250 survey questionnaires were distributed. Descriptive and inductive statistics, including structural equation modeling using Smart Plus 4 software, were used to analyze the data. The results of the study showed that the studied companies used EI strategies to a reasonable extent. We discovered a positive effect and relationship between ER and ES, as independent variables, and EI. We also discovered a direct positive effect and relationship between EN and CA. In addition, we concluded that there is a positive influence relationship and a mediating relationship between CA using EI as a mediating variable and ER and ES as independent variables.

The Influence of Natural Resources, Energy Consumption, and Renewable Energy on Economic Growth in ASEAN Region Countries

Rusiadi Rusiadi — 2024-05-08

This research aims to identify and analyze the role of natural resources, CO2 emissions, and renewable energy on the economic growth of countries in the ASEAN region. In this study, we tested whether a dynamic process occurred based on a dynamic panel data model while comparing it with static panel data. The dataset used is ASEAN region countries with time series data from 2000-2021. The analysis tools used are static and dynamic panel data. The research results found that natural resources, FDI, and renewable energy significantly positively affect economic growth in the ASEAN region. Conversely, CO2 has a negative and insignificant effect. These results prove that the ASEAN region's economic development has been clean energy-oriented.

Dynamic Evaluation of Environmental Effects Associated with the Inclusion of Hydrogen-powered Vehicles in Colombia

Nathaly Martinez-Escobar — 2024-05-08

Currently, the generation of CO2 emissions into the environment has increased due to the use of fossil fuels by the transportation sector and other economic sectors, motivating governments to propose mitigation actions. As a result, the search for zero-emission transportation alternatives has gained momentum, with Hydrogen technology being one of the promising solutions due to its clean and efficient energy source. In compliance with this, the Hydrogen roadmap was developed in Colombia, which seeks to encourage the use of hydrogen as a fuel and energy generator in the country. In this study, the current composition of the vehicle fleet was characterized, then a dynamic simulation model was constructed for the replacement of fossil fuel vehicles with zero-emission vehicles, considering the particularities of the country, to finally analyze the generation of CO2 in the vehicle fleet from different scenarios related to the policies proposed by the government of Colombia and stipulated in the roadmap of hydrogen. With this, it was possible to demonstrate the positive impact of taking measures for vehicle replacement in the long term. Additionally, the model could be employed in other countries, considering the particularities of the vehicle fleet and the regulations specific to the regions.

The Relationship between the Renewable Energy and CO2 Emissions to the Indonesian Economy

Heru Wahyudi — 2024-05-08

The Indonesian government through the National Energy Council (DEN) has a target for new renewable energy to be increased, starting from 2025 with a target of 23 percent to 2060 with a target of 66 percent, but in fact new renewable energy in Indonesia only increases 0.55 percent per year. Indonesia has great potential, but can the potential be maximized by the government in the direction of a better and environmentally friendly energy policy. This study analyzes the movement of renewable energy and C02 emissions to the Indonesian economy from 1990-2021, using the Vector Error Correction Model (VECM) statistical method by considering short-term and long-term results in the model. The results show that in the long and short term economy the role of GDP per unit of energy use for the economy is needed and has a positive effect, the role of carbon emissions in the short and long term C02 has a positive and significant direction, non-renewable energy in the long term and short term is still moving negative and significant, this indicates that renewable energy in Indonesia tends to be low, energy replacement must be carried out slowly and gradually, shock response conditions conclude when GDP energy use and CO2 are affected by a negative shock will disrupt economic development, meanwhile, if there is a negative shock on consumption Renewable energy still tends to be stable and positive for the development of the Indonesian economy.

A Combined Ranking and Sensitivity Analysis of Power Generation Using Multi-Criteria Decision-Making and Monte-Carlo Simulation

Eko Adhi Setiawan — 2024-05-08

This research examined energy sources that can be employed in a region to assist policymakers in determining energy priorities. Three key components were analyzed in this research to rank these energy sources: Levelized Cost of Energy (LCOE), CO₂ emissions, and power density. A combination of multi-criteria decision-making (MCDM) methods, namely the Analytical Hierarchy Process (AHP)-Entropy-the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS), was used to assess these criteria, which had not been previously applied to rank energy sources. Additionally, the Monte-Carlo method was utilized to detect changes in sensitivity throughout the rankings. Results of the study indicated that gas energy topped the list, followed by Solar Photovoltaic (PV)-crystalline, geothermal, wind, nuclear, Solar PV Commercial & Industrial (C&I), Solar Thermal Tower with Storage, and residential PV rooftop solar. Moreover, nuclear energy ranked the highest when looking at the sensitivity of parameters, while utility-scale Solar PV and wind energy ranked the next highest. Thus, this research can be used to increase objectivity in the assessment and selection of power generation technology to be implemented.

The Relationship Between Energy Consumption, Population and Economic Growth in Developing Countries

Gulmira Mombekova — 2024-05-08

The need for energy is increasing due to population growth and industrialization. The scarcity of energy resources on earth has pushed countries to research alternative energy sources and take new measures regarding energy. In the study, the relationship between variables was investigated using population, economic growth and energy consumption data of 7 countries in the developing countries category (China, India, South Africa, Indonesia, Turkey, Mexico, Thailand). The direction and magnitude of the impact of economic growth and population growth on energy consumption were examined using 1990-2022 data for 7 countries. The relationship between the variables was examined with Swamy's Random Coefficients Model and Seemingly Unrelated Regression (SUR) models, and the positive effect of economic growth on energy consumption was observed. The parameter of the economic growth variable varies between 0.49% and 0.81% for countries. However, it was concluded that the population variable had no effect on energy consumption in the 2 countries included in the analysis. The population variable is significant in explaining energy consumption at the 5% significance level for South Africa, Mexico and Thailand, and at the 10% significance level for Turkey and China, its statistically insignificant for India and Indonesia.

Oil Price Fluctuation and their Impact on the Macroeconomic Variables: The Case of Kuwait

Salah A. Alawadhi — 2024-05-08

The fluctuations in the international prices of crude oil have been a major concern for many economies who depend mainly on oil exports. Oil price shocks are a major disturbance for the economies of oil producing countries. This study investigates the impact of oil price shocks on selected macroeconomic variables in Kuwait using secondary data covering the period of 2001 to 2022. The study adopted the Vector autoregression (VAR) method to analyze the response of Kuwait macroeconomic variables to shocks in oil prices. Oil price in the study is considered in 2 categories: the linear oil price and the non-linear oil price (positive and negative changes in oil price). Based on the findings, it is observed that oil price shocks significantly impact macroeconomic variables in Kuwait. It is found that positive changes in oil prices have a more positive and significant impact on the macroeconomic variables compared to the negative changes in oil price. It is however concluded that there is a need for more policy developments to better harness periods of positive oil price experiences, and develop hedging risk framework for periods of negative changes in oil price in order to curb the impact of oil price shocks on Kuwait’s macroeconomy.

Reinvestigating the Oil Dependency of the GCC Countries’ Stock Market: A Regime-Switching Cointegration Approach

Esmaeil Ebadi — 2024-05-08

This paper investigates the asymmetric impact of oil prices on Gulf Cooperation Council (GCC) stock markets using a regime-switching cointegration approach with data from April 2012 to April 2022. we postulate that investors consider ups and downs in the stock market index instead of price-earnings ratios in their decision-making process. Our results indicate that investors exhibit more optimism during economic upturns, corresponding to positive oil shocks, than pessimism during economic downturns. The study offers several contributions to the literature: (i) Diagnostic tests affirm that constructing the model based on stock market index movements rather than P/E ratios results in superior performance. (ii) As expected for oil-dependent nations, our model attributes more significant deterministic influence to the oil market and closely tracks the stock market. (iii) The results demonstrate that positive oil shocks exert a more pronounced long-term asymmetric influence on GCC stock markets than adverse shocks. (iv) Dynamic multiplier analysis reveals that oil shocks persist longer in Oman, Bahrain, and Qatar's markets than in the UAE, Saudi Arabia, and Kuwait. (v) The stock market in the United Arab Emirates exhibits greater independence from oil price fluctuations, responding modestly, while Qatar and Bahrain markets are more sensitive.

Financial Inclusion, Digital Financial Inclusion and Air Quality: Evidence from Asian Countries

Yang Linghui — 2024-05-08

Financial inclusion enables greater access to financial resources and facilitates green energy investments, thus emerging as a potential avenue to mitigate pollution. However, the relationship between financial inclusion and environmental impact is complex, with arguments both for and against its positive effects. This study aims to examine the impact of financial inclusion and digital financial inclusion on air quality in thirteen selected Asian countries. The dependent variables used in this study was the Air Quality Index (AQI). The independent variables were financial inclusion, digital financial inclusion, population growth, net trade of goods and services and gross domestic product (GDP). The findings showed that the proxies of financial inclusion had mix effects on air quality, while a higher level of digital financial inclusion led to a better air quality in Asian countries. This study also revealed that population growth and GDP may somehow affect the air quality of Asian countries as well. These results suggest that Asian countries with lower level of financial inclusion and digital financial inclusion need to improve their citizen’s access to financial resources. Several policies shall be implemented to enhance the level of financial inclusion and the air quality.

Side Effects and Interactions: Exploring the Relationship between Dirty and Green Cryptocurrencies and Clean Energy Stock Indices

Rui Dias — 2024-05-08

This study aimed to assess whether renewable energy cryptocurrencies such as Cardano (ADA), Ripple (XRP), IOTA (MIOTA), and Stellar (XLM) can be considered hedging assets and safe havens for cryptocurrencies classified as "dirty", such as Bitcoin Cash (BCH), Bitcoin (BTC) Litcoin (LTC), Ethereum (ETH), Ethereum Classic (ETC) and the clean energy stock indices WILDERHILL Clean Energy (ECO) and Clean Energy Fuels (CLNE), from July 6, 2018, to July 6, 2023. The results show that the movements decreased significantly during the Stress period, which includes the events of 2020 and 2022. The Cardano cryptocurrency shows moderate movements, indicating stability and diversification, while Stellar shows moderate movements that suggest resilience. Conversely, XRP shows varied movements, requiring some caution, while IOTA stands out for significant movements associated with sustainable assets. These results interest players operating in these markets when they want to diversify and rebalance their portfolios.

Oil Price Volatility and Economic Growth: Evidence from the Middle East

Nashat Ali Almasria — 2024-05-08

This paper seeks to study the effect of oil price volatility on economic growth in Middle East countries (Jordan, United Arab Emirates, Saudi Arabia, Kuwait, Qatar, and Turkey). The study's goals were achieved by utilising a range of econometric methodologies. For instance, the IPS and LLC procedures are used to study unit root qualities, while Westerlund and Edgerton's (2008) test is used to study cointegration. The findings demonstrate a long-term correlation between Oil price volatility, inflation, investment, and economic growth. The study concludes with more detailed findings regarding how oil prices affect gross domestic product growth. As such, policymakers can use it to support their decision-making.

An Evaluation of People’s Acceptability of Rural Household Energy: A Study of Kaski District, Nepal

Durga Prasad Chapagai — 2024-05-08

Rural energy infrastructure development is essential for promoting holistic and sustainable advancement in emerging nations. This effort seeks to address poverty, improve quality of life, protect the environment, and strengthen resilience against external disruptions. The involvement of governments, development organizations, the private sector, and local communities is essential to ensuring the widespread availability of modern energy services for rural people. The effective implementation of rural energy initiatives hinges on the pivotal issue of popular acceptance. We utilized Multi-Criteria Decision Making (MCDM) techniques to determine the public's view of the suitability of various resources (Firewood, LPG, Kerosene, Electricity, and Biogas) for household cooking in local communities. This assessment was based on eight distinct criteria. The criteria have been derived from prior research and a preliminary survey conducted in the rural Kaski area of Nepal. Moreover, the fuzzy Analytic Hierarchy Process (AHP) will be employed to determine individuals' preferences for various energy sources. Based on the input from customers and impartial experts, the study determined that the most sustainable sources of energy in the rural Kaski area of Nepal are electricity and biogas, notwithstanding their limited usage. According to the study, firewood is the optimal choice for cooking in rural areas attributable to its exceptional effectiveness concerning food preparation, availability, and friendliness. Although the LPG is widely acknowledged as a most dependable energy source, it is not favored by users due to concerns of safety, friendly, and cost. Rural users regard electric cooking as unreliable, with safety concerns and food quality testing, but people generally embrace it as a healthy and ecologically friendly option. The utilization of biogas is influenced by factors such as cost, reliability, and sensory perception of food.

Renewable Energy Transition, Trade Openness, and CO2 Emissions Nexus in the Middle East

Nabil Maalel — 2024-05-08

Reducing pollutant emissions during the global energy transition from fossil fuels to renewables is a significant endeavor. Nonetheless, a significant portion of the Middle East (ME) economy continues to be based mostly on the extraction and use of fossil fuels, posing a threat to the environment in the area. Thus, the current study examined the impact of income growth, trade openness (TO), and the Renewable Energy Transition (RET) on CO2 emissions in 12 Middle East nations, from 2000 to 2019. The findings demonstrated that the ME area contains the Environmental Kuznets Curve (EKC). RET decreased emissions of CO2. Therefore, the transition to renewable energy reduced emissions in this ME region. On the other hand, TO enhances CO2 emissions. For the ME region, TO is concerned with the environment. The research recommends a quick RET to safeguard the environment from CO2 emissions.

Assessing the Impact of Renewable Energy in Mitigating Climate Change: A Comprehensive Study on Effectiveness and Adaptation Support

Ilyes Abidi — 2024-05-08

The objective of this study is to evaluate the effectiveness of renewable energy in combating climate change and supporting adaptation efforts. By applying the ARDL model to data from 58 countries spanning the period from 1990 to 2022, this study sheds light on the opportunities and challenges associated with this involved relationship. The results indicate that renewable energy plays a significant role in reducing greenhouse gas emissions and mitigating temperature anomalies. Specifically, wind energy, biomass, geothermal energy, solar energy, and waste utilization demonstrate a positive correlation with greenhouse gas emission reduction. Moreover, wind energy, solar energy, waste utilization, and the proportion of renewable energy in primary energy consumption are also linked to a decrease in temperature anomalies. These findings emphasize the importance of implementing concrete measures such as promoting sustainable transportation, ensuring sustainable management of natural resources, raising awareness and enhancing education, increasing subsidies and incentives for renewable energy and strengthening regulations on greenhouse gas emissions.

Assessment of the Energy Efficiency of Three-Phase Induction Motors Powered by A Photovoltaic System

Narciso Castro Charris — 2024-05-08

This study aims to determine the energy efficiency of three-phase induction motors (TIM) powered when operated with photovoltaic systems (PVS). The environmental advantages of photovoltaic systems (PVS) are very well known. However, there are still challenges related to energy quality, electricity generation instability, failure in frequency regulation, instability in reactive power, and harmonics generation. However, the impact of PVS on TIM efficiency has not been thoroughly explored. This research compares a TIM's electromechanical characteristics and efficiency when powered by a conventional electrical grid versus a PVS. Experimental studies revealed that when powered by the PVS, the TIM experienced increased voltage and higher voltage and current harmonics compared to grid power. These electrical difficulties, attributed to the PVS inverter, resulted in a 2.7% decrease in TIM efficiency compared to grid power. Modeling conducted under actual load variation conditions demonstrated a 2.6% increase in energy consumption when powered by the PVS compared to grid power. Based on these findings, PVS installers are advised to consider the energy quality provided by these systems, as it may affect the efficient operation of TIM, leading to increased energy consumption.

Profitability and Market Value Effect on Carbon Emission Disclosures: The Moderating Role of Environmental Performance

Fitra Dharma — 2024-05-08

Climate change is an issue that is of concern to the global public and scientific community. There is a close relationship between climate change and carbon emissions, which are the primary cause of global warming. Reporting on carbon emissions is essential for corporate accountability to stakeholders when evaluating a company's financial and non-financial performance. Good management of carbon emissions will enhance the company's reputation. This study analyses the impact of company profitability and market value on the disclosure of carbon emissions, with environmental performance serving as a moderating variable in the context of Indonesian public companies. This study concludes that: (1) There is no significant impact on profitability, as measured by Return on Assets, on Carbon Emission Disclosure; (2) The study finds that there is a statistically significant positive relationship between market value, measured by Tobin's Q, and the level of carbon emission disclosure. This relationship is significant at a 5% significance level; (3) The moderating effect of environmental performance on the relationship between profitability, as measured by return on assets, and carbon emission disclosure is found to be insignificant; (4) The significance level of 10% indicates that the relationship between environmental performance, as a measure of a company's environmental practices, and market value, as represented by Tobin's Q, is strengthened concerning the disclosure of carbon emissions. This research can contribute to developing accounting knowledge to close gaps in the body of knowledge regarding the disclosure of carbon emissions in developing nations, particularly Indonesia.

Macroeconomic Determinants of Renewable Energy Production in Jordan

Bashar Younis Alkhawaldeh — 2024-05-08

Using the years 1970–2022, this research looks at the macroeconomic variables that have an impact on Jordan's renewable energy production. To assess the main factors impacting Jordan's renewable energy scenario, the study employed the Dynamic Autoregressive Distributed Lag (DARDL) tool. Several important aspects affecting renewable energy production are highlighted in the study. A multitude of factors that statistically and positively impact the attainment of renewable energy are diverse economic activities as measured by the GDP. The contribution of a fair economy in speeding up and maintaining promotion of renewable energy projects in Jordan is noticeable. Moreover, FDI is one of the factors in fostering renewable energy production and its role is very significant and positive, thus, it is affecting renewable energy production in a great extent. In a nutshell, overseas funding should be meant to yield a great harvest in planting and constructing Jordanian renewable energy plants and equipments. The study also indicates that finance is not just fundamental for renewable energy movement but for the evolution of the renewable energy industry as well. While the tried and true fact of the positively and statistically significant case of link between renewable energy production and financial development underline the vital role of a financially prosperous area in redirecting investments from traditional resources to renewable energy and therefore contribute to its further expansion. However, that idea needed some modification due to the disagreement that the CO2 emissions also have significant role in reducing renewable energy production. The study has identified that there is a negative correlation between the carbon emissions and renewable energy production if it is computed statistically. The implementation of more effective policies and initiatives that will result in reduced carbon emissions becomes possible with all sectors working together to form a better environment for the establishment of renewable energy infrastructures.

The Impact of Climate Change on Tourism Demand in China

Meng-Chang Jong — 2024-05-08

This study quantified the impact of climate on the international tourism demand in China. Due to rising awareness and urgency to combat climate change, there is a growing need to better grasp the possible implications and the risk of climate change to the tourism industry. The tourists’ travel decision can be influenced by both climatic and non-climatic factors, and thus this study has integrated both factors into the models. The climatic variable is represented by Tourism Climate Index (TCI) and Holiday Climate Index (HCI) while the selected non-climatic determinants are tourists’ income, tourism price, exchange rate and transportation cost. The empirical findings showed that climate conditions significantly and adversely affect China’s tourism demand. Tourists’ income level, as expected, positively affects their decision to travel to China. Meanwhile, the tourism price, exchange rate, and transportation cost negatively impact China’s tourism industry. Although some valuable results have been found, more works are required to understand its long-haul significance to the tourism industry, especially during extreme events such as extreme weathers, pandemics, financial crises and etc.

Sustainable Projects Based on the Intersection of Clean Energy with the Health Sector: A Bibliometric Review

Hugo Gaspar Hernandez-Palma — 2024-05-08

The objective of this work was to develop a bibliometric analysis of academic production related to sustainable projects based on clean, green and renewable alternative energies and their interaction with the health sector and health management on a global scale. To do this, a documentary research process based on bibliometric tools was proposed. The research is limited to the period between 2003 and 2023, executing the following search equation: (TITLE-ABS-KEY ("clean energy" ) OR TITLE-ABS-KEY ( "alternative energy" ) OR TITLE-ABS -KEY ("solar energy" ) OR TITLE-ABS-KEY ( "green energy" ) OR TITLE-ABS-KEY ( "renewable energy" ) AND TITLE-ABS-KEY ( "health sector" ) OR TITLE-ABS-KEY ( "healthcare sector" ) OR TITLE-ABS-KEY ( "public health service" ) OR TITLE-ABS-KEY ( "health management" ) ). The years with the highest production were 2020 (21), 2021 (23), 2022 (30) and 2023 (34), while the countries that have contributed the most to the topic are China (111), the USA (97) and the United Kingdom (71), which together contributed 57.76% of all publications. Of 145 sources found that published on the topic, the 18 main sources concentrate 48% of the publications. The three most cited articles were EMADIAN SM, 2017, WASTE MANAGE, WATTS N, 2018, LANCET and FULLER R, 2022, LANCET PLANET HEALTH, with a total of 1567 citations. Among the most relevant institutions in relation to the topic of study, UNIVERSITY COLLEGE LONDON stands out above all with 19 publications, followed by TSINGHUA UNIVERSITY (9) and WUHAN UNIVERSITY (8); between the three institutions they account for 20.57% of the publications found. This analysis provided critical insights for academics and professionals and underscored the relevance and dynamism of this research area in addressing clean energies and sustainable projects related with health management and health sector worldwide.

A Decade of Green Economic Literature: An Analysis-Based Bibliometric

Hamza Alqudah — 2024-05-08

This research significantly contributes to comprehending the body of work surrounding green economics and sustainable economies by methodically reviewing and categorizing papers from the Web of Science (WoS) core collection. It highlights key authors, subjects, publishing sources, and nations relevant to green economic studies by meticulously analyzing 4,157 papers. Additionally, it constructs detailed visual maps based on referenced sources. By conducting a thorough bibliometric analysis, this study underscores the importance of using such tools to gauge research impact and productivity. Leveraging the WoS Core Collection, particularly the Science Citation Index Expanded and the Social Sciences Citation Index, was deliberate to ensure a comprehensive evaluation of green economic research. The data accentuates the changing landscape of this field, indicating its growing significance and the expanding academic discussions around sustainable economic practices. The research delves into emerging research directions that could inform considerations for a sustainable economy. Despite the marked increase in publications in recent years, signaling heightened interest in green economics and sustainable economy studies, this field remains in its infancy, with limited quantitative studies conducted. Consequently, many findings remain inconclusive, and numerous aspects in literature remain unexplored. Finally, this study outlines both practical and theoretical implications gleaned from its findings.

The Impact of Oil Prices on the Import of Capital Goods in Azerbaijan

Baghish Ahmadov — 2024-05-08

The article studies theoretical and practical aspects of the oil prices impact on the import of capital goods in an oil-exporting country. Based on the two-step Engel-Granger procedure for cointegration analysis, the relationship between the real volume of imported capital goods per capita and the real price of Azeri light oil is examined. It has been determined that the real volume of imported capital goods per capita is highly dependent on the oil price, and the volatility of the oil price also affects the volatility of imports of capital goods. This also shows that investment activity in the country depends on oil prices. Therefore, it is necessary to spend oil revenues, regardless of oil prices, depending on the economic development goals and to pursue policies to transform oil revenues into stable growth factors.

Determinants of Intention to Purchase Energy-Efficient Appliances: Extended Technology Acceptance Model

Anandhi Elangovan — 2024-05-08

Energy is the most important factor for our daily lives, but traditional energy sources like coal, petroleum and gas were polluting the environment. To address this issue, people are considering energy-efficient technologies, which consume less energy and eco-friendly in nature. This paper investigates the factors influencing the intention to purchase of energy-efficient appliances in India. Utilizing the Technology Acceptance Model (TAM), the study examines how perceived ease of use, perceived usefulness, functional value, perceived cost, environmental concern affects their intention to purchase. Non-probability convenience sampling technique was applied. Based on the results, perceived ease of use, perceived usefulness, functional value, perceived cost, environmental concern positively influences the intention to purchase energy-efficient appliances. The eco-friendly purchasing behaviour has significant societal implications, including reduced carbon emissions, conservation of natural resources and environmental sustainability.

Strategic Integration: Fostering Sustainability in Low-Income Country through Poverty Alleviation, Carbon Efficiency, Energy and Economic Resilience

Ahmed Abdullah Saad Al-Dhubaibi — 2024-05-08

This study emphasizes the critical importance of strategic integration for sustainable development goals (specifically Goals 1 and 2) in low-income countries (LICs). The research uses econometric models to focus on poverty reduction, economic resilience, energy use, and carbon emissions in Indonesia from 1996 to 2022. The study reveals a long-run co-integration among the estimated parameters, with a significant speed of adjustment at a 1.04% level. ECM models highlight a positive relationship between energy use, poverty, and carbon emissions while indicating a negative association between economic growth and carbon emissions. Robustness checks support these findings, including Fully Modified Ordinary Least Squares (FMOLS) and Canonical Co-Integrating Regression (CCR). Granger causality analysis reveals a unidirectional causality from energy use to carbon emissions and economic growth, along with one-way causation from carbon emissions to economic growth and poverty. Diagnostic tests affirm the model's reliability. The study's outcomes contribute valuable insights to the discourse on strategic integration, offering policymakers and stakeholders guidance in formulating sustainable development strategies tailored to the unique challenges encountered by low-income countries.

Financial Performance and Total Resources: Trend and sensitivity Analysis of Indian Oil Exploration and Production Companies

Anis Ali — 2024-05-08

The firms involved in the exploration and production (E&P) of natural gas resources and crude oil play a crucial role in the energy sector and contribute to the economy. Exploration and production refer to discovering, drilling, and extracting natural gas resources and crude oil from beneath the earth’s surface. Exploration and production firms provide a base for the downstream companies to make crude oil consumable. The financial performance of the downstream companies depends on the cost efficiency of the E&P firms. The purpose of the study is to determine the relationship between the total resources and measures of financial performance. The study is based on secondary data and financial ratios, index numbers applied to get the financial performance, and variability of financial performance. Correlation is used to get the trend and quick impact of variability on the total assets on the financial measures in the short and long run. The study found that while return on total resources is positively influenced in the long run, profitability based on sales and short-term paying ability is negatively governed by the absolute quantity of expansion of all available resources. Although the long-term association is positive, there is a short-term lag in the positive increase of the total resources on the ROA. Overall, based on their average absolute amount of total resources, relatively, the mutual study of the mean growth rate of all resources and financial indicators of Indian E&P explore negativity.

Coal Energy in Energy Consumption: An Empirical Analysis in the Case of Russia and Türkiye

Bahman Huseynli — 2024-05-08

Coal, the fundamental element of the industrial revolution, is widely used for energy production in many countries. The use of coal in energy production continues in countries that have coal reserves, as well as in countries that are rapidly transitioning to renewable energy production. The aim of this study is to investigate the causal relationship between coal production and general energy consumption in Russia and Türkiye, which are among the countries that consume heavy coal. In the article, the relationship between the variables in these countries was tested with Granger causality analysis. According to the results of the analysis, it was determined that there was a one-sided causality relationship from coal production to energy consumption in Russia. When the findings of the study were examined from the perspective of Türkiye, no causality relationship was found between the variables.

Shaping the Future of Environmental Economics: A Bibliometric Review of Current Trends and Future Directions

Muhamad Subhi Apriantoro — 2024-05-08

Environmental economics is increasingly pivotal in addressing global environmental challenges. This study aims to elucidate the research landscape in this field, focusing on prevalent themes such as climate change, carbon emissions, sustainable development, and environmental policy. Employing a bibliometric analysis, we analyzed a substantial corpus of literature from Scopus. We applied Lotka's Law to assess author productivity and distribution and conducted institutional and country-level analyses to map the geographical spread and institutional affiliations in environmental economics research. Our analysis highlights a significant growth in the environmental economics literature, with a notable focus on climate change and sustainability. A concentration of publications among a few authors was observed, indicating influential researchers and potential for increased collaboration. The rise in publications, particularly in China and leading journals like 'The Journal of Cleaner Production,' reflects a global upsurge in environmental economics research. Distinct clusters were identified, covering diverse topics from climate change economics to environmental policy. The study acknowledges limitations due to exclusive reliance on Scopus data, suggesting future research to include other databases like the Web of Science for a more comprehensive analysis. Considering the evolving nature of environmental challenges, we advocate for interdisciplinary approaches and continual updates in research to address emergent trends in this critical field.

An Empirical Investigation of GDP, Industrialization, Population, Renewable Energy and CO2 Emission in Bangladesh: Bridging EKC-STIRPAT Models

Faria Hossain Borsha — 2024-05-08

This research paper explores the presence of the Environmental Kuznets Curve (EKC) in Bangladesh, delving into the intricate relationships among GDP, industrialization, renewable energy utilization, and CO₂ emissions. Utilizing the Stochastic Impacts by Regression on Population, Affluence, and Technology (STIRPAT) model, our investigation spans the 1992 to 2021 timeframe, offering a comprehensive analysis of the interplay between these crucial factors in the context of Bangladesh's environmental sustainability. In this study, the F-bound test is utilized to establish the cointegration relationship among variables. And the short-run and long-run elasticity of explanatory variables is investigated by employing the Autoregressive Distributed Lag (ARDL) approach. This research also employed a pairwise granger causality test to explore the direction of causality between them. Empirical results prove the existence of a cointegration relationship among CO₂ emission, GDP per capita, a quadratic form of GDP per capita, renewable energy, industrialization, and population. The findings provide strong support for the presence of the EKC in the case of Bangladesh. Besides that, significant inverse relationship was also obtained between CO₂ emission and renewable energy consumption. Additionally, the study found the detrimental long-term effects of industrialization on the environment. The EKC hypothesis argues that Bangladesh can accomplish sustainable economic development. To attain the goal country should adopt appropriate government policies and ensure their implication. This study strongly advocates using sustainable energy sources and implementing regulations on pollutant industries.

Analyzing Nexus between Crude Oil, Gold, Dollar and Equity Markets with Structural Break: ARDL Evidence from India

T. G. Saji — 2024-05-08

This paper explores the price relations between the Crude oil, Gold, US dollar, and equities during several economic episodes. The long- and short-term causal relationships between asset markets are examined in this study. The research uses a ‘Vector Error Correction Model (VECM)’ and an ‘Autoregressive Distributed Lag (ARDL)’ bounds test to examine monthly data from April 1999 to March 2022. The results demonstrate the weak connections between asset markets throughout the different sample periods. Furthermore, the integration of most markets is uneven and changes over time. The currency and equity markets are adjusting to the long-run equilibrium only at a slow pace. We suggest that systematic risk factors must be taken into account while jointly modeling market linkages. This study improves on previous research in the subject by demonstrating the time-varying effects of asset price links on portfolio optimizations in different economic episodes.

Decoding the Environmental Synergy in BRI Nations: Analyzing the Influence of Renewable Energy Adoption, Financial Evolution, FDI, and Capital Resilience on Sustainability

Sylvia Kor — 2024-05-08

In response to escalating global concerns over environmental degradation, this study explores the intricate relationships between financial development (FD), foreign direct investment (FDI), capital adequacy, renewable energy consumption (REC) and environmental sustainability in BRI. We aim to provide nuanced insights into how these economic variables impact environmental quality, contributing to a comprehensive understanding of the complex interplay between economic development and environmental conservation. We aim to explore the associations between FD, FDI, REC, and capital adequacy, and environmental quality, emphasizing short-term and long-term dynamics. We employ the Autoregressive Distributed Lag (ARDL) model and conduct D-H causality tests to discern these variables' temporal and causal relationships. This methodology allows us to capture the complexities of the relationships and provide a robust analysis of their impacts on environmental sustainability. The findings reveal a positive long-run association between FD and environmental quality, suggesting that a well-developed financial sector may contribute positively to environmental outcomes. However, the short-run dynamics introduce complexity, indicating a potential immediate positive impact and raising questions about contextual factors influencing FD's contribution to increased carbon emissions. Shifting the focus to FDI and REC, our research uncovers a potential positive association with environmental quality in the long run. The short-run analysis introduces nuances, suggesting a potential negative impact, reflecting the mixed effects observed in previous studies, which underscores the importance of considering temporal dimensions and policy interventions to enhance the positive contributions of FDI and REC to environmental sustainability. Further, our study delves into the impact of capital adequacy on environmental sustainability, revealing a positive long-run association, which challenges negative associations, underlining the need for tailored policies to balance economic growth and environmental conservation. As a whole, our findings contribute quantitative evidence to guide policymakers in fostering incremental improvements over time, acknowledging the multifaceted nature of the relationships under consideration.

The Effect of Energy Consumption Towards Economic Growth: The Case of 11 Asian Countries

Yuvensius Sri Susilo — 2024-05-08

This research aims to determine and analyze the effect of Coal Consumption per capita (Kwh), Oil Consumption per capita (Kwh), Gas Consumption per capita (Kwh), and Renewable energy consumption per capita (Kwh) towards GDP per capita (current US$). This research uses GDP Per Capita (current USD) data sourced from world banks with a period from 1994 to 2021 and Data for Coal Consumption per capita (Kwh), Oil Consumption per capita (Kwh), Gas Consumption per capita (Kwh), and Renewable energy consumption per capita (Kwh) from Our Wold within a period from 1994 to 2021. The data used is data from 11 Asian countries, which is Mainland China, The Republic of Korea, Japan, India, Bangladesh, Pakistan, Thailand, Indonesia, Malaysia, Philippines, and Viet Nam. The analysis method used is Panel Data Econometrics, with Ordinary Least Square and Fixed Effect Model. The result from this research shows that Oil Consumption per capita (Kwh), Coal consumption per capita (Kwh), Gas Consumption per capita (Kwh), and Renewable energy consumption per capita (Kwh) have a positive significant effect towards GDP per capita (current USD).

Volatility Transmission and Market Connectivity of Metals and Energy Commodities: Insights from the Spillover Index

Mathias Tessmann — 2024-05-08

This paper explores the interconnections between metal and energy commodities by assessing the transmission of volatility within their futures markets. Achieved through the spillover index, the analysis reveals the impact of shocks on asset pairs—highlighting which assets absorb and transmit volatility, thereby explaining market connectivity. The dataset covers a period of twenty years of daily closing prices from the London Metals Exchange for a range of commodities. The Diebold and Yilmaz (2012) index, enriched by Baruník and Krehlík (2018) was used to reflect the changes in trends. The results obtained provide insights into market connectivity and the propagation of volatility during periods of economic distress. In this context, following the 2008 crisis, precious metals exhibited significant interconnectivity, with the emergence of Silver's vulnerability along with Gold's volatility tied to pre-crisis returns. Furthermore, copper's volatility reflects conditional correlations with market stock prices and other commodities particularly during economic downturns.

The Volatility Spillover of Global Oil Price Uncertainty

Kamil Pícha — 2024-05-08

This manuscript, for the first time, analyses the volatility spillover of oil price uncertainty in the world using data from oil price uncertainty recently developed by Abdul and Qureshi (2023), spanning the time 1996-2019 on a monthly frequency. ARCH/GARCH (Autoregressive Conditional Heteroskedasticity and Generalized Autoregressive Conditional Heteroskedasticity) models are employed as an econometric tool. The findings suggest that ARCH model is more consistent than GARCH model in assessing the volatility of oil price uncertainty in the world. The results show that the volatility of oil price uncertainty is high in the world. The transition to renewable energy sources is proposed as a way to resist unexpected oil shocks since the production of renewables does not depend on the fluctuations of oil prices. Consequently, uncertainties in the oil price do not hinder economic activities.

Sustainable Development Goals in Corporate Reporting: Analysis of Economic, Social, and Environmental Disclosure (Survey among Public Listed Companies in Indonesia)

Lokita Rizky Megawati — 2024-05-08

This research purpose was to describe the disclosure of the Sustainability Development Goals (SDG) in Indonesian companies’ corporate reporting to further analyse sustainability issues. This study employed a descriptive, quantitative method. This research collected data from 443 Indonesian publicly listed companies divided into nine types of industries. This study classified 17 SDG targets into three sustainability-related performance indicators: Economic, Social, and Environmental. The data were analysed using descriptive statistics, Analysis of Variance , and cluster analysis. This research found that: (1) the disclosure of the SDG items in corporate reporting is still low at 38%; (2) SDG disclosure made by the company still focused more on the economic theme of sustainability, rather than environmental or social; (3) there are significant differences among industries in terms of economic disclosure, but there are no differences in terms of environmental and social disclosure; (4) there are five clusters formed by the cluster analysis, and the general cluster descriptions indicate that only 15% of the companies have good disclosure quality in terms of Economic, Social and Environmental issues, and around 24% of the companies still have no or few disclosures of sustainability-related issues. This implies that Indonesian companies still face a significant challenge in promoting corporate reporting to satisfy investors’ need for sustainability.

Exploring the Impact of Women Governance on CO2 Emissions in the European Union and Central Asia

Roula Inglesi-Lotz — 2024-05-08

The study is novel to contribute to the literature investigating the relationship among CO2 emissions, women governance, economic development, fossil fuel energy consumption and renewable energy consumption, using a balanced panel dataset of 27 European Union and 4 Central Asian countries over the period 1996-2020. As econometric tools, panel quantile and threshold regression models are employed. Overall, the quantile results document that women governance help to mitigate climate change both in European Union and Central Asia. Moreover, threshold findings suggest that women governance negatively impact on CO2 emissions in European Union and Central Asia when economic growth is higher than 9.903 percent. Policy implications are proposed to enhance women governance in European Union and Central Asia.

The Impact of Implementing a Carbon Tax on Welfare: Case Study of Indonesia and The Other ASEAN Member Countries

Fery Andrianus — 2024-05-08

Green House Gases emitted into the atmosphere over decades cause global warming now. The aim of this research is the impact of implementing the carbon tax on welfare in Indonesia. The research method used is the CGE method using GTAP-E to evaluate energy policy in the economy. GTAP-E consists of 140 countries and 57 sectors combined into forty-two regions and eight sectors. Using carbon tax scenario (simulation 1 is 1.93 USD/ton CO _2,simulation 2 is3.72 USD/ton CO _2,and simulation 3 is 4.83 USD/ton CO ₂). The results of the Indonesian equivalent variation show a negative value. The higher the carbon tax is applied, the greater the decline in welfare. This is also felt by all research countries except the Philippines, Singapore, Thailand, Oceania, OtherSEAsia, East Asia, Argentina, Japan, Poland, Portugal, and Ukraine. The variable of the regional demand, it can be seen that the carbon tax causes Indonesia's regional income to increase, and Singapore's income to decrease, while other countries experience no change in income. The primary factor return ratio also shows that the increase in the carbon tax caused a decline in the Land, Unsklab, Sklab, Capital, and Natural Resources sectors. Indonesia's GDP also shows a decrease if a higher carbon tax is implemented, but other countries have no impact on GDP. The Carbon emissions show that it decreases to Indonesia. So, the implementation of the carbon tax causes a decrease in welfare as seen from the equivalent variation, Primary Return Ratio, and GDP in Indonesia. The government must have an alternative policy if a carbon tax is implemented in Indonesia.

Level of Urbanization and Renewable Energy Consumption: The Case of Azerbaijan and Türkiye

Nigar Huseynli — 2024-05-08

Conventional energy consumption requires serious costs, especially for countries that import this type of energy. In this study, one of the countries included in the analysis is considered as energy exporting countries and the other as energy importing countries. The study attempted to measure the relationship between urbanization levels and renewable energy consumption in Türkiye and Azerbaijan for the period 2000-2020. Granger causality test was applied to measure the effect of the relationship between variables in these countries. After the necessary assumption tests were applied, the analysis was started. According to the Granger test results, no causal relationship was found between the variables in both countries.

The Impact of Fossil Fuel Energy, Technological Innovation and Globalization on Tourism Inflows of Top Ten Most Visited Countries

Samrena Jabeen — 2024-05-08

Increased uses of fossil fuel consumption, globalization, and tourism activities have significant adverse effects on the sustainability of our ecosystem. The present study takes into account the top 10 most visited nations by tourists to examine the impact of fossil fuel energy consumption, technological innovation, foreign direct investment (FDI), economic growth, and globalization on tourism inflows from 2008 to 2022.. Choice of appropriate technique for empirical testing is based on the PP-Fisher, ADF Fisher, IPS, and LLC unit root tests. Due to mixed order of integration of variables, the Panel ARDL is more reliable for econometric investigation. The findings of Panel ARDL reveal that the most significant contributing factors towards growth in tourism are technological innovation, the globalization index, growth in gross domestic product, and use of fossil fuels as an energy source. These results imply that advancements in technology, increased globalization trends, and economic growth are facilitating the growth in tourism activities. Likewise, non-renewable energy consumption is significantly linked to tourism growth in these countries which exhibits that these governments are relying upon fossil fuel consumption to meet the energy demand for tourism activities and to fuel economic growth. Though, FDI is having a detrimental effect on tourism inflows in the top 10 most frequently visited nations. This outcome entails that expanded industrialization and economic footprint negatively influence the ecological environment which adversely affects tourism inflows. The policy implications of this research assert that the development of clean and renewable energy technologies is essential for the promotion of sustainable economic growth, promote eco-tourism in these countries. Similarly, smart manufacturing and environment friendly production can alleviate the negative effects of ecological footprint on tourism inflows.

Environmental Impact of Business Freedom and Renewable Energy: A Global Perspective

Marc Audi — 2024-05-08

This research has examined the impact of business freedom on environmental degradation in developed and developing countries from 2000 to 2022. Panel least squares and generalized method of moments have been applied for empirical analysis. Our findings show that both business freedom and renewable energy consumption have a significant and detrimental influence on environmental degradation in both developed and developing nations. Furthermore, our findings highlight the significant influence of financial development on environmental degradation in both the whole sample and developing nations. Urbanization, on the other hand, has a significant impact on environmental degradation in both developed and developing nations. Interestingly, financial development has a negative and significant impact on environmental degradation in developed nations, while energy consumption has a notable positive and significant relationship with environmental degradation across the board. These findings suggest that the encouragement of entrepreneurial independence and the use of renewable energy sources might be helpful ways for mitigating environmental damage. Addressing the negative consequences of urbanization on the environment is also critical. The short-run dynamics give useful insight for developing tailored strategies to establish a sustainable balance between economic expansion and environmental preservation at the same time.

Exploring Carbon Disclosure Research for Future Research Agenda: A Bibliometric Analysis

Winwin Yadiati — 2024-05-08

Globally, people are becoming more interested in the issue of climate change, particularly as it relates to carbon emissions. Stakeholders are putting pressure on firms to disclose more details about their ecological footprints and greenhouse gas emissions. Finding authors, publications, journals, and discoveries in the literature on emission carbon disclosure is the aim of this endeavor. To do this, we employ a review methodology that makes use of the bibliometric study technique to pinpoint a few pertinent elements found in the literature. Utilizing tools such as VOSviewer and biblioshiny from RStudio, we examine output by year, authors, articles, and publications that have received more citations. We outline the key developments in the field of carbon disclosure together with the most widely applied ideas. Furthermore, we formulate the notion of carbon disclosure as suggested by Borghei (2021), concentrating on six domains and primary patterns within the field: Provide answers to the following questions: strategic climate, carbon disclosure determinants, carbon disclosure guarantee, quality of carbon disclosure, and carbon disclosure consequences. The incorporation of sustainability dimensions into the reporting system has replaced the evaluation techniques of the disclosures as the research issue. It is discovered that a number of factors influence the corporation's choice to release its environmental accounting information. Based on its findings and analysis of current research trends and themes, this study offers suggestions for further investigation.

Oil Price and Corporate Social Responsibility Disclosure (CSRD): Evidence from Indonesian Energy Companies

Wenny Candra Mandagie — 2024-05-08

This study aims to examine the effect of world oil prices and other fundamental factors, which consist of the exchange rate, inflation, return on assets (ROA), debt to equity ratio (DER), and current ratio (CR) to the disclosure of corporate social responsibility (CSRD). The research sample is seven mining sector companies listed on the Indonesia Stock Exchange during 2017-2022. The estimation method and data analysis used a panel data regression model. The study's empirical findings show that world oil prices, exchange rates, inflation, and ROA positively affect CSRD, while DER and CR have the opposite effect. Macroeconomic variables, including world oil prices, exchange rates, and inflation, significantly encourage mining sector companies to disclose CSR more broadly. The increasing liquidity causes limited CSRD and leverages financial performance, while the profitability of the impact is different.

Sustainable Workforce in a Green Era: Indonesia’s Energy Sector Transition

Sahat Simbolon — 2024-05-08

The purpose of this study is to determine and analyze the effect of renewable energy transition variables and economic viability in the Indonesian employment industry on the balance of business sustainability through social and environmental development as an intervening variable. The subjects of this study are small, medium, and large industry owners in Indonesia, totaling 5,993,566 business units. The variables in this study are independent variables, namely the variables of renewable energy transition and economic viability in the Indonesian labor industry, while the dependent variable is the balance of business sustainability, and the intervening variable is the variable of social and environmental considerations. The results of the data analysis are made through SEM analysis through SMART PLS 4.0 software. From the results of existing research, it is concluded that partially renewable energy transition variables and viability variables in the Indonesian labor industry have a direct effect on the balance of business sustainability and social and environmental consideration variables. Simultaneously, the renewable energy transition variable and the viability variable in the Indonesian labor industry indirectly affect the business sustainability balance variable through social and environmental considerations as intervening variables. With the renewable energy transition process, it will have an impact on people's good social lives because there is no threat of environmental damage or natural disasters, so the environment is safe, the industry creates a technology transfer process, and it increases economic viability in the labor industry in Indonesia in order to create quality human resources. With this transition process, trained human resources are needed and are also able to adapt well to the transition process and technology transfer in order to balance the sustainability of industrial businesses.

The Nexus Between Renewable Energy Consumption, Financial Development, and Trade Openness Based on Environmental Quality in Uganda: An Application of the ARDL

John Bbale Mayanja — 2024-05-08

Environmental degradation is attributed to human activities associated with economic development. This study examines renewable energy consumption (REC), financial development (FD), trade openness, and environmental quality nexus in Uganda over the period 1990-2019 using the Autoregressive Distribution Lag (ARDL). Findings show that REC improves environmental quality both in the short and long run. In addition, while trade openness is negatively related to environmental quality in the short and long run, a negative correlation exists between FD and environmental quality only in the long run. Furthermore, economic growth has a positive relationship with environmental quality in the short run while in the long run, GDP2 improves environmental quality. However, the results from the study find no statistical relationship between FDI and environmental quality, and thus neither the pollution haven nor pollution halo hypotheses are confirmed in the Ugandan case. This paper does not only recommend investing more in renewable energy development to improve the quality of the environment but also in financial sector development to support investments that promote a low-carbon and green economy.