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1 – 10 of over 43000Ravita Kharb, Charu Shri and Neha Saini
The objective is to develop an empirical model estimating the relationship and interaction amongst the factors affecting and enhancing green finance (GF) in developing economies…
Abstract
Purpose
The objective is to develop an empirical model estimating the relationship and interaction amongst the factors affecting and enhancing green finance (GF) in developing economies like India.
Design/methodology/approach
Around nine growth-accelerating enablers of green financing were found through literature and unstructured interviews and analysed using the total interpretive structural modelling (TISM) method. The hierarchical link between each factor is established using TISM, and further to evaluate the driver-dependent relationship the Matriced’ Impacts Croises Appliquee Aaun Classement (MICMAC) approach is utilised.
Findings
The findings demonstrate an interrelationship between growth-accelerating factors, where the political environment and information and communication technology (ICT), have minimal dependency but a strong driving force. Political environment and ICT are found as strategic-level factors lying at the bottom of the model driving towards the dependent variables. The government should focus on enacting effective policies such as the green credit guarantee scheme and carbon credit and establishing a regulatory framework to enhance green financing.
Research limitations/implications
This study examines the literature to generalise the findings and focus on the primary motivators for developing green financing. To increase green financial activity, practitioners must concentrate on aspects with significant driving forces. Furthermore, it makes organisations more profitable, efficient and competitive and promotes long-term growth.
Originality/value
The study is the first in the literature which identifies the growth-accelerating factors of green financing using the TISM and MICMAC-based hierarchical models.
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Basing himself on the premise that present economic progress cannot follow the ‘Business as usual paradigm’ and hope for continued and unlimited progress, the author holds that we…
Abstract
Basing himself on the premise that present economic progress cannot follow the ‘Business as usual paradigm’ and hope for continued and unlimited progress, the author holds that we need to look into the larger dimensions of growth and development, which include social, environmental and other complex factors. So in this chapter, the author makes some pertinent suggestions for a sustainable growth model inspired by green growth and degrowth.
The first section evaluates the salient features of green growth and its drawbacks. It is followed by a discussion on the notion of degrowth, with its challenge to change the direction of growth (economic, ecological, social and cultural), without which human civilisation, as we know it today, may not survive. Finally, in the concluding chapter, based on these two notions of green growth and degrowth, an all-inclusive and sustainable regrowth model is propounded.
By creating an awareness of the need to shift development goals and Corporate Social Responsibility (CSR), the author argues that we could use economic regrowth strategically and responsibly to make the world more sustainable and viable. Responsible corporates will make their contribution to such an organic, resilient and sustainable regrowth and their CSR activities could be the starting point for this change, without which humanity's future is seriously threatened.
Finally, the author acknowledges that humanity has profited from the tremendous technological and economic progress we have made in the last four centuries, learnt from its mistakes and are ready to reorient ourselves individually and collectively towards a sustainable economic regrowth.
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Sabri Burak Arzova and Bertaç Şakir Şahin
The purposes of this study are to contribute to the limited green growth (GG) literature in emerging markets, to analyze GG from a financial economy perspective and to determine…
Abstract
Purpose
The purposes of this study are to contribute to the limited green growth (GG) literature in emerging markets, to analyze GG from a financial economy perspective and to determine the contribution of financial development and innovation to GG in Brazil, Russian Federation, India, China and South Africa and Türkiye (BRICS-T). BRICS-T countries significantly impact the world population, international politics, energy resources and economy. In addition, BRICS-T countries are one of the leading countries in the world with their sustainability efforts. Investigating the GG model in these countries may contribute to structuring emerging economies around the principles of GG and advancing global green transformation efforts.
Design/methodology/approach
The authors applied panel data analysis from 2001 to 2019. GG is economic growth free from environmental depletion in the model. National income, personnel expenditure and foreign direct investments are macroeconomic variables. These variables measure economic development and promote economic and social progress, which is essential for GG. Capital accumulation and innovation are essential tools in GG transformation. Therefore, financial development and patent applications represent the moderating variables. The authors estimate the fixed effect model with Parks-Kmenta robust.
Findings
Empirical results show that national income growth and foreign direct investments positively affect GG. Personnel expenditure negatively affects GG. On the contrary, financial development and patent growth have little moderating role.
Originality/value
This study contributes to the literature on creating a GG model in emerging countries. The study is original in its model and sample.
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Dilvin Taşkın, Gülin Vardar and Berna Okan
The development of green economy is of academic and policy importance to governments and policymakers worldwide. In the light of the necessity of renewable energy to sustain green…
Abstract
Purpose
The development of green economy is of academic and policy importance to governments and policymakers worldwide. In the light of the necessity of renewable energy to sustain green economic growth, this study aims to examine the relationship between renewable energy consumption and green economic growth, controlling for the impact of trade openness for Organization for Economic Co-operation and Development countries over the period 1990-2015, within a multivariate panel data framework.
Design/methodology/approach
To investigate the long-run relationship between variables, panel cointegration tests are performed. Panel Granger causality based on vector error correction models is adopted to understand the short- and long-run dynamics of the data. Furthermore, ordinary least square (OLS), dynamic OLS and fully modified OLS methods are used to confirm the long-run elasticity of green growth for renewable energy consumption and trade openness. Moreover, system generalized method of moment is applied to eliminate serial correlation, heteroscedasticity and endogeneity problems. The authors used the panel Granger causality test developed by Dumitrescu and Hurlin (2012) to infer the directionality of the causal relationship, allowing for both the cross-sectional dependence and heterogeneity.
Findings
The results suggest that renewable energy consumption and trade openness exert positive effects on green economic growth. The results of long-run estimates of green economic growth reveal that the long-run elasticity of green economic growth for trade openness is much greater than for renewable energy consumption. The estimated results of the Dumitrescu and Hurlin (2012) test reveal bidirectional causality between green economic growth and renewable energy consumption, providing support for the feedback hypothesis.
Practical implications
This paper provides strong evidence of the contribution of renewable energy consumption on green economy for a wide range of countries. Despite the costs of establishing renewable energy facilities, it is evident that these facilities contribute to the green growth of an economy. Governments and public authorities should promote the consumption of renewable energy and should have a support policy to promote an active renewable energy market. Furthermore, the regulators must constitute an efficient regulatory framework to favor the renewable energy consumption.
Social implications
Many countries focus on increasing their GDP without taking the environmental impacts of the growth process into account. This paper shows that renewable energy consumption points to the fact that countries can still increase their economic growth with minimal damage to environment. Despite the costs of adopting renewable energy technologies, there is still room for economic growth.
Originality/value
This paper provides evidence on the contribution of renewable energy consumption on green economic growth for a wide range of countries. The paper focuses on the impact of renewable energy on economic growth by taking environmental degradation into consideration on a wide scale of countries.
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Imran Abbas Jadoon, Raheel Mumtaz, Jibran Sheikh, Usman Ayub and Mohammad Tahir
The international institutions, policymakers and governments are promoting green growth as a policy objective for global financial stability (FS) without sound empirical…
Abstract
Purpose
The international institutions, policymakers and governments are promoting green growth as a policy objective for global financial stability (FS) without sound empirical investigation. Therefore, the purpose of this study is to investigate whether the green economy would be successful in achieving its main objective i.e. stabilizing the world financial system because the investment stakes are too high for this green transition.
Design/methodology/approach
The study used the two-step system generalized method of moments (GMM) methodology on panel data of 90 countries for 6 years from 2010 to 2015 to investigate the impact of green growth economy on FS.
Findings
The results of the current study revealed that overall green growth enhanced FS in the country for both the short and long run. However, the social inclusive dimension of green growth was irrelevant in creating FS.
Research limitations/implications
The results of the current study validate the growth-led finance hypothesis and encourage the policymakers to strengthen the policy initiative for green growth. Because green growth mitigates economic and environmental risk to create a stable financial environment. However, social inclusiveness needs to be explored through alternate paradigm in relevance to FS.
Originality/value
As per the author’s knowledge, it is a pioneer study to empirically investigate the impact of green growth on FS which would be useful in understanding the green growth and FS dynamics.
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Shiying Hou, Liangrong Song and Wanrui Dai
This paper aims to research the relationship between income gap (IG) and green economic growth based on the perspective of economic inequality.
Abstract
Purpose
This paper aims to research the relationship between income gap (IG) and green economic growth based on the perspective of economic inequality.
Design/methodology/approach
Based on the panel data of 283 prefecture-level cities in China from 2011 to 2020, this paper uses the super slack based model (Super-SBM) to measure the efficiency of regional green economic growth, and constructs a regression model of the IG and regional green economic growth.
Findings
Firstly, the IG has an inhibitory effect on the growth of regional green economy (GE). Secondly, the relationship between the IG and regional green economic growth will be affected by the threshold value of income level. Thirdly, environmental regulation and government competition will increase the inhibitory effect of the IG.
Originality/value
According to the characteristics of China's regional economy, the researchers construct an empirical model of the IG and green economic growth to study their relationship, the threshold effect of income level and the moderating effect of environmental regulation and local government competition. The research content, methods and conclusions of this paper provide new evidence for the sustainable growth of China's regional GE.
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The purpose of this paper is to analyze the influence of the green talent dividend on China’s economic growth and regional differences using a theoretical derivation of the…
Abstract
Purpose
The purpose of this paper is to analyze the influence of the green talent dividend on China’s economic growth and regional differences using a theoretical derivation of the Cobb–Douglas production function.
Design/methodology/approach
This study develops a measurement model with human capital based on Chinese inter-provincial panel data for 2001–2017, and analyzes the influences on economic growth of employees’ education level, per capita material capital, green labor participation rate and green jobs. The study explores the impact of the green talent dividend on regional economic growth for different regions.
Findings
Employees’ education level, per capita material capital, green labor participation rate and green jobs promote China’s economic growth. The dependency ratio hinders economic growth. The green labor participation rate impacts economic growth more than green jobs do. Furthermore, the scale of green talent in China and its dividend effect are regionally unbalanced. Therefore, to fully release the dividend of green talent, the green labor participation rate should be improved to promote the rational flow of talent among regions.
Practical implications
These findings shed light on the talent dividend, provide a theoretical basis for the formulation of relevant talent policies, and show that the demographic dividend can be transformed into the green talent dividend, which has practical significance for the sustainable development of China’s economy given its aging population.
Originality/value
This study provides a macro perspective on the green talent dividend’s impact on economic growth. The Cobb–Douglas production function in this study differs from the traditional micro perspective on green labor.
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Nowadays, growth is the common target of all societies. But rather than growth, it is more important to ensure the sustainability of growth. Worldwide climate changes, damages to…
Abstract
Purpose
Nowadays, growth is the common target of all societies. But rather than growth, it is more important to ensure the sustainability of growth. Worldwide climate changes, damages to natural capital and financial crises necessitate the transition to green growth. The purpose of this paper is to examine the contribution of socio-economic context to green growth, which represents the sum of environmental and resource productivity, natural asset base, the environmental dimension of quality of life and technology.
Design/methodology/approach
The paper uses grey relational analysis together with the entropy method to examine the weight of 22 green growth indicators. The green growth indicators based on the compilation of the data from 36 Organization for Economic Co-operation and Development countries in 2015.
Findings
The results point out carbon dioxide emissions and environment-related technology are the most essential indicators in achieving green growth across the world.
Originality/value
It provides an objective evaluation of the green growth indicators that creates awareness-raising in green growth, enables the measurement of global developments and the determines opportunities and risks.
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The public‐university‐government triple helix for sustainable development has been proposed, through introducing a new element (public) into the triple helix model while retaining…
Abstract
Purpose
The public‐university‐government triple helix for sustainable development has been proposed, through introducing a new element (public) into the triple helix model while retaining the balance between economic growth and eco‐system development (Etzkowitz and Zhou). This study aims to explore the future roles and influences of science and technology parks (STPs) on green growth in China, which is now releasing about six billion tons of CO2 a year (Maplecroft) as GDP keeps over an 8 percent growth rate.
Design/methodology/approach
The regular research methodology in social sciences is taken including data collections, interviews, and some investigation to construct the theoretical conception and findings.
Findings
Economic growth and environmental sustainability are not in conflict, but are mutually promoting. The green growth approach seeks to create an economic framework which opens up increased opportunities for maximizing the eco‐efficiency, such as sharing and transferring knowledge and technologies for eco‐efficient production processes, for renewable resource use and for integrated natural resources management as well as for creating new job opportunities.
Practical implications
The theme of the paper lies in that a triple helix must be built in order to achieve sustainable development (green growth). The triple helix embodies a couple of objectives of the innovation for economic growth and sustainable development‐triple helix twin. Its most important practical implication is to balance economic growth and sustainability and achieve green growth. STPs' roles should be emphasized.
Originality/value
University‐public‐government triple helix for sustainability is a creative development of triple helix study, which is based on the study in university‐industry‐government triple helix for innovation. The paper uses the idea originally to explore how to get green growth in China though the roles of science parks.
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This study aims to explain the integration of innovation and climate with the economic growth Green Productivity (GP) concept. This is drawn from the integration of two important…
Abstract
Purpose
This study aims to explain the integration of innovation and climate with the economic growth Green Productivity (GP) concept. This is drawn from the integration of two important developmental strategies: productivity improvement and environmental protection. Productivity provides the framework for continuous improvement, while environmental protection provides the foundation for sustainable development. Therefore, GP is a strategy for enhancing productivity and environmental performance for overall socio-economic development.
Design/methodology/approach
Three variations of frameworks and econometric model were developed to measure green total factor productivity, green labour productivity and green capital productivity, and their contributions to green productivity and sustainable development; these were based on extensive and intensive growth theories.
Findings
The sustainability of higher economic growth will likely continue to be productivity driven. This will be through the enhancement of total factor productivity (TFP) as technological progress in nations that combined the three dimensions of sustainable development (economic development, environmental protection and social sustainable development via human capital development). Such an enhancement needs to emphasise the quality of the workforce, demand intensity, economic restructuring, capital structure, technical progress and environmental standards. It should be recalled that green productivity through green TFP demonstrates the sustainable development concept of progressing technologically. It will ensure the rights of the future, as well as current, generations for them to enjoy a better life.
Originality/value
The study fills the gaps in growth theories by developing three variations of frameworks and econometric models, and internalising pollutants emissions as private and unpriced inputs in the three models. Further, the green capital productivity model is the sole contributing model developed in this research; it has not been thought about in any previous studies. This study highlighted the green productivity that is ignored by the studies that have been awarded the Nobel Prize in economic sciences in 2018.
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