Greenfield Investment as a Catalyst of Green Economic Growth

Abstract

The intensification of countries’ growth causes the depletion of natural resources, biodiversity degradation, ecological imbalances, damage, and disasters. The aggravation of ecological issues requires the development of mechanisms for simultaneous achievement of economic, social, and ecological goals. The energy sector is the core direction of economic decarbonization. Therefore, green economic growth requires economic development due to the extension of innovative technologies for renewable energies and relevant investment for that. The study aims to test the hypothesis on the impact of green field investment on green economic growth. The object of the research was countries in the European Union (EU) for 2006–2020. This study applied the Malmquist-Luenberger Global Productivity Index to estimate green economic growth. It considers the resources available for the production process in the country (labor, capital, energy), the desired outcome (gross domestic product) and undesirable results (emissions to the environment) of this process. The study applied the Tobit model to test the hypothesis. The findings confirm the spatial heterogeneity of green economic growth among the EU countries. The asymmetry in technological efficiency and progress limits the efficacy of green innovations. At the same time, the obtained data confirm the research hypothesis. It is shown that along with green investments, economic openness and the efficiency of public governance have a positive effect on the green economic growth of countries. The findings highlight the importance of attracting green investments to increase green innovations in renewable energy, which boost green economic growth. This study explored the linear and direct effects of green investment on the green economic growth while eliminating the transmission impact of other mediating factors. It should be noted that further research should analyze the nonlinear impact of green investment on the green economic growth and the mediating effect, which could be caused by other variables (corruption, governance efficiency, green innovations, etc.).

China’s Greenfield Investment and African Countries’ Green Growth Under the Belt and Road Initiative

“…Although African countries have experienced rapid economic growth in recent years, the acceleration of economic growth has indirectly led to higher energy consumption and environmental damage, and in view of this, the Belt and Road Initiative has put forward a new concept and a new version known as the Green Belt and Road (Chin, Ong, Ooi, & Puah, 2022). Regarding the research on green growth, the scientific community has not yet developed a universal assessment methodology, Kwilinski, Lyulyov, and Pimonenko (2023) summarize three main measurement methods in use currently: (1) the method based on the world indexes SDG Index, Global Sustainable Competitiveness Index and Global Green Economy Index (Adamowicz, 2022); (2) the method based on green GDP (Song, Zhou, & Jia, 2019); (3) the method based on desirable and undesirable outcomes (Kalantaripor & Najafi Alamdarlo, 2021). This paper uses green growth indicator data from the OECD database to measure green growth in terms of environmental and resource productivity of a country.…”

Cross-cultural Communication Strategies in the Digital Era: A Bibliometric Analysis

“…When this happens, they display a lot of cultural practices both in their communication and general conduct. Considering to the studies [28][29][30][31][32][33][34][35][36][37][38][39][40][41][42] cross-cultural communication plays a significant role in the green development of a country [28,[38][39][40]42] and the success of businesses in terms of stakeholderoriented value [29], institutional components [30][31][32], globalization [33][34][35], economic growth [36][37], and sustainable development [40][41][42].…”

Improving the Feed-in Tariff Policy for Renewable Energy Promotion in Ukraine’s Households

“…Many research papers are dedicated to RE development, including investment issues [18][19][20][21][22], the identification of drivers and barriers for the effective deployment of RE facilities [23][24][25], the evaluation of economic, environmental, social, and other benefits from RE project implementation, etc. [26][27][28].…”