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Öğe Analyzing the EKC hypothesis for technologically advanced countries: The role of ICT and renewable energy technologies(Elsevier Sci Ltd, 2023) Pata, Ugur Korkut; Kartal, Mustafa Tevfik; Erdogan, SinanInternational initiatives, such as the Paris Climate Conference and the COP26 conference, have highlighted the role of technology in fighting environmental problems. However, it is uncertain whether technologies are beneficial in curbing carbon dioxide (CO2) emissions. To find an answer to this question, the study focuses on four technologically advanced countries (United Kingdom, Switzerland, Norway, Denmark), considers infor-mation and communication technologies (ICT), renewable energy technologies (RRD), and economic growth in relation to environmental degradation, and tests the validity of the environmental Kuznets curve (EKC). The study applies Fourier approaches and uses data for the period 1989-2020. In this way, the study defines that (i) ICT and RRD are cointegrated with CO2 emissions; (ii) ICT mitigates environmental degradation in the United Kingdom, Denmark, Switzerland, and Norway; (iii) RRD expenditures, however, are not effective in reducing CO2 emissions; (iv) the EKC hypothesis is also validated for the countries studied. Thus, the study highlights the need for countries to rely on further use of ICT and income growth as effective policy instruments to mitigate CO2 emissions rather than RRD.Öğe Assessing decarbonization: a comparison of the green sacrifice ratio for China and India(Taylor & Francis Inc, 2024) Erdogan, Sinan; Pata, Ugur Korkut; Kartal, Mustafa TevfikCarbon mitigation and net-zero targets have an important place on the political agenda for all countries. Countries have been seeking to decouple economic growth and carbon emissions to achieve decarbonization. However, there is a cost of the decarbonization of economies, which can be called as Green Sacrifice Ratio (GSR), and this is critical for developing countries because they have been in the growing stage. By considering the critical role of GSR in achieving net-zero emissions by decarbonizing economies, the study comparatively examines how much environmental quality should be sacrificed for per capita economic growth in China and India. In line with this purpose, the study uses the Fourier-Shin cointegration test and various time series estimators with Fourier approximations for the period from 1989/Q1 to 2022/Q4. Estimation results are as follows: (i) all variables follow the non-stationary process, (ii) the long-run relationship exists between variables, and (iii) Estimation results show that GSR is 0.65% for China and 0.78% for India. Therefore, China and India sacrifice a significant amount of environmental quality for a 1% increase in per capita income level. Also, the ecological cost of increasing economic welfare in India is higher with regard to China. Besides, the results are robust according to the alternative method. Thus, the study recommends that both Chinese and Indian policymakers should revise the economic expansion structure with green growth strategies to prevent irreversible environmental degradation due to higher economic growth.Öğe Assessing the influence of climate risk, carbon allowances, and technological factors on the ESG market in the European union(Elsevier, 2024) Pata, Ugur Korkut; Mohammed, Kamel Si; Serret, Vanessa; Kartal, Mustafa TevfikEnvironmental, Social, and Governance (ESG) is a market for environmental criteria that has recently attracted the attention of policymakers and in particular European Union (EU) countries to improve environmental quality. In the context of the EU Sustainable Development Goals, this study aims to examine the impact of climate risk uncertainties (transitional (TRI) and physical (PRI)), carbon allowances (EU ETS), and technology index (MSCI) on the ESG market. To this end, the study uses a quantile-on-quantile regression and its multivariate version for the period from November 28, 2007, to January 05, 2023. The results show that TRI and PRI increase ESG market development at higher quantiles, while EU ETS and technological progress reduce ESG progress. This shows that the risk of climate change requires the introduction of stricter environmental standards in EU countries, while the EU ETS and technological progress provide environmental benefits that reduce the need for the ESG market.Öğe Do investments in green energy, energy efficiency, and nuclear energy R&D improve the load capacity factor? An augmented ARDL approach(China Univ Geosciences, Beijing, 2024) Jin, Xin; Ahmed, Zahoor; Pata, Ugur Korkut; Kartal, Mustafa Tevfik; Erdogan, SinanRenewable energy, energy efficiency, and nuclear energy research and development (RER, EER, and NER) budgets are immensely important to fulfill sustainable development goals 7, 9, and 13, by accelerating energy innovation, energy transition, and climate control. The literature on the drivers of the load capacity factor (LCF), a recently developed ecological quality measure, is mounting; however, the roles of energy investments in the LCF are largely unknown. Accordingly, this study assesses the impacts of RER, EER, NER, and financial globalization (FIG) on the LCF using data from 1974 to 2018 for Germany. Advanced and reliable time series tests (Augmented ARDL, DOLS, and Fourier causality) are adopted to analyze cointegration, long-run impacts, and causal connections. The outcomes unveil that both green energy and energy efficiency R&D promote the LCF by enhancing ecological quality. However, the positive impact of NER on the LCF is found to be weaker than the impacts of RER and EER. FIG curbs ecological degradation by expanding the LCF. Additionally, the U-shaped connection between economic growth (ECG) and the LCF confirms the load capacity curve. Therefore, policymakers should focus on RER and EER to preserve the environment and promote sustainable growth. (c) 2023 China University of Geosciences (Beijing) and Peking University. Published by Elsevier B.V. on behalf of China University of Geosciences (Beijing). This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).Öğe Do patents, renewable energies and energy taxes in the transport sector reduce transportation carbon emissions in the European Union?(Taylor & Francis Inc, 2024) Pata, Ugur Korkut; Erdogan, Sinan; Pata, Selin Karlilar; Kartal, Mustafa TevfikTransportation infrastructure plays a significant role in exacerbating climate change as it contributes to a substantial increase in carbon dioxide (CO2) emissions. The sole economic sector in which European countries have not succeeded in reducing greenhouse gas (GHG)emissions is the transportation industry. Therefore, reducing transport-related emissions is a primary focus of emphasis in the European Union's efforts to meet its climate targets. Accordingly, this study analyzes the impact of renewable energy use, patent development, and energy taxes in the transport sector on the three different modes of transport-related emissions (aviation, road, and rail) in the 10 highest-income countries of the European Union over the period 2008-2020. The study uses the novel half-panel jackknife estimator for this analysis. The results of the estimation show that patents contribute to the reduction of CO2 emissions in aviation and rail transportation, while renewable energies are only effective in rail transportation. In the context of road transportation, energy taxes are effective in mitigating CO2 emissions. Based on these findings, it is recommended that European Union policymakers promote the use of electric vehicles and eco- friendly means of transportation in road transport through energy taxes, increase the use of renewable energy sources such as biodiesel in rail transport, and reduce CO2 emissions by supporting patents that promote green innovations in the aviation sector.Öğe Does Climate Change Cause an Upsurge in Food Prices?(Mdpi, 2024) Erdogan, Sinan; Kartal, Mustafa Tevfik; Pata, Ugur KorkutClimate change is the reason behind most contemporary economic problems. The rising inflationary pressures in the food sector are one of these problems, and stable food prices are a necessity for economic development and social cohesion in societies. Therefore, this study analyzes the relationship between food prices and climate change in Nigeria by using various non-linear and quantile-based methods and data from 2008m5 to 2020m12. The empirical findings indicate that (i) there is a time- and frequency-based dependence between food prices and some explanatory variables, including climate change (i.e., temperature). (ii) At higher quantiles, temperature, oil prices, food exports, monetary expansion, global food prices, agricultural prices, and fertilizer prices stimulate food prices. (iii) The increase in food prices due to the rise in temperature and the difficulties in agriculture indicate that the heatflation phenomenon is present in Nigeria. The evidence outlines that Nigerian decisionmakers should adopt a national food security policy that considers environmental, agricultural, and monetary factors to stabilize food prices.Öğe 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 KilicThis 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.Öğe Ecological effects of distinct patents on reducing waste-related greenhouse gas emissions in BRIC countries: evidence from novel quantile methods(Taylor & Francis Inc, 2024) Pata, Ugur Korkut; Kartal, Mustafa Tevfik; Erdogan, SinanTechnological development and environmental patents have become one of the policy options to solve the problem of global warming. With the development of technology, waste recycling can be faster and more environmentally friendly, which can contribute to the reduction of greenhouse gasses. The question of which patents and technologies should be promoted for waste management is an important decision-making and research topic. Given the increasing importance of ecological patents and waste disposal for environmental sustainability, this study examines the impact of technological progress on reducing waste-related greenhouse gas (WGHG) emissions in BRIC countries. The study considers energy generation and transmission-related patents (EPAT), patents to prevent pollution in the production process of goods (GPAT), and waste management-related patents (WPAT) as technological progress indicators. Methodologically, the study the applies novel quantile-on-quantile regression (QQ), Granger causality-in-quantiles (GQ), and quantile regression (QR) for the period from 1997m5 to 2019m12. The findings demonstrate that at higher quantiles, (i) EPAT have a dampening effect on WGHG in Brazil and India; (ii) GPAT have a diminishing effect on WGHG in Brazil, Russia, and India; (iii) WPAT have a diminishing effect on WGHG in Brazil, Russia, and India. Overall, technological progress contributes to WGHG emissions reduction in Brazil and India, while EPAT is not beneficial for Russia, and China cannot benefit from patents. The results suggest that Brazil, Russia and India should financially support and disseminate distinct patents to reduce WGHG emissions and improve waste management.Öğe Effect of Political Stability, Geopolitical Risk and R&D Investments on Environmental Sustainability: Evidence from European Countries by Novel Quantile Models(Prague Univ Economics And Business, 2024) Depren, Serpil Kilic; Erdogan, Sinan; Kartal, Mustafa Tevfik; Pata, Ugur KorkutThis research investigates the effect of political stability and geopolitical risk on environmental sustainability (ES) by considering R&D investments in nuclear and renewable energy. Considering the high political stability and recent energy crisis and increasing geopolitical risk, the study focuses on three leading European countries. We use the load capacity factor, include data between 1985/1 and 2020/12, and apply quantile on quantile regression (QQ), Granger causality in quantiles (GQ), and quantile regression (QR) models. The study finds that in higher quantiles (i) increasing political stability stimulates the ES in Sweden and the United Kingdom; (ii) increasing geopolitical risk supports the ES in France; (iii) R&D investments increase the ES in all the countries; (iv) there are generally causal effects from the explanatory variables to the ES except some quantiles (0.45-0.50) in all the countries; (v) the power effects of the variables differ according to countries, quantiles and variables.Öğe The effectiveness of geopolitical risk, load capacity factor, and urbanization on natural resource rent: Evidence from top ten oil supplier countries(Elsevier Ltd, 2024) Erdogan, Sinan; Pata, Ugur Korkut; Kartal, Mustafa TevfikNatural resources are of strategic importance for the economic and social development of countries. Various macroeconomic factors can affect natural resource rent (NAT). In this context, this study examines the impact of labor force, GDP, population density, urbanization, trade openness, geopolitical risk (GR), and load capacity factor (LCF) on NAT for the top 10 oil suppliers. For this purpose, the study uses the Cross-Sectional Augmented Distributed Lag (CS-ARDL) approach from 1992/1 to 2021/12. The study results indicate that GDP, GR, labor force, and trade openness increase NAT, whereas urbanization has no impact on NAT. It is also found that population density and LCF reduce NAT. The findings suggest that the upsurge in geopolitical risk can stimulate natural resource extraction in the top 10 oil supplier countries while improving the regenerative capacity of the environment of these societies can reduce NAT activities. Policymakers should consider these results when determining NAT policies. © 2024 Elsevier LtdÖğe Effectiveness of green bonds on carbon neutrality and clean electricity generation: Comprehensive evidence from the leading emitting country by disaggregated level analysis(Elsevier, 2024) Kartal, Mustafa Tevfik; Pata, Ugur Korkut; Magazzino, CosimoConsidering increasing public interest in environment-related problems and the carbon-neutrality aims of countries, this study focuses on the effect of green bonds on enabling carbon neutrality and supporting clean electricity in China, which is the leading top carbon-emitting and energy-using country in the world. In this context, the study makes a disaggregated level empirical analysis by considering sectoral emissions and sourcebased electricity generation by using quantile-based approaches from January 2, 2019, to December 31, 2023. The outcomes show that (i) green bonds decrease mainly emissions in transport and international aviation sectors; (ii) green bonds have mixed effects on the remaining sectoral emissions; (iii) green bonds increase electricity generation from all sources at higher quantiles, whereas they decrease electricity generation at lower quantiles. Thus, the effect of green bonds varies across sectors, electricity generation sources, and quantiles. Accordingly, a set of policy endeavors, such as dealing with firstly such critical sectors as power and industry, supporting the allocated green bond issuance to specified sectors, and focusing on some clean electricity generation sources like solar and wind, are argued for China.Öğe Effectiveness of nuclear and renewable electricity generation on CO2 emissions: Daily-based analysis for the major nuclear power generating countries(Elsevier Sci Ltd, 2023) Kartal, Mustafa Tevfik; Pata, Ugur Korkut; Depren, Ozer; Erdogan, SinanMeeting energy needs and ensuring ecological sustainability are important tasks for policymakers. In particular, changing the energy mix used in daily electricity generation can have a major effect on ecological conditions, and this is a previously neglected research topic. Therefore, this paper aims to investigate the influence of daily electricity generation from nuclear power and renewables on the achievement of carbon neutrality targets in the four largest nuclear power countries (i.e., the U.S., China, France, and Russia). The study applies the wavelettransform coherence (WTC), quantile-on-quantile regression (QQR), and Granger causality in quantiles (GCQ) approaches for the period from January 2, 2019 to December 29, 2022. The outcomes present that electricity generation from nuclear energy reduces carbon (CO2) emissions only in Russia, while hydropower generation does not contribute to CO2 emission reduction in any country. Solar electricity generation decreases CO2 emissions in different quantiles in the U.S. and Russia, while electricity generation from wind power reduces CO2 emissions in the U.S. and France. The empirical outcomes also reveal that expanding solar, wind, and nuclear power in the energy mix can enhance the potential of the U.S., France, and Russia to achieve carbon neutrality and secure a sustainable future. However, China is using nuclear and renewables inefficiently regarding carbon neutrality. Therefore, the empirical evidence for China is highly controversial compared to former studies.Öğe Effects of Environment, Social, and Governance (ESG) Disclosures on ESG Scores: Investigating the Role of Corporate Governance for Publicly Traded Turkish Companies(Academic Press Ltd- Elsevier Science Ltd, 2024) Kartal, Mustafa Tevfik; Taskin, Dilvin; Shahbaz, Muhammad; Depren, Serpil Kilic; Pata, Ugur KorkutThe world has experienced climate-related issues, which increase the importance of ESG disclosures and corporate governance (CG) of companies, which take place at the heart of economies. Therefore, improving ESG disclosures and CG practices becomes significant to combat climate change at the company level. Considering that Turkiye restructured ESG disclosures in 2022, this study investigates the role of CG on the nexus between ESG scores of publicly traded companies (PTC) and ESG reports. So, the study analyzes 102 PTC (full sample), 51 PTC in Borsa Istanbul Corporate Governance Index (in-sample), and the remaining 51 PTC (out-sample) using ESG disclosures of 2022 and applying novel super learner (SL) algorithm. Our results show that (i) SL has a higher prediction performance reaching similar to 94.3%; (ii) the environment (governance) layer has the highest (lowest) total relative importance (contribution) to ESG scores in all samples; (iii) C8, S6, and E5 are the most important ESG principles in the full sample, in-sample, and out-sample, respectively; (iv) the contribution of each ESG principles to the total ESG scores varies by sample; (v) CG plays a smoothing role for the relative importance of each ESG principle, while the relative importance in the out-sample shows much higher volatility. Overall, the study reveals the non-linear contributions of ESG principles on ESG scores and suggests that PTC should prioritize highly important ESG principles, consider the moderating role of CG on the link between ESG scores and ESG disclosures, and use ESG disclosures as a strategic tool to develop ESG scores and disclosures.Öğe 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 AdewaleCountries 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.Öğe Environmental role of technology, income, globalization, and political stability: Testing the LCC hypothesis for the GCC countries(Elsevier Sci Ltd, 2024) Ulussever, Talat; Kartal, Mustafa Tevfik; Pata, Ugur KorkutThe importance of non-economic factors for the environment is increasing day by day. ICT, globalization, and political stability (PS) are becoming more and more important in environmental policymaking. However, their impact on the environment has not yet been addressed in the literature for the GCC countries. Therefore, the study focuses on the analysis of the impact of mobile cellular subscriptions and internet usage, two different ICT indicators, as well as income, globalization, and PS on environmental quality (EQ). The study considers a total of six GCC countries from 2000 to 2019, applies the augmented mean group approach at both panel and country levels, and tests the validity of the load capacity curve (LCC) hypothesis. The results show that (i) ICT contributes to the development of EQ; (ii) globalization and PS reduce EQ; (iii) income has no significant impact; (iv) the LCC hypothesis is not valid for the GCC panel, while it is valid in Qatar; (v) the results vary at the country level with regard to the panel level. The study recommends that GCC countries should make more use of the positive aspects of ICT in addressing environmental issues and promoting green digitalization to develop EQ; and work to transform their high-income into an eco-friendly structure so that the progress of EQ can be supported by the income; benefit from globalization to import green products and technologies that can help increase EQ; and use the PS to make eco-friendly decisions.Öğe Evaluating the influence of technology, energy consumption, and financial progress on material footprint in GCC countries(Elsevier, 2024) Ulussever, Talat; Pata, Ugur Korkut; Kartal, Mustafa TevfikThe world has witnessed serious climate-related problems. Even though there are various effective factors in this point, sustainable resource consumption takes place among critical factors that have been deeply affecting climate change. Accordingly, Sustainable Development Goals (SDGs) 8-12 have come to the fore for all related parties due to the directly affecting resource use. Among all, Gulf Cooperation Council (GCC) countries have a special position in terms of global climate change-related goals because they have high oil and resource consumption. Hence, this study firstly attempts to investigate the validity of the environmental Kuznets curve (EKC) hypothesis for material footprint (MAF) in GCC countries by analyzing the impact of income, energy consumption, financial institution development, and technological development, performing augmented mean group model, and using data for the period 2000-2019. The findings show that (i) the EKC hypothesis is valid for the GCC panel, whereas it is the case for only Oman on a country basis; (ii) energy consumption increases (decreases) MAF at GCC panel (Qatar); (iii) financial institution development does not affect MAF in the GCC panel, while it causes an increase in Saudi Arabia; (iv) technological development reduces MAF at GCC panel and in Bahrain, Kuwait, and Saudi Arabia on a country basis. Thus, the results highlight the need for GCC countries to focus on both income level and technological development to achieve climate-related targets and SDGs by decreasing resource-based consumption.Öğe Exploring the Cost of Decarbonizing the United States: A Proposal for a Green Sacrifice Ratio(Springer, 2024) Erdogan, Sinan; Pata, Ugur Korkut; Kartal, Mustafa TevfikIn line with global warming, decarbonization of economies is a much-discussed topic in climate policies and economic forecasts. However, estimating the output cost of decarbonizing economies has not received attention. Therefore, this study examines the costs of decarbonization in the USA, the leading country in the global economy, by proposing a Green Sacrifice Ratio based on estimating the output costs of emission abatement policy. To do this, the study employs Structural Vector Autoregression analysis to measure the Green Sacrifice Ratio in the USA from 1973/Q1 to 2023/Q2. The empirical results show that a permanent 1% reduction in carbon emissions results in a cumulative loss of 0.0001% of output in the USA. The implication is that the cost of decarbonization in the USA can be lower than the economic burden of environmental pollution. Therefore, policymakers in the USA should take determined actions to prevent irreversible environmental degradation and avoid heavy economic costs in the future.Öğe Facing the challenge of alternative energy sources: The scenario of European Union countries based on economic and environmental analysis(Elsevier, 2024) Kartal, Mustafa Tevfik; Pata, Ugur Korkut; Erdogan, Sinan; Destek, Mehmet AkifThis study evaluates the potential impacts of natural gas (NGC), renewable energy (RCC), and nuclear energy consumption (NCC) from an economic and environmental perspective for four European Union countries (Czechia, Finland, Hungary, and Germany), which have a reliance on Russia as well as use renewable and nuclear energy. In this context, quantile-based approaches are used; NGC, RCC, and NCC are considered as explanatory variables; and data between 1993/Q1 and 2021/Q4 is used. The findings show that (i) NGC has generally an accelerating impact on the economy and environment in all countries; (ii) RCC has a stimulating impact on the economy in Finland at all quantiles and in Czechia at higher quantiles. Also, it has a curbing impact on CO2 emissions in Czechia at all quantiles and in Hungary and Germany at the higher quantiles; (iii) NCC has an increasing impact on the economy in Hungary and Germany at higher quantiles. Besides, it has a limiting impact on CO2 emissions in Hungary at all quantiles, in Finland at higher quantiles, and in Czechia at middle quantiles; (iv) NGC, RCC, and NCC have a causal impact on both GDP and CO2 emissions. The outcomes imply that the impact of the alternatives on GDP and CO2 emissions varies by country, alternatives, and quantiles. RCC is the most suitable option for Czechia, NCC is the most suitable option for Hungary, and there is a trade-off for Finland and Germany. (c) 2023 International Association for Gondwana Research. Published by Elsevier B.V. All rights reserved.Öğe How are electricity generation effective on carbon neutrality in the global south? Evidence from sectoral CO2 emissions by daily data(Elsevier, 2024) Kartal, Mustafa Tevfik; Pata, Ugur Korkut; Taskin, DilvinIn light of the efforts to ensure carbon neutrality by combating climate-related problems, the study investigates the effectiveness of electricity generation (EG) from the main renewable sources (hydro-HEG, solar -SEG, and wind-WEG). In this context, the study examines the countries of the Global South (i.e., Brazil, China, and India), considers EG at a disaggregated level and sectoral CO 2 emissions, applies nonlinear methods, and uses daily data between January 2, 2019 and December 31, 2022. The results demonstrate that (i) disaggregated EG sources have a stronger (weaker) time and frequency dependency on sectoral CO 2 emissions in China (Brazil and India); (ii) HEG has a stimulating impact on sectoral CO 2 emissions in all countries; (iii) SEG has an increasing impact on sectoral CO 2 emissions in Brazil and China, while it provides a decrease in sectoral CO 2 emissions in India; (iv) WEG upsurges sectoral CO 2 emissions in China, while it achieves a CO 2 reduction in Brazil and India; (v) disaggregated level EG has a causal impact on sectoral CO 2 emissions across all quantiles except some lower, middle, and higher quantiles. The study adds scientific value to existing knowledge by analyzing for the first time which EG sources are effective in reducing daily CO 2 emissions in the Global South. Based on the outcomes, the study demonstrates that WEG is the best EG source for Brazil, that SEG and WEG are optimal EG sources for India, and that China cannot benefit from the EG sources considered. In this way, the study provides fresh insights for the countries of the Global South and underlines the crucial role of renewable EG in ensuring carbon neutrality.Öğe 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 KilicEurope 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.
