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    Dynamic effect of disaggregated level electricity generation on residential carbon emissions: Daily inference from the largest EU economies
    (Elsevier, 2024) Pata, Ugur Korkut; Kartal, Mustafa Tevfik; Alola, Andrew Adewale; Depren, Serpil Kilic
    This study examines the dynamic effects of electricity generation (EG) on CO2 emissions from the residential sector. The study focuses on the EU-4 countries (Germany, Spain, France, and Italy), considers residential CO2 emissions as the dependent variable, and includes disaggregated level fossil and renewable EG as explanatory variables. In this context, the study runs nonlinear quantile-on-quantile (QQ) regression and Granger causality in quantiles (GQ) as the main models with daily data from January 2, 2019, to March 10, 2023, while quantile regression (QR) is used for robustness check. The findings present that in terms of CO2 emissions: (i) EG from coal, natural gas, and oil has a stimulating effect at higher quantiles in all countries; (ii) EG from hydro has an increasing effect at higher quantiles, while it has a decreasing effect at lower and middle quantiles in all countries except France; (iii) EG from solar has a dampening effect at higher quantiles in all countries except France; (iv) EG from wind has a declining effect at higher quantiles in both Spain and France; (v) both fossil and renewable energy EG have a causal effect on residential sector CO2 emissions at the disaggregated level except at some quantiles. Overall, the effect size and the causal effect of EG on CO2 emissions change for quantiles, countries, and EG sources. Therefore, the study proposes to rely on the specific EG sources for Germany and Italy (solar energy), Spain, and France (wind energy) to mitigate climate change by reducing residential CO2 emissions.
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    Energy security risk and financial development nexus: Disaggregated level evidence from South Korea by cross-quantilogram approach
    (Elsevier Sci Ltd, 2024) Kartal, Mustafa Tevfik; Pata, Ugur Korkut; Alola, Andrew Adewale
    Countries have been aiming to reduce dependence on fossil fuel energy and increase the use of clean energy. In this context, energy security has become one of the most important issues for countries, especially in light of the recent energy crisis that threatens energy security. The financial structure of the countries can be also influential in ensuring energy security. By taking higher fossil fuel energy dependence resulting in higher energy security risk (ESR) and higher financial development (FD) into consideration, the study analyzes how FD affects energy security in South Korea, which is an important case and neglected in the current literature. To do so, the study considers the ESR index as the dependent variable, uses disaggregated level FD indicators as explanatory variables, conducts a novel cross-quantilogram method to account for the quantile dependence, and uses data between 1980/Q2 and 2018/Q4. The findings reveal that (i) disaggregated level FD indicators are powerful estimators of ESR; (ii) the financial markets component has a much stronger effect on ESR than the financial institutions component; (iii) the effect of FD sub-components on ESR varies across quantiles; (vi) the predictive power of the FD indicators on ESR weakens as time (lag) passes. The study emphasizes the critical role of FD on ESR, which implies that South Korean policymakers should consider the significant effect of FD and its subcomponents as well as changing structure across quantiles and time-lags in shaping policy framework to ensure energy security. Based on the outcomes, South Korea can benefit from FD to mitigate ESR and ensure economic and environmental sustainability.
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    How does geopolitical risk affect clean energy generation? Daily evidence from five highly Russia-reliant European countries
    (Elsevier, 2024) Erdogan, Sinan; Pata, Ugur Korkut; Alola, Andrew Adewale; Kartal, Mustafa Tevfik; Depren, Serpil Kilic
    Europe has recently experienced an energy crisis that began with the war between Russia and Ukraine and continued with reciprocal sanctions and power cuts, increasing geopolitical tensions and risks. In such an environment, European countries must decide how to replace energy imports from Russia. As the best option may be to rely on clean energy, this study explores how geopolitical risk (GPR) affects clean electricity generation (i. e., hydro, solar, wind, & nuclear) in five European countries (i.e., Bulgaria, Czechia, Germany, Romania, and Switzerland), which have a high dependency on Russia. The study therefore uses daily data between January 2, 2019 and January 29, 2024 and applies a set of nonlinear methods (i.e., wavelet coherence, quantile-on-quantile regression, Granger causality in quantiles, and quantile regression). The results show that (i) there is a strong dependence of GPR on renewable and nuclear electricity generation over different times, frequencies, and countries; (ii) GPR stimulates hydro electricity generation at higher quantiles across countries except the Czechia; (iii) GPR increases solar electricity generation at higher quantiles in all countries except the Czechia and Switzerland; (iv) GPR mainly stimulates wind electricity generation at higher quantiles, except for Bulgaria and Switzerland; (v) GPR is almost inefficient in nuclear electricity generation. Overall, the study clearly shows the supportive effect of the GPR in promoting renewables, while this is not the case for nuclear energy. Therefore, European countries can rely on renewables as the best alternative against energy blackouts in the short term, considering the varying effect based on time, frequency, quantile, country, and clean energy sources.
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    Impact of renewable energy investments in curbing sectoral CO2 emissions: evidence from China by nonlinear quantile approaches
    (Springer Heidelberg, 2023) Kartal, Mustafa Tevfik; Erdogan, Sinan; Alola, Andrew Adewale; Pata, Ugur Korkut
    The study analyzes the impact of renewable energy investments (RENIV) on the environment in China. In doing so, the study uses sectoral carbon dioxide (CO2) emissions as the environment indicator, considers RENIV as the explanatory variable, includes monthly data from 2004/1 to 2020/6, runs quantile on quantile regression approach as the fundamental model, and further performs quantile regression for the controlling. The study reveals that RENIV curb CO2 emissions in all sectors at higher levels of sectoral CO2 emissions. Also, RENIV have a varying impact based on quantiles and sectors. Moreover, the results are robust based on the alternative approach. Thus, RENIV have a significantly decreasing impact on sectoral CO2 emissions in China. Accordingly, China policymakers should continue to focus on providing a decrease in energy and industrial sector CO2 emissions as the highest emitting sectors.
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    The influence of income, economic policy uncertainty, geopolitical risk, and urbanization on renewable energy investments in G7 countries
    (Elsevier, 2023) Pata, Ugur Korkut; Alola, Andrew Adewale; Erdogan, Sinan; Kartal, Mustafa Tevfik
    Renewable energy infrastructure development is seen as critical to solving environmental issues. Nevertheless, researchers have not adequately paid attention to how the socioeconomic and geopolitical environment affects renewable energy investments (REINV), which are important for promoting clean energy. In line with this gap, this research aims to analyze the role of economic policy uncertainty (EPU) and geopolitical risk (GPR), as well as controlling economic growth (GDP) and urbanization (URB) in G7 countries by considering their leading role in both economic and political areas. To this end, the study applies the augmented mean group (AMG) approach by constructing three different models for the period 2004-2018. The panel data results reveal that (i) GDP has a significantly increasing effect on REINV; (ii) EPU, GPR, and URB have a decreasing effect on REINV; (iii) the effect of EPU is much stronger than that of GPR; (iv) institutional structure, represented by government efficiency and regulatory quality, has no effect on REINV. Based on the results, the study points out that G7 countries need to promote transmission mechanisms that encourage REINV and take steps to minimize the negative effect of EPU and GPR on clean energy investments.
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    Where do we stand on cutting coal dependency? Evidence from the top coal-dependent economies
    (Elsevier, 2024) Erdogan, Sinan; Pata, Ugur Korkut; Alola, Andrew Adewale
    Cutting the global economy's dependence on coal has always been seen as one of the most effective measures to reduce carbon emissions and ensure environmental sustainability. However, the demand for coal can vary greatly from country to country. Therefore, the primary objective of this study is to identify where the countries with the highest coal consumption stand in reducing coal dependence in energy supply from 1997 to 2021 by utilizing panel data methods and accounting for the possible occurrence of cross-sectional dependence. The empirical results denote that (i) the models used are cross-sectionally independent, (ii) there is a long-run relationship between the variables (iii) rising economic growth upsurges coal demand, while its square reduces coal consumption; therefore, the coal-Kuznets curve is valid; (iv) population density and industrialization boost coal consumption, while demand for natural gas and renewable energy reduces it. Based on the empirical outcomes, the study suggests that natural gas should be promoted alongside renewables to displace coal consumption globally, and that countries should consider the coal-Kuznets curve to channel the increased revenues into clean energy investments.