Does Tourism Affect Sustainable Development in MINT Countries?

Following the failure to achieve Millennium Development Goals by most countries in the world, Sustainable Development Goals are now at the center of developmental issues. Consequently, this study aims to examine if tourism can be an ally to sustainable development in MINT (Mexico, Indonesia, Nigeria, Turkey) countries between 1995 and 2018. The study uses adjusted net saving and international tourism receipts in these countries as measures of sustainable development and tourism, respectively. In achieving its objectives, the study employs the augmented mean group (AMG) estimation technique to estimate the long-run parameters. Besides, mean group (MG) and common correlated effects MG techniques are employed to check the robustness of the estimates obtained via the AMG approach. The results from the three estimators show that tourism is indeed an ally to sustainable development in MINT countries since there is a significant positive relationship between tourism and sustainable development. In other words, tourism can put the MINT countries on the path to sustainable development. This implies that any policy that will enhance the performance of the tourism industry will ensure sustainable development in MINT countries. Thus, the governments of MINT countries should focus basically on achieving sustainable tourism development, as this will translate to sustainable development in their countries.

Solar Energy and CO2 Emissions: CCEMG Estimations for 26 Countries

The impact of renewable energy on environmental sustainability has become much more critical in the era of globalization. Therefore, this study examines the long-run relationships between solar energy consumption, coal energy consumption, financial globalization, economic growth, and CO2 emissions for 26 countries from 2000-2019. We preferred the common correlated effects mean group (CCEMG) method, which considers the cross-section dependence and slope homogeneity observed in the panel. According to CCEMG estimates, solar energy consumption has a negative and significant effect on the level of carbon emissions. Accordingly, a 1% increase in solar energy causes a 0.0106671% reduction in CO2 emissions. On the other hand, a 1% increase in fossil energy consumption causes a rise of 0.2403829% in CO2 emissions. Furthermore, the empirical results of the causality test showed a bidirectional causality between solar energy consumption and CO2 emissions. As a result, this study reveals the importance of solar energy in reducing CO2 emissions.

Solar Energy and CO2 Emissions: CCEMG Estimations for 26 Countries

Although research establishes that the impact of renewable energy on environmental sustainability is critical in the era of globalization, the individual impact of renewable energy on the environment is often ignored. Therefore, this article examines the long-term relationships and direction of these relationships between solar energy consumption, coal energy consumption, financial globalization, economic growth, and environmental pollution for the period from 2000 to 2019 for 26 countries. The study used a range of econometric techniques that account for the cross-sectional dependence and slope homogeneity observed in the panel. The results of the common correlated effects mean group (CCEMG) estimator showed that solar energy consumption has a negative and significant effect on the level of carbon emissions. In addition, economic growth and coal energy increase carbon emissions. Finally, the results of the panel causality test confirmed the existence of various causal relationships among the variables.

The Carbon-Neutral Energy Consumption and Emission Volatility: The Causality Analysis of ASEAN Region

The use of renewable energy sources and carbon emissions has been debated from various perspectives throughout recent decades. However, the causal relationship between green energy sources and carbon emissions volatility has received limited attention. This study aims to close a knowledge gap in this area. The current study analyzes the renewable energy sources (wind, hydro, and geothermal) and carbon emissions of four ASEAN countries (Indonesia, Thailand, Vietnam, and the Philippines) between 2000 and 2019. The present study combined Chudik and Pesaran’s (2015) newly developed Dynamic Common Correlated Effects (DCCE) with cutting-edge investigation tools such as first- and second-generation unit root tests; CS-dependence; Variance inflation factor test for multicollinearity; and Pedroni, Kao, and Wester Lund tests of co-integration. The Granger causality test is also used to check the short-term and long-term causal effects within the renewable energy sources and green energy sources, and carbon volatility. According to the empirical results, green energy sources make a positive and vital contribution to reducing carbon emissions growth in the above-noted ASEAN economies. Furthermore, short- and long-run causality runs from green energy sources to carbon emission volatility in the region. A significant causality relationship has also been observed within the green energy sources of ASEAN.