Do renewable energy consumption and financial development contribute to environmental quality in MINT nations? Implications for sustainable development

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Do renewable energy consumption and financial development contribute to environmental quality in MINT nations? Implications for sustainable development. / Adebayo, Tomiwa Sunday; Ağa, Mehmet; Agyekum, Ephraim Bonah et al.
In: Frontiers in Environmental Science, Vol. 10, 1068379, 08.12.2022.

Research output: Contribution to journal › Article › peer-review

BibTeX

@article{5d054f2664c04e1fbc3c8df2e4ef0a9e,

title = "Do renewable energy consumption and financial development contribute to environmental quality in MINT nations? Implications for sustainable development",

abstract = "Maintaining a balance between the well-being of the economy and the environment has become a top priority for governments globally. In the contemporary age, world economies, particularly the emerging ones like MINT nations, highlight the need for eco-friendly economic expansion. The MINT nations are thriving economically but are having difficulty reducing their Ecological footprint (EF). This paper aimed to determine if factors such as population density, renewable energy, foreign direct investment, economic growth, and financial development impact ecological footprint in the MINT countries between 1990 and 2018. The study applied ample advanced econometrics such as method of moments quantile regression (MMQR), augmented mean group (AMG) and Common Correlated Effects Mean Group (CCEMG). The overall results indicated that the variables are integrated at the first difference and are cointegrated. The AMG, CCEMG and MMQR results reveal that economic growth deteriorates ecological well-being by promoting the EF while foreign direct investment, population density and renewable energy assists in enhancing it by mitigating the EF in the MINT nations. In addition, financial development does not exert a significant effect on EF. The Dumitrescu Hurlin Panel Causality results show unidirectional causality from economic growth, financial development, population density, and renewable energy to EF. Based on these results policy recommendations are suggested.",

author = "Adebayo, {Tomiwa Sunday} and Mehmet Ağa and Agyekum, {Ephraim Bonah} and Salah Kamel and El-naggar, {Mohamed F.}",

note = "This research used the AMG and CCEMG techniques to investigate the effect of PD, EGR, FDI, FD, and RENC on EF (see ). The effect of EGR on EF is significantly positive, as shown by both AMG and CCEMG. The results show that 1percent upsurge in EGR caused 0.871% (AMG) and 0.787% (CCEMG) intensification in EF. These results affirm the damaging effect of EGR on the environment. Moreover, RENC effect on EF is negative, which is supported by both CCEM and AMG estimators. Thus, 0.314% (AMG) and 0.337% (CCEMG) decrease in EF is attributed to 1% upsurge in RENC. These results support the environmental improving effect of RENC.",

year = "2022",

month = dec,

day = "8",

doi = "10.3389/fenvs.2022.1068379",

language = "English",

volume = "10",

journal = "Frontiers in Environmental Science",

issn = "2296-665X",

publisher = "Frontiers Media S.A.",

}

RIS

TY - JOUR

T1 - Do renewable energy consumption and financial development contribute to environmental quality in MINT nations? Implications for sustainable development

AU - Adebayo, Tomiwa Sunday

AU - Ağa, Mehmet

AU - Agyekum, Ephraim Bonah

AU - Kamel, Salah

AU - El-naggar, Mohamed F.

N1 - This research used the AMG and CCEMG techniques to investigate the effect of PD, EGR, FDI, FD, and RENC on EF (see ). The effect of EGR on EF is significantly positive, as shown by both AMG and CCEMG. The results show that 1percent upsurge in EGR caused 0.871% (AMG) and 0.787% (CCEMG) intensification in EF. These results affirm the damaging effect of EGR on the environment. Moreover, RENC effect on EF is negative, which is supported by both CCEM and AMG estimators. Thus, 0.314% (AMG) and 0.337% (CCEMG) decrease in EF is attributed to 1% upsurge in RENC. These results support the environmental improving effect of RENC.

PY - 2022/12/8

Y1 - 2022/12/8

N2 - Maintaining a balance between the well-being of the economy and the environment has become a top priority for governments globally. In the contemporary age, world economies, particularly the emerging ones like MINT nations, highlight the need for eco-friendly economic expansion. The MINT nations are thriving economically but are having difficulty reducing their Ecological footprint (EF). This paper aimed to determine if factors such as population density, renewable energy, foreign direct investment, economic growth, and financial development impact ecological footprint in the MINT countries between 1990 and 2018. The study applied ample advanced econometrics such as method of moments quantile regression (MMQR), augmented mean group (AMG) and Common Correlated Effects Mean Group (CCEMG). The overall results indicated that the variables are integrated at the first difference and are cointegrated. The AMG, CCEMG and MMQR results reveal that economic growth deteriorates ecological well-being by promoting the EF while foreign direct investment, population density and renewable energy assists in enhancing it by mitigating the EF in the MINT nations. In addition, financial development does not exert a significant effect on EF. The Dumitrescu Hurlin Panel Causality results show unidirectional causality from economic growth, financial development, population density, and renewable energy to EF. Based on these results policy recommendations are suggested.

AB - Maintaining a balance between the well-being of the economy and the environment has become a top priority for governments globally. In the contemporary age, world economies, particularly the emerging ones like MINT nations, highlight the need for eco-friendly economic expansion. The MINT nations are thriving economically but are having difficulty reducing their Ecological footprint (EF). This paper aimed to determine if factors such as population density, renewable energy, foreign direct investment, economic growth, and financial development impact ecological footprint in the MINT countries between 1990 and 2018. The study applied ample advanced econometrics such as method of moments quantile regression (MMQR), augmented mean group (AMG) and Common Correlated Effects Mean Group (CCEMG). The overall results indicated that the variables are integrated at the first difference and are cointegrated. The AMG, CCEMG and MMQR results reveal that economic growth deteriorates ecological well-being by promoting the EF while foreign direct investment, population density and renewable energy assists in enhancing it by mitigating the EF in the MINT nations. In addition, financial development does not exert a significant effect on EF. The Dumitrescu Hurlin Panel Causality results show unidirectional causality from economic growth, financial development, population density, and renewable energy to EF. Based on these results policy recommendations are suggested.

UR - https://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcAuth=tsmetrics&SrcApp=tsm_test&DestApp=WOS_CPL&DestLinkType=FullRecord&KeyUT=000898217500001

UR - http://www.scopus.com/inward/record.url?partnerID=8YFLogxK&scp=85144916128

U2 - 10.3389/fenvs.2022.1068379

DO - 10.3389/fenvs.2022.1068379

M3 - Article

VL - 10

JO - Frontiers in Environmental Science

JF - Frontiers in Environmental Science

SN - 2296-665X

M1 - 1068379

ER -

ID: 33184955