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Öğe Another look at the nexus between economic growth trajectory and emission within the context of developing country: fresh insights from a nonparametric causality-in-quantiles test(SPRINGER, 2022) Adebayo, Tomiwa Sunday; Bekun, Festus Victor; Rjoub, Husam; Agboola, Mary Oluwatoyin; Agyekum, Ephraim Bonah; Gyamfi, Bright AkwasiAchieving environmental sustainability has become a global concern amidst increasing climate change threat. Using quarterly frequency data for the case of Russia from 1992 to 2018, the present study explores the interaction between disaggregated energy consumption (renewable energy and non-renewable energy), trade flow and economic growth on a broader measure for environmental degradation (ecological footprint). The choice of the variables draws strength from initiative of the United Nations Sustainable Development Goals (UN-SDG, 7, 8 11 and 13) for responsible energy consumption and clean energy consumption while mitigating climate change issues. The study applied the quantile-on-quantile regression (QQR) and nonparametric causality-in-quantiles to capture these associations. The outcomes from the QQR disclosed that in the majority of the quantiles, trade openness and renewable energy use contribute to environmental sustainability, while nonrenewable energy amplifies ecological footprint. Furthermore, growth in Russia escalates its ecological footprint. Moreover, in the majority of the quantiles, all the exogenous variables can predict ecological footprint. Given the outcomes of this study, it outlines the need for a paradigm shift for alternative and clean energy consumption in Russian energy mix amidst its economic growth trajectory while accounting for green-development approaches. Pathways to fully achieve the sustainability targets are carefully outlined in the concluding section.Öğe Criticality of geothermal and coal energy consumption toward carbon neutrality: evidence from newly industrialized countries(Springer Science and Business Media Deutschland GmbH, 2022) Adebayo, Tomiwa Sunday; Akadiri, Seyi Saint; Haouas, Ilham; Olasehinde-Willams, GodwinThis study examines the long-term effects of coal and geothermal consumption on carbon emission while controlling for globalization and economic growth toward carbon neutrality in newly industrialized countries, including Brazil, China, India, Mexico, Malaysia, the Philippines, South Africa, Turkey, Indonesia, and Thailand for the period of 1990–2008. We compare the resulting relationships from various estimation techniques, such as fixed-effect ordinary least squares, dynamic ordinary least squares, fully modified ordinary least squares, and method of moment quantile regression. Overall, this study determines that the consumption of coal and geothermal energy is a significant determinant with a causal effect on carbon emission. The rise in coal energy consumption significantly increases carbon emission across all quantiles (0.1–0.90), whereas the rise in geothermal energy consumption reduces it across all quantiles (0.1–0.90). This relationship is also consistent across all quantiles (0.1–0.9). Policy suggestions are proposed on the basis of these findings.Öğe Digitalization and the environment: The role of information and communication technology and environmental taxes in European countries(John Wiley and Sons Inc, 2023) Adeshola, Ibrahim; Usman, Ojonugwa; Agoyi, Mary; Awosusi, Abraham Ayobamiji; Adebayo, Tomiwa SundayThis study examines the impacts of digitalization through information and communication technology (ICT) and environmental taxes on greenhouse gas (GHG) emissions in 23 European Union (EU) countries between 2000 and 2017. Using the Pooled Mean Group estimator, the empirical results provide evidence that ICT development and environmental taxes improve environmental sustainability while research and development investments and income per capita deteriorate environmental sustainability. Furthermore, the results based on the Dynamic Panel Threshold Regression model show that the relationship between ICT and GHG emissions is dependent on the level of environmental taxes. During the period of low environmental taxes, the effect of ICT on GHG emissions is positive and insignificant but once environmental taxes cross the threshold value, the effect of ICT becomes negatively related to greenhouse gas emissions. This suggests that the period of low environmental taxes does not support the environmental friendliness of ICT development in the European region. The policy implication of these findings is that ICT, environmental taxes, and renewable energy can be possibly stirred up to achieve long-term environmental sustainability in the EU region.Öğe Disaggregated energy consumption and ecological footprint: proposing an SDG framework for newly industrialised countries(Inderscience Publishers, 2023) Adebayo, Tomiwa Sunday; Akadiri, Seyi Saint; Adamu, Yusuf; Olasehinde-Williams, Godwin O.This paper considers newly industrialised countries (NICs) as examples to evaluate the interrelationship between non-renewable energy (oil, coal and gas), renewable energy (hydro and geothermal) and ecological footprint, using panel data from 1990 to 2018. The findings from both the common correlated effects mean group (CCEMG) and augmented mean group (AMG) estimators reveal that economic growth intensifies ecological footprint. Furthermore, non-renewable energy (coal, oil and gas) amplifies the deterioration of the environment, while renewable energy (hydro and geothermal) does not enhance the environment. In addition, the causality provides credibility to the findings generated from the AMG and CCEMG long-run estimators. The results of this study are significant for policymakers in the NICs in terms of achieving the sustainable development goals (SDGs).Öğe Do financial development, foreign direct investment, and economic growth enhance industrial development? Fresh evidence from Sub-Sahara African countries(Springer Science and Business Media Deutschland GmbH, 2022) Appiah, Michael; Gyamfi, Bright Akwasi; Adebayo, Tomiwa Sunday; Bekun, Festus VictorThis study investigates the impact of financial development, economic growth, and foreign direct investment on enhancing industrial growth for a panel of selected Sub-Sahara African (SSA) countries from 1990—2017. However, the present study enriches our understanding of financial development by employing a new comprehensive index focused on the accessibility, scope, and productivity of capital systems and banking institutions and incorporated foreign direct investment and economic growth as significant industrial growth drivers in the selected countries. A more robust technique Augmented Mean Group (AMG) and Common Correlated Effect Mean Group (CCEMG), were employed to access the long-run relationship among the understudy variables. Further empirical results shows that financial development and economic growth enhance industrial development with finance exhibiting signifcance while foreign direct investment is seen as adverse. Moreover, a two-way causality was obtained between industrialization and financial development while both foreign direct investment and economic growth had a one-way causality relationship with industrialization. Thus, our study implies that the government officials within these countries must provide a suitable environment for the public, private partnerships, i.e. private sector, which is the backbone for industrial development.Öğe Do natural resource volatilities and renewable energy contribute to the environment and economic performance? Empirical evidence from E7 economies(Springer Science and Business Media Deutschland GmbH, 2022) Gyamfi, Bright Akwasi; Adebayo, Tomiwa SundayThe economies of the emerging seven (E7) are not insulated from the climate change challenges, which is a key concern for most countries. The E7 nations have undertaken part in initiatives to combat climate change, particularly in terms of reducing CO2 emissions from the trajectory of productivity expansion in their countries. It is for this reason that this study examines the impact of resource volatility, renewable energy, and fossil fuel on both economic performance and CO2 emission from 1990 to 2018. The present study used panel quantile regression and Driscoll-Kraay fixed effect-OLS estimators to examine these associations. From model I, the outcome shows that economic performance, natural gas rent, coal rent, and fossil fuel impact CO2 emission positively. Moreover, oil rent, renewable energy, investment in energy, and the interaction between investment in energy and renewable energy also negatively and significantly impact CO2 emission. On the other hand, model II which has economic performance as a dependent variable shows that all the understudy variables have significant positive relations with economic performance. Based on the empirical outcome, policy ramifications are provided.Öğe Energy intensity among European Union countries: the role of renewable energy, income and trade(Emerald Publishing, 2022) Gyamfi, Bright Akwasi; Kwakwa, Paul Adjei; Adebayo, Tomiwa SundayPurpose – The International Energy Agency states that the global energy intensity must reduce by 2.9% yearly before attaining Sustainable Development Goal 7.3 by 2030. However, the European Union (EU) seeking to attain a climate-neutral EU by 2050 shall require a substantial rate of reducing energy intensity. Consequently, this study aims to investigate how (clean) renewable energy, income, trade openness, technological innovation and nonrenewable energy consumption impact energy intensity for the EU countries. Design/methodology/approach – The quantile regression, augmented mean group and causality techniques were used for analyses. Panel data for 26 EU nations over the 1990 and 2019 period was used. Findings – The empirical evidence indicates that the variables have long-run equilibrium relationships. However, the analysis revealed that clean energy and income reduce energy intensity whiles trade, technological innovation and nonrenewable energy consumption increase energy intensity. An interactive term analysis shows that renewable energy and trade interact to reduce further, the negative effect of income on energy intensity. Causality results revealed a feedback connection between energy intensity and clean energy, income, trade liberalization as well as the interaction between income and trade liberalization. A oneway causality was obtained between energy intensity and technological innovation, nonrenewable energy consumption and the interaction between clean energy and income. Practical implications – The results imply that EU countries stand to gain if more resources are committed to encouraging the production and consumption of cleaner/renewable energy. Advancement in policies that support renewable energy and facilitate green growth will help reduce energy intensity for the region. Trade policies that promote lower energy consumption should be strengthened. Originality/value – The effect of renewable energy on energy intensity is assessed. The moderating impact of renewable energy and trade openness on the income–energy intensity relationship for the EU countries is examined. Moreover, this study uses the quantile estimation technique to assess the nonlinear effect of the explanatory variables on energy intensity.Öğe Energy-related uncertainty shocks and inflation dynamics in the U.S: A multivariate quantile-on-quantile regression approach(Elsevier, 2024) Usman, Ojonugwa; Özkan, Oktay; Koy, Ayben; Adebayo, Tomiwa SundayExisting literature suggests that uncertainty shocks can propagate like aggregate demand shocks or aggregate supply shocks. By way of extension, this study investigates the effect of energy-related uncertainty shocks on U.S. inflation while incorporating the effect of industrial production and interest rate uncertainty shocks. Using a multivariate quantile-on-quantile regression for the period 2000:M6 to 2019:M7, the findings reveal that energyrelated uncertainty shocks amplify inflation by manifesting as cost-push shocks with a stronger connection emerging in quantiles slightly above the median quantile distribution of energy-related uncertainty. Although industrial production positively drives inflation, its effect is observed less around median quantiles of inflation than in the lower and upper quantiles. Furthermore, the effect of interest rate uncertainty is negative and stronger in quantiles around the median of inflation, suggesting that interest rate uncertainty behaves like aggregate demand shocks. Based on these findings, policy implications are offered.Öğe How do environmental tax and renewable energy contribute to ecological sustainability? New evidence from top renewable energy countries(Taylor and Francis Ltd., 2023) Shayanmehr, Samira; Radmehr, Rıza; Ali, Ernest Baba; Ofori, Elvis Kwame; Adebayo, Tomiwa Sunday; Gyamfi, Bright AkwasiThe recent COP27 has propelled nations towards achieving reduced environmental degradation. Governments are, therefore, required to develop effective policy tools to improve their environmental sustainability plans. In line with this, an empirical study is required to explore the all-inclusive effect of ecological sustainability policy on ecological footprint (EFP) among the world’s top renewable energy consumption countries from 1994 to 2018. Recent studies on environmental degradation have focused on renewable energy while neglecting the role of environmental tax. Thus, the current study fills this gap by exploring the role of environmental tax on ecological footprint. Furthermore, the study evaluates the direct and indirect impact of environmental tax and renewable energy on different levels of EFP using the method of moment quantile regression (MMQR). The DOLS, FMOLS, and panel GMM techniques are also applied to check the robustness of the MMQR results. The empirical results indicate that environmental tax and renewable energy directly and significantly reduce the EFP; however, these impacts are insignificant in countries with lower levels of environmental pollution. Furthermore, the findings indicate that environmental tax plays a leading role in changing the energy structure towards environmentally friendly energies. The results also show that economic globalization and human capital impact ecological footprint negatively. Finally, the results suggest that GDP and nonrenewable energy aggravates ecological footprint. The study results propose insights for policymakers to mitigate environmental degradation by boosting environmental tax to deter polluters and investing more in renewable energy development.Öğe Is sustainable energy consumption, technological advancement and urbanization fast addressing south Asia’s green energy expansion deficits?(Springer Science and Business Media B.V., 2024) Gyamfi, Bright Akwasi; Adebayo, Tomiwa Sunday; Agozie, Divine Q.; Bekun, Festus Victor; Koy, AybenThe United Nation’s sustainable development goals (UN-SDGs) like accessibility to renewable energies (SDG-7), sustainable production and consumption (SDG-12), as well as stable economic growth all centre on the notion of human development (HDI) and reflected in (SDG-8). In line with this motivation, this study explores the environmental sustainability targets for a panel of South Asian economies that are disproportionately affected by a huge energy deficit i.e., energy poverty, and technological immobility. This study considers evidence from south Asian nations to provide the role of certain indicators of human development in the wake of economic development and environmental quality objectives by unraveling the complex relationships between per capita income, access to technological innovation, access to clean energy, and urbanization. Employing a balanced panel econometric model, this study investigate the hypothesized nexus between specific macro-economic variables among South Asian economies. The empirical evidence indicates that the human development index (HDI), per capita income, accessibility to clean energy, technological innovation, as well as urbanization all exhibits a long-run equilibrium relationship over the study period. However, income per capita, accessibility to clean energy and technological innovation all exert a positive impact on HDI for the selected countries, while urbanization shows a negative impact on HDI. Furthermore, causality relationship shows a feedback causality relationship between income per capita, access to clean energy and urbanization with the human development variable, while access to technological innovation has a one-way causality with the HDI. This current study importantly extends the extant knowledge, by presenting new insights into the interaction between human development and its antecedents from a whole new contextual perspective. These outcomes will assist policymakers and stakeholders to obtain new insights into the crucial role of clean energy accessibility, technological innovation, income per capita, and urbanization on HDI processes among South Asian countries.Öğe Sterling insights into natural resources intensification, ageing population and globalization on environmental status in Mediterranean countries(SAGE Publications Inc., 2022) Gyamfi, Bright Akwasi; Adebayo, Tomiwa Sunday; Bekun, Festus Victor; Agboola, Mary OluwatoyinAlong with the increasing aging population (AP) and global interconnectedness in the Mediterranean bloc comes climate change issues faced by the Mediterranean region in its trajectory to energy security and sustainable development. To meet the continuous energy consumption demand while cutting down natural resources extraction and exploitation with a view to minimizing environmental impacts, the policy structure in these countries may require readjustment, which is the motivation for the present study. This study advances a strategic framework for investigating the impact of natural resources rent as well as aging reliance on carbon emissions in the Mediterranean region for the annual frequency data from 1990–2016. Using quantile regression to analyze the highlighted variables, empirical results shows that both income and natural resources rent have an inverted U-Shaped connection with CO2 emission, which affirms the Environmental Kuznets Curve (EKC) hypothesis. Subsequently, globalization and energy use show a positive relationship with emissions while AP is negatively correlated with emissions. Depending on the outcomes of this analysis, a multi-stage Sustainable Development Goal (SDG) framework has been developed and SDG- 7, SDG -13 as well as SDG-8 were examined in this context. While these three SDGs are the main targets of the study, the SDG System has also provided a way to test other SDGs.Öğe The time-frequency-quantile causal impact of Cable News-based Economic Policy Uncertainty on major assets returns(Investment Analysts Society of South Africa, 2024) Adebayo, Tomiwa Sunday; Özkan, Oktay; Sofuoğlu, Emrah; Usman, OjonugwaAfter the collapse of the equity market in the early 2000s, the question of the drivers of financial assets returns preoccupied the interest of investors and policymakers in financial markets. Thus, this study explores how newly developed Cable News-based Economic Policy Uncertainty (TVEPU) predicts major assets returns using daily data from 1 January 2014 to 30 September 2023. To achieve this objective, we introduced the Rolling Windows Wavelet Quantile Granger Causality (RWWQGC) test. The empirical results show that TVEPU tends to have predictive power for SP500 across time, frequency, and quantile. The results also show that TVEPU has a strong causal impact on major financial assets returns across time, frequency, and quantile. However, the predictive power of TVEPU for the US 10-year bond, US dollar index, and Bitcoin is weak across time, frequency, and quantile. Based on these results, policy recommendations are offered.Öğe Towards a sustainable consumption approach: the effect of trade flow and clean energy on consumption-based carbon emissions in the Sub-Saharan African countries(Springer Science and Business Media Deutschland GmbH, 2022) Gyamfi, Bright Akwasi; Adebayo, Tomiwa Sunday; Ogbolime, UzomaEnvironmental degradation has accelerated rapidly in recent decades. Researchers and policymakers around the world have concentrated their efforts on this phenomenon because of its effect on human beings. Because of the expanding desire for fossil fuels in developed and developing nations, there has been minimal worldwide agreement on how energy consumption and carbon emissions can be reduced in recent years. On the other hand, several nations are implementing steps to adhere to the Paris Climate Agreement, which was signed in 2015. Therefore, this research intends to examine the effect of trade, economic growth, natural resources, clean energy, and urbanization on consumption-based carbon emissions (CCO2) for economies in Sub-Saharan Africa (SSA) from 1990 to 2018. The study employed second-generation techniques including CS-ARDL, which revealed that trade flow, income, natural resources, and urbanization exert a positive impact on CCO2 emissions. Furthermore, the interaction between trade and income contribute to the increase in CCO2 emissions. In addition, clean energy impacts CCO2 emissions negatively. From the causality analysis, it is observed that there is a feedback causality between CCO2 emissions and income, clean energy, and urbanization, while a one-way causality was detected running from natural resources rent to CCO2 emission. These outcomes might help policymakers to adopt measures that are eco-friendly such as the utilization of clean energy in order for countries in Sub-Saharan Africa to attain a green environment.
