Assessing sustainable development goals attainment through energy-environmental efficiency: The case of Latin American and Caribbean countries

This study evaluates the attainment of sustainable development goals (SDGs) using energy-environmental efficiency as a principal driver. Hicks-Moorsteen Index, based on optimal targets, is utilized to estimate the performance of Latin America and the Caribbean (LAC) countries towards SDGs. Performance is decomposed into catch-up efficiency and technological progress. Results show that, compared to 2012, only 15% of the countries evaluated exhibit improved catch-up efficiency in 2020, while 74% of the countries evaluated showed technological progress in 2020 compared to 2012. Improvement in SDGs attainment in LAC results from technological advancement and not catch-up efficiency. Gross catch-up inefficiency appears to obstruct SDGs attainment. The regression elaborates the indirect extrinsic socio-economic dimension of the SDGs accomplishment. Specifically, the results of the fully modified ordinary least squares and generalized method of moments for the examined years support the desired prospects for green productivity among the cross-section of LAC. Moreover, in each of the upper years, the result suggests that environmental performance and renewable energy-induced economic progress are vital for the examined countries' sustainable green productivity. Notably, the result predicts a slow but progressive path toward achieving the SDGs, suggesting more intentional and inclusive effort by the respective economies.info:eu-repo/semantics/publishedVersio

Roadmap for Climate Alliance Economies to vision 2030: Retrospect and Lessons

The United Nations Climate Conference 25, held in December 2019, reached a significant agreement against implementing the Paris agreement come 2020. Bound by the contract, 189 countries who are party to the deal agreed to constrain worldwide temperature to ascend to 1.5 degrees Celsius. To this end, the present study attempts to investigate the readiness of selected countries in the European Union to implement the agreement, which will better the quality of the global environment. In line with this, this study appraises the connection between economic growth, renewable and non-renewable energy consumption, on emissions in 11 countries in the European Union from 1990 to 2016. The study utilises the Pooled Mean Group-Auto Regressive Distributed Lag (PMG-ARDL) model estimator and Dumitrescu and Hurlin Panel Causality analysis to analyse the long-run and short-run impact and direction of causality among these factors, respectively. The long-run study's empirical results show a U-shaped Environmental Kuznets Curve (EKC) and a negative connection between renewable energy use and emissions in the EU-11 countries. In the short-run, non-renewable energy use worsens CO2 emissions while renewable energy use leads to a fall in emissions. Similarly, causality tests show a feedback mechanism between emissions and renewable energy use and between non-renewable energy and renewable use. Also, there is unidirectional causality from income to CO2 emissions, non-renewable energy use to CO2 emissions. The investigation recommends an expanded proportion of renewable energy sources in the EU countries' energy mix to cut down on emissions

The health scare of COVID-19 amidst pandemics and the immune-related pharmaceutical products spillovers in the USA

In view of the sector-wide effect of the nCOVID-19 pandemic in the USA and the probable effect on certain over-the-counter (OTC) pharmaceutical products, the current study examined potential inflation in the pharmaceutical industry arising from the pandemic-related uncertainty. In this case, the USA’s producer price indexes vis-à-vis inflation of the immune-related pharmaceutical items: multivitamin, vitamins nutrients and hematinic (V-N-H), other vitamins (other-V), antidepressant, and antidiabetic were examined alongside the uncertainties arising from the world pandemic and economic policy. Thus, the (Diebold and Yilmaz in Int J Forecast 28(1): 57–66, 2012) result implied that the world pandemic uncertainty contributed a significantly huge shock to the examined pharmaceutical compounds, thus affirming the vulnerability of certain pharmaceuticals to pandemic-related uncertainty. The total spillover increased from 34.2% (with economic policy uncertainty) to 47.6% (when pandemic uncertainty is incorporated). In specific, there are negative net spillovers from the multivitamins, other vitamins, antidiabetic, and antidepressant especially due to high pandemic and economic policy uncertainties. However, the statistical evidence implied that higher uncertainty arising from the pandemic is responsible for the severity of shock received by the indicated pharmaceutical products as against economic policy uncertainty. Thus, a relevant policy inference is posited from the result of the study. © 2020, Springer-Verlag GmbH Germany, part of Springer Nature

The nCOVID-19 and financial stress in the USA: health is wealth

Since its first report in the USA on 13 January 2020, the novel coronavirus (nCOVID-19) pandemic like in other previous epicentres in India, Brazil, China, Italy, Spain, UK, and France has until now hampered economic activities and financial markets. To offer one of the first empirical insights into the economic/financial effect of the COVID-19 pandemic, especially in the USA, this study utilized the daily frequency data for the period 25 February 2020–30 March 2020. By employing the empirical Markov switching regression approach and the compliments of cointegration techniques, the study establishes a two-state (stable and distressing) financial stress situation resulting from the effects of COVID-19 daily deaths, COVID-19 daily recovery, and the USA’ economic policy uncertainty. From the result, it is assertive that daily recovery from COVID-19 eases financial stress, while the reported daily deaths from COVID-19 further hamper financial stress in the country. Moreover, the uncertainty of the USA’ economic policy has also cost the Americans more financial stress and other socio-economic challenges. While the cure for COVID-19 remains elusive, as a policy instrument, the USA and similar countries with high severity of COVID-19 causalities may intensify and sustain the concerted efforts targeted at attaining a landmark recovery rate. © 2020, The Author(s)

Do economic policy uncertainty and geopolitical risk surge CO2 emissions? New insights from panel quantile regression approach

In recent times, economic policy uncertainty (EPU) and geopolitical risk (GPR) are increasing significantly where the economy and environment are affected by these factors. Therefore, the goal of this paper is to investigate whether EPU and GPR impede CO2 emissions in BRICST countries. We employ second-generation panel data methods, AMG and CCEMG estimator, and panel quantile regression model. The conclusions document that most of the variables are integrated at I (1), and there exists co-integration among considered variables of the study. Moreover, we note that EPU and GPR have a heterogeneous effect on CO2 emissions across different quantiles. EPU adversely affects CO2 emissions at lower and middle quantiles, while it surges the CO2 emissions at higher quantiles. On the contrary, geopolitical risk surges CO2 emissions at lower quartiles, and it plunges CO2 emissions at middle and higher quantiles. Furthermore, GDP per capita, renewable energy, non-renewable energy, and urbanization also have a heterogeneous impact on CO2 emissions in the conditional distribution of CO2 emissions. Based on the results, we discuss the policy direction