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    Dynamic correlation among renewable energy, technology, and carbon markets: Evidence from a novel nonparametric time-frequency approach
    (PERGAMON-ELSEVIER SCIENCE LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, ENGLAND, 2024) Özkan, Oktay; Olanipekun, Ifedolapo Olabisi; Olasehinde-Williams, Godwin
    In addressing the challenges of energy security and climate change, ongoing efforts involve the development of innovative technologies to support the shift from conventional to clean energy sources. Concurrently, the establishment of carbon markets aims to facilitate a decrease in carbon emissions by enabling the trade of carbon credits. This study adds to the energy-climate discussion by examining the evolving dynamics of returns on investments in renewable energy, technology, and carbon markets. Specifically, the time-varying correlation among renewable energy, technology, and carbon markets in the European Union is examined from September 18, 2017 to December 14, 2022. The techniques employed for empirical analyses are the nonparametric timefrequency, Benjamini-Hochberg, and Benjamini-Yekutieli correlation techniques, as well as the time-varying Granger causality. Highlights from the results are as follows. Renewable energy, technology, and carbon markets exhibit time and frequency variations in their relationships, with significant correlations notably present during periods marked by major shifts in energy policy. Secondly, renewable energy and carbon markets exhibit very weak or even absent correlation, indicating their suitability for portfolio diversification. Furthermore, investors could benefit significantly by including both technology and carbon markets in their portfolios to reduce overall risk. Several additional recommendations are also provided in this study.
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    Dynamic environmental quality effect of nuclear energy intensity, structural changes, and natural resources in Pakistan: testing load capacity factor hypothesis evidence
    (Springer, 2024) Özkan, Oktay; Alola, Andrew Adewale; Eluwole, Kayode Kolawole
    With both electricity and clean energy cooking accessible to 40 million and over 100 million people respectively, Pakistan's ecological challenges could persist as long as the energy-related issues remained unsolved. This is the motivation for examining the drivers of the country's biocapacity and ecological footprint vis-a-vis load capacity factor (LCF) from the perspective of nuclear energy intensity, natural resources, structural change, and economic growth. By using the recently developed simulation of autoregressive distributed lag for dataset that covers 1971 to 2021, this investigation found that nuclear energy intensification and structural change both improves environmental quality by increasing the country's ratio of biocapacity against its ecological footprint in the long run. Specifically, nuclear energy intensity and structural change have respective elasticities of 0.02 and 0.34 with LCF. With the country's nuclear energy supply far below the natural gas, oil, and biofuels and waste sources, the country might as well be encouraged to increase the development of nuclear energy in tackling the persistent environmental woes. Contrarily, the investigation established that natural resources in the country is detrimental to environmental quality but only in the short run because a percent increase in natural resources is responsible for similar to 0.035 percent decline in LCF. Importantly, an inverted U-shaped relationship ensued between economic growth and LCF but only statistically significant in the long-run i.e. invalidating LCF hypothesis, thus suggesting an undesirable environmental consequence of economic prosperity. As a policy, and given the novel perspectives of nuclear energy intensity and structural change dynamics, these results incentivize Pakistan's nuclear energy development drive and among among other environmental and economic policy initiatives.
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    Effects of health expenditure, death rate, and infant mortality rate on life expectancy: A case study of the United States
    (SAGE PUBLICATIONS LTD, 1 OLIVERS YARD, 55 CITY ROAD, LONDON EC1Y 1SP, ENGLAND, 2024) Adebayo, Tomiwa Sunday; Nwosu, Laurine Chikodiri; Alhassan, Gloria Nnadwa; Uzun, Berna; Özkan, Oktay; Awosusi, Abraham Ayobamiji
    Understanding the factors that influence life expectancy (LEXP) is crucial for promoting economic development, as a nation's prosperity depends on the health of its population. Various socioeconomic, nutritional, lifestyle, genetic, and environmental factors can significantly impact a nation’s health and longevity. Our study investigates these drivers of LEXP, focusing on the United States as a case study. Using quarterly data from 2000 to 2022, we examined the relationship between LEXP and multiple determinants, including environmental degradation, income levels, inflation dynamics, educational attainment, birth and death rates, health expenditure patterns, urbanization trends, and infant mortality rates. Employing advanced analytical methodologies, we accounted for the nonlinear nature of the time series data by utilizing approaches such as quantile-on-quantile Kernel Regression Least Squares and quantile-on-quantile Granger causality. The study revealed that factors such as inflation rate, rapid urbanization, high birth rates, CO2 emissions, death rates, and infant mortality negatively affect LEXP. On the other hand, higher income levels, educational attainment, food production, and health expenditure positively influence LEXP. Based on these findings, we have proposed significant policy recommendations.
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    Fossil fuel efciency as a pathway to decarbonisation and the role of international trade: A perspective of the LCC hypothesis
    (SPRINGER, VAN GODEWIJCKSTRAAT 30, 3311 GZ DORDRECHT, NETHERLANDS, 2025) Özkan, Oktay; Lormom, Bruce Lortile; Usman, Ojonugwa; Uzuner, Gizem
    The continued global dependency on fossil fuel sources in the face of increasing international trade may hamper the goal of decarbonisation. To condense climate risk and attain net zero, efciency measures are proposed. This study unambiguously investigates the environmental quality implications of fossil fuel efciency in the face of the international trade based on the Load Capacity Curve (LCC) hypothesis for Canada from 1965 to 2022. The application of a dynamic ARDL simulations method uncovers the following fndings: (i) fossil fuel efciency engenders load capacity factor (lnLCF) in the short run (SR) and long run (LR). This suggests a dampening trend of environmental externalities as fossil fuel efciency increases. (ii) the connection between income expansion and lnLCF follows an inverted U-type pattern, thus invalidating the LCC hypothesis in Canada. (iii) the efect of international trade is positive but only signifcant in the SR. (iv) urban development is positively linked to lnLCF but its efect is perhaps signifcant only in the LR. These fndings corroborate the responses of the lnLCF to a 1% positive and negative counterfactual shocks in fossil fuel efciency, income expansion, international trade, and urban development. Moreover, the fndings are robust to the results of the nonparametric multivariate quantile-on-quantile regression model. Therefore, the policy take of these results is that to achieve net-zero emissions targets by 2050, environmental policies ought to promote not only fossil fuel efciency but also the growth of income expansion, trade, and urbanization.