Toward sustainable development: Green economy with economic growth and carbon emission in Vietnam

Pham Xuan Bach, Phan The Cong

Article ID: 3111
Vol 8, Issue 3, 2024

VIEWS - 2472 (Abstract)

Abstract


Transitioning to a green economy is a global concern, considered a pathway to sustainable development. This paper aims to investigate the effect of the transition into a green economy on Vietnam’s sustainable development and its two economic and environmental dimensions, with consideration of several essential issues including renewable energy, technological innovation, natural resource rents (oils, forest, and minerals), foreign direct investment, and trade. This paper utilizes data from 1996 to 2020 and then applies the autoregressive distributed lag (ARDL) method for analysis. The results conclude that renewable energy is a driving key to reducing environmental degradation, but it hampers economic growth, while the contrast occurs with technology. Our results emphasize the dependence on non-renewable energy, whereas the innovation of technology does not show a green orientation in Vietnam. Furthermore, there is a lack of sustainability in the effect of natural resource rents, foreign direct investment, and trade. Overall, the transition into a green economy in Vietnam does not illustrate the sustainable orientation. The findings of this research provide empirical evidence to clarify the relationship between this transition and its driving factor, with sustainable development and the two economic environment dimensions. In addition, this study will bring worthwhile implications for the policymakers and scholars on whether the transition to a green economy fulfills the orientation towards sustainability, then enhancing the economy's efficiency to achieve green growth, following the pathway to sustainable development.


Keywords


transitioning; green economy; sustainable development; renewable energy; technological innovation; natural resource rents

Full Text:

PDF


References


Adebayo, T. S. (2022). Renewable Energy Consumption and Environmental Sustainability in Canada: Does Political Stability Make a Difference? Environmental Science and Pollution Research, 29(40), 61307–61322. https://doi.org/10.1007/s11356-022-20008-4 Adebayo, T. S., Akadiri, S. S., Adedapo, A. T., & Usman, N. (2021). Does interaction between technological innovation and natural resource rent impact environmental degradation in newly industrialized countries? New evidence from method of moments quantile regression. Environmental Science and Pollution Research, 29(2), 3162–3169. https://doi.org/10.1007/s11356-021-17631-y Agbloyor, E. K., Abor, J. Y., Adjasi, C. K. D., & Yawson, A. (2014). Private capital flows and economic growth in Africa: The role of domestic financial markets. Journal of International Financial Markets, Institutions and Money, 30, 137–152. https://doi.org/10.1016/j.intfin.2014.02.003 Ahmad, M., Peng, T., Awan, A., & Ahmed, Z. (2023). Policy framework considering resource curse, renewable energy transition, and institutional issues: Fostering sustainable development and sustainable natural resource consumption practices. Resources Policy, 86, 104173. https://doi.org/10.1016/j.resourpol.2023.104173 Ahmad, N., & Du, L. (2017). Effects of energy production and CO 2 emissions on economic growth in Iran: ARDL approach. Energy, 123, 521–537. https://doi.org/10.1016/j.energy.2017.01.144 Ahmad, N., Youjin, L., Žiković, S., & Belyaeva, Z. (2023). The effects of technological innovation on sustainable development and environmental degradation: Evidence from China. Technology in Society, 72, 102184. https://doi.org/10.1016/j.techsoc.2022.102184 Aitken, B. J., & Harrison, A. E. (1999). Do Domestic Firms Benefit from Direct Foreign Investment? Evidence from Venezuela. American Economic Review, 89(3), 605–618. https://doi.org/10.1257/aer.89.3.605 Ali, W. & Abdullah, A. (2015). The impact of trade openness on the economic growth of Pakistan: 1980-2010. Global Business and Management Research, 7, 120. Al-mulali, U., Tang, C. F., & Ozturk, I. (2015). Does financial development reduce environmental degradation? Evidence from a panel study of 129 countries. Environmental Science and Pollution Research, 22(19), 14891–14900. https://doi.org/10.1007/s11356-015-4726-x Appiah, K., Worae, T. A., Yeboah, B., & Yeboah, M. (2022). The causal nexus between trade openness and environmental pollution in selected emerging economies. Ecological Indicators, 138, 108872. https://doi.org/10.1016/j.ecolind.2022.108872 Azam, M., Ftiti, Z., Hunjra, A. I., et al. (2022). Do market-supporting institutions promote sustainable development? Evidence from developing economies. Economic Modelling, 116, 106023. https://doi.org/10.1016/j.econmod.2022.106023 Balsalobre-Lorente, D., Gokmenoglu, K. K., Taspinar, N., & Cantos-Cantos, J. M. (2019). An approach to the pollution haven and pollution halo hypotheses in MINT countries. Environmental Science and Pollution Research, 26(22), 23010–23026. https://doi.org/10.1007/s11356-019-05446-x Balsalobre-Lorente, D., Shahbaz, M., Roubaud, D., & Farhani, S. (2018). How economic growth, renewable electricity and natural resources contribute to CO2 emissions? Energy Policy, 113, 356–367. https://doi.org/10.1016/j.enpol.2017.10.050 Barbier, E. B. (2012). The Green Economy Post Rio+20. Science, 338(6109), 887–888. https://doi.org/10.1126/science.1227360 Barros, L., & Martínez-Zarzoso, I. (2022). Systematic literature review on trade liberalization and sustainable development. Sustainable Production and Consumption, 33, 921–931. https://doi.org/10.1016/j.spc.2022.08.012 Baumol, W. J., & Oates, W. E. (1988). The theory of environmental policy. Cambridge university press. Belloumi, M., & Alshehry, A. (2020). The Impact of International Trade on Sustainable Development in Saudi Arabia. Sustainability, 12(13), 5421. https://doi.org/10.3390/su12135421 Bhattacharya, M., Paramati, S. R., Ozturk, I., & Bhattacharya, S. (2016). The effect of renewable energy consumption on economic growth: Evidence from top 38 countries. Applied Energy, 162, 733–741. https://doi.org/10.1016/j.apenergy.2015.10.104 Bina, O. (2013). The Green Economy and Sustainable Development: An Uneasy Balance? Environment and Planning C: Government and Policy, 31(6), 1023–1047. https://doi.org/10.1068/c1310j Bolt, K., Matete, M. & Clemens, M. (2002). Manual for calculating adjusted net savings. Environment Department, World Bank, 1, 1-23. Borensztein, E., De Gregorio, J., & Lee, J.-W. (1998). How does foreign direct investment affect economic growth? Journal of International Economics, 45(1), 115–135. https://doi.org/10.1016/s0022-1996(97)00033-0 Cai, L., & Le, T. T. (2023). Natural resources and financial development: Role of corporate social responsibility on green economic growth in Vietnam. Resources Policy, 81, 103279. https://doi.org/10.1016/j.resourpol.2022.103279 Chaudhry, I. S., Ali, S., Bhatti, S. H., et al. (2021). Dynamic common correlated effects of technological innovations and institutional performance on environmental quality: Evidence from East-Asia and Pacific countries. Environmental Science & Policy, 124, 313–323. https://doi.org/10.1016/j.envsci.2021.07.007 Chen, C., Pinar, M., & Stengos, T. (2020). Renewable energy consumption and economic growth nexus: Evidence from a threshold model. Energy Policy, 139, 111295. https://doi.org/10.1016/j.enpol.2020.111295 Chen, Y., & Lee, C.-C. (2020). Does technological innovation reduce CO2 emissions? Cross-country evidence. Journal of Cleaner Production, 263, 121550. https://doi.org/10.1016/j.jclepro.2020.121550 Chien, F., Ananzeh, M., Mirza, F., et al. (2021). The effects of green growth, environmental-related tax, and eco-innovation towards carbon neutrality target in the US economy. Journal of Environmental Management, 299, 113633. https://doi.org/10.1016/j.jenvman.2021.113633 Dauda, L., Long, X., Mensah, C. N., & Salman, M. (2019). The effects of economic growth and innovation on CO2 emissions in different regions. Environmental Science and Pollution Research, 26(15), 15028–15038. https://doi.org/10.1007/s11356-019-04891-y Dawid, H., Kort, P. M., & Vergalli, S. (2021). Investments, Energy, and Green Economy. Journal of Economic Dynamics and Control, 126, 104126. https://doi.org/10.1016/j.jedc.2021.104126 Destek, M. A., & Sinha, A. (2020). Renewable, non-renewable energy consumption, economic growth, trade openness and ecological footprint: Evidence from organisation for economic Co-operation and development countries. Journal of Cleaner Production, 242, 118537. https://doi.org/10.1016/j.jclepro.2019.118537 Dickey, D. A., & Fuller, W. A. (1979). Distribution of the Estimators for Autoregressive Time Series with a Unit Root. Journal of the American Statistical Association, 74(366a), 427–431. https://doi.org/10.1080/01621459.1979.10482531 Dogan, E., & Ozturk, I. (2017). The influence of renewable and non-renewable energy consumption and real income on CO2 emissions in the USA: evidence from structural break tests. Environmental Science and Pollution Research, 24(11), 10846–10854. https://doi.org/10.1007/s11356-017-8786-y Dogan, E., & Seker, F. (2016). Determinants of CO2 emissions in the European Union: The role of renewable and non-renewable energy. Renewable Energy, 94, 429–439. https://doi.org/10.1016/j.renene.2016.03.078 Dogan, E., Altinoz, B., Madaleno, M., & Taskin, D. (2020). The impact of renewable energy consumption to economic growth: A replication and extension of. Energy Economics, 90, 104866. https://doi.org/10.1016/j.eneco.2020.104866 Dong, K., Hochman, G., Zhang, Y., et al. (2018). CO2 emissions, economic and population growth, and renewable energy: Empirical evidence across regions. Energy Economics, 75, 180–192. https://doi.org/10.1016/j.eneco.2018.08.017 Fu, R., & Liu, J. (2023). Revenue sources of natural resources rents and its impact on sustainable development: Evidence from global data. Resources Policy, 80, 103226. https://doi.org/10.1016/j.resourpol.2022.103226 Ganda, F. (2019). The impact of innovation and technology investments on carbon emissions in selected organisation for economic Co-operation and development countries. Journal of Cleaner Production, 217, 469–483. https://doi.org/10.1016/j.jclepro.2019.01.235 Gasparatos, A., Doll, C. N. H., Esteban, M., et al. (2017). Renewable energy and biodiversity: Implications for transitioning to a Green Economy. Renewable and Sustainable Energy Reviews, 70, 161–184. https://doi.org/10.1016/j.rser.2016.08.030 Gorus, M. S., & Aslan, M. (2019). Impacts of economic indicators on environmental degradation: Evidence from MENA countries. Renewable and Sustainable Energy Reviews, 103, 259–268. https://doi.org/10.1016/j.rser.2018.12.042 Grossman, G. M., & Krueger, A. B. (1995). Economic Growth and the Environment. The Quarterly Journal of Economics, 110(2), 353–377. https://doi.org/10.2307/2118443 Grossman, G., & Krueger, A. (1991). Environmental impacts of a North American free trade agreement. National Bureau of economic research Cambridge, Mass., USA. Gu, G., & Wang, Z. (2018). Research on global carbon abatement driven by R&D investment in the context of INDCs. Energy, 148, 662–675. https://doi.org/10.1016/j.energy.2018.01.142 Güney, T. (2019). Renewable energy, non-renewable energy and sustainable development. International Journal of Sustainable Development & World Ecology, 26(5), 389–397. https://doi.org/10.1080/13504509.2019.1595214 Guo, Y., Wong, W. K., Su, N., et al. (2023). Resource curse hypothesis and economic growth: A global analysis using bootstrapped panel quantile regression analysis. Resources Policy, 85, 103790. https://doi.org/10.1016/j.resourpol.2023.103790 Habiba, U., Xinbang, C., & Anwar, A. (2022). Do green technology innovations, financial development, and renewable energy use help to curb carbon emissions? Renewable Energy, 193, 1082–1093. https://doi.org/10.1016/j.renene.2022.05.084 Hanif, I., Faraz Raza, S. M., Gago-de-Santos, P., & Abbas, Q. (2019). Fossil fuels, foreign direct investment, and economic growth have triggered CO2 emissions in emerging Asian economies: Some empirical evidence. Energy, 171, 493–501. https://doi.org/10.1016/j.energy.2019.01.011 Helpman, E. & Krugman, P. (1987). Market structure and foreign trade: Increasing returns, imperfect competition, and the international economy. MIT press. Herzer, D., Klasen, S., & Nowak-Lehmann D., F. (2008). In search of FDI-led growth in developing countries: The way forward. Economic Modelling, 25(5), 793–810. https://doi.org/10.1016/j.econmod.2007.11.005 Hordofa, T. T., Liying, S., Mughal, N., et al. (2022). Natural resources rents and economic performance: Post-COVID-19 era for G7 countries. Resources Policy, 75, 102441. https://doi.org/10.1016/j.resourpol.2021.102441 Hossain, M. R., Rej, S., Awan, A., et al. (2023). Natural resource dependency and environmental sustainability under N-shaped EKC: The curious case of India. Resources Policy, 80, 103150. https://doi.org/10.1016/j.resourpol.2022.103150 Huang, Y., Raza, S. M. F., Hanif, I., et al. (2020). The role of forest resources, mineral resources, and oil extraction in economic progress of developing Asian economies. Resources Policy, 69, 101878. https://doi.org/10.1016/j.resourpol.2020.101878 Hung, N. T. (2023). Green investment, financial development, digitalization and economic sustainability in Vietnam: Evidence from a quantile-on-quantile regression and wavelet coherence. Technological Forecasting and Social Change, 186, 122185. https://doi.org/10.1016/j.techfore.2022.122185 Ibrahim, R. L., & Ajide, K. B. (2021). The dynamic heterogeneous impacts of nonrenewable energy, trade openness, total natural resource rents, financial development and regulatory quality on environmental quality: Evidence from BRICS economies. Resources Policy, 74, 102251. https://doi.org/10.1016/j.resourpol.2021.102251 Ibrahim, R. L., Al-mulali, U., Ozturk, I., et al. (2022). On the criticality of renewable energy to sustainable development: Do green financial development, technological innovation, and economic complexity matter for China? Renewable Energy, 199, 262–277. https://doi.org/10.1016/j.renene.2022.08.101 Inglesi-Lotz, R., & Dogan, E. (2018). The role of renewable versus non-renewable energy to the level of CO2 emissions a panel analysis of sub- Saharan Africa’s Βig 10 electricity generators. Renewable Energy, 123, 36–43. https://doi.org/10.1016/j.renene.2018.02.041 Ivanovski, K., Hailemariam, A., & Smyth, R. (2021). The effect of renewable and non-renewable energy consumption on economic growth: Non-parametric evidence. Journal of Cleaner Production, 286, 124956. https://doi.org/10.1016/j.jclepro.2020.124956 Jabeen, G., Ahmad, M., & Zhang, Q. (2023). Combined role of economic openness, financial deepening, biological capacity, and human capital in achieving ecological sustainability. Ecological Informatics, 73, 101932. https://doi.org/10.1016/j.ecoinf.2022.101932 Jacobs, M. (2012). Green growth: Economic theory and political discourse. Grantham Research Institute on Climate Change and the Environment London. Jiang, C., Zhang, Y., Kamran, H. W., & Afshan, S. (2021). Understanding the dynamics of the resource curse and financial development in China? A novel evidence based on QARDL model. Resources Policy, 72, 102091. https://doi.org/10.1016/j.resourpol.2021.102091 Jiang, Z., Rahman Mahmud, A., Maneengam, A., Nassani, et al. (2022). Non linear effect of Biomass, fossil fuels and renewable energy usage on the economic Growth: Managing sustainable development through energy sector. Fuel, 326, 124943. https://doi.org/10.1016/j.fuel.2022.124943 Jin, L., Duan, K., & Tang, X. (2018). What Is the Relationship between Technological Innovation and Energy Consumption? Empirical Analysis Based on Provincial Panel Data from China. Sustainability, 10(2), 145. https://doi.org/10.3390/su10010145 Johansen, S. (1988). Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, 12(2–3), 231–254. https://doi.org/10.1016/0165-1889(88)90041-3 Jun, W., Mughal, N., Kaur, P., et al. (2022). Achieving green environment targets in the world’s top 10 emitter countries: the role of green innovations and renewable electricity production. Economic Research-Ekonomska Istraživanja, 35(1), 5310–5335. https://doi.org/10.1080/1331677x.2022.2026240 Keho, Y. (2017). The impact of trade openness on economic growth: The case of Cote d’Ivoire. Cogent Economics & Finance, 5(1), 1332820. https://doi.org/10.1080/23322039.2017.1332820 Khan, I., & Hou, F. (2020). The dynamic links among energy consumption, tourism growth, and the ecological footprint: the role of environmental quality in 38 IEA countries. Environmental Science and Pollution Research, 28(5), 5049–5062. https://doi.org/10.1007/s11356-020-10861-6 Khan, S. A. (2020). Metal nanoparticles toxicity: role of physicochemical aspects. In: Shah, M. R., Imran, M. & Ullah, S. (editors). Metal Nanoparticles for Drug Delivery and Diagnostic Applications. Elsevier. Khan, S. A. R., Yu, Z., & Farooq, K. (2022). Green capabilities, green purchasing, and triple bottom line performance: Leading toward environmental sustainability. Business Strategy and the Environment, 32(4), 2022–2034. Portico. https://doi.org/10.1002/bse.3234 Khan, S. A. R., Zia-Ul-Haq, H. M., Ponce, P., & Janjua, L. (2023). Re-investigating the impact of non-renewable and renewable energy on environmental quality: A roadmap towards sustainable development. Resources Policy, 81, 103411. https://doi.org/10.1016/j.resourpol.2023.103411 Khan, Z., Ali, S., Umar, M., Kirikkaleli, D., & Jiao, Z. (2020). Consumption-based carbon emissions and International trade in G7 countries: The role of Environmental innovation and Renewable energy. Science of The Total Environment, 730, 138945. https://doi.org/10.1016/j.scitotenv.2020.138945 Koc, S., & Bulus, G. C. (2020). Testing validity of the EKC hypothesis in South Korea: role of renewable energy and trade openness. Environmental Science and Pollution Research, 27(23), 29043–29054. https://doi.org/10.1007/s11356-020-09172-7 Kong, Q., Peng, D., Ni, Y., Jiang, X., & Wang, Z. (2021). Trade openness and economic growth quality of China: Empirical analysis using ARDL model. Finance Research Letters, 38, 101488. https://doi.org/10.1016/j.frl.2020.101488 Kshitij, G., Khanna, N., Yıldırım, Ç. V., et al. (2022). Resource conservation and sustainable development in the metal cutting industry within the framework of the green economy concept: An overview and case study. Sustainable Materials and Technologies, 34, e00507. https://doi.org/10.1016/j.susmat.2022.e00507 Kuo, Y., Maneengam, A., Phan The, C., et al. (2022). Fresh evidence on environmental quality measures using natural resources, renewable energy, non-renewable energy and economic growth for 10 Asian nations from CS-ARDL technique. Fuel, 320, 123914. https://doi.org/10.1016/j.fuel.2022.123914 Lélé, S. M. (1991). Sustainable development: A critical review. World Development, 19(6), 607–621. https://doi.org/10.1016/0305-750x(91)90197-p Li, H., Usman, N., Coulibay, M. H., et al. (2022). Does the resources curse hypothesis exist in China? What is the dynamic role of fiscal decentralization, economic policy uncertainty, and technology innovation for sustainable financial development? Resources Policy, 79, 103002. https://doi.org/10.1016/j.resourpol.2022.103002 Li, J., Dong, K., & Dong, X. (2022). Green energy as a new determinant of green growth in China: The role of green technological innovation. Energy Economics, 114, 106260. https://doi.org/10.1016/j.eneco.2022.106260 Li, S., Long, F., & Long, L. (2022). Resources curse and sustainable development revisited: Evaluating the role of remittances for China. Resources Policy, 79, 103110. https://doi.org/10.1016/j.resourpol.2022.103110 Li, X., Ozturk, I., Ullah, S., et al. (2022). Can top-pollutant economies shift some burden through insurance sector development for sustainable development? Economic Analysis and Policy, 74, 326–336. https://doi.org/10.1016/j.eap.2022.02.006 Li, X., Zhu, S., Li, Y., & Chang, R. (2022). What is the asymmetric influence of natural resource rent and green innovation on the ecological sustainability of the ARCTIC region. Resources Policy, 79, 103051. https://doi.org/10.1016/j.resourpol.2022.103051 Li, Y., Alharthi, M., Ahmad, I., et al. (2022). Nexus between renewable energy, natural resources and carbon emissions under the shadow of transboundary trade relationship from South East Asian economies. Energy Strategy Reviews, 41, 100855. https://doi.org/10.1016/j.esr.2022.100855 Lin, B., & Moubarak, M. (2014). Renewable energy consumption – Economic growth nexus for China. Renewable and Sustainable Energy Reviews, 40, 111–117. https://doi.org/10.1016/j.rser.2014.07.128 Loiseau, E., Saikku, L., Antikainen, R., et al. (2016). Green economy and related concepts: An overview. Journal of Cleaner Production, 139, 361–371. https://doi.org/10.1016/j.jclepro.2016.08.024 Lorek, S., & Spangenberg, J. H. (2014). Sustainable consumption within a sustainable economy – beyond green growth and green economies. Journal of Cleaner Production, 63, 33–44. https://doi.org/10.1016/j.jclepro.2013.08.045 Lv, Z., & Li, S. (2021). How financial development affects CO2 emissions: A spatial econometric analysis. Journal of Environmental Management, 277, 111397. https://doi.org/10.1016/j.jenvman.2020.111397 Mathews, J. A., & Tan, H. (2011). Progress Toward a Circular Economy in China. Journal of Industrial Ecology, 15(3), 435–457. https://doi.org/10.1111/j.1530-9290.2011.00332.x Mensah, I. A., Sun, M., Gao, C., et al. (2019). Analysis on the nexus of economic growth, fossil fuel energy consumption, CO2 emissions and oil price in Africa based on a PMG panel ARDL approach. Journal of Cleaner Production, 228, 161–174. https://doi.org/10.1016/j.jclepro.2019.04.281 Metawa, N., Dogan, E., & Taskin, D. (2022). Analyzing the nexus of green economy, clean and financial technology. Economic Analysis and Policy, 76, 385–396. https://doi.org/10.1016/j.eap.2022.08.023 Mohamed, E. S. E. (2020). Resource Rents, Human Development and Economic Growth in Sudan. Economies, 8(4), 99. https://doi.org/10.3390/economies8040099 Naseer, A., Su, C.-W., Mirza, N., & Li, J.-P. (2020). Double jeopardy of resources and investment curse in South Asia: Is technology the only way out? Resources Policy, 68, 101702. https://doi.org/10.1016/j.resourpol.2020.101702 Nassani, A. A., Abro, M. M. Q., Batool, R., et al. (2020). Go‐for‐green policies: The role of finance and trade for sustainable development. International Journal of Finance & Economics, 26(1), 1409–1423. Portico. https://doi.org/10.1002/ijfe.1855 Nathaniel, S. P. (2021). Economic complexity versus ecological footprint in the era of globalization: evidence from ASEAN countries. Environmental Science and Pollution Research, 28(45), 64871–64881. https://doi.org/10.1007/s11356-021-15360-w Nathaniel, S. P., Adeleye, N., & Adedoyin, F. F. (2021). Natural Resource Abundance, Renewable Energy, and Ecological Footprint Linkage in MENA Countries. Studies of Applied Economics, 39(3). https://doi.org/10.25115/eea.v39i2.3927 Nguyen, X. P., Le, N. D., Pham, V. V., et al. (2021). Mission, challenges, and prospects of renewable energy development in Vietnam. Energy Sources, Part A: Recovery, Utilization, and Environmental Effects, 1–13. https://doi.org/10.1080/15567036.2021.1965264 Nishitani, K., Nguyen, T. B. H., Trinh, T. Q., et al. (2021). Are corporate environmental activities to meet sustainable development goals (SDGs) simply greenwashing? An empirical study of environmental management control systems in Vietnamese companies from the stakeholder management perspective. Journal of Environmental Management, 296, 113364. https://doi.org/10.1016/j.jenvman.2021.113364 OECD 2011. Towards Green Growth: Monitoring Progress. OECD. Ofori, I. K., Gbolonyo, E. Y., & Ojong, N. (2023). Foreign direct investment and inclusive green growth in Africa: Energy efficiency contingencies and thresholds. Energy Economics, 117, 106414. https://doi.org/10.1016/j.eneco.2022.106414 Opoku, E. E. O., Ibrahim, M., & Sare, Y. A. (2019). Foreign Direct Investment, Sectoral Effects and Economic Growth in Africa. International Economic Journal, 33(3), 473–492. https://doi.org/10.1080/10168737.2019.1613440 Pata, U. K. (2020). Renewable and non-renewable energy consumption, economic complexity, CO2 emissions, and ecological footprint in the USA: testing the EKC hypothesis with a structural break. Environmental Science and Pollution Research, 28(1), 846–861. https://doi.org/10.1007/s11356-020-10446-3 Pata, U. K., & Kartal, M. T. (2023). Impact of nuclear and renewable energy sources on environment quality: Testing the EKC and LCC hypotheses for South Korea. Nuclear Engineering and Technology, 55(2), 587–594. https://doi.org/10.1016/j.net.2022.10.027 Paus, E. A., & Robinson, M. D. (1997). The implications of increasing economic openness for real wages in developing countries, 1973–1990. World Development, 25(4), 537–547. https://doi.org/10.1016/s0305-750x(96)00127-1 Pesaran, M. H. & SHIN, Y. (1995). An autoregressive distributed lag modelling approach to cointegration analysis. University of Cambridge. Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. Portico. https://doi.org/10.1002/jae.616 Pethig, R. (1976). Pollution, welfare, and environmental policy in the theory of Comparative Advantage. Journal of Environmental Economics and Management, 2(3), 160–169. https://doi.org/10.1016/0095-0696(76)90031-0 Rahman, M. M., & Velayutham, E. (2020). Renewable and non-renewable energy consumption-economic growth nexus: New evidence from South Asia. Renewable Energy, 147, 399–408. https://doi.org/10.1016/j.renene.2019.09.007 Rahman, M. M., Alam, K., & Velayutham, E. (2022). Reduction of CO2 emissions: The role of renewable energy, technological innovation and export quality. Energy Reports, 8, 2793–2805. https://doi.org/10.1016/j.egyr.2022.01.200 Reilly, J. M. (2012). Green growth and the efficient use of natural resources. Energy Economics, 34, S85–S93. https://doi.org/10.1016/j.eneco.2012.08.033 Rodrik, D. (1988). Imperfect competition, scale economies, and trade policy in developing countries. Trade policy issues and empirical analysis. University of Chicago Press. Saqib, N., Ozturk, I., Usman, M., et al. (2023). Pollution Haven or Halo? How European countries leverage FDI, energy, and human capital to alleviate their ecological footprint. Gondwana Research, 116, 136–148. https://doi.org/10.1016/j.gr.2022.12.018 Sarwar, S., Waheed, R., Aziz, G., & Apostu, S. A. (2022). The Nexus of Energy, Green Economy, Blue Economy, and Carbon Neutrality Targets. Energies, 15(18), 6767. https://doi.org/10.3390/en15186767 Saud, S., Chen, S., Haseeb, A., & Sumayya. (2020). The role of financial development and globalization in the environment: Accounting ecological footprint indicators for selected one-belt-one-road initiative countries. Journal of Cleaner Production, 250, 119518. https://doi.org/10.1016/j.jclepro.2019.119518 Saud, S., Haseeb, A., Zafar, M. W., & Li, H. (2023). Articulating natural resource abundance, economic complexity, education and environmental sustainability in MENA countries: Evidence from advanced panel estimation. Resources Policy, 80, 103261. https://doi.org/10.1016/j.resourpol.2022.103261 Shahabadi, A. & Feyzi, S. (2016). The relationship between natural resources abundance, foreign direct investment and environmental performance in selected oil and developed countries during 1996–2013. International Journal of Resistive Economics, 4, 101–116. Shahbaz, M., Destek, M. A., Okumus, I., & Sinha, A. (2019). An empirical note on comparison between resource abundance and resource dependence in resource abundant countries. Resources Policy, 60, 47–55. https://doi.org/10.1016/j.resourpol.2018.12.002 Shahbaz, M., Lean, H. H., & Shabbir, M. S. (2012). Environmental Kuznets Curve hypothesis in Pakistan: Cointegration and Granger causality. Renewable and Sustainable Energy Reviews, 16(5), 2947–2953. https://doi.org/10.1016/j.rser.2012.02.015 Shahbaz, M., Raghutla, C., Song, M., et al. (2020). Public-private partnerships investment in energy as new determinant of CO2 emissions: The role of technological innovations in China. Energy Economics, 86, 104664. https://doi.org/10.1016/j.eneco.2020.104664 Sharif, A., Brahim, M., Dogan, E., & Tzeremes, P. (2023). Analysis of the spillover effects between green economy, clean and dirty cryptocurrencies. Energy Economics, 120, 106594. https://doi.org/10.1016/j.eneco.2023.106594 Sharma, R., Jabbour, C. J. C., & Lopes de Sousa Jabbour, A. B. (2020). Sustainable manufacturing and industry 4.0: what we know and what we don’t. Journal of Enterprise Information Management, 34(1), 230–266. https://doi.org/10.1108/jeim-01-2020-0024 Sheikh, M. A., Malik, M. A., & Masood, R. Z. (2020). Assessing the effects of trade openness on sustainable development: evidence from India. Asian Journal of Sustainability and Social Responsibility, 5(1). https://doi.org/10.1186/s41180-019-0030-x Song, X., Zhou, Y., & Jia, W. (2019). How do Economic Openness and R&D Investment Affect Green Economic Growth?—Evidence from China. Resources, Conservation and Recycling, 146, 405–415. https://doi.org/10.1016/j.resconrec.2019.03.050 Su, C. W., Liu, F., Stefea, P., & Umar, M. (2023). Does technology innovation help to achieve carbon neutrality? Economic Analysis and Policy, 78, 1–14. https://doi.org/10.1016/j.eap.2023.01.010 Sunde, T. (2017). Foreign direct investment, exports and economic growth: ADRL and causality analysis for South Africa. Research in International Business and Finance, 41, 434–444. https://doi.org/10.1016/j.ribaf.2017.04.035 Tamazian, A., Chousa, J. P., & Vadlamannati, K. C. (2009). Does higher economic and financial development lead to environmental degradation: Evidence from BRIC countries. Energy Policy, 37(1), 246–253. https://doi.org/10.1016/j.enpol.2008.08.025 Tien, N. H., Ngoc, N. M. & Anh, D. B. H. (2021). Current situation of high-quality human resources in FDI enterprises in Vietnam-solutions to attract and maintain. International Journal of Multidisciplinary Research and Growth Evaluation, 2, 31–38. Tobey, J. (2001). The Effects of Domestic Environmental Policies on Patterns of World Trade. The Economics of International Trade and the Environment, 205–216. https://doi.org/10.1201/9781420032628.ch13 Ullah, A., Zhao, X., Kamal, M. A., et al. (2020). Exploring asymmetric relationship between Islamic banking development and economic growth in Pakistan: Fresh evidence from a non-linear ARDL approach. International Journal of Finance & Economics, 26(4), 6168–6187. Portico. https://doi.org/10.1002/ijfe.2115 UN (2015). Sustainable development goals. United nations department of economic and social affairs, New York, United States. UNEP (2011). Towards a green economy: Pathways to Sustainable Developement and Poverty Eradication—A Synthesis for Policy Makers. UNEP (2016). Sustainable Consumption & Production Branch: Resource Efficient and Cleaner Production. Walter, I. & Ugelow, J. L. (1979). Environmental policies in developing countries. Ambio, 102–109. Wang, R., Usman, M., Radulescu, M., et al. (2023). Achieving ecological sustainability through technological innovations, financial development, foreign direct investment, and energy consumption in developing European countries. Gondwana Research, 119, 138–152. https://doi.org/10.1016/j.gr.2023.02.023 WCED (1987). Report of the World Commission on Environment and Development: Our Common Future, United Nations General Assembly document A/42/427. World Bank (2012). Inclusive green growth: The pathway to sustainable development, The World Bank. Xiaoman, W., Majeed, A., Vasbieva, D. G., et al. (2021). Natural resources abundance, economic globalization, and carbon emissions: Advancing sustainable development agenda. Sustainable Development, 29(5), 1037–1048. Portico. https://doi.org/10.1002/sd.2192 Xuan, D., Jiang, X., & Fang, Y. (2023). Can globalization and the green economy hedge natural resources? Functions of population growth and financial development in BRICS countries. Resources Policy, 82, 103414. https://doi.org/10.1016/j.resourpol.2023.103414 Yamarik, S., & Ghosh, S. (2011). Is natural openness or trade policy good for the environment? Environment and Development Economics, 16(6), 657–684. https://doi.org/10.1017/s1355770x11000271 Yikun, Z., Woon Leong, L., Cong, P. T., et al. (2022). Green growth, governance, and green technology innovation. How effective towards SDGs in G7 countries? Economic Research-Ekonomska Istraživanja, 36(2). https://doi.org/10.1080/1331677x.2022.2145984 Yu, M. (2018). China’s international trade development and opening-up policy design over the past four decades. China Economic Journal, 11(3), 301–318. https://doi.org/10.1080/17538963.2018.1516275 Zakari, A., Li, G., Khan, I., et al. (2022). Are abundant energy resources and Chinese business a solution to environmental prosperity in Africa? Energy Policy, 163, 112829. https://doi.org/10.1016/j.enpol.2022.112829 Zhao, W.-X., Samour, A., Yi, K., & Al-Faryan, M. A. S. (2023). Do technological innovation, natural resources and stock market development promote environmental sustainability? Novel evidence based on the load capacity factor. Resources Policy, 82, 103397. https://doi.org/10.1016/j.resourpol.2023.103397 Zheng, H., Zhang, L., & Zhao, X. (2022). How does environmental regulation moderate the relationship between foreign direct investment and marine green economy efficiency: An empirical evidence from China’s coastal areas. Ocean & Coastal Management, 219, 106077. https://doi.org/10.1016/j.ocecoaman.2022.106077



DOI: https://doi.org/10.24294/jipd.v8i3.3111

Refbacks

  • There are currently no refbacks.


Copyright (c) 2024 Pham Xuan Bach, Phan The Cong

License URL: https://creativecommons.org/licenses/by/4.0/

This site is licensed under a Creative Commons Attribution 4.0 International License.