RESUMEN
OBJECTIVES: This paper investigates the role of digital finance in promoting environmental sustainability within a group of 52 developing economies from 2010 to 2019. Specifically, it examines whether digital finance effectively contributes reducing CO2 emissions in these nations. METHODS: This paper is a quantitative study which employs the IV-GMM (instrumental variable generalized methods of moment) approach that tackles any potential endogeneity. Furthermore, to ensure robustness of results, this paper also utilizes different measures of financial development. RESULTS: Estimation results from this study reveal the presence of inverted U-shaped relationship between digital finance and CO2 emissions. This suggests that the beneficial effects of digital finance may take time to materialize. Additionally, this research also records the presence of the Environmental Kuznets Curve and a significant impact of renewable energy, trade openness, financial development, urbanization, and population on CO2 emissions. CONCLUSIONS: It can be concluded that it may take time for digital finance to become beneficial to the environment. Therefore, in addition to digital finance, countries should also adopt other measures simultaneously (use of renewable energy, combination between digital finance and financial development).
RESUMEN
The adoption of growth strategies based on foreign trade, especially in the previous century when liberal policies began to dominate, is one of the main reasons for the increase in output and indirectly for environmental concerns. On the other hand, there are complex claims about the environmental effects of liberal policies and thus of globalization. This study intends to analyze the effects of global collaborations involving 11 transition economies that have completed the transition process on the environmentally sustainable development of these nations. In this direction, the effects of financial and commercial globalization indices on carbon emissions are investigated. The distinctions of globalization are used to distinguish the consequences of the two types of globalization. In doing so, the de facto and de jure indicator distinctions of globalization are used to differentiate the consequences of two types of globalization. In addition, the effects of real GDP, energy efficiency, and use of renewable energy on environmental pollution are dissected. For the main purpose of the study, the CS-ARDL estimation technique that allows cross-sectional dependency among observed countries is used to separate the short and long-run influences of explanatory variables. In addition, CCE-MG estimator is used for robustness check. According to the empirical findings, the economic growth and increasing energy intensity increases carbon emissions, but the increase in renewable energy consumption improves environmental quality. Furthermore, trade globalization does not have a significant impact on the environment in the context of globalization. On the other hand, the increase in de facto and de jure financial globalization indices results in an increase in carbon emissions, but de jure financial globalization causes more environmental damage. The harmful impact of de jure financial globalization on environmental quality suggests that the decreasing investment restrictions and international investment agreements of transition countries have been implemented in a manner that facilitates the relocation of investments from pollution-intensive industries to these countries.
Asunto(s)
Dióxido de Carbono , Internacionalidad , Estudios Transversales , Dióxido de Carbono/análisis , Contaminación Ambiental/prevención & control , Desarrollo Económico , CarbonoRESUMEN
ABSTRACTThis research examines the trends in environmental footprints through energy innovations, digital trade, economic freedom, and environmental regulation from the context of G7 economies. Quarterly observations from 1998-2020 have been utilized for the advanced-panel model entitled Method of Moments Quantile Regression (MMQR). The initial findings confirm slope heterogeneity, interdependence between the cross-sectional units, stationarity properties, and panel cointegration. The results through FM-OLS, D-OLS, and FE-OLS justify that energy innovations, digital trade, and environmental regulations control ecological damages. In contrast, economic freedom and growth are causing more damage to nature, like ecological footprints (EFP). Similarly, the results through MMQR confirm that the impact of energy innovations, digital trade, and environmental regulations is accepted as a panacea to control environmental degradation in G7. However, the magnitude of the coefficient varies across different quantiles. More specifically, the findings show that the impact of energy innovations is highly significant at 0.50th quantile. In contrast, through digital trade, the impact on EFP is only significant under medium and higher order quantiles (i.e. 0.50th, 0.75th-1.0th). Contrarily, economic freedom is causing more EFP across all the quantiles, where the findings are highly significant at 0.75th quantile. Besides, a few other policy implications are also discussed.
RESUMEN
Tourism is very vulnerable to climate change and the disruption of Covid-19, facing two challenges: fighting climate change pursuing its carbon emissions goals, and recovering from the complex pandemic effects. We contribute to the incomplete understanding of tourism emissions pandemic impact and in different post-covid recovery scenarios. Using official data on tourists' consumption, we calculate the carbon footprint of tourism in Spain in 2019 and 2020 under different recovery pathways, including changes in consumption patterns and emissions efficiency, using a multiregional input-output model. Results show that the carbon footprint of tourism in Spain fell by 63% in 2020 compared to pre-pandemic levels, which would be aligned with the current sectoral decarbonisation target. However, the new tourists' consumption patterns resulting from the pandemic are insufficient to increase tourism sustainability if they imply pre-pandemic consumption levels. The results provide empirical ground for the binary debate on "recovery or reform".
RESUMEN
The paper computes and analyses some relevant indicators of economic performance of Italian farms producing/not producing renewable energy, and compares the economic results of the two set of farms. The source of data is the European Farm Accountant Data Network; the farms belonging to this network are analysed in relation to their structural differences, type of farming, geographical areas, economic size, as well as the type of renewable energy produced. After an in-depth statistical investigation, the main economic ratios are computed and analysed using also multivariate regression models, with a special focus on the production of solar and biogas energy. In terms of land and labour productivity and fixed factor remuneration, the results show that farms producing renewable energy perform better than the other farms. This positive effect is particularly accentuated in large companies that produce biogas, followed by farms that produce solar energy. There are still many obstacles that limit the production of renewable energy in agriculture; among these, still insufficient research and information on best practices in agriculture and, in Italy, the complexity and dispersion of the institutional legislative framework and of the public support systems. However, the need to increase the production of renewable energy has become a priority for many European countries both in the short- and in the medium term, especially in light of recent events related to the war in Ukraine.
RESUMEN
In recent decades, the carbon sink provided by the U.S. forest sector has offset a sizable portion of domestic greenhouse gas (GHG) emissions. In the future, the magnitude of this sink has important implications not only for projected U.S. net GHG emissions under a reference case but also for the cost of achieving a given mitigation target. The larger the contribution of the forest sector towards reducing net GHG emissions, the less mitigation is needed from other sectors. Conversely, if the forest sector begins to contribute a smaller sink, or even becomes a net source, mitigation requirements from other sectors may need to become more stringent and costlier to achieve economy wide emissions targets. There is acknowledged uncertainty in estimates of the carbon sink provided by the U.S. forest sector, attributable to large ranges in the projections of, among other things, future economic conditions, population growth, policy implementation, and technological advancement. We examined these drivers in the context of an economic model of the agricultural and forestry sectors, to demonstrate the importance of cross-sector interactions on projections of emissions and carbon sequestration. Using this model, we compared detailed scenarios that differ in their assumptions of demand for agriculture and forestry products, trade, rates of (sub)urbanization, and limits on timber harvest on protected lands. We found that a scenario assuming higher demand and more trade for forest products resulted in increased forest growth and larger net GHG sequestration, while a scenario featuring higher agricultural demand, ceteris paribus led to forest land conversion and increased anthropogenic emissions. Importantly, when high demand scenarios are implemented conjunctively, agricultural sector emissions under a high income-growth world with increased livestock-product demand are fully displaced by substantial GHG sequestration from the forest sector with increased forest product demand. This finding highlights the potential limitations of single-sector modeling approaches that ignore important interaction effects between sectors.
RESUMEN
In this paper we present a case study of integrated ecosystem and economic accounting based on the System of Environmental Economic Accounting - Experimental Ecosystem Accounts (SEEA-EEA). We develop accounts, in physical and monetary terms, for the water purification ecosystem service in Europe over a 20-year time period (1985-2005). The estimation of nitrogen retention is based on the GREEN biophysical model, within which we impose a sustainability threshold to obtain the physical indicators of capacity - the ability of an ecosystem to sustainably supply ecosystem services. Key messages of our paper pertain the notion of capacity, operationalized in accounting terms with reference to individual ecosystem services rather than to the ecosystem as a whole, and intended as the stock that provides the sustainable flow of the service. The study clarifies the difference between sustainable flow and actual flow of the service, which should be calculated jointly so as to enable an assessment of the sustainability of current use of ecosystem services. Finally, by distinguishing the notion of 'process' (referred to the ecosystem) from that of 'capacity' (pertaining specific services) and proposing a methodology to calculate capacity and flow, we suggest an implementable way to operationalize the SEEA-EEA accounts.
RESUMEN
Extending the application of integrated environmental and economic accounts from the national to the local level of government serves several purposes. They can be used not only as an instrument for communicating on the state of the environment and reporting the results of policies, but also as an operational tool - for setting the objectives and designing policies - if made available to the local authorities who have responsibility over the administration of natural resources, land use and conservation policies. The aim of the paper is to test the feasibility of applying hybrid flow accounts at the intermediate and local government levels. As an illustration, NAMEA for air emissions and wastes is applied to a Region, a Province and a Municipality, thus covering the three nested levels of local government in Italy. The study identifies the main issues raised by multi-scale environmental accounting and provides an applied discussion of feasible solutions.