Achieving environmental sustainability through renewable energy transition in the Next Eleven countries: the importance of establishing sound democratic governance
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Abstract
The majority of the Next Eleven nations are yet to undergo the renewable energy transition in full swing. Rather, over time, these nations have become even more reliant on fossil fuels. As a result, establishing environmental sustainability is a matter of deep concern for these emerging nations. Against this backdrop, this study assesses the macroeconomic determinants of their annual carbon dioxide emission growth rates considering the period from 1991 to 2020. In a nutshell, the results from the econometric exercises affirm that undergoing renewable energy transition does not inhibit the emission growth rates of the Next Eleven nations unless sound policies are executed for promoting better democratic governance, in tandem. In this regard, improving the state of democratic governance is witnessed to act as a mediating factor between renewable energy transition and lower carbon dioxide emission growth rates. Besides, verifying the pollution haven hypothesis, incoming receipts of foreign direct investment are observed to boost the emission growth figures while liberalizing international trade barriers is found to be ineffective in influencing carbon emission growth rates. Lastly, a complementary relationship between population growth and carbon emission growth rates is affirmed by the results. Hence, considering these above mentioned findings, a set of policies is recommended for enabling the Next Eleven nations to achieve environmental sustainability in due course.
期刊介绍：
Economic Change and Restructuring has been accepted for SSCI and will get its first Impact Factor in 2020!Since the early 1990s fundamental changes in the world economy, under the auspices of increasing globalisation, have taken place
On one hand, the disappearance of the centrally planned economies and the progressive formation of market-oriented economies, have brought about countless systematic changes, where new economic structures, institutions, competences and skills involve complex processes, changes which are still underway and which necessitate adaptation and restructuring to form competitive market economies.
On the other hand, many developing economies are making great strides as regards economic reform and liberalisation, and are emerging as new global players. They show an innovative capacity to position themselves in the global economy and to compete with industrialised countries, which are generally believed to be witnessing the rapid erosion of their established positions. These developments are accompanied by the exacerbation of the world competition.
Both processes involve transition and the emerging economies, in searching for a new role and scope for public policies and for a new balance between public and private partnership, seem to currently be converging, especially with respect to the policies needed to create appropriate and effective market institutions and integrated reform policies, and to increase the standards of the population''s education levels.
Thus, liberalisation and development policies, in attempting to strike a difficult balance between social and environmental needs, must be integrated more coherently. This complexity calls for new analytical and empirical approaches that can explain these new phenomena, which often go beyond the over-simplified facts and conventional ''wisdom'' that emerged at the start of the transition in the early 1990s.
Economic Change and Restructuring (formerly ''Economics of Planning''), by keeping abreast of developments affecting both transitional and emerging economies, is aimed to attract original empirical and policy analysis contributions that are focused on various issues, including macroeconomic analysis, fiscal issues, finance and banking, industrial and trade development, and regional and local development issues.
The journal aspires to publish cutting edge research and to serve as a forum for economists and policymakers working in these fields.Officially cited as: Econ Change Restruct
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