How do information and communication technology, human capital and renewable energy affect CO2 emission; New insights from BRI countries

Achieving carbon-neutral economies through circular economy, digitalization, and energy transition

Decarbonization is of utmost importance to effectively address climate change, advance environmental sustainability, and protect biodiversity and ecosystems. Therefore, developed and developing economies are focusing on adopting various approaches to achieve zero carbon emissions. Thus, this study attempted to generate a meaningful relationship between the circular economy, digitalization, energy transition, and eco-friendly trade strategy to capture the role of factors that function to attain carbon neutrality. For the above-given objectives, dynamic econometric methods, such as the cross-sectional autoregressive distributed lag model (CS-ARDL), were adopted to assess the G7 dataset between 1990 and 2022. These findings suggest that the parameters under investigation are important for achieving carbon neutrality in G7 in the long term. Moreover, Panel Corrected Standard Errors (PCSe) confirmed that every aspect affects carbon neutrality. Consequently, the long-term attainment of decarbonization is greatly aided by a circular economy, digitalization, energy transformation, and green trade. Thus, significant and comprehensive policy changes are needed in several sectors, such as the development of digitization, environmental regulations, sustainable and green technology, and renewable energy sources.

The green response of financial inclusion, infrastructure development and renewable energy to the environmental sustainability: A newly evidence from OECD economies

Recently, economic environmental degradation is being considered a leading chellenge in forefront of policy analysts. Thus, the present study introduces core environmental determinants such as infrastructure development, finacail inclusion, gross domestic product, population, and renewable energy consumption. Financial inclusion (FI) is crucial for attaining a environment. The present study selects the Organization for Economic Co-operation and Development (OECD) over period of 2004-2022. The results show that financial inclusin, infrastructure development(ID), and renewable energy (RE) play a vital influence in decreasing carbon emissions. The OECD nations should surge their investment in renewable energy and infrastructure development. Furthermore, to ensure long-term environmental sustainability, it is imperative to broaden the scope of FI. Thus, the inclusion of green infrastructure is essential in order to shift from the utilization of fossil fuels to RE sources. Similarly, policymakers should incorporate FI into climate actions at the local, national, and regional levels. However, it is crucial to promote the economic shift towards RE sources in order to mitigate the environmental impact from humn and economic activities. This study is conducive to the execution of the United Nations (UN) Sustainable Development Goals (SDG).

Quantifying future carbon emissions uncertainties under stochastic modeling and Monte Carlo simulation: Insights for environmental policy consideration for the Belt and Road Initiative Region

This study critically examines future carbon (CO2) emissions in the Belt & Road Initiative (BRI) region, considering factors such as energy consumption, economic growth, population growth, and population density. The objective of this study is to identify critical areas of higher emissions, which require policy intervention capable of strengthening sustainability in the BRI compact. A combined approach of stochastic modeling and Monte Carlo simulations was employed, utilizing panel data from 45 countries in the BRI region from 1990 to 2021. Results confirm that emissions are higher in all scenarios in direct proportion to electric power consumption, population growth, and Gross Domestic Product (GDP) growth. In scenarios with high emissions, a continuous and significant upward trend in CO2 emissions was observe. The medium emissions scenario exhibited a more moderated rise in emissions, suggesting a balance between economic development and environmental considerations. Critical areas for future environmental policy-making resides in electric power consumption, population growth, and GDP growth. The study strongly recommends for a shift from the current focus on road and railway infrastructure to renewable energy infrastructure, green innovations and efficient technology transfer to member countries. Without this, the BRI region is likely to face increased emissions, posing significant challenges to future sustainable development and global environmental sustainability.

Exploring the link between economic policy uncertainty, financial development, ecological innovation and environmental degradation; evidence from OECD countries

Governments have been concerned with balancing economic growth and environmental sustainability. Nevertheless, it has been noted that sustainable development is interconnected with economic variables, the institutional framework, and the efficacy of ecological regulatory measures. This study experimentally examines the correlation of economic policy uncertainty (EPU), financial development (FD), ecological innovation (EI), corruption (IQ), foreign direct investment (FDI), trade openness (TR), natural resource rent (NRR), and CO2 emission. We utilized longitudinal data from the Organization for Economic Cooperation and Development (OECD) countries from 2003 to 2021 to address the existing research void. This study used sequential processes of the linear panel data model (SELPDM) and the SYS-GMM approaches in obtaining consistent and efficient results. The inverse U-shaped relationship between FD and environmental degradation (ED) is confirmed by the long-term elasticity estimates generated by the SELPDM method Elasticity estimates for the long-run show that rigorous ecological regulations, higher renewable energy utilization, higher FD and less corruption, an interaction between FD and rigorous ecological regulations all contribute to reduced ED. Its also being observed that both EPU, FDI and trade openness are positively affecting the ED. It confirms the idea of pollution refuge between the OECD countries. The causality test results show that corruption and FD had reciprocal links with ED, while FDI, trade openness and strict environmental policies were also found to have bidirectional linkage with ED. To achieve sustainable development and prevent environmental degradation in the long term, we propose implementing an institutional financial framework and FD in OECD nations. This may be accomplished by focusing on the effectiveness of environmental regulatory laws and creating a conducive institutional environment.

How to decouple tourism growth from carbon emission? A panel data from China and tourist nations

A pervasive threat regarding human health, ecological balance, progress, and sustainability marks the current era. Many nations are grappling with the consequences of the overabundance of carbon emissions from a wide range of destructive human activities, which is the primary driver of air pollution, global warming, and warming. Thus, while some countries are squandering their riches, others are making great strides to keep the environment clean and green so that future generations may thrive. National governments and policymakers are now focusing a lot of energy on addressing the dangers posed by environmental concerns and the threat of climate change. A very contentious issue in recent years has been the link between environmental change and tourism and its vulnerability. This study focuses on the impact of fluctuating visitor numbers on greenhouse gas emissions, the primary gas responsible for the acceleration of global warming and other environmental changes. Therefore, we look at how the most visited countries' carbon emissions have changed due to increased tourism. The ecological effects of tourism on a regional scale are investigated using a panel data analysis spanning the years 2001-2018 in China, including the top 80 countries. The best-modified assessment methodologies determine the overall, direct, and indirect impact of tourist spending on carbon emissions. The findings demonstrate that CO2 emissions might be reduced by environmental regulation, urbanization, and tourist revenue and that they could be increased through economic expansion, population, and tourism. Due to this distinction, tourists' overall impact is much more harmful than their direct impact. In addition, a U-shape is formed by the direct effects of carbon emissions and a growing economy, and vice versa. Several factors impact environmental regulation, including population density, population growth, pollution, and GDP growth. Spending on infrastructure development and economic expansion also considerably mitigates the impacts of tourism and environmental alteration. The results reveal that a nation's emissions often rise with the expansion of its tourism industry. Still, they begin to decline after certain levels and show that the link between the two has important policy implications.

How do income inequality, poverty and industry 4.0 affect environmental pollution in South Asia: New insights from quantile regression

While many factors have been studied as potential causes of environmental degradation, the impact of poverty and inequality has been largely overlooked in the research. The Sustainable Development Goals are aligned with the intersection of poverty, inequality, and the environment. In addition, most previous research has used carbon dioxide (CO2) emissions as a surrogate for pollution. These gaps are filled by this study, which uses ecological footprint (a comprehensive measure of pollution) and CO2 emissions to examine the effects of income disparity and poverty on environmental pollution in 13 nations. Dynamic panel Quantile regression methods are used in this study because of their resilience to various econometric problems that can crop up during the estimate process. The empirical results reveal that the whole panel's carbon emissions and ecological footprint rise when income disparity and poverty exist. When the panel is subdivided, however, we see that income inequality reduces carbon emissions and environmental footprint for the wealthy but has the opposite effect on the middle class. While high-income households see no impact from poverty on their carbon emissions, middle-income households see an increase in both. Overall, the results of this study suggest that income disparity and poverty are major factors in ecological degradation. Therefore, initiatives to reduce environmental degradation should pay sufficient attention to poverty and inequality to achieve ecological sustainability.

Digitalization's contribution towards sustainable development and climate change mitigation: An empirical evidence from EU economies

The current study aims to test the usage of econometric and machine learning approaches to study the relationship between methane (CH4), a hydrocarbon component of natural gas, as a proxy of carbon emission, GDP as economic growth, financial development (FIN), and medium and high technologies as a proxy of information technology (ICT) and human development (HDI). This study observes two extended moderating effect models of human development index and financial development via medium and high technologies on carbon emissions over the 15-year periods from 2007 to 2021 for the 27 EU economies. Results indicate that when considered solely, ICT, economic growth, and HDI improve environmental quality and contribute to climate change mitigation, reducing methane emissions, whereas financial development seems to damage environmental quality. However, the crossed effects of ICT with HDI, and that of ICT with FIN, were considered in estimations, with results pointing out that those favorably affect climate change mitigation. Jointly considering ICT, HDI, and financial development proves to have a synergistic effect in promoting environmental health than each element on its own. Green and yellow countries were also identified revealing the countries for which a reduction and increase, respectively, in the value of methane emissions is predicted after three years. In the case of the entire panel, the STR (linear regression tree) algorithm predicts an average growth in methane emissions of around 3.64 %. Important policy directions are drawn considering the results obtained.

Role of natural resources, renewable energy sources, eco-innovation and carbon taxes in carbon neutrality: Evidence from G7 economies

Global warming has created problems for human life, and it has been increasing for a few years. All the developing and developed countries are establishing policies to attain zero carbon status. This study extends the ongoing debate on carbon emissions. It examines the effect of natural resources and RE (Biofuel and other renewable sources) on greenhouse gas (CO2 emission and PM2.5) emissions while using data over 22 years (1999-2021) from G7 countries. In addition, this study has investigated the effect of carbon taxes, financial development, and environmental policies on carbon neutrality. The cross-sectional-ARDL, the Common correlated effect means group (CCEMG), and the Augmented mean group (AMG) cutting-edge model have been employed. Quantile regression has been employed for robustness. The study results demonstrate that biofuel and other renewable energy (RE) sources, carbon taxes, environmental policy, and eco-innovation decrease greenhouse gas emissions (CO2 emissions). Meanwhile, financial development, and natural resource dependence positively impact carbon neutrality. The robustness result also verifies the findings from CS-ARDL, AMG, and CCEMG methods. The empirical findings are used to infer policy implications for G7 economies.

Exploring the impact of financial globalization, good governance and renewable energy consumption on environmental pollution: Evidence from BRICS-T countries

The nations of Brazil, Russia, India, China, South Africa, and Turkey (BRICS-T) have yet to find a satisfactory answer to the problem of how to reduce environmental pollution in their environments significantly. Using panel data from 1990 to 2022, this study analyzes the dynamic relationship between energy financial globalization (FG), good governance (GG), renewable energy consumption (REC), urbanization (URB), economic growth (GDP), and environmental pollution. To estimate the long-run and short-run interaction among the variables, this research included the Cross-sectional- ARDL. This research shows that economic growth, energy use, urbanization, and environmental degradation correlate positively and significantly. In contrast, the BRICS-T economies have significantly reduced environmental pollution due to FG, GG and REC. These results also lend credence to the Environmental Kuznets Curve (EKC) concept for developing nations, which has been the focus of recent attention. Additionally, the results from fixed effects-difference in differences (FE-DK) and AMG robustness tests also validate the results from the CS-ARDL estimator. Finally, the findings found that the BRICS-T countries may benefit from this study.

Embracing the digital revolution: Examining the relationship between ICT adoption and carbon emissions in the Persian Gulf

In this digital age, promoting economic development through technology innovation and adoption has become a pressing matter, contributing to increased productivity and, in turn, carbon emissions. Consequently, this study employs a novel technique (Newey-West Standard Error Method, Technology Adaptation Model) to quantify information and communication technology (ICT) adoption rates as a proxy indicator for evaluating the Persian Gulf economy's technology development. Moreover, this study investigates the evidence of the environmental Kuznets curve, with trade openness, technological adoption, and innovation as sustainable development controls. The findings reveal that two of three technological innovation instruments, fixed telephone, and internet subscriptions, increase carbon emissions. In contrast, mobile cellular subscriptions simultaneously reduce carbon emissions in the Persian Gulf. Furthermore, measures of technology adoption, high-technology exports, and electricity use contribute to the increase in carbon emissions. Trade openness also raises carbon emissions in the Persian Gulf. These findings suggest that policymakers must develop technological innovation and adoption strategies that effectively promote a greener environment.

Assessing the spillover effects of various forms of energy on CO2 emissions - An empirical study based on dynamic spatial Durbin model

Previous studies ignored the geospatial dynamics spillover effects of energy consumption on CO2 emissions while assessing such impacts in developed and developing countries. Moreover, most studies wrongfully assess spillover effects in its aggregated format rather than decomposing by its components. This is important as not all energy sources share the same characteristics. We fill these gaps in the literature by investigating the spillover effects of various forms of energy, including fossil fuels, renewable energy, and nuclear power, on CO2 emissions in 135 developed and developing countries from 2000 to 2019. We used the Dynamic Spatial Durbin Model (DSDM) to better understand the results. A series of indicative tests confirmed using the DSDM model and including spatial interaction of CO2 emissions in the analysis. Our findings show evidence of indirect spillover effects of the various energy sources on CO2 emissions. Further considering the spillover effects of the energy sources of neighbouring countries, the paper finds that the driving increase in CO2 emissions mainly came from the energy consumption of the country itself and neighbouring countries' energy consumption. Nevertheless, the results indicate that the direct effects of energy consumption often exceed its indirect effects. The results also confirm that total and fossil energy consumption harms the environment, whereas adopting renewable and nuclear energy sources reduces CO2 emissions. Lastly, we find nuclear energy is the most environmentally sustainable energy source. The study concludes that the Dynamic Spatial Durbin Model is paramount in estimating the environmental impact of energy consumption in our sample. The practical policy implications drawn from this study could be used to promote increased collaboration to hasten the energy transition process and address global warming and climate change.

Financial globalization and economic growth amid geopolitical risk: A study on China-Russia far East federal district

Geopolitics, natural resource efficiency and financial globalization have arisen as a new concept for low CO2 to achieve sustainable economic growth (EG). Therefore, developed and developing economies focus on Geopolitics risk (GPR), natural resource (NRS) efficiency and financial globalization (FG) to cope with CO2 neutrality targets. In order to understand the elements that contribute to achieving CO2 neutrality, this study sought to establish a relevant connection between geopolitics, the efficiency of NRS, financial globalization (FNG), and economic growth. For the abovementioned objectives, modern econometric methods, such as the canonical cointegration, CS-FGLS and GMM were adopted to evaluate the China-Russia Far East dataset between 1990 and 2022. In order to achieve CO2 neutrality in the long run, the study's elements are crucial, according to the results. In addition, GMM shows that each of the parameters affects CO2 neutrality. As a result, the ecological Kuznets curve rules the economic landscape, and long-term CO2 neutrality is greatly facilitated by geopolitics, efficient use of natural resources, financial globalization, and economic growth. Consequently, numerous domains necessitate far-reaching and revolutionary policy changes, such as economic integration to mitigate geopolitical risk, effective management of natural resources, efficient financial systems, and sustainable technology.

Examining the relationship between international digital trade, green technology innovation and environmental sustainability in top emerging economics

Ensuring preserving a sustainable environment is a crucial concern for individuals worldwide. In previous research, CO2 emissions have been used to measure environmental deterioration. However, in this study, we have expanded the scope to include carbon emissions and several other gases. This comprehensive measure is referred to as the ecological footprint (EFP). More significant international digital trade (IDT) has the potential to achieve several positive results, including reducing EFP (economic frictions and barriers), stimulating economic growth, and minimizing trade risk and volatility. These benefits can be realized by implementing structural reforms in significant production and development sectors. Green technology innovation (GTI) has the potential to make substantial progress in ecological quality and energy efficiency. Nevertheless, previous studies still need to adequately prioritize examining rising economies in terms of international trade diversification and GTI. This study examined the effects of IDT, GTI, and renewable energy consumption (REC) on EFP in BRICST countries. The study utilized data from the period between 1995 and 2022. The cross-sectionally augmented autoregressive distributed lag (CS-ARDL) model demonstrates that EFP negatively correlates with trade diversification, REC, and GTI in the long and short term. These countries have demonstrated a significant presence of eco-friendly products in their trade portfolios, and their manufacturing processes are shifting towards GTI. The objective is to enhance the REC sources and minimize EFP from consumption. Conversely, the increasing economic growth within this economic group has a compounding impact on the environment's decline since it amplifies the carbon emissions from increased consumption. To reduce the EFP level, the paper suggests increasing investment in GTI, promoting worldwide digital trade, and embracing renewable energy sources.