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Öğe Another look at energy consumption and environmental sustainability target through the lens of the load capacity factor: Accessing evidence from MINT economies(Wiley, 2024) Bekun, Festus Victor; Uzuner, Gizem; Meo, Muhammad Saeed; Yadav, AshutoshThe relationship between energy utilization and the environment is crucial in an era of environmental concerns by global economies and rising energy consumption. Emerging economies such as Mexico, Indonesia, Nigeria, and Turkey (hereafter, MINT) face complex trade-offs between economic growth and environmental sustainability. Strengthening this study are the UN Sustainable Development Goals prepositions on access to clean and alternative energy, decent economic growth, responsible production and consumption and climate action (UN-SDGs-7, 8, 12, and 13). The present study examines the environmental Kuznets curve (EKC) hypothesis for MINT economies within the framework of the load capacity factor (LCF). The article leverages panel econometrics to operationalize the relationship between study variables. Empirical findings show that the present study fails to confirm the presence of EKC. Thus, it implies that the MINT economies are at their first stage of accelerated economic growth which might result in an augmented ecological footprint and exert pressure on natural resources, as indicated by the observed negative outcome. Furthermore, there is a positive and significant relationship between renewable energy consumption (RENENG) and LCF. It implies that a 1% increase in RENENG leads to an increase in LCF of 0.70%. These outcomes indicate that the level of RENENG in MINT economies is not sufficient to mitigate climate change issues. Thus, from a policy perspective, there is a need for change in the MINT nations' energy portfolio mix, such as the need to switch from conventional energy sources (fossil fuels) to renewable energy sources, including solar, wind, photovoltaic and hydropower, which usually have a smaller negative impact on the environment. Furthermore, there is a need for investment in new and green energy technologies in the countries investigated to arrive at a clean and better ecosystem as desired. More insight is outlined in the concluding section.Öğe Assessment into the nexus between load capacity factor, population, government policy in form of environmental tax: accessing evidence from Turkey(EMERALD GROUP PUBLISHING LTD, Floor 5, Northspring 21-23 Wellington Street, Leeds, W YORKSHIRE LS1 4DL, ENGLAND, 2024) Bekun, Festus Victor; Yadav, Ashutosh; Onwe, Joshua Chukwuma; Fumey, Michael Provide; Ökmen, MahsumPurpose Over the last decades, the need for sustainable energy production and consumption has been heavily discussed. However, there has been no consensus in the extant literature. Thus, to this end, this study aims to explore the long-run and causality connection among disaggregated energy consumption, environmental tax and economic growth in a carbon-function framework for Turkey. Design/methodology/approach This study uses annual frequency data for econometrics analysis. To this end, our analysis utilizes the autoregressive distributive lag (ARDL) technique for cointegration and long-run analysis, while the Granger causality was used for causality direction. Findings Economic growth drives Turkey’s Load Capacity Factor (LCF), indicating energy efficiency is linked to economic performance. Renewable energy boosts LCF, while nonrenewable energy hinders it. Population growth positively affects energy efficiency, but environmental taxes have minimal impact, suggesting policy reform is needed. These outcomes have far-reaching implications for macroeconomic policies and environmental sustainability in Turkish economy energy mix amidst its growth path. Research limitations/implications The findings suggest the need for policy reforms prioritizing renewable energy investments to enhance Turkey’s energy efficiency and sustainability. Additionally, the current environmental tax structure requires reevaluation to support sustainable energy practices better. These policy changes are crucial for balancing Turkey’s economic growth with environmental goals, ensuring a more sustainable energy future.Öğe Revisiting the Foreign Direct Investment-CO2 Emissions Nexus within the N-EKC Framework: Evidence from South Asian Countries(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2024) Bekun, Festus Victor; Gyamfi, Bright Akwasi; Olasehinde-Williams, Godwin; Yadav, AshutoshThis study explores the dynamic connection between foreign direct investment (FDI), economic growth and CO2 emissions, a topic that has sparked considerable debate in extant literature. The study aims to shed light on these interactions within the context of South Asian countries. Uniquely, it expands the traditional Environmental Kuznet Curve (EKC) model to a cubic specification, enabling an examination of the N-shaped relationships between pollution and GDP, as well as pollution and FDI. To this end, annual frequency data were employed while leveraging on the augmented mean group (AMG) panel estimation method.Empirical findings reveal both inverted U-shaped and N-shaped relationships, with the latter prevailing over the former in the long run. This confirms the pollution haven hypothesis, indicating that the environmental cost of FDI decreases as GDP increases. The study also discovers a substitutive relationship between FDI and GDP in terms of environmental impact, alongside a similar substitutive link between GDP and energy consumption. This indicates that the adoption of renewable energy, coupled with economic growth, leads to a reduction in carbon emissions. These insights offer crucial implications for enhancing environmental sustainability in South Asia. The outcomes of the pollution haven hypothesis calls for caution on foreign direct inflow especially on dirty growth which comes with trade-off with environmental quality.Thus, South Asian governments official should proactively direct foreign direct investment into green initiatives. These initiatives including renewable energy infrastructure that will foster clean growth and environmental quality by extension.Öğe Unravelling the role of financial development in shaping renewable energy consumption patterns: Insights from BRICS countries(Elsevier, 2024) Yadav, Ashutosh; Bekun, Festus Victor; Ozturk, Ilhan; Ferreira, Paulo Jorge Silveira; Karalinc, TurgayIn line with the pursuit of clean and affordable energy, our study contributes to the United Nations Sustainable Development Goals (UNSDGs-7 and -13) and the global fight against climate change by offering evidence-based insights. We conducted a panel analysis of BRICS (Brazil, the Russian Federation, India, China, and South Africa) economies to investigate the relationship between financial development and renewable energy utilization. Our empirical findings highlight a positive statistical association between economic growth and renewable energy consumption, indicating that higher economic growth correlates with increased renewable energy adoption. Similarly, significant positive relationships are observed between the consumer price index and domestic credit with renewable energy consumption. Moreover, our study also uncovers a counterintuitive relationship between foreign direct investment and renewable energy consumption. These results provide valuable insights into the determinants of renewable energy consumption in BRICS countries. From a policy perspective, we advocate for robust strategies to promote the adoption and utilization of renewable energy sources alongside the implementation of policies encouraging the uptake of clean technologies. Such measures can spur economic growth and contribute to achieving low-carbon targets and sustainability goals within the BRICS economies. Practical steps, including incentives like feed-in tariffs and subsidies, can further enhance the cost-effectiveness of renewable energy adoption in the investigated bloc.
