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    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, Godwin
    This 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.
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    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).
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    Dynamic risk connectedness of crude oil price and sustainable investment in the United States: evidence from DCC-GARCH
    (Springer, 2023) Olasehinde-Williams, Godwin; Özkan, Oktay; Akadiri, Seyi Saint
    Sustainable investment is widely regarded as an important market-based approach to achieving inclusive green growth. To achieve the inclusive green growth objective, companies providing sustainable products must be proftable enough to attract private capital. Oil price changes can however afect the proftability of such companies. This study assesses volatility transmission between crude oil prices and sustainable investment in the USA. Using the dynamic conditional correlation generalized autoregressive conditional heteroskedasticity (DCC-GARCH) method, daily data from September 28, 2012, to October 19, 2022, is analyzed. There are several key fndings from this analysis. The risk connectedness of crude oil and sustainable investment is found to vary with time. Results further show that the risk connectedness increases in periods of important economic and geopolitical events. The greatest risk connectedness of crude oil and sustainable investment is observed during the outbreak of coronavirus disease (COVID-19). Moreover, the result shows that crude oil is the main risk transmitter, whereas, both the energy efciency and pollution mitigation indices (i.e., sustainable investment) are risk receivers, and crude oil is constantly dominating sustainable investment. The study fndings provide valuable insights for investors and policymakers alike.
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    Effects of climate policy uncertainty on sustainable investment: A dynamic analysis for the U.S
    (Springer Science and Business Media Deutschland GmbH, 2023) Olasehinde-Williams, Godwin; Özkan, Oktay; Akadiri, Seyi Saint
    Uncertainties surrounding climate change policies of the United States introduce some degree of risk into sustainable investment decisions in the country. This study is an attempt to provide a new perspective on the nature of this problem. Both the traditional and time-varying nonparametric quantile causality techniques are employed in investigating the effects of climate policy uncertainty on sustainable investment in the United States. Weekly time-series data from October 17, 2010, to August 28, 2022, is used for empirical analysis. Results from the traditional nonparametric quantile causality analysis reveal that climate policy uncertainty has a significant causal effect on both sustainable investment returns and volatility. The results also show that the impact on sustainable investment volatility is greater than the impact on sustainable investment returns. The time-varying nonparametric quantile causality analysis confirms that climate policy uncertainty in the United States affects both the returns and volatility of sustainable investment and that the impact is greater for volatility. It is recommended that governments and policymakers ensure that climate policy objectives are properly defined and adhered to, such that regulatory uncertainty would be limited and private sector participation in sustainable investment would be encouraged. İn addition, policies clearly designed to incentivize sustainable investment by integrating risk premiums into expected profits could be employed.
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    Environmental policy stringency and carbon leakages: a case for carbon border adjustment mechanism in the European Union
    (Springer Science and Business Media B.V., 2024) Olasehinde-Williams, Godwin; Akadiri, Seyi Saint
    This study examines the link between the strictness of environmental policies and carbon leakage in the European Union (EU). It utilizes an econometric model to analyse how carbon leakage is influenced by environmental policies and other factors. A comprehensive dataset spanning from 1995 to 2020 for 20 EU member nations is employed. This study is ground-breaking, as it is the first to comprehensively assess the effect of aggregated environmental policies on carbon leakages in the EU. This study employs a range of econometric techniques to ensure the reliability of its findings, including the continuously updated fully modified approach, bias-adjusted ordinary least squares method, and bootstrap panel causality testing. The findings confirm that stringent environmental policies cause greater carbon leakage by increasing the quantity of foreign carbon emissions embodied in EU’s domestic final demand. Specifically, carbon leakage increases within the range 0.051–0.111% as environmental policy stringency rises by 1%. This outcome confirms that direct carbon leakage occurs through the international trade channel as domestic carbon emissions reduction is continuously being offset by greater emissions abroad. Country-specific reactions captured through causality tests further reveal that the predictive powers between environmental policy stringency and carbon leakage is widespread among the sampled EU countries. Thus, our conclusion is that stringent environmental policies put the region at a disadvantage in the international markets. The main recommendation therefore is that ample justification exists for the introduction of carbon border adjustment mechanism, as the positives associated with its imposition are likely to outweigh the negatives.
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    Natural resource rent, financial globalization, and environmental degradation: Evidence from a resource rich country
    (SAGE Publications Ltd, 2023) Akadiri, Seyi Saint; Olasehinde-Willams, Godwin; Haouas, Ilham; Lawal, Gold Olamide; Fatigun, Ayodeji Samson; Sadiq-Bamgbopa, Yetunde
    This paper examines the role of financial globalization and natural resource rents on carbon emissions in the case of Nigeria from 1970 to 2020 using Breitung-Candelin Spectral Granger-causality and wavelet coherence analysis. The spectral analysis decomposes variability in a time series into its periodic components, which is preferable for series that are short-spanned, nonlinear, or are characterized by seasonal and economic episodes, while the wavelet coherence analysis could produce localized decompositions both in time and frequency domains. Using these techniques, we find a one-way causal effect running from financial globalization and natural resource rents to carbon emissions within the specified scale and time. Financial globalization and natural resource rents are useful for predicting environmental degradation in Nigeria. Thus, policymakers should factor in financial globalization and natural resource rent when formulating environmental policies to mitigate climate change effect for the immediate and future generations. Financial penetration should be channeled toward green investment. The deposit money banks should provide and prioritize credit only to firms and individuals that consider investing in modern and clean technologies, while the policy on exploration and exploitation of natural resources should review to attract foreign investors that would improve the existing technologies or bring in energy-efficient and energy-saving ones.