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This study aims to examine the link between foreign direct investment (FDI) inflows and economic growth, also considering several institutional quality variables, as well as sustainable development goals (SDGs) set in the 2030 Agenda for Sustainable Development. By estimating panel data regression models for a sample of 11 Central and Eastern European countries, from 2003 to 2016, the empirical outcomes provide support for a non-linear relationship between FDI and gross domestic product per capita. Regarding institutional quality, it is found that control of corruption, government effectiveness, regulatory quality, rule of law, and voice and accountability positively influence growth, while political stability and absence of violence/terrorism is not statistically significant. Moreover, SDGs such as poverty, income distribution, education, innovation, transport infrastructure, and information technology are noteworthy drivers of growth. The outcomes of panel fully modified and dynamic ordinary least squares partly confirm the findings. The panel vector error-correction model Granger causalities provide support for a short-run one-way causal association running from FDI to growth and a long-run two-way causal connection among FDI and growth. Furthermore, in the long run, unidirectional causal relationships running from each institutional quality indicator to economic growth and FDI are set out.

Despite extensive research to explore the channels through which environmental policy stringency can affect economy, to our best knowledge, current literature has not yet studied its impact on financial development in the long term. To fill this void, the current study empirically examines the effect of environmental policy stringency index on financial development index and its components, which are financial institutions development index and financial markets development index, in 27 OECD countries during the period 1990–2015. We find a positive association between environmental policy stringency index and financial development. The results also revealed that the past values of environmental policy stringency index can help to predict financial development index and financial institutions development index. These results imply that financial development is a new channel through which increasing environmental policy stringency could promote economic growth. Moreover, these findings show that environmental policy stringency forms a new positive determinant of financial institutions development in OECD countries.

The study reported in this article investigated the relationship between higher education and environmental sustainability with control variables including foreign direct investment, electricity consumption, population, and gross domestic product from 30 provinces in China during the 2000–2018 period. The data were analyzed with cross-sectional dependency tests, panel unit-root tests, Kao cointegration tests, fully modified ordinary least squares, and dynamic ordinary least squares. Some of the main results are presented as follows. First, the results showed that higher education and foreign direct investment play a vital role in mitigating CO2 emissions, thereby confirming both the education-CO2 led hypothesis and the pollution halo hypothesis, respectively. Second, the estimates suggested that an increase in electricity consumption, population, and gross domestic product significantly contributed to enhancements in CO2 emissions. Based on the current estimated results, this research proposes important policies to help policymakers and governments in mitigating CO2 emissions.

This paper explores the effects of finance on environmental degradation and investigates environmental Kuznets curve (EKC) of each country among 52 that participate in the One Belt and One Road Initiative (OBORI) using the latest long panel data span (1980–2016). We utilized panel long run econometric models (fully modified ordinary least square and dynamic ordinary least square) to explore the long-run estimates in full panel and country level. Moreover, the Dumitrescu and Hurlin ( 2012 ) causality test is applied to examine the short-run causalities among our considered variables. The empirical findings validate the EKC hypothesis; the long-run estimates point out that finance significantly enhances the environmental degradation (negatively in few cases). The short-run heterogeneous causality confirms the bi-directional causality between finance and environmental degradation. The empirical outcomes suggest that policymakers should consider the environmental degradation issue caused by financial development in the One Belt and One Road region.

This study aims twofold; first, to analyze the effects of traditional energy, renewable energy, ecological footprint, urbanization, transportation on carbon dioxide emission (CO 2 ), and second to investigate the association between the emission of the CO 2 and temperature over Pakistan. The present investigation utilized long-term series data from 1970 to 2018 and employed the autoregressive distributed lag model to examine the relationship between modeled variables. Moreover, this investigation employed fully modified ordinary least-squares and dynamic ordinary least-square model to confirm the robustness of the results. The study found an insignificant impact of traditional energy, renewable energy, and ecological footprint on CO 2 in the short-run period. However, in the long run, traditional energy, the ecological footprint has significant and positive, while renewable energy has a negative and significant association with CO 2. Moreover, the study found a significant impact of urbanization and transportation on CO 2 emission into short and long-run periods. The results indicate that impact of CO 2 emission, urbanization and transportation on average temperature in Pakistan is positive and significant in short-run as well as in long-run period. This research indicates that appropriate policies should be devised for the energy sector like Government should discourage traditional consumption of energy and encourage the consumption of renewable energy in the industrial sector.

Decreased greenhouse gas emissions (GHG) are urgently needed in view of global health threat represented by climate change. The goal of this paper is to test the validity of the Environmental Kuznets Curve (EKC) hypothesis, considering less common measures of environmental burden. For that, four different estimations are done, one considering total GHG emissions, and three more taking into account, individually, the three main GHG gases—carbon dioxide (CO2), nitrous oxide (N2O), and methane gas (CH4)—considering the oldest and most recent economies adhering to the EU27 (the EU 15 (Old Europe) and the EU 12 (New Europe)) separately. Using panel dynamic fixed effects (DFE), dynamic ordinary least squares (DOLS), and fully modified ordinary least squares (FMOLS) techniques, we validate the existence of a U-shaped relationship for all emission proxies considered, and groups of countries in the short-run. Some evidence of this effect also exists in the long-run. However, we were only able to validate the EKC hypothesis for the short-run in EU 12 under DOLS and the short and long-run using FMOLS. Confirmed is the fact that results are sensitive to models and measures adopted. Externalization of problems globally takes a longer period for national policies to correct, turning global measures harder and local environmental proxies more suitable to deeply explore the EKC hypothesis.

The shift towards environmentally friendly and sustainable energy sources has become crucial due to global warming and increasing environmental concerns. To facilitate this transition, policymakers need to understand the factors that influence it. Thus, this study examined the role of financial development, green technological innovations, and environmental taxes on energy transitions in the case of Europe nations by utilizing the data from 1995 to 2015. Our results from FMOLS and DOLS approaches showed that financial development and green technological innovation have a positive and significant relationship with the energy transition, while environmental taxes have a negative but significant connection. Similarly, economic growth has a positive and significant effect on environmental taxes. Moreover, the findings of MMQR revealed that financial development and green technological innovations are significant till the 80th quantiles. Similarly, carbon emissions are significant at all quantiles, while environmental taxes are significant at the 80th and 90th quantiles only. Likewise, economic growth showed a significant connection from the 40th to 90th quantiles. Similarly, the causality analysis showed that financial development, green technological innovations, and carbon emissions have a bidirectional relationship with energy transition. This study has significant importance for the policymakers and government of European Unions.

Purpose>Tourism has grown to be one of the world's largest and fastest-growing economic industries. Tourism development is viewed as a tool to improve income distribution as it allows people at the bottom of the pyramid to get involved in the industry. This study aims to examine the impact of tourism on income inequality in the top income equality countries.Design/methodology/approach>The paper employs fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares techniques to investigate the dynamic impact of tourism on income inequality in the world's most income equality countries, from 2001 to 2016.Findings>The result shows that tourism is one of the major drivers of income equality. Thus, tourism can be used to reduce a country's income disparity.Practical implications>As a result, policymakers should support the tourism industry to reduce income disparity and enhance income distribution.Originality/value>Given the conflicting findings in the literature, this study reexamines this link and attempts to backwardly assess if the top equal-income countries in the world are heavily dependent on tourism.

A gap of infrastructure development exists between developed and lower-middle income countries (LMICs), and this gap is widening. This situation emphasizes to explore the dynamic association between infrastructure and economic growth in lower-middle income countries. The objective of this study is to analyze the contribution of infrastructure in economic growth across 18 lower-middle income countries for the period of 1995–2017 by applying fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS). The study finds that investment in telecommunication, electricity power consumption, and transportation contributes to economic growth in lower-middle-income countries. Thus, continuous investment is needed in transportation, electricity power, and communication sectors to achieve the target of high economic growth.

Countries aim to reduce fossil fuel usage and related environmental issues through various demand- and supply-side policies. Numerous studies have assessed the policies’ overview. However, analysis of the impacts and effectiveness of these policies in addressing transport-related CO2 emissions is limited globally and in countries like New Zealand, which have a lower CO2 emissions energy intensity compared to Europe, Asia, and Oceania averages. Therefore, this study first analyses the trends in energy consumption and CO2 emissions within the transport sector across the ten largest total CO2-emitting countries, as well as the ten largest transport CO2-emitting OECD countries. It then provides a systematic review of the relevant policies and, finally, estimates two econometric models to explore the effects of these policies on the energy market, aimed at reducing GHG emissions globally from the transport sector, with New Zealand as a case study. The study findings indicate that the transport sector remains a significant contributor to global fossil fuel consumption and CO2 emissions, accounting for 40.4% and 23.3%, respectively, in 2024. The ten largest CO2-emitting countries—China, the United States, India, Russia, Japan, Germany, South Korea, Iran, Canada, and Saudi Arabia—are responsible for 68% of global emissions. Additionally, the ten OECD countries, except the US, with the highest transport CO2 emissions—Japan, Germany, South Korea, Canada, Mexico, the UK, Italy, France, Spain, and Australia—accounted for 15.7% of the world’s total transport CO2 emissions. Although the share of renewable energy and electricity consumption in the transport sector has steadily risen to 3.54% and 1.4%, respectively, in 2022, further adoption of these sources can considerably lower greenhouse gas emissions in this sector. Results also indicate that both demand- and supply-side policies effectively reduce greenhouse gas emissions, with their impact amplified when implemented together. In New Zealand, demand-side policies have proven to be more effective in reducing emissions than supply-side strategies alone, though combining them is the most efficient approach. This study emphasizes the importance of strategic policy implementation to guide the world toward sustainable development.