How do financial development, energy consumption, natural resources, and globalization affect Arctic countries' economic growth and environmental quality? An advanced panel data simulation

Usman, Muhammad; Jahanger, Atif; Makhdum, Muhammad Sohail Amjad; Balsalobre‐Lorente, Daniel; Bashir, Adnan

doi:10.1016/j.energy.2021.122515

Cited by 286 publications

(121 citation statements)

References 59 publications

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“…First and foremost, increased energy consumption by urban infrastructure is required to support increased economic activity in metropolitan regions. As a consequence of urbanization, production is migrating away from agriculture, which consumes less energy, and toward industrial sectors, which use more energy (Jones, 1991;Sadorsky, 2013;Usman et al, 2022b). Second, contemporary structures have more energy-consuming equipment than older buildings (refrigerators and air conditioning) (Usman et al, 2022a).…”

Section: Discussion Of the Findingsmentioning

confidence: 99%

Do Urbanization, Remittances, and Globalization Matter for Energy Consumption in Belt and Road Countries: Evidence From Renewable and Non-Renewable Energy Consumption

Zhao

Qamruzzaman

2022

Front. Environ. Sci.

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Energy–growth nexus has gained immense interest among researchers, policymakers, and academicians, and with conclusive evidence, it is revealed that sustainable economic growth significantly relies on energy availability and security. Another line of studies postulated that excessive fossil fuel application had created adversity for environmental degradation and ecological imbalance. However, the energy demand from renewable and non-renewable has intensified with the act of several macro-fundaments, and countries have been investing efforts to figure them out in energy policy formulation; thus, BRI (please see Appendix A) are not out of the trend. The motivation of the study was to explore the role of urbanization, remittances, and globalization in energy consumption in BRI nations for the period 2004–2020. A panel of 59 (fifty-nine) BRI nations has been considered a sample countries’ assessment and their selection purely depended on the data availability. Several panel data estimation techniques have been applied, including CIPS and CADF, for panel unit root test, cointegration test with error correction, dynamic seemingly unrelated regression, and Dumitrescu–Hurlin panel heterogeneous causality test. The coefficient of globalization has exposed negative (positive) and statistically significant ties with non-renewable (renewable) energy consumption, whereas remittances and urbanization revealed positive and significant associations with both renewable and non-renewable energy consumption. The directional causality test documented bidirectional causality between globalization and renewable energy consumption and urbanization, globalization, and remittances to non-renewable energy consumption.

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Section: Discussion Of the Findingsmentioning

confidence: 99%

Do Urbanization, Remittances, and Globalization Matter for Energy Consumption in Belt and Road Countries: Evidence From Renewable and Non-Renewable Energy Consumption

Zhao

Qamruzzaman

2022

Front. Environ. Sci.

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“…Yang et al (2017) demonstrate that the determinants of China's graphite export values include economical mass, export price, export duty refund, and language. Usman et al (2021c) empirical results show that both environmental regulations and financial constraints have positive and negative effects, respectively.…”

Section: Literature Reviewmentioning

confidence: 98%

The impact of environmental regulations on export trade at provincial level in China: evidence from panel quantile regression

Ouyang

Wang

Deng

et al. 2021

Environ Sci Pollut Res

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Based on panel data from 30 provinces in China from 2008 to 2017, this paper constructs a quantile regression econometric model to analyze whether China's environmental regulation has an impact on export trade and to verify whether the Porter hypothesis has been valid in China in recent years. The results show that in the short term, environmental regulations have a restraining effect on export trade, while in the long run, due to the existence of innovation efficiency, environmental regulations will change from having a restraining effect to a promoting effect on export trade. Strict environmental regulations will reduce the production cost of Chinese products, further improve the export competitiveness of Chinese enterprises, and promote export trade. The empirical results verify the conclusion that the Porter hypothesis is confirmed in China. The following three suggestions are proposed for China's exports to promote the win-win of China's green development and export trade: promote the realization of international and domestic double circulation, avoid becoming "pollution shelters" and support technological innovation in environmental protection industries.

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“…In addition, 27 percent of coal was used, and there was a noticeable change in 2009 As a result, in 2009, OECD countries reduced their use by around 4.7%, which is on par with the rate in 2000. Sustainable development requires that energy demand be met without compromising the need for environmental protection ( Usman et al, 2022 ). In most cases, the political economy provides a financial foundation for evaluating the degree of energy efficiency in relation to power output per unit.…”

Section: Resultsmentioning

confidence: 99%

How Do Green Finance and Energy Efficiency Mitigate Carbon Emissions Without Reducing Economic Growth in G7 Countries?

2022

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Climate change is one of the most serious threats facing the world today. Environmental pollution and depletion of natural resources have been highlighted by the United Nations Sustainable Development Goals (SDGs), paving the way for modern concepts such as sustainable growth to be introduced. Therefore, this research explores the relationship between green finance, energy efficiency, and CO2 emissions in the G7 countries. The study uses panel data model technique to examine the dependence structure of green finance, energy efficiency, and CO2 emissions. Moreover, we use DEA to construct an energy efficiency index of G7 countries. A specific interval exists between the values of the energy efficiency indexes. Japan, the United Kingdom, and the United States were named the most energy-efficient countries in the world, based on results obtained for five consecutive years in this category. However, according to the comparative rankings, France and Italy are the most successful of all the G7 members, followed by the United Kingdom and Germany. Our overall findings of the econometric model confirm the negative impact of green finance and energy efficiency on CO2 emissions; however, this relationship varies across the different quantiles of the two variables. The findings in the study confirm that green finance is the best financial strategy for reducing CO2 emissions.

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How do financial development, energy consumption, natural resources, and globalization affect Arctic countries' economic growth and environmental quality? An advanced panel data simulation

Cited by 286 publications

References 59 publications

Do Urbanization, Remittances, and Globalization Matter for Energy Consumption in Belt and Road Countries: Evidence From Renewable and Non-Renewable Energy Consumption

Do Urbanization, Remittances, and Globalization Matter for Energy Consumption in Belt and Road Countries: Evidence From Renewable and Non-Renewable Energy Consumption

The impact of environmental regulations on export trade at provincial level in China: evidence from panel quantile regression

How Do Green Finance and Energy Efficiency Mitigate Carbon Emissions Without Reducing Economic Growth in G7 Countries?

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