Empirical evidence of emissions discourse related to food, beverage, and tobacco production in leading manufacturing nations

The proliferation of carbon dioxide (CO2) emissions has resulted in significant environmental challenges worldwide, particularly within industrialized nations. The present paper tries to investigate the role of food, beverages, and tobacco in mitigating CO2 emissions in the top industrial countries. Economic growth and renewable and non-renewable energy consumption are integrated as control variable in the empirical model. The study applied the pooled mean group-autoregressive distributed lag (PMG-ARDL) model proposed by (J Appl Econ, 16:289-326, 2001) and Granger causality test for causalities directions. The empirical outcomes suggest the presence of cross-sectional dependence, and variables are integrated of order one and cointegrated. Long-run estimates revealed the presence of inversed U curve proving the validity of the environmental Kuznets curve. Also, the results show that renewable energy (RE) consumption contribute in reducing emissions, while non-renewable energy (NRE) and food, beverages, and tobacco (FBT) led to increase emissions level in the long run. Granger shows bidirectional long-run relationship between CO2 emissions, non-renewable energy, and economic growth. Moreover, Granger recorded no causality between food, beverages, and tobacco and any other variable. We recommend that firms engaged in the production of food, beverages, and tobacco products are increasingly urged to make investments in clean technologies powered by renewable energy sources for their manufacturing processes. This is considered a necessary step to achieve a significant reduction in CO2 emissions over an extended period.

The relationship between toxic air pollution, health expenditure, and economic growth in the European Union: fresh evidence from the PMG-ARDL model

Air pollution is a danger to economies throughout the European Union. Industry, population expansion, a building boom owing to housing and infrastructure development, increasing vehicle traffic, crowded streets, a lack of availability of clean fuel, and ineffective control programs are the primary causes. Toxic air is a double-edged sword for a country's health since it affects just a tiny fraction of Europe's population. The financial burden and healthcare expenses for people rise when health expenditures rise. The present research looks at how dangerous air levels, healthcare costs, and the expansion of the European Union's economy are all connected. The findings are based on data collected over 29 years and account for the abovementioned variables. The results of the unit root test have the significant probability values of all variables: health expenditures (HE), gross domestic product (GDP), nitrous oxides (NOX), and carbon dioxides (CO2) emissions at both level and first difference. We used the Johansen, Kao, and Pedroni cointegration tests to test the null hypothesis of no cointegration to see that sample variables had a long-term association. The PMG-ARDL test was used to get these findings. The results confirmed the significant probability values of dependent variables in long- and short-run results that GDP has a positive and significant effect on health expenditure, while NOX and CO2 emissions have a negative and significant impact on (HE), in the European Union. To verify the results, we applied the robustness test, fully modified OLS (FMOLD), and dynamic OLS (DOLS); the robustness test results validated the PMG-ARDL test results. Environmental pollution (CO2, NOX) has a significant and negative impact on healthcare expenditures and a significant effect on GDP (HE) in the EU region. The findings of this research have implications for a wide range of parties, including those who would examine the link between factors in a study meant to improve air quality, distribute health resources, or develop strategies for economic development.

Does ICT influence carbon emissions in the context of universal connectivity: a global perspective?

The Connect 2030 initiative, launched by the International Telecommunication Union, is in alignment with the Sustainable Development Goals (SDGs) of the United Nations Agenda 2030. Its main objective is to achieve universal connectivity, a goal that is closely related to environmental issues. This topic currently receives attention from researchers and policymakers. Given these considerations, our study investigates the impact of information and communication technologies on carbon dioxide emissions for a panel of 84 countries spanning the years 2009 to 2020. Using principal component analysis, we construct an ICT index that encompasses international bandwidth, reflecting the universal connectivity, and participation in international data exchanges. The empirical analysis applies the pooled mean group-panel autoregressive distributive lag (PMG-ARDL) approach to estimate both the long-run and short-run coefficients of CO2 emissions' determinants. Our findings show that ICT and renewable energy mitigate CO2 emissions, unlike financial development, GDP, and non-renewable energy, which contribute significantly to emissions for the full sample. These outcomes suggest that promoting ICTs in general and international bandwidth in particular, as part of universal connectivity, improves the quality of the global environment.

Investigating symmetrical influence of economic expansion, oil price, and industrial production on trade deficit: a policy pathway toward three neighboring Asian states

The intense objective of the present study is to investigate the symmetrical effectiveness of economic expansion, inflation rate, oil price, interest rate, and industrial production on trade deficit of the three neighboring states (China, Pakistan, and India). Westerlund bootstrap LM (Lagrange multiplier) panel co-integration test, Dumitrescu Herlin method, PMG-ARDL model, quantile regression, and quarterly data of last 15 years (2006Q1 to 2020Q4) have been utilized to envisage outcomes. Initial measurements validate the existence of stable co-integration and uni-directional causality among variables. Nevertheless, PMG-ARDL measures evaluates that in both long and short span of time, except industrial production all other regressors (economic expansion, inflation rate, oil price, and interest rate) positively influences the trade deficit in three neighboring states. Furthermore, robust estimates of quantile regression also authenticate the correctness of the above discuss relationship in study economies by evaluating positive (negative) impact of economic expansion, inflation rate, oil price, and interest rate (industrial production) on trade deficit. Thus, in policy pint of view, to lessen trade deficit hazard in studied economies, it is necessarily needed to encourage industrial production, replaced fossil fuel using outdated gadgets with advance green technology instruments, control inflation, and interest rate in single digit through strong budgetary and monetary policies and maintain economic expansion with appropriate and comprehensive taxation system.

Do financial development, financial stability and renewable energy disturb carbon emissions? Evidence from asia-pacific economic cooperation economics

The present paper investigates the influence of renewable energy consumption (REC), economic growth (GDP), financial development index (FDI), z-score (ZS) and control of corruption (CC) on carbon dioxide (CO2) emissions, for eighteen different APEC economies over the period 2000-2019 using the Pooled Mean Group-Autoregressive Distributed Lags (PMG-ARDL) approach and Granger causality tests. The outcomes of the empirical study confirm that the variables are cointegration using Pedroni tests. The long-run estimates revealed that economic growth and renewable energy contribute to the huge of carbon emissions, while financial development, ZS and CC lead to decrease carbon emissions. Granger causality shows that, in the long-run, there is bidirectional causality between CO2 emissions, economic growth, and financial development. In the short-run and for basic variables, Granger shows a unidirectional causality from CO2 emissions and economic growth to REC and; unidirectional causality from financial development, ZC and CC to CO2 emissions. A comprehensive approach is needed in APEC countries to effectively reduce CO2 emissions and promote sustainable development, including encouraging green financial products, reinforcing financial regulations, transitioning to a low-carbon economy, enhancing renewable energy usage, and improving governance and institutional quality, while considering the distinctive characteristics of each country.

Does economic policy uncertainty affect insurance premiums? Fresh empirical evidence

Economic Policy Uncertainty (EPU) is the level of uncertainty or unpredictability arising from government policy on topics such as taxes, trade, monetary policy, and regulation. Exploring the relationship between EPU and insurance premiums can provide insights into broader economic trends and policy decisions. EPU is often driven by political and economic events, and understanding its impact on insurance premiums can provide valuable information about how policy decisions and other external factors can affect the insurance industry and the broader economy. To understand the impact of EPU, this research examines the nexus between EPU and insurance premiums across 22 countries from 1996 to 2020. By applying panel cointegration tests, and the PMG-ARDL regression, it is found a periodical (both short-term and long-term) influence of EPU on insurance premiums. Additionally, it is revealed that EPU has a longer-term consequence on insurance premiums than it does in the short run. Also, EPU has a greater role in life insurance than non-life insurance. The results are consistent when robustness techniques (FMOLS and DOLS) are applied. The findings of the article have major implications for the government, policymakers, insurance authorities, and other relevant stakeholders.

How do financial inclusion and renewable energy collaborate with Environmental quality? Evidence for top ten countries in technological advancement

The environmental situation of our planet is seriously degraded due to the massive spread of greenhouse gases. Several aspects can influence the quality of the environment. The present study debates the effect of financial inclusion (FI) and renewable energy consumption (REC) on the emissions of carbon dioxide (CO₂) emissions of the top ten countries in technological advancement (TTCTA) over the period 2004-2019. Other deterministic factors are included in the empirical study such as real gross domestic product (GDP), non-renewable energy consumption (NREC), and technological advancement (ATECH) to check their influence on environmental indicators. PMG-ARDL approach, cointegration techniques, and Granger causality tests are applied for the empirics part. In the long run, the outcomes show that real GDP, REC, and technological advancement contribute to decreasing CO₂ emissions, while NREC and FI contribute to increasing emissions levels. In the short run, only GDP and NREC significantly deteriorate the environmental quality. Granger shows a long-run bidirectional causality between CO₂ emissions, economic growth, REC, NREC, and ATECH.

Impact of economic policy uncertainty, geopolitical risk, and economic complexity on carbon emissions and ecological footprint: an investigation of the E7 countries

There is a plethora of studies on the energy-consumption-environmental-quality nexus. Nevertheless, empirical research on the impact of global uncertainties on environmental quality is lacking. This study contributes to the literature by examining the impact of economic policy uncertainty (EPU), geopolitical risk (GPR), and economic complexity on the ecological footprint and carbon emissions of E7 economies for the period 1995-2018. Our empirical results indicate a long-term relationship between economic complexity, EPU, GPR, energy consumption, and two environmental quality indicators, carbon dioxide emissions and ecological footprint. In the long run, a divergence from disequilibrium takes 3 years to return to the equilibrating position. The environmental effects of key determinants are different in terms of direction, magnitude, and time span. Specifically, an inverted U-shape describes the relationship between economic complexity and environmental degradation in the long-term only, which confirms the environmental Kuznets curve (EKC) hypothesis. The environmental effects of EPU and GPR are harmful in the short run but prove to be beneficial in the long run. Higher energy consumption significantly degrades environment quality as expected. Based on these findings, the paper provides several useful suggestions for policymakers in the context of E7 countries.

Do environmental technology and banking sector development matter for green growth? Evidence from top-polluted economies

Pursuing green growth is imperative to cope with the climate change battle. Green growth in top-polluting economies is being encouraged. The underlying work is aiming to investigate the impact of environmental technology and banking sector on green growth. More precisely, the study employs CS-ARDL and PMG-ARDL methods for empirical assessment. The FMOLS and DOLS techniques have been used to perform the sensitivity analysis for CS-ARDL and PMG-ARDL results. Empirical evidence of both the CS-ARDL and PMG-ARDL models reveals that banking sector development and environmental technology promote green growth. In detail, the insights reveal the significant and positive effect of environmental innovations and technology on green growth in both long-run as well as in short-run. Moreover, the findings of the study also disclose the significant and positive effect of banking sector and stock market developments on green growth in both long-run and short-run. Sensitivity analysis confirmed and improved our findings. Based on these effects, the study delivers policy implications for the promotion of environmental-based technological innovations and financial sector development to enhance green growth in top-polluted economies.

Exploring the dynamic nexus between renewable energy, poverty alleviation, and environmental pollution: fresh evidence from E-9 countries

The present study aims to scrutinize the long- and short-run relationship along with the direction of causality among environmental pollution (CO₂), renewable, non-renewable energy, income disparity, exchange rate, and poverty alleviation in E-9 countries of continent Asia, using a panel dataset from 1990 to 2018. The current study used pooled mean group autoregressive distributed lag (PMG ARDL) and Dumitrescu-Hurlin (D-H) causality test after affirming a stable long-run association among environmental pollution and all the explanatory variables. However, ECM (error correction mechanism) was specified to explore short-run dynamics. The study's outcomes confirmed strong co-integration among environmental pollution (CO₂), renewable, non-renewable energy, income disparity, exchange rate, and poverty alleviation. Moreover, uni (bi) directional causality runs from non-renewable energy, exchange rate, and income disparity (poverty alleviation and renewable energy) to environmental pollution (CO₂). Results also revealed that poverty alleviation, exchange rate, and renewable energy usage substantially negatively influence environmental pollution (CO₂). Contrarily, income disparities and non-renewable energy usage positively influence long- and short-run environmental pollution. Therefore, from the policy perspective, the current study focused on twofold; first, there is a desire to alleviate poverty, the decline in non-renewable energy use and income disparity among upper and lower-income quintiles. Second, boost exchange rate and renewable energy use to control environmental pollution in the described least developed countries (LDCs).

Exploring the dynamic nexus between urbanization and industrialization with carbon emissions in sub-Saharan Africa: evidence from panel PMG-ARDL estimation

Urbanization and economic growth in sub-Saharan Africa have undergone dramatic changes in recent decades with countries in sub-Saharan Africa seeking to industrialize their economies to boost economic growth. This study, with panel data from 37 sub-Saharan countries between the time period of 1995 and 2017, employs panel cointegration tests and pooled mean group ARDL (PMG-ARDL) techniques and the Dumitrescu-Hurlin causality test to empirically examine the impact of urbanization, economic growth, energy consumption, and industrialization on carbon emissions. Results from the PMG estimator confirm no significant impact of urbanization on carbon emissions in both the long run and short run. One percent surge in energy consumption was found to have significantly caused 1.03% and 0.15% rise in carbon emissions in both long run and short run respectively, thereby reducing the environmental quality. Further findings revealed a significantly negative relationship between economic growth and carbon emissions as well as industrialization and carbon emissions. Additionally, our causality test shows a unidirectional relationship running from energy consumption to carbon emissions. Policymakers are advised to develop rural areas and plan urban centers, pay attention to sustainable energy sources and waste recycling, and educate the populace to improve environmental quality.

Dynamic nexus between energy consumption, economic growth, and urbanization with carbon emission: evidence from panel PMG-ARDL estimation

Carbon emission has been documented as a significant component of greenhouse gas that has been a significant source of environmental distortion globally. Based on panel data of 15 nations from 1980 to 2017, this study empirically investigates the impact of energy consumption, economic growth, urbanization, and energy consumption on carbon emission using panel co-integration tests and pooled mean group ARDL (PMG-ARDL) techniques. We augment the model with urbanization to establish the role urbanization plays in energy consumption, economic growth, and carbon emission nexus. Findings confirm that in the long run and short run, urbanization has no significant effect on the environment quality. On the other hand, energy consumption was found to enhance environmental destruction significantly in the short run and long run. Additional findings confirmed that economic growth causes environmental distortion in the long run for the sampled nations. Government officials and policymakers need to pay special attention to enhance adequate energy, urban planning, and emission reduction without affecting the economic development to achieve urban-economic-energy sustainability, which is key to attaining a green and clean environment.