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16 pages, 3632 KiB

Open AccessArticle

Distributional Predictability and Quantile Connectedness of New Energy, Steam Coal, and High-Tech in China

by Xiaohong Qi, Guofu Zhang and Yuqi Wang

Sustainability 2022, 14(21), 14176; https://doi.org/10.3390/su142114176 - 30 Oct 2022

Viewed by 1683

From a novel quantile perspective, this paper employs nonparametric quantile causality and quantile connectedness to investigate distributional predictability and spillover effects among new energy, steam coal, and high-tech under normal and tail conditions. We first identify the quantile causality: there is a unidirectional [...] Read more.

From a novel quantile perspective, this paper employs nonparametric quantile causality and quantile connectedness to investigate distributional predictability and spillover effects among new energy, steam coal, and high-tech under normal and tail conditions. We first identify the quantile causality: there is a unidirectional causality between the quantile orders 0.1 and 0.4 from technology high-tech to new energy, indicating that the stock price of technology companies has a predictive power of the stock prices of new energy companies when the latter is relatively low. Next, in terms of quantile connectedness, while the risk shocks to the system do not propagate strongly around the median, there are strong spillover effects in both tails. Moreover, high-tech and new energy contribute most of the system’s spillovers, and high-tech is the main net shock transmitter to all other variables. We further find that the strength of spillovers may depend on events such as China’s stock market rout of 2015 and the COVID-19 pandemic. Full article

(This article belongs to the Special Issue Energy Economics in Sustainability)

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20 pages, 1090 KiB

Open AccessArticle

Adopting Carbon Pricing Tools at the Local Level: A City Case Study in Portugal

by Lurdes Jesus Ferreira, Luís Pereira Dias and Jieling Liu

Sustainability 2022, 14(3), 1812; https://doi.org/10.3390/su14031812 - 5 Feb 2022

Cited by 3 | Viewed by 3094

Abstract

Debates on carbon costs and carbon pricing to accelerate the reduction of greenhouse gas (GHG) emissions are emerging as cities develop local policies and programs to achieve carbon neutrality. This paper focuses on how cities formulate economic instruments and adopt carbon pricing experiments [...] Read more.

Debates on carbon costs and carbon pricing to accelerate the reduction of greenhouse gas (GHG) emissions are emerging as cities develop local policies and programs to achieve carbon neutrality. This paper focuses on how cities formulate economic instruments and adopt carbon pricing experiments to support their climate objectives. Extensive literature is available on science-policymaking interface Integrated Assessment Models (IAM) and on the two mainstream approaches of carbon cost formulation—Social Cost of Carbon (SCC) and Marginal Abatement Cost (MAC). Although, the literature on how governments develop climate policy instruments, particularly towards a local carbon cost, is recent. We start by reviewing these essential concepts and tools for carbon cost formulation. We then critically review a set of local carbon pricing experiments, totaling fourteen international cities, and confirm a great demand for scientifically robust, verifiable, and transferable carbon cost methodologies at the local level. We thus propose an approach to assess the short-term technology cost of CO₂ emission reduction in the mobility sector in Matosinhos municipality, Portugal. Our approach shows that a carbon cost methodology at the local level with robust, verifiable, and transferable results is possible. We advocate for a methodological advance to estimate versatile CO₂ prices suitable for local conditions. Full article

(This article belongs to the Special Issue Energy Economics in Sustainability)

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11 pages, 478 KiB

Open AccessArticle

Investigating the Relationships between Renewable Energy Consumption, Socio-Economic Factors and Health: A PVAR Analysis from MENA Net Oil Importing Countries

by Mohamed Kadria, Sahbi Farhani and Yosr Guirat

Sustainability 2022, 14(1), 151; https://doi.org/10.3390/su14010151 - 23 Dec 2021

Cited by 7 | Viewed by 3975

Abstract

In this paper, we tried to contribute to the previous literature by analyzing the relationship between renewable energy consumption, socio-economic factors and health in the presence of a stringent environmental policy and lobbying power. Using a Panel Vector Auto-Regressive (PVAR) technique, we specifically [...] Read more.

In this paper, we tried to contribute to the previous literature by analyzing the relationship between renewable energy consumption, socio-economic factors and health in the presence of a stringent environmental policy and lobbying power. Using a Panel Vector Auto-Regressive (PVAR) technique, we specifically examine the role of the government effectiveness and the lobbying pressure in moderating the impact of renewable energy consumption on CO₂ emissions, economic growth and health factor considering the case of Middle East and North Africa (MENA) Net Oil Importing Countries (NOICs) from 1996 to 2019. Our analysis shows that (i) environmental policy stringency and good governance will induce a rise in the level of renewable energy consumption; (ii) lobbying power and interest groups discourage the renewable energy sector’s development since the add in economic growth of these economies is not oriented towards renewable energy projects; (iii) a rise in renewable energy consumption, perhaps generated by renewable energy policies, should favor the improvement of public health. Finally, the political implications of the findings are summarized and discussed. Full article

(This article belongs to the Special Issue Energy Economics in Sustainability)

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17 pages, 473 KiB

Open AccessArticle

The Role of Energy and Environmental Quality in Exploring the Economic Sustainability: A New Appraisal in the Context of North African Countries

by Sahbi Farhani, Mohamed Kadria and Yosr Guirat

Sustainability 2021, 13(24), 13990; https://doi.org/10.3390/su132413990 - 18 Dec 2021

Cited by 2 | Viewed by 2780

Abstract

The aim of this study is to investigate the long-term relationship between real gross domestic product (GDP), energy consumption (EC), and carbon dioxide (CO₂) emissions using: (i) fully modified ordinary least square (FMOLS) and dynamic ordinary least square (DOLS) estimates, to [...] Read more.

The aim of this study is to investigate the long-term relationship between real gross domestic product (GDP), energy consumption (EC), and carbon dioxide (CO₂) emissions using: (i) fully modified ordinary least square (FMOLS) and dynamic ordinary least square (DOLS) estimates, to deal with the bias of endogeneity regressors and the countries’ heterogeneity, and (ii) a pooled mean group (PMG) estimator, to involve both pooling and averaging for a dynamic specification based on the auto-regressive distributed lag (ARDL) model. Regarding five North African countries (Morocco, Algeria, Tunisia, Libya and Egypt) over the period of 1971–2014, our empirical findings seem relevant in the light of economic developments, and indicate that increased energy consumption gives rise to both GDP growth and increased CO₂ emissions, as a result of more pollution. This leads us to conclude that North African countries should improve the productivity of their energy by increasing: (i) the implementation of energy-saving projects, energy conservation, energy efficiency, and energy infrastructure, while outsourcing to achieve GDP growth as well as increasing their investment in full-energy-potential projects, and (ii) the use of more renewable energy in order to mitigate emissions. Full article

(This article belongs to the Special Issue Energy Economics in Sustainability)

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19 pages, 1651 KiB

Open AccessArticle

Measuring Energy Poverty and Its Impact on Economic Growth in Pakistan

by Shafqut Ullah, Muhammad Khan and Seong-Min Yoon

Sustainability 2021, 13(19), 10969; https://doi.org/10.3390/su131910969 - 2 Oct 2021

Cited by 20 | Viewed by 4513

Abstract

During the last two decades, energy poverty has captured the growing attention of researchers and policymakers due to its strong association with economic poverty and poor economic performance. This study uses a broad set of macro level indicators and makes the first attempt [...] Read more.

During the last two decades, energy poverty has captured the growing attention of researchers and policymakers due to its strong association with economic poverty and poor economic performance. This study uses a broad set of macro level indicators and makes the first attempt to measure energy poverty and its impact on economic growth of Pakistan over the period of 1990 to 2017. Our energy poverty indicator considers four main dimensions of energy poverty, namely, energy services, clean energy, energy governance and energy affordability. A composite value of the energy poverty index shows that although the overall energy poverty has reduced in Pakistan during the selected sample period, the country shows an increasing dependence on polluted energy supply to meet its growing energy demand. In the second stage of investigation, the study tests the neoclassical growth theory where we incorporate energy poverty along with human capital as a source of economic growth. The main findings show a stable short-run cointegration between energy poverty and economic growth. These strong negative linkages between energy poverty and economic growth for the sample economy complement the previous literature on the subject. Full article

(This article belongs to the Special Issue Energy Economics in Sustainability)

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11 pages, 261 KiB

Open AccessArticle

An Evaluation of the Tourism-Induced Environmental Kuznets Curve (T-EKC) Hypothesis: Evidence from G7 Countries

by Cem Ișik, Munir Ahmad, Uğur Korkut Pata, Serdar Ongan, Magdalena Radulescu, Festus Fatai Adedoyin, Engin Bayraktaroğlu, Sezi Aydın and Ayse Ongan

Sustainability 2020, 12(21), 9150; https://doi.org/10.3390/su12219150 - 3 Nov 2020

Cited by 109 | Viewed by 5546

Abstract

This paper analyzes the legitimacy of the Environmental Kuznets Curve (EKC) hypothesis for a group of seven (G7) countries over the period 1995–2015. In addition to testing the EKC speculation, the authors also would like to understand the ways in which increases in [...] Read more.

This paper analyzes the legitimacy of the Environmental Kuznets Curve (EKC) hypothesis for a group of seven (G7) countries over the period 1995–2015. In addition to testing the EKC speculation, the authors also would like to understand the ways in which increases in renewable energy consumption and the international tourism receipt affect the CO₂ emissions in G7 countries, because the energy and tourism sectors may have considerable direct impacts on CO₂ emissions. In this investigation, a panel bootstrap cointegration test and an augmented mean group (AMG) estimator were applied. The empirical findings indicate that the tourism-induced EKC hypothesis is valid only for France. Additionally, it was detected that a rise in renewable energy consumption has a negative (reduction) impact on CO₂ emissions in France, Italy, the UK, and the US. However, an increase in the receipt of international touristm has a positive (additional) impact on Italy’s CO2 emissions. Hence, this country’s decision-makers should re-review their tourism policy to adopt a renewable-inclusive one for sustainable tourism and the environment. Full article

(This article belongs to the Special Issue Energy Economics in Sustainability)

17 pages, 2257 KiB

Open AccessArticle

Examining the Asymmetric Nexus between Energy Consumption, Technological Innovation, and Economic Growth; Does Energy Consumption and Technology Boost Economic Development?

by Ayoub Zeraibi, Daniel Balsalobre-Lorente and Khurram Shehzad

Sustainability 2020, 12(21), 8867; https://doi.org/10.3390/su12218867 - 26 Oct 2020

Cited by 21 | Viewed by 4213

Abstract

This study aims to explore the connection between the potential effects of energy consumption and technological innovation on economic growth in China from 1980 to 2018. The Non-Linear Autoregressive Distributive Lag (NARDL) econometric approach reveals an asymmetric connection between technological innovation, energy consumption, [...] Read more.

This study aims to explore the connection between the potential effects of energy consumption and technological innovation on economic growth in China from 1980 to 2018. The Non-Linear Autoregressive Distributive Lag (NARDL) econometric approach reveals an asymmetric connection between technological innovation, energy consumption, and economic growth in China from 1980 to 2018. The empirical results also reveal that a 1% decrease in energy consumption would imperatively decline economic growth by 12.5%. Moreover, a 1% upsurge in trademark applications improves economic growth by 8.2%. For the case of China, this study reveals that a large portion of the energy was used by families, which is regarded as a non-contributing element to the economy of China. This study suggests that the promotion and production of energy-efficient processes and products is necessary in order to make a more significant step toward sustainable development. The empirical findings also suggest that the Chinese government should regulate suitable policies aimed at promoting energy efficiency and the control of inefficient energy uses. Full article

(This article belongs to the Special Issue Energy Economics in Sustainability)

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16 pages, 675 KiB

Open AccessArticle

Exploring the Role of Carbon Taxation Policies on CO₂ Emissions: Contextual Evidence from Tax Implementation and Non-Implementation European Countries

by Assaad Ghazouani, Wanjun Xia, Mehdi Ben Jebli and Umer Shahzad

Sustainability 2020, 12(20), 8680; https://doi.org/10.3390/su12208680 - 20 Oct 2020

Cited by 115 | Viewed by 10164

Abstract

During the past decades, environmental related taxes, energy, and carbon taxes has been recommended by environmental scientists as a policy tool to mitigate pollutant emissions in developed and developing economies. Among developed nations, Denmark, Finland, Sweden, the Netherlands, and Norway were the first [...] Read more.

During the past decades, environmental related taxes, energy, and carbon taxes has been recommended by environmental scientists as a policy tool to mitigate pollutant emissions in developed and developing economies. Among developed nations, Denmark, Finland, Sweden, the Netherlands, and Norway were the first regions to adopt a tax on carbon dioxide (CO₂) emissions and research into the impacts of carbon tax on carbon emissions bring significant implications. The prime objective and goal of this work is to explore the role of carbon tax reforms for environmental quality in European economies. This is probably the first study to conduct a comparative study in European context for carbon-tax implementation and non-implementation policies. To this end, the present study reports new conclusions and implications regarding the effectiveness of environmental regulations and policies for climate change and sustainability. In the present study, the authors exhaustively explore the impacts of the carbon-tax on the mitigation of CO₂ emissions. Using the propensity score matching method, the results of the estimation of the different matching methods allow us to observe a positive and significant impact of the adoption of the carbon-tax on stimulating the reduction of carbon emissions. Full article

(This article belongs to the Special Issue Energy Economics in Sustainability)

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