Drivers of green growth in the Kingdom of Saudi Arabia: can financial development promote environmentally sustainable economic growth?

Time-quantile impact of foreign direct investment, financial development, and financial globalisation on green growth in BRICS economies

Implementing policy combinations that neither negatively impact economic performance nor create the least amount of harm is the most crucial factor to consider in policy practices that promote environmental quality. In this regard, green growth, which harmonises both environmental and economic performance, gains importance. Based on this, this study analyses the effects of foreign direct investments, financial development, and financial globalisation on green growth for BRICS countries for the period 1990-2021. For this purpose, the effects of these factors on green growth are investigated using novel wavelet quantile regression and wavelet quantile correlation techniques. The findings show that while foreign direct investment inflow harms green growth in countries other than South Africa, there is a positive effect for South Africa. On the other hand, financial development and financial globalisation have adverse effects on green growth only in South Africa but have an increasing effect on green growth in other countries.

Effect of green taxation on renewable energy technologies: an analysis of commonwealth and non-commonwealth countries in Sub-Saharan Africa

African nations encounter difficulties enforcing regulations and providing incentives for using renewable energy sources. However, several nations are making efforts to encourage renewable energy through financial and tax advantages. Therefore, a shift to renewable energy is essential for African nations to experience sustainable growth and lessen environmental deterioration. Similarly, the extant literature examining green taxes' influence on renewable energy technology has documented equivocal findings. Hence, there is a need for a more thorough investigation. This study, therefore, explores the influence of green taxation on renewable energy technologies of emerging countries in Sub-Saharan Africa. We employed data from a sample of 28 countries of 54 African countries spanning 21 years from 2001 to 2021, providing a panel of 588 country-year observations. The Organisation for Economic Co-operation and Development (OECD) and the World Bank Dataset provided all the study's data. A heterogeneous dynamic panel data modelling using the autoregressive distributed lag (ARDL) has been adopted. The study found that green taxes might be used to mitigate the adverse effects of non-renewable energy activities on the environment in Africa. Considering the findings of the components of green taxes, it was recognised that an increase in energy-related tariffs would lead to a growth in Africa's use of renewable energy. It was further established that an increase in transport taxes increases the adoption of renewable energy technologies in Africa. A comparative analysis between the commonwealth and non-commonwealth countries showed that green taxes of commonwealth countries in Africa significantly contribute to the growth of renewable energy technologies compared to non-commonwealth countries in Africa. Primarily, the results of this study can be a valuable resource for African governments and policymakers as they develop policies and evaluate legislation about the usage of renewable energy sources and other green practices. Finally, the study can shed light on creating and using efficient tax laws that support renewable energy sources.

Does the depth of the Financial Markets matter for establishing Green Growth? Assessing Financial sector's potency in decoupling Economic Growth and Environmental Pollution

China's 2060 carbon neutrality agenda requires implementation of policies that can decouple its economic growth from environmental pollution. Consequently, establishing green growth in the Chinese economy is of utmost significance. Against this milieu, this study questions whether the depth of Chinese financial markets matters for establishing green growth in China. Besides, the green growth effects of renewable energy use, technological innovation, and urbanization are also examined. Accordingly, quarterly frequency data from 1990Q1 to 2020Q4 are utilized to perform econometric tests that accommodate structural break concerns in data. Overall, the findings reveal that the depth of the Chinese financial markets facilitates the prospects of greening the Chinese economy. Notably, deepening of financial markets is seen to initially inhibit green growth while stimulating it later on; thus, the financial markets' depth-green growth nexus is evidenced to depict a U-shape. On the other hand, green growth in China is also found to be catalyzed by the renewable transformation of the Chinese energy sector and through technological innovation in the long-run. Conversely, urbanization is witnessed to inflict anti-green growth impacts. Furthermore, the causality analysis verifies bi-directional causal associations between renewable energy use and green growth while unidirectional causalities running from financial markets' deepening, technological innovation, and urbanization to green growth are also discovered. Therefore, it is recommended that China should try to persistently develop its stock and debt markets so that clean investment can be boosted to decouple economic growth and environmental pollution. Besides, it is also important to undergo renewable energy transition, develop clean technologies, and design low-energy urbanization strategies.

Unraveling the non-linear impact of financial development on environmental sustainability: insights from developing countries agreeing the accord

This study delves into the intricate relationship between financial development and environmental sustainability by considering the role of the Paris Agreement in the context of developing countries. By employing advanced econometric techniques method of moment quantile regression (MMQR) and considering a period spanning from 1996 to 2021, this research unravels the non-linear impact of financial development on environmental degradation while considering population and GDP as control variables. The study reveals an inverted N-shaped relationship between financial development and environmental degradation, indicating that environmental degradation (ED) decreases as financial development increases. However, this is followed by a rise in ED before eventually witnessing a further decline. Additionally, the study highlights the positive correlation between GDP and population with ED across all quantiles, with a more pronounced impact observed in higher quantiles. Furthermore, the coefficient of the Paris Agreement demonstrates its effectiveness in decreasing environmental degradation, particularly at higher quantiles of ED. The findings of this study hold practical implications for policymakers, emphasizing the importance of designing and implementing coherent environmental and economic policies in developing countries. This study contributes to understanding the complex dynamics between financial development and environmental sustainability, offering valuable insights for fostering sustainable development pathways.

Unlocking green growth challenges: role of green HRM, green career adaptability, and green career success

Multiple industries face challenges in achieving green growth that needs a fix. This research presents an alternative explanation for the acquisition of green growth using the perspective of employees of manufacturing industries. Thus, the study examines the role of green HRM, green career adaptability, and green career success in achieving green growth. Green growth drivers can construct green infrastructures for developing green aspects in economic sectors such as power generation, transportation, and the residential sector. We inquired Chinese SME employees to fill out a closed-ended online survey. PLS-SEM techniques are used to estimate how the study will turn out. According to the results, green career adaptability plays a big part in green HRM and career success. It also plays a significant role in bringing the two together. The results shown that green HRM, adapting to a green career and doing well in a green career, all help green growth in manufacturing SMEs in China. The study's results are strong in their ability to explain. This is especially true in the academic world, where people who can adapt to setbacks and have a green career are likelier to have a good career in organizations that care about the environment. By doing this, the study also helps guide the strategic development goals (SDGs) for climate action and environmental management by acquiring green growth. So, the study makes different suggestions for what to do.

Does greenwashing obstruct sustainable environmental technologies and green financing from promoting environmental sustainability? Analytical evidence from the Indian economy

This study aims at assessing the impacts of green growth, in the form of adopting sustainable energy technologies and financing green projects, on environmental conditions in India. Thus, this study is important from the point of view of India's efforts in formulating strategies linked with achieving the environmental development targets enlisted under United Nations SDG‐13 declaration. In this regard, it is assumed that strategies targeted at establishing green growth in India can fail in the presence of greenwashing. To test this hypothesis, a newly introduced econometric technique, namely the Augmented‐ARDL techniques of estimation is used. Accordingly, the results obtained firstly suggest the existence of long‐run and cointegrated relationship exists between the variables of choice. Secondly, it is very much striking to find out that the the there is an inverse relationship between use of sustainable environmental technologies and environmental sustainability across India. Hence, this particular finding points to the possibility of stimulating geenwashing in the context of technology adoption in order to improve the state of the environment in India. Lastly, financing of green projects is seen to promote environmental sustainability which, in turn, affirms the absence of greenwashing in the context of green financing initiatives.

Climate change, insurance market, renewable energy, and biodiversity: double-materiality concept from BRICS countries

The threat of biodiversity loss and mass extinction of species with an aftermath will shape all lives now and those to come. In this context, recent empirical studies illustrate various drivers of biodiversity for better environmental quality; however, the impact of the insurance market has not been thoroughly examined. Likewise, the possible non-linearities between biodiversity and its determinants are ignored in the current empirical literature for BRICS economies. Therefore, this work is the first to explore the effect of the insurance market, climate change, and renewable energy on biodiversity in BRICS economies using an advanced method of the non-linear autoregressive distributed lag (NARDL) method. The findings illustrated that a decline in the insurance market alleviates biodiversity loss and stimulates environmental quality. In contrast, an increasing insurance market augments biodiversity loss and negatively affects ecological quality. Furthermore, the findings uncovered that carbon emissions are detrimental to environmental quality. Lastly, the results report that reducing the level of renewable energy worsens biodiversity loss while boosting renewable energy utilization declines biodiversity loss. The policymakers and regulatory authorities in the BRICS should adopt the risk-based approach proposed by the network of greening the financial system (NGFS) to tackle the dilemma of double materiality between financial institutions and biodiversity.