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The aftermath of the COVID-19 pandemic has two striking impacts on the economy of the Kingdom of Saudi Arabia. First, the economic contraction of business and economic activities. Second, the effect of oil prices dropping as energy demand decreases in the international market. This study seeks to underpin the linkage between GDP growth, oil price, foreign direct investment (FDI), air transport, social globalization and carbon dioxide emission by applying time-series econometrics techniques of the following: fully modified ordinary least squares, dynamic ordinary least squares and canonical tests. The results of the Johansen cointegration test and empirical analysis trace a long-run equilibrium relationship between the highlighted variables. Our study shows that a 1% increase in FDI attraction increases economic growth by 0.004%; similarly, air transport and oil rent from KSA increased economic growth by 0.547% and 0.005%, respectively. These outcomes are indicative of the GDP growth ambition of the KSA economy in order to intensify FDI attraction and the air transportation sector. However, we also observe that increases in CO2 emission increase GDP growth. Thus, this suggests that the economic growth in KSA is not green, indicating the need for green economic growth pursuit targets.
Mary Oluwatoyin Agboola; Festus Victor Bekun; Daniel Balsalobre-Lorente. Implications of Social Isolation in Combating COVID-19 Outbreak in Kingdom of Saudi Arabia: Its Consequences on the Carbon Emissions Reduction. Sustainability 2021, 13, 9476 .
AMA StyleMary Oluwatoyin Agboola, Festus Victor Bekun, Daniel Balsalobre-Lorente. Implications of Social Isolation in Combating COVID-19 Outbreak in Kingdom of Saudi Arabia: Its Consequences on the Carbon Emissions Reduction. Sustainability. 2021; 13 (16):9476.
Chicago/Turabian StyleMary Oluwatoyin Agboola; Festus Victor Bekun; Daniel Balsalobre-Lorente. 2021. "Implications of Social Isolation in Combating COVID-19 Outbreak in Kingdom of Saudi Arabia: Its Consequences on the Carbon Emissions Reduction." Sustainability 13, no. 16: 9476.
As the argument widens on the need to cut down on global carbon emissions, this study addresses environmental degradation using a combination of second-generation empirical methodologies including, quantile regression (QR), augmented mean group (AMG), fully modified ordinal least square (FMOLS), and dynamic ordinal least square (DOLS) to examine the impacts of natural resource rents alongside disaggregated energy consumption on the environmental quality of the G7 economies within the framework of the stochastic impact by regression on population, affluence, and technology (STIRPAT) model. The empirical findings reveal that the total natural resources rent indicates a positive significant relationship with pollution in all the quantiles except Q 0.05. Additionally, the findings for renewable energy consumption are adverse and significant throughout the assessed quantiles while fossil fuel energy consumption is reported to have a positive and significant effect on carbon dioxide emissions, thus, increasing environmental degradation experienced in the G7 economies. The extended findings from the Granger causality analysis also show that income levels combined with fossil fuel use have a strong effect on environmental degradation, while the total natural resources rent granger causes clean energy consumption within the G7 countries. This finding supports the assertions that natural resource revenue is mostly channeled into further productivity avenues which consequently lead to further environmental degradation. As such, while maintaining targeted revenue agenda, we strongly recommend that productivity gains from natural resource rents within the G7 economies should be harnessed for investment in clean energy for a more sustainable environment.
Bright Akwasi Gyamfi; Stephen Taiwo Onifade; Chinazaekpere Nwani; Festus Victor Bekun. Accounting for the combined impacts of natural resources rent, income level, and energy consumption on environmental quality of G7 economies: a panel quantile regression approach. Environmental Science and Pollution Research 2021, 1 -13.
AMA StyleBright Akwasi Gyamfi, Stephen Taiwo Onifade, Chinazaekpere Nwani, Festus Victor Bekun. Accounting for the combined impacts of natural resources rent, income level, and energy consumption on environmental quality of G7 economies: a panel quantile regression approach. Environmental Science and Pollution Research. 2021; ():1-13.
Chicago/Turabian StyleBright Akwasi Gyamfi; Stephen Taiwo Onifade; Chinazaekpere Nwani; Festus Victor Bekun. 2021. "Accounting for the combined impacts of natural resources rent, income level, and energy consumption on environmental quality of G7 economies: a panel quantile regression approach." Environmental Science and Pollution Research , no. : 1-13.
Following universal debate for energy sources and sustainable development across the globe, with its far-reaching implications on the environment, this crusade aligns with the United Nations Sustainable Development Goals (UN-SDGs). The study variables are based on the SDGs-7, 8, and 13 that highlights access to clean energy, sustainable economic growth and mitigation of climate change issues. Awareness of environmental sustainability has received much consideration because of the hazards associated with climate change issues in recent times. Studies on environmental quality and pollution emissions (CO2) are becoming increasingly interesting. It is reported that human activities and increasing economic issues resolve environmental-related challenges. In the light of this, we assess how employment moderates energy consumption and climate change for G7 countries. We utilise panel co-integration and long-run regression using dynamic ordinary and fully modified ordinary least squares to institute the magnitude of long-run elasticity among the outlined variables. Panel heterogeneous techniques are used to detect the direction of causality for the annual data from 1990 to 2016. The empirical result shows a clear significant correlation between variables and the long-run relationship between pollutant releases and energy utilisation, employment and real output. The study finds an inverse relationship between trade and pollutant emissions, thus suggesting that openness trade mitigates against environmental degradation in the sampled blocs. The causality analysis reveals a bidirectional causality between emissions and employment and a unidirectional causality between emissions, real GDP, energy utilisation and trade. These results have far-reaching outcomes on environmental fronts and economic growth highlighted in this study.
Bright Akwasi Gyamfi; Murad A. Bein; Festus Victor Bekun; Sarpong Steve Yaw; Xuan Vinh Vo. Assessment of environmental implications of energy consumption towards sustainable development in G7 countries. OPEC Energy Review 2021, 1 .
AMA StyleBright Akwasi Gyamfi, Murad A. Bein, Festus Victor Bekun, Sarpong Steve Yaw, Xuan Vinh Vo. Assessment of environmental implications of energy consumption towards sustainable development in G7 countries. OPEC Energy Review. 2021; ():1.
Chicago/Turabian StyleBright Akwasi Gyamfi; Murad A. Bein; Festus Victor Bekun; Sarpong Steve Yaw; Xuan Vinh Vo. 2021. "Assessment of environmental implications of energy consumption towards sustainable development in G7 countries." OPEC Energy Review , no. : 1.
Achieving environmental sustainability has become a global initiative while addressing climate change and its effects. However, the role of energy production and consumption in economic development remains critical amidst environmental pollution. Thus, the need for innovation and clean energy alternatives is critical while pursuing sustainable development. This country-specific study focuses on Argentina, where economic growth trajectory is embedded with high CO2 emissions. This study assesses the long-term and causal impact of financial development and renewables on environmental pollution while accounting for the role of economic development and globalization using yearly data spanning 1980 to 2017. A battery of econometric methods is applied to underscore the interaction between the parameters of interest. The findings of Maki and ARDL tests of cointegration alongside Kripfganz and Schneider critical approximation p-values affirm long-run equilibrium interaction between variables. The outcomes of autoregressive distributed lag, fully modified, and dynamic ordinary least squares demonstrate that while economic expansion dampens environmental quality—globalization and renewables improve the environment. This finding suggests pollution-driven economic growth trajectory in Argentina with high dependence on fossil fuels. Besides, the gradual shift causality test finds evidence of one-way causality from renewable energy consumption, economic growth, and globalization to CO2 emissions. Argentina’s pathway in achieving sustainable development requires gradual and inclusive economic shift towards green growth.
Tomiwa Sunday Adebayo; Gbenga Daniel Akinsola; Festus Victor Bekun; Oseyenbhin Sunday Osemeahon; Samuel Asumadu Sarkodie. Mitigating human-induced emissions in Argentina: role of renewables, income, globalization, and financial development. Environmental Science and Pollution Research 2021, 1 -15.
AMA StyleTomiwa Sunday Adebayo, Gbenga Daniel Akinsola, Festus Victor Bekun, Oseyenbhin Sunday Osemeahon, Samuel Asumadu Sarkodie. Mitigating human-induced emissions in Argentina: role of renewables, income, globalization, and financial development. Environmental Science and Pollution Research. 2021; ():1-15.
Chicago/Turabian StyleTomiwa Sunday Adebayo; Gbenga Daniel Akinsola; Festus Victor Bekun; Oseyenbhin Sunday Osemeahon; Samuel Asumadu Sarkodie. 2021. "Mitigating human-induced emissions in Argentina: role of renewables, income, globalization, and financial development." Environmental Science and Pollution Research , no. : 1-15.
In the energy-environment literature, a handful of the advanced economies, mostly the European Union countries, have met some of the national environmental sustainability targets. Consequently, most of these countries are renewing their policies for 2040, while the African bloc largely seems to have a longer path to emerge from the woods. Giving this insight, we are compelled to draw inferences from the role of major energy sources (conventional and renewable) in the sub-Saharan Africa’s drive for environmental sustainability target. To achieve this objective, we examine the validity of an N-shaped hypothesis for sub-Saharan region which has received less documentation in the extant literature. Thus, this study employed the pooled mean group autoregressive distributed lag (PMG-ARDL) and Dumitrescu and Hurlin panel causality approaches as estimation techniques. Our empirical results show that conventional and renewable energy aspects respectively worsen and improve environmental quality in both short and long run. Importantly, the study establishes the validity of the N-shaped hypothesis in the two periods (short and long run) as reported by the study regression with 17.830% for GDP growth, −2.241 % for quadratic form of GDP, and 0.094% for cubic form of GDP growth, respectively, in the long run. Moreso, renewable energy shows a magnitude of −1.306% and −0.157% for short- and long-run period, respectively, on carbon dioxide emission. The implication is that environmental quality in the sub-Saharan region is potentially characterized in cycles of worse (decreased quality), improvement (better quality), and again worse (deceased quality) resulting from the significant change in the region’s economic prosperity. In addition to the ARDL approach, the causality analysis further reiterates that there is significant causality from the energy forms and economic expansion to carbon emission at least in one direction. While examining the validity of N-shaped hypothesis for the first time for Africa, the study offers policy perspective to the governments and environmental stakeholders in the panel countries, especially to re-engineer the region’s economic dynamics if the region must meet the anticipated Sustainable Development Goals 2030.
Festus Victor Bekun; Andrew Adewale Alola; Bright Akwasi Gyamfi; Asiedu Benjamin Ampomah. The environmental aspects of conventional and clean energy policy in sub-Saharan Africa: is N-shaped hypothesis valid? Environmental Science and Pollution Research 2021, 1 -14.
AMA StyleFestus Victor Bekun, Andrew Adewale Alola, Bright Akwasi Gyamfi, Asiedu Benjamin Ampomah. The environmental aspects of conventional and clean energy policy in sub-Saharan Africa: is N-shaped hypothesis valid? Environmental Science and Pollution Research. 2021; ():1-14.
Chicago/Turabian StyleFestus Victor Bekun; Andrew Adewale Alola; Bright Akwasi Gyamfi; Asiedu Benjamin Ampomah. 2021. "The environmental aspects of conventional and clean energy policy in sub-Saharan Africa: is N-shaped hypothesis valid?" Environmental Science and Pollution Research , no. : 1-14.
This study explores the applicability of conventional environmental Kuznets curve (EKC) with an extension for the case of emerging industrialized economies, comprised of China, India, Brazil, Mexico, Russia, Indonesia, and Turkey, for annual time frequency from 1995 to 2016. This study is distinct from that already documented in the extant literature by extending the traditional EKC phenomenon by accounting for the combined impact of institutional quality and renewables in E7 blocs. The countries under review are known to be emerging and still at their scale stage of their growth path. As such, the need to explore the theme is pertinent for stakeholders. Empirical framework is built on second-generational panel econometrics strategies that consist of Augmented Mean Group, Common Correlated Effects Mean Group estimator, Driscoll-Kraay and Dumitrescu and Hurlin Causality analysis, which is superior to first-generation methods. Our study validates the EKC phenomenon in E7, i.e., where emphasis is placed on economic expansion relative to the quality of the environment. The EKC phenomenon is validated by the deteriorating effect of fossil-fuel energy consumption in the bloc. However, renewables are seen as a panacea to reduce pollution emission as renewable energy exerts a negative and statistical relationship with CO2 emission over the sampled period. Additional results show that weak institution also dampens the quality of the environment in E7. These outcomes are suggestive to policy makers to reinforce their commitment to the quality of the environment in terms of growth and energy transition from fossil fuel to clean energy sources. Further policy prescriptions are presented in the concluding section.
Festus Victor Bekun; Bright Akwasi Gyamfi; Stephen Taiwo Onifade; Mary Oluwatoyin Agboola. Beyond the environmental Kuznets Curve in E7 economies: Accounting for the combined impacts of institutional quality and renewables. Journal of Cleaner Production 2021, 314, 127924 .
AMA StyleFestus Victor Bekun, Bright Akwasi Gyamfi, Stephen Taiwo Onifade, Mary Oluwatoyin Agboola. Beyond the environmental Kuznets Curve in E7 economies: Accounting for the combined impacts of institutional quality and renewables. Journal of Cleaner Production. 2021; 314 ():127924.
Chicago/Turabian StyleFestus Victor Bekun; Bright Akwasi Gyamfi; Stephen Taiwo Onifade; Mary Oluwatoyin Agboola. 2021. "Beyond the environmental Kuznets Curve in E7 economies: Accounting for the combined impacts of institutional quality and renewables." Journal of Cleaner Production 314, no. : 127924.
The study explores the nexus between energy, export, import, population and economic growth on environmental quality in Brazil. Hence the long-run equilibrium association and dynamic causality amongst environmental quality—proxy with CO2 emission—energy consumption, trade policy, and population growth in Brazil is empirically estimated. Annual frequency time-series data from 1971 to 2016 is employed within the ARDL bounds testing methodological framework. The conditional Granger causality procedure within the VECM is followed to examine dynamic short-term and long-run causations in the estimated model. Thus, a stable long-run relationship is empirically established in the estimated model. Hence, within the CO2 emission energy-augmented model—via the channel of real GDP per capita, real per capita exports/imports, and population growth—CO2 emissions converge to its long-run equilibrium by an average speed of 37.47% on an annually basis. Additionally, a 1% increase in energy consumption increases CO2 emissions by 1.259%. Similarly, an increase in GDP growth and export worsens environmental quality by increasing CO2 emissions by 0.033% and 2.202% respectively. The result of the impulse responses and variance decomposition in response to exogenous shocks in the model collaborate the findings of the ARDL model. Shock to energy use, real GDP per capita, real exports per capita, real imports per capita, and population growth causes changes in environmental quality—both in the short-run and long-run period—with significant implication for environmental conservation in Brazil. The short-run causality supports the imperative of energy for economic growth. Thus, suggests caution in following conservation policy so as not to jeopardize real economic growth, whilst contemplating environmental sustainability in Brazil.
Isah Wada; Alimshan Faizulayev; Festus Victor Bekun. Exploring the role of conventional energy consumption on environmental quality in Brazil: Evidence from cointegration and conditional causality. Gondwana Research 2021, 98, 244 -256.
AMA StyleIsah Wada, Alimshan Faizulayev, Festus Victor Bekun. Exploring the role of conventional energy consumption on environmental quality in Brazil: Evidence from cointegration and conditional causality. Gondwana Research. 2021; 98 ():244-256.
Chicago/Turabian StyleIsah Wada; Alimshan Faizulayev; Festus Victor Bekun. 2021. "Exploring the role of conventional energy consumption on environmental quality in Brazil: Evidence from cointegration and conditional causality." Gondwana Research 98, no. : 244-256.
According to the Economic Complexity Index, Japan was the number 1 most complex economy in the world. In addition to complexity, Japan pledges to reduce emissions by boosting cleaner energy sources. This study simulates two policies to highlight a path for Japan in achieving this ambitious energy and environmental target. The novel dynamic autoregressive distribution lag (ARDL) model and Kernel-based regularized least squares (KRLS) are adopted over panel data from 1970 to 2018. Empirical evidence from the ARDL and dynamic ARDL models shows that CO2 emissions have a significant long-term relationship with GDP per capita, renewable energy, and economic complexity index while air transport is significant in the short run. Putting it more elaborately, a unit increase in GDP per capita increase the emission by 0.84%–0.96% in the long run and 0.46%–0.48% in the short run. As regards renewable energy, a unit increase in it decrease the carbon emission by 0.07% and 0.04% in the long-run and short-run respectively. Also, an increase in the economic index diminished the emission by 0.81% in the long run. Moreover, economic complexity moderates the role of GDP in environmental degradation as it also has a significant impact on carbon emission.
Festus Fatai Adedoyin; Ilhan Ozturk; Festus Victor Bekun; Phillips O. Agboola; Mary Oluwatoyin Agboola. Renewable and non-renewable energy policy simulations for abating emissions in a complex economy: Evidence from the novel dynamic ARDL. Renewable Energy 2021, 177, 1408 -1420.
AMA StyleFestus Fatai Adedoyin, Ilhan Ozturk, Festus Victor Bekun, Phillips O. Agboola, Mary Oluwatoyin Agboola. Renewable and non-renewable energy policy simulations for abating emissions in a complex economy: Evidence from the novel dynamic ARDL. Renewable Energy. 2021; 177 ():1408-1420.
Chicago/Turabian StyleFestus Fatai Adedoyin; Ilhan Ozturk; Festus Victor Bekun; Phillips O. Agboola; Mary Oluwatoyin Agboola. 2021. "Renewable and non-renewable energy policy simulations for abating emissions in a complex economy: Evidence from the novel dynamic ARDL." Renewable Energy 177, no. : 1408-1420.
China intends to develop its renewable energy sector in order to cut down on its pollution levels. Concentrated solar power (CSP) technologies are expected to play a key role in this agenda. This study evaluated the technical and economic performance of a 100 MW solar tower CSP in Tibet, China, under different heat transfer fluids (HTF), i.e., Salt (60% NaNO3 40% KNO3) or HTF A, and Salt (46.5% LiF 11.5% NaF 42% KF) or HTF B under two different power cycles, namely supercritical CO2 and Rankine. Results from the study suggest that the Rankine power cycle with HTF A and B recorded capacity factors (CF) of 39% and 40.3%, respectively. The sCO2 power cycle also recorded CFs of 41% and 39.4% for HTF A and HTF B, respectively. A total of 359 GWh of energy was generated by the sCO2 system with HTF B, whereas the sCO2 system with HTF A generated a total of 345 GWh in the first year. The Rankine system with HTF A generated a total of 341 GWh, while the system with B as its HTF produced a total of 353 GWh of electricity in year one. Electricity to grid mainly occurred between 10:00 a.m. to 8:00 p.m. throughout the year. According to the results, the highest levelized cost of energy (LCOE) (real) of 0.1668 USD/kWh was recorded under the Rankine cycle with HTF A. The lowest LCOE (real) of 0.1586 USD/kWh was obtained under the sCO2 cycle with HTF B. In general, all scenarios were economically viable at the study area; however, the sCO2 proved to be more economically feasible according to the simulated results.
Ephraim Agyekum; Tomiwa Adebayo; Festus Bekun; Nallapaneni Kumar; Manoj Panjwani. Effect of Two Different Heat Transfer Fluids on the Performance of Solar Tower CSP by Comparing Recompression Supercritical CO2 and Rankine Power Cycles, China. Energies 2021, 14, 3426 .
AMA StyleEphraim Agyekum, Tomiwa Adebayo, Festus Bekun, Nallapaneni Kumar, Manoj Panjwani. Effect of Two Different Heat Transfer Fluids on the Performance of Solar Tower CSP by Comparing Recompression Supercritical CO2 and Rankine Power Cycles, China. Energies. 2021; 14 (12):3426.
Chicago/Turabian StyleEphraim Agyekum; Tomiwa Adebayo; Festus Bekun; Nallapaneni Kumar; Manoj Panjwani. 2021. "Effect of Two Different Heat Transfer Fluids on the Performance of Solar Tower CSP by Comparing Recompression Supercritical CO2 and Rankine Power Cycles, China." Energies 14, no. 12: 3426.
In this paper, we investigate the impact of energy use and economic policy uncertainties on the environment. To achieve this objective, we use the pooled mean group-autoregressive distributed lag methodology (PMG-ARDL) and Dumitrescu and Hurlin causality test on 22 Organisation for Economic Co-operation and Development (OECD) countries between 1985 and 2017. The PMG-ARDL estimation shows that energy use and economic policy uncertainties have a positive relationship with carbon dioxide emission (CO2) emission, while a negative relationship is confirmed between renewable and CO2 emissions in the long run. The short-run estimation shows a positive relationship between energy use, real gross domestic product, and per capita on CO2 emissions. The Dumitrescu and Hurlin causality results highlight a unidirectional running from real GDP and GDP per capita square to CO2 emissions. Furthermore, one-way causality exists between CO2 emissions to economic policy uncertainties. These results have policy implications on the macroeconomy which are discussed in detail in the concluding section.
AbdulRasheed Zakari; Festus Fatai Adedoyin; Festus Victor Bekun. The effect of energy consumption on the environment in the OECD countries: economic policy uncertainty perspectives. Environmental Science and Pollution Research 2021, 1 -11.
AMA StyleAbdulRasheed Zakari, Festus Fatai Adedoyin, Festus Victor Bekun. The effect of energy consumption on the environment in the OECD countries: economic policy uncertainty perspectives. Environmental Science and Pollution Research. 2021; ():1-11.
Chicago/Turabian StyleAbdulRasheed Zakari; Festus Fatai Adedoyin; Festus Victor Bekun. 2021. "The effect of energy consumption on the environment in the OECD countries: economic policy uncertainty perspectives." Environmental Science and Pollution Research , no. : 1-11.
The deepening of global trade flows and world interconnectedness has its implications on several macroeconomic indices that stretches, to say the least environmental consequences. To this end, this study explores the dynamic interaction between energy consumption (renewable and non-renewable), foreign direct investment, carbon dioxide emission, real income and urbanization for both oil and non-oil countries for annual period from 1990 to 2016 in a carbon-income framework. To examine the nature of relationship between the outlined variables, we rely on a balanced panel econometrics analysis alongside panel quantile regression. Empirical analysis affirms the pollution haven hypothesis for both oil and non-oil countries under consideration. This suggests that foreign direct investment inflow has a detrimental effect on the host country. This is instructive to stakeholders and government officials. Further empirical results show that conventional energy from (fossil-fuel), urban population dampens environmental quality in the examined regions. However, renewable energy shows strong strength to improve environmental quality. This implies that renewables energy serves as a panacea to environmental sustainability target in both oil and non-oil dependent countries. Finally, these outcomes suggest the need to pursue low-carbon strategies for a cleaner and friendly environment.
Bright Akwasi Gyamfi; Murad A. Bein; Edmund Ntom Udemba; Festus Victor Bekun. Investigating the pollution haven hypothesis in oil and non-oil sub-Saharan Africa countries: Evidence from quantile regression technique. Resources Policy 2021, 73, 102119 .
AMA StyleBright Akwasi Gyamfi, Murad A. Bein, Edmund Ntom Udemba, Festus Victor Bekun. Investigating the pollution haven hypothesis in oil and non-oil sub-Saharan Africa countries: Evidence from quantile regression technique. Resources Policy. 2021; 73 ():102119.
Chicago/Turabian StyleBright Akwasi Gyamfi; Murad A. Bein; Edmund Ntom Udemba; Festus Victor Bekun. 2021. "Investigating the pollution haven hypothesis in oil and non-oil sub-Saharan Africa countries: Evidence from quantile regression technique." Resources Policy 73, no. : 102119.
Globally we are at a crossroad whereby energy production and consumption in themselves is partly blamed for climate change issues and global warming menace. The question that comes to heart is do we stop seeking energy production and consumption? of course no. Thus, there is a need for innovation on part of economies as they seek energy for sustainable development. This country-specific study focuses on South African, which reflects the above highlights menace in no small measure where her economic growth trajectory is plagued with high CO2 emission. To this end, we explore the nexus between coal energy consumption, economic growth, renewable energy consumption and CO2 emission between annual periods of 1980–2017. This study applied a battery of econometric techniques to underscore the relationship between the outlined variables. According to the ARDL bounds test to cointegration in conjunction with Kripfganz and Schneider (2018) critical approximation p-values both affirm long-run equilibrium relationship between study variables. Empirical evidence gives credence to the growth-induced pollution emission in South Africa as reported by the Autoregressive distributed lag Method, fully modified ordinary least squares and dynamic ordinary least squares as robustness test for soundness of analysis. This finding suggests that South Africa's economic growth trajectory is not clean. This preposition is resonated with the result of coal energy consumption also dampening environmental quality. Financial development shows strong statistical strength to improve the quality of the environment. These outcomes are indicative for policymakers as there is urgent need to energy transition from conventional energy based on fossil fuel (coal energy) to renewable energy mix which is more environmentally friendly should be pursued in South Africa.
Tomiwa Sunday Adebayo; Abraham Ayobamiji Awosusi; Festus Victor Bekun; Mehmet Altuntaş. Coal energy consumption beat renewable energy consumption in South Africa: Developing policy framework for sustainable development. Renewable Energy 2021, 175, 1012 -1024.
AMA StyleTomiwa Sunday Adebayo, Abraham Ayobamiji Awosusi, Festus Victor Bekun, Mehmet Altuntaş. Coal energy consumption beat renewable energy consumption in South Africa: Developing policy framework for sustainable development. Renewable Energy. 2021; 175 ():1012-1024.
Chicago/Turabian StyleTomiwa Sunday Adebayo; Abraham Ayobamiji Awosusi; Festus Victor Bekun; Mehmet Altuntaş. 2021. "Coal energy consumption beat renewable energy consumption in South Africa: Developing policy framework for sustainable development." Renewable Energy 175, no. : 1012-1024.
Considering the prevailing wave of global warming and other environmental challenges, which can be attributed to increasing environmental pollution as a result of economic activity, thus, it is essential to understand the effect of economic progress on the environment. More importantly, this endeavor is especially suited for the European Union (EU) member states, which account for a sizable portion of the world economy. However, by considering the open border or trade policy approach of the bloc, this study applies a battery of econometrics analysis that consists of mean group, augmented mean group, common correlated effect mean group estimators, and Dumitrescu and Hurlin causality analysis for direction of causality. These techniques are superior to first-generation methods to substantiate the relationship between real income, energy intensity, and carbon emission between annual frequency data from 1990 to 2017. Empirical results from series of cointegration tests reveal the long-run equilibrium relationship between the highlighted variables in the EU. Our study validates the existence of EKC phenomenon where emphasis is based on GDP growth at the expense of environmental quality. This implies that EU growth trajectory comes with an environmental trade-off and consequences. However, few countries in the region have made substantial strides of carbon reduction but not as a bloc. This position is resonated by the regression from all estimators in harmony where energy intensity dampens environmental quality in the blocs investigated. On the direction of causality, feedback Granger causality is observed running from GDP growth and carbon emission. A similar direction of causality is seen between energy intensity and carbon emission. These outcomes have far-reaching consequences on the environment. This study recommends the need for energy transition to cleaner and friendlier energy technologies by EU officials. That is, the need for a paradigm shift from conventional energy based on fossil fuel to renewable energy should be pursued in the region. More policy directions are outlined in the concluding section.
Festus Victor Bekun; Andrew Adewale Alola; Bright Akwasi Gyamfi; Sarpong Steve Yaw. The relevance of EKC hypothesis in energy intensity real-output trade-off for sustainable environment in EU-27. Environmental Science and Pollution Research 2021, 1 -12.
AMA StyleFestus Victor Bekun, Andrew Adewale Alola, Bright Akwasi Gyamfi, Sarpong Steve Yaw. The relevance of EKC hypothesis in energy intensity real-output trade-off for sustainable environment in EU-27. Environmental Science and Pollution Research. 2021; ():1-12.
Chicago/Turabian StyleFestus Victor Bekun; Andrew Adewale Alola; Bright Akwasi Gyamfi; Sarpong Steve Yaw. 2021. "The relevance of EKC hypothesis in energy intensity real-output trade-off for sustainable environment in EU-27." Environmental Science and Pollution Research , no. : 1-12.
Health is regarded as a universal asset and how this translates into sustainable development has remained a subject of discourse in the growth and health literature. This disposition is in line with the United Nations Sustainable Development Goals-3, 8, and 13, which highlight the need for good health, sustainable economic growth, and environmental sustainability, respectively, especially for the United States. To this end, this study explores the nexus of turning point such that a subsequent growth in income level decreases the prevalence of obesity. Similarly, the study examined the existence of the minimum turning point after which the increase in the ecological footprint (EFP) escalates the prevalence of obesity. A recent time-series data of annual frequency from 1975 to 2016 are used for econometrics analysis to examine the reality of ellipsoidal hypothesis. The autoregressive distributed lag techniques are adopted for this study. Thus, an empirical investigation revealed that higher income per capita level leads to obesity until a certain threshold. Thus, the inverted U-shaped relationship between income and obesity is validated, while the nexus between EFP and obesity resonates with the U-shaped. The validity of these two forms of (obesity-income-EFP) relationship is captured as the ellipsoidal hypothesis. Additionally, an increase in life expectancy decreases obesity prevalence in the United States. Based on these outcomes, policy mechanisms should be geared toward adopting more sustainable productivity approaches and more push for higher income status for the citizenry.
Andrew Adewale Alola; Festus Victor Bekun. Obesity Kuznets curve and the reality of eco-income ellipsoids (EIE). The European Journal of Health Economics 2021, 22, 1095 -1101.
AMA StyleAndrew Adewale Alola, Festus Victor Bekun. Obesity Kuznets curve and the reality of eco-income ellipsoids (EIE). The European Journal of Health Economics. 2021; 22 (7):1095-1101.
Chicago/Turabian StyleAndrew Adewale Alola; Festus Victor Bekun. 2021. "Obesity Kuznets curve and the reality of eco-income ellipsoids (EIE)." The European Journal of Health Economics 22, no. 7: 1095-1101.
To minimize the awful situation confronting the entire globe, the global warming danger has raised the intensity of consciousness from all areas of life. Therefore, the research assesses the impact of CO2 emissions and energy use on economic performance and considers trade openness, urbanization, and agriculture in Indonesia utilizing data covering the period from 1965 to 2019. The current research employed the dynamic ordinary least square (DOLS) and autoregressive distributed lag (ARDL) tests to capture the long-run association between these economic indicators. Furthermore, the gradual shift and wavelet coherence tests are utilized to capture the direction of causality. The ARDL bound test discloses a long-run interconnection among the variables of interest. The outcomes of the ARDL and DOLS depict that CO2 emissions, agriculture, energy use, and urbanization trigger economic growth. Moreover, the wavelet coherence test findings revealed a positive correlation between economic growth and urbanization, CO2 emissions, agriculture, and energy consumption. Furthermore, there is evidence of a weak and positive correlation between economic growth and trade openness. The gradual shift causality test outcomes disclosed that economic growth can predict urbanization and energy consumption, while agriculture can predict economic growth. These outcomes have far-reaching significance for economic growth and the selected variables in Indonesia.
Tomiwa Sunday Adebayo; Gbenga Daniel Akinsola; Dervis Kirikkaleli; Festus Victor Bekun; Sukru Umarbeyli; Oseyenbhin Sunday Osemeahon. Economic performance of Indonesia amidst CO2 emissions and agriculture: a time series analysis. Environmental Science and Pollution Research 2021, 1 -15.
AMA StyleTomiwa Sunday Adebayo, Gbenga Daniel Akinsola, Dervis Kirikkaleli, Festus Victor Bekun, Sukru Umarbeyli, Oseyenbhin Sunday Osemeahon. Economic performance of Indonesia amidst CO2 emissions and agriculture: a time series analysis. Environmental Science and Pollution Research. 2021; ():1-15.
Chicago/Turabian StyleTomiwa Sunday Adebayo; Gbenga Daniel Akinsola; Dervis Kirikkaleli; Festus Victor Bekun; Sukru Umarbeyli; Oseyenbhin Sunday Osemeahon. 2021. "Economic performance of Indonesia amidst CO2 emissions and agriculture: a time series analysis." Environmental Science and Pollution Research , no. : 1-15.
The European Union (EU) is one of the strongest, but most complex unions in the world with a competitive tourism industry. The aim of this study, therefore, is to account for economic complexity index (ECI), Brexit and other crisis episodes in the growth-energy-emissions nexus. Theoretically, the traditional Environmental Kuznets Curve (EKC) model is assessed by adopting a One-step System Generalized Method of Moment (Sys GMM) on data for 26 EU member states over the period from 1995 to 2018. For the first time, an EU-macro regional analysis is conducted with and without the UK. Empirical results reveal that an increase in tourism, real GDP per capita, and energy use across the four EU macro regions leads to increase in carbon emission. In some regions, it was observed that tourism, ECI, Brexit, and the Greece bailout have no significant impact on carbon emission. This suggests that the increase in international travel, complexity of the economy, and financial crisis do not accelerate environmental crisis in such regions. However, where such factors are statistically significant, Brexit and the Greece bailout crisis both heighten emissions. Particularly, when the UK is excluded, Brexit and the Greece bailout crisis increase and reduce emissions, respectively. The EKC hypothesis, however, holds in either scenario. Based on these empirical findings, vital policy directions are suggested for a post-Brexit EU-UK energy and environmental relations.
Festus Fatai Adedoyin; Phillips O. Agboola; Ilhan Ozturk; Festus Victor Bekun; Mary Oluwatoyin Agboola. Environmental consequences of economic complexities in the EU amidst a booming tourism industry: Accounting for the role of brexit and other crisis events. Journal of Cleaner Production 2021, 305, 127117 .
AMA StyleFestus Fatai Adedoyin, Phillips O. Agboola, Ilhan Ozturk, Festus Victor Bekun, Mary Oluwatoyin Agboola. Environmental consequences of economic complexities in the EU amidst a booming tourism industry: Accounting for the role of brexit and other crisis events. Journal of Cleaner Production. 2021; 305 ():127117.
Chicago/Turabian StyleFestus Fatai Adedoyin; Phillips O. Agboola; Ilhan Ozturk; Festus Victor Bekun; Mary Oluwatoyin Agboola. 2021. "Environmental consequences of economic complexities in the EU amidst a booming tourism industry: Accounting for the role of brexit and other crisis events." Journal of Cleaner Production 305, no. : 127117.
This paper introduces a new methodology to estimate time-varying alphas and betas in conditional factor models, which allows substantial flexibility in a time-varying framework. To circumvent problems associated with the previous approaches, we introduce a Bayesian time-varying parameter model where innovations of the state equation have a spike-and-slab mixture distribution. The mixture distribution specifies two states with a specific probability. In the first state, the innovation variance is set close to zero with a certain probability and parameters stay relatively constant. In the second state, the innovation variance is large and the change in parameters is normally distributed with mean zero and a given variance. The latent state is specified with a threshold that governs the state change. We allow a separate threshold for each parameter; thus, the parameters may shift in an unsynchronized manner such that the model moves from one state to another when the change in the parameter exceeds the threshold and vice versa. This approach offers great flexibility and nests a plethora of other time-varying model specifications, allowing us to assess whether the betas of conditional factor models evolve gradually over time or display infrequent, but large, shifts. We apply the proposed methodology to industry portfolios within a five-factor model setting and show that the threshold Capital Asset Pricing Model (CAPM) provides robust beta estimates coupled with smaller pricing errors compared to the alternative approaches. The results have significant implications for the implementation of smart beta strategies that rely heavily on the accuracy and stability of factor betas and yields.
Mehmet Balcilar; Riza Demirer; Festus Bekun. Flexible Time-Varying Betas in a Novel Mixture Innovation Factor Model with Latent Threshold. Mathematics 2021, 9, 915 .
AMA StyleMehmet Balcilar, Riza Demirer, Festus Bekun. Flexible Time-Varying Betas in a Novel Mixture Innovation Factor Model with Latent Threshold. Mathematics. 2021; 9 (8):915.
Chicago/Turabian StyleMehmet Balcilar; Riza Demirer; Festus Bekun. 2021. "Flexible Time-Varying Betas in a Novel Mixture Innovation Factor Model with Latent Threshold." Mathematics 9, no. 8: 915.
The role of low-carbon energy and trade on the environment has drawn several studies that have looked at issues from different perspectives, thus yielding differing conclusions. Considering the current emphasis on the COP25 conference and the commitment to cut down carbon emissions level, this study also draws strength from the United Nations Sustainable development Goals (UNSDGs) that comprises of positive strides for access to clean and responsible energy consumption (SDGs 7, 12) and climate change mitigation issues (SDG-13). To this end, this study is a timely outlook that underpins the case of the European Union (EU) countries as well as the root cause of anthropogenic activities on clean trajectory of global environment. Hence, we investigate the connection between alternative and sustainable energy source, trade, income and emissions in 27 selected European Union economies by utilizing data covering the period 1990–2017 on an annual frequency. We used second-generation panel model estimators to analyze the relationship between the variables in the long-run. Specifically, the long run results from the MG (Mean Group), AMG (Augmented Mean Group), and CCEMG (Common Correlated Effects Mean Group) estimators reveal that sustainable and alternative energy sources have a negative significant impact on pollutant emissions while trade and income have a positive impact on carbon emissions except that the impact of trade is insignificant. Although the positive impact of openness in trade on carbon emission is insignificant, the positive impact suggests that the free-trade policy that is currently in place in the EU should further incorporate sustainable development goals (SDGs) to avoid the outsourcing of carbon emissions among the member countries. Causality tests reveal a feedback hypothesis between renewable energy, income, trade, and carbon emanations. The investigation proposes expanded utilization of sustainable power source to mitigate carbon emissions in the European Union.
Festus Fatai Adedoyin; Andrew Adewale Alola; Festus Victor Bekun. The alternative energy utilization and common regional trade outlook in EU-27: Evidence from common correlated effects. Renewable and Sustainable Energy Reviews 2021, 145, 111092 .
AMA StyleFestus Fatai Adedoyin, Andrew Adewale Alola, Festus Victor Bekun. The alternative energy utilization and common regional trade outlook in EU-27: Evidence from common correlated effects. Renewable and Sustainable Energy Reviews. 2021; 145 ():111092.
Chicago/Turabian StyleFestus Fatai Adedoyin; Andrew Adewale Alola; Festus Victor Bekun. 2021. "The alternative energy utilization and common regional trade outlook in EU-27: Evidence from common correlated effects." Renewable and Sustainable Energy Reviews 145, no. : 111092.
Environmental degradation caused by various human activities has been a subject of attention over the globe. There is a concern on how to maintain a clean environment and at the same time achieve optimum production of food and non-food products amidst global energy demand. To this end, this study examines the impact of agricultural development, energy use, and economic growth on CO2 emissions in the emerging seven countries that comprises China, India, Brazil, Mexico, Russia, Indonesia, and Turkey for the annual time frequency from 1990 to 2016. The study uses a battery of econometrics techniques for soundness of analysis the consist of pooled mean group autoregressive distributed lag methodology, dynamic ordinary least squares, and fully modified ordinary least squares as estimation techniques alongside Dumitrescu and Hurlin causality test for the direction of causality analysis. Empirical results revealed that value-added agriculture and economic growth are drivers of CO2 emission in the E7 countries, and the rise in renewable energy causes a reduction in CO2 emissions, while in the short run, economic growth has a positive impact on emissions in the focus countries. Causality analysis shows that there is a feedback causality between economic growth and emissions, between value-added agriculture and energy usage, between emission and value-added agriculture, and between economic growth and agricultural development. Furthermore, energy use does not cause emissions directly; it causes economic growth and value-added agriculture which causes emissions. This position aligns with the advocacy of the United Nations Sustainable Development Goal (UN-SDG) Targets 7 and 13 of clean energy access and mitigation of climate changes issues.
Festus Fatai Adedoyin; Murad A. Bein; Bright Akwasi Gyamfi; Festus Victor Bekun. Does agricultural development induce environmental pollution in E7? A myth or reality. Environmental Science and Pollution Research 2021, 28, 41869 -41880.
AMA StyleFestus Fatai Adedoyin, Murad A. Bein, Bright Akwasi Gyamfi, Festus Victor Bekun. Does agricultural development induce environmental pollution in E7? A myth or reality. Environmental Science and Pollution Research. 2021; 28 (31):41869-41880.
Chicago/Turabian StyleFestus Fatai Adedoyin; Murad A. Bein; Bright Akwasi Gyamfi; Festus Victor Bekun. 2021. "Does agricultural development induce environmental pollution in E7? A myth or reality." Environmental Science and Pollution Research 28, no. 31: 41869-41880.
The quest for improved environmental quality through low-carbon emission has been explored in this study in the wake of the growing call for a transition to renewable energy use amidst widening trade relations between Turkey and the countries in the Caspian region including Azerbaijan, Iran, Kazakhstan, Russia, and Turkmenistan. This study draws strength from the United Nations Sustainable Development Goals (UN-SDGs) and their impact by 2030. These SDGs encompass pertinent targets on responsible energy consumption (SDG-12), access to clean and affordable energy (SDG-7), and climate change action (SDG-13). Empirical evidence from the dynamic ordinary least squares (DOLS) technique corroborated by the fully modified ordinary least squares (FMOLS) technique shows that a percent rise in renewable energy consumption level significantly abates carbon emission among these countries by about 0.26% while growing globalization vis-à-vis a percent increase in openness to trade significantly hampers environmental quality via inducement of carbon emission level by 0.32%. Extended findings from the Granger causality analysis corroborate the significance of the long-run coefficients with regard to the double-edged benefits of renewable energy consumption in enhancing both environmental quality and income levels through lower carbon emission and sustainable economic growth stimulations among the countries. The study confirmed the inverted U-shape relation between income growth and environmental deterioration, thus validating the EKC hypothesis for Turkey and the Caspian countries. This suggests that both blocs are still at the scale stage of their growth trajectory, where the emphasis is focused on increasing income level relative to environmental sustainability. As such, important policy measures were provided in the concluding section of this study.
Stephen Taiwo Onifade; Savaş Erdoğan; Mehmet Alagöz; Festus Victor Bekun. Renewables as a pathway to environmental sustainability targets in the era of trade liberalization: empirical evidence from Turkey and the Caspian countries. Environmental Science and Pollution Research 2021, 28, 41663 -41674.
AMA StyleStephen Taiwo Onifade, Savaş Erdoğan, Mehmet Alagöz, Festus Victor Bekun. Renewables as a pathway to environmental sustainability targets in the era of trade liberalization: empirical evidence from Turkey and the Caspian countries. Environmental Science and Pollution Research. 2021; 28 (31):41663-41674.
Chicago/Turabian StyleStephen Taiwo Onifade; Savaş Erdoğan; Mehmet Alagöz; Festus Victor Bekun. 2021. "Renewables as a pathway to environmental sustainability targets in the era of trade liberalization: empirical evidence from Turkey and the Caspian countries." Environmental Science and Pollution Research 28, no. 31: 41663-41674.