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Impact of Energy Consumption and Economic Growth on Environmental Sustainability in GCC Countries: Does Financial Development Matter?
By Hala BaydounHala Baydoun SciProfiles Scilit Preprints.org Google Scholar 1, 2, 3, * and Mehmet AgaMehmet Aga SciProfiles Scilit Preprints.org Google Scholar 1
Cyprus International University, Faculty of Economic and Administrative Sciences, Department of Accounts and Finance, Northern Cyprus, Mersin 10, Haspolat 99040, Turkey
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Submission received: July 22, 2021 / Revised: September 6, 2021 / Accepted: September 10, 2021 / Published: September 17, 2021
Achieving environmental sustainability while mitigating the effects of climate change has become a global initiative. Thus, this study examined the effects of energy consumption, economic growth, financial development, and globalization on CO
Emissions in Gulf Cooperation Council (GCC) countries. The study used a dataset from 1995 to 2018. Cross-sectional dependence (CSD), slope heterogeneity (SH), Pesaran unit root, Westerlund cointegration, and cross-sectional augmented autoregressive distributed lags were used in the study to examine these associations. (CS-ARDL) and Dumitrescu and Hurlin (DH) causality approaches. The results of the CSD and SH tests showed that the use of the first generation technique gives incorrect results. A panel unit root analysis showed that the series were I (1). In addition, the results of the cointegration test showed a long-term relationship between CO
Emissions and regressors confirm cointegration. The CS-ARDL results showed that economic growth and energy consumption decrease environmental sustainability, while globalization improves it. The study also confirmed the Environmental Kuznets Curve (EKC) hypothesis for the GCC economies. In addition, the results of the DH causality test showed an inverse causal relationship between economic growth and CO.
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Emissions in GCC countries. According to the findings, environmental pollution in GCC countries is determined by the amount of energy produced and consumed.
Economic expansion and industrialization have led to increased energy consumption and environmental degradation, creating challenges for sustainable development [1]. Global primary energy consumption grew by 1.3 percent in 2019 [2]. Energy demand for economic growth is also a major cause of environmental degradation, and climate change is linked to energy use and greenhouse gas (GHG) emissions [ 3 ]. Many environmental studies have highlighted the need to reduce GHGs, particularly carbon dioxide (CO2).
The development of emission and related mitigation plans is critical for all governments and is particularly important for the Gulf Cooperation Council (GCC) countries due to their unique characteristics. Six Gulf states (Kuwait, Oman, Bahrain, United Arab Emirates (UAE), Qatar, and Saudi Arabia) are rich in resources and control 19.8% of global natural gas holdings [2]. In fact, Saudi Arabia, UAE and Qatar are among the world’s leading emitters [5]. Fossil fuels are undoubtedly an abundant resource in the GCC, the backbone of these countries, which rely on fossil fuel export earnings to finance industrial activities, which in turn negatively impact the quality of the environment. [6]. Although renewable energy sources make up a small part of the energy mix of these economies, they are highly dependent on fossil fuels. In addition, energy consumption in this region is increasing as a result of population growth, rapid urbanization, and economic expansion, which poses a major challenge to environmental sustainability [7]. These countries produce 2.4 percent of global GHGs, more than the European Union (EU). GCC countries are expected to experience a large increase in energy use with rising incomes and increased demand for luxury goods [7].
This study investigated the relationship between energy consumption (EC), economic growth (GDP), financial development (FD), globalization (GLO) and CO.
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) in GCC countries. In recent years, many researchers have focused on globalization because the process of globalization can affect sustainability. [8] created a globalization index composed of economic, social and political variables. It is a combination of political, social and economic indices from the first dataset; however, further research by [9] included several more sub-indexes to better understand this process. Association between GLO and CO
Examined by previous studies; however, their results were inconclusive. For example, [10] for the top 10 electricity consuming countries, [11] for 23 African countries, and [12] found a negative GLO-CO.
Studies for BRICS [13], WAME countries [14] and [15] found a positive GLO-CO.
In addition, financial development (FD) is a large component that can affect the level of environmental degradation in different ways. For example, loans from financial institutions can lead to business development, which can increase energy use, land use, and waste generation. The financial demands of individuals are also supported by financial institutions, and the increase in purchasing power can increase the consumption of resources, which can cause more damage to the environment. On the other hand, financial institutions can encourage technical progress that reduces energy use and therefore environmental damage [16]. In addition, financial institutions can play a useful role in supporting initiatives that can lead to technological innovation, as innovation cannot be achieved without adequate investment in research and development. There are conflicting data on FD-CO
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The different perspectives of these research studies show that globalization, energy use, economic expansion, and financial development have different effects on environmental degradation. The GCC countries are currently facing increasing globalization processes, as well as an increase in energy and GDP use, which poses a serious challenge in the context of environmental quality. As a result, the current study can help policy makers in more pragmatic planning and maximizing decision-making related to environmental degradation in general and in GCC countries in particular. This study also offers several important contributions to the existing literature. Mainly, he studied the effects of energy consumption, economic growth, financial development and globalization on CO
Emissions in the GCC countries, including factors important to the economic prosperity of the region. In addition, to solve the problem of CSD and heterogeneity, this study used an advanced panel data estimation approach, and a new CS-ARDL model was used to solve the problems of panel data heterogeneity and CSD. previous studies.
The remainder of the paper contains various sections. Section 2 includes the literature review, and Section 3 includes the research methodology with an explanation of the empirical models, data, and methods. Section 4 presents the results and findings of the study, as well as a discussion of these findings. Finally, Section 5 outlines the conclusion and policy pathway.
This section of the paper discusses in detail the previous studies on the relationship between energy consumption (EC), economic growth (GDP), financial development (FD), globalization (GLO) and CO.
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It is generally recognized in the empirical literature that there is a relationship between EC, GDP and CO.
. Energy is necessary for production, which stimulates economic expansion and encourages environmental degradation. A study in Tunisia [21] using impulse response and cointegration approaches between 1971 and 2005 revealed a positive relationship between EC and CO.
Linkage using pooled mean group (PMG) and panel causality from 1980 to 2012. Empirical results revealed an insignificant relationship between GDP and CO.
Connectivity in India using a dataset between 1971 and 2011. The results of the study revealed a causal relationship between EC and CO.
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. A study [24] of 170 economies that used data from 1980 to 2011 and used a vector error correction model (VECM) found that both EC and GDP caused CO.
. In the United States, using panel ordinary least squares (OLS) and data from 1997 to 2016, [25] EC and
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