Cao Xinbang's research while affiliated with Nanjing University of Information Science & Technology and other places

Global warming has become one of the most serious and hotly debated global issue in recent years, despite increasing international agreements requiring urgent action. Therefore, many countries are striving to achieve carbon neutrality. To achieve decarbonization, renewable energy and green technologies can play a significant role. Thus, it is worth noting the connection between renewable energy consumption , green technology, and carbon emissions. We explore the effects of financial development (FD), renewable energy consumption, and green technology on carbon emissions (CE) in seven emerging countries between 1990 and 2020. To assess the empirical data, a wide range of econometric techniques from second-generation were employed, including cross-sectional dependence test, heterogeneity test, Westerlund cointegration test, augmented mean group (AMG) heterogeneous panel estimator, and Panel Granger causality test. The empirical findings revealed that FD increases the level of CE, which results in environmental degradation. In contrast, renewable energy usage and green technology decline CE in the long-run. Furthermore, when combined with renewable energy, FD tends to be less detrimental to the environment. The findings also unveiled that FD improves environmental quality through the green technology channel. The findings of causality tests demonstrated that policies related to renewable energy and green technology will affect carbon emissions in one direction, but not in the other. Our outcomes have significant implications. Our recommendation is to promote green technology and renewable energy usage, especially in emerging economies. By doing so, we will be able to attain the sustainable development goals. Ó

In order to combat climate change, a country must invest in the development of renewable energy sources and the upgrading of its energy infrastructure. Capital is one of the obstacles to the energy revolution because green energy development is often expensive and risky, especially in its infancy. It is imperative to understand how financial development affects renewable energy consumption as well as which aspects of financial development are most essential to its development. This study used Method of Moments Quantile Regression (MMQR) to investigate the impact of different aspects of financial development on renewable energy consumption using panel data from seven emerging (E7) countries from 1991 to 2018. The model is enhanced by controlling for the effects of foreign direct investment, economic growth, real oil prices, and trade openness. In the empirical findings of MMQR, it is confirmed that the influence of independent variables varies among quantiles of renewable energy consumption. Overall, we find that all three facets of financial development (financial development overall, financial markets-related development, and financial institutions-related development) positively impact renewable energy consumption. The results of our study further indicate that although all three aspects of financial development increase renewable energy consumption, but the effect is greater in the case of financial markets-related development. The findings of our empirical study have significant policy implications for the achievement of Sustainable Development Goals.

Understanding the drivers of CO2 emissions has been necessary in drafting policies to curb global warming. In this study, we examine the impact of disaggregated financial development components on CO2 emissions by taking into account the multifaceted and complicated structure of modern financial systems in 46 countries of Sub-Saharan Africa between 1991 and 2016. The empirical models are estimated using a system-GMM approach. The analysis shows that the development of financial markets and their components, including access, depth, and efficiency, contribute to CO2 emissions in the region. For financial institutions development and its sub-measures, similar effects are observed. However, financial market development has less adverse environmental effects than the development of financial institutions. Renewable energy consumption also leads to substantial reductions in CO2 emissions. The financial markets are playing an increasingly important role in complementing renewable energy for environmental improvement. The study also indicates that the relationship between these variables and CO2 emissions varies at a country-level depending on the economy of the country. The study also discusses the policy implications of these findings.

Clean technologies are a critical component of the Sustainable Development Goals (SDGs) set by the United Nations to combat global warming and limit global temperature increases to 1.5 °C.The role of green technology innovations, renewable energy, and financial development would be helpful for attaining the SDGs. In order to determine how these variables contribute to environmental protection, this study examines the effects of financial development, green technology innovations, and renewable energy use on carbon emissions (CE) for the twelve top emitters covering the data from 1991 to 2018. For this purpose, we applied second generation econometric techniques and the Dumitrescu and Hurlin (D-H) causality test. The empirical results reveal that financial development increases CE, whereas green technology innovations and renewable energy use reduce CE. The results of the D-H causality test indicate bidirectional causality between financial development, green technology innovations, renewable energy use, and CE, as well as unidirectional causality from nonrenewable energy use, per capita income, and trade openness to CE. Moreover, the forecasting results suggest that green technology innovations and renewable energy use in the future will be the primary factors contributing to the decrease of CE, while consumption of nonrenewable energy will gradually diminish. Based on the findings, policies are suggested for reducing CE towards achieving sustainable development.

Taking into account the complicated and multidimensional nature of financial development, this study aims to investigate the impact of overall financial market development, institution development, and their sub-indices on CO2 emissions. To advance knowledge about the nexus between financial development and CO2 emissions, four financial market indices (overall financial market development, FM-access, FM-depth, and FM-efficiency) and four financial institution indices (overall financial institution development, FI-access, FI-depth, and FI-efficiency) are used. The study used two-stage system GMM and panel data of developed and emerging countries over the period 2000–2018. The empirical results reveal that the overall financial market development and its sub-indices (FM-access, FM-depth, and FM-efficiency) reduce CO2 emissions in developed and emerging countries. The results further show that the overall financial institution development and its sub-indices such as FI-access, FI-depth, and FI-efficiency foster the environment quality in developed economies, while these indices impede the environmental quality in emerging economies. The usage of renewable energy is found to be a viable solution to mitigate the CO2 emissions in both groups of countries. Additionally, policies related to sustainable development are also discussed in the paper.

This article makes an empirical analysis on the impact of pension on residents' consumption from a micro point of view.It can be seen that pension has a great impact on residents' consumption, which is consistent with Keynesian consumption function theory. The pension system plays a great role in guaranteeing the basic life of residents after retirement. We concludes that there is an obvious positive correlation between the basic social pension and residents' consumption level.

The present study aims to analyze the influence of stock market and financial institution development on carbon emissions by incorporating the role of renewable energy consumption and foreign direct investment in the function of carbon emissions on G20 member countries from 1981–217. Further, the empirical analysis is carried out on the full sample and sub-samples of developed and developing economies by employing panel econometric techniques. The findings confirm that the stock market development index reduces carbon emissions in the full sample and developed countries while increases carbon emissions in developing countries. However, the index of financial institution development increases carbon emissions in the full sample and developed countries but effect is found insignificant in the case of developing economies. The renewable energy consumption reduces the level of environmental degradation across the panels. Similarly, foreign direct investment increases environmental quality in the full sample and emerging economies while impede environmental quality in the developed economies. On the basis of empirical results, this study recommends policy implications.

This study investigates the relationship between disaggregate components of financial development and CO 2 emissions by considering the complicated and multidimensional nature of modern financial systems across the globe. Using panel data for 46 Sub Saharan Africa countries ranging from 1991 to 2016, we adopt the dynamic generalized-method-of moment system (sys-GMM) model to investigate the aforementioned objective of the study. The empirical results show that the development of financial market and its sub-measures such as financial market access, depth and efficiency further raise CO 2 emissions in the region. The similar impact is found for the development of financial institution and its sub-measures. However, the development of financial market has a smaller impact on CO 2 emissions compared to the development of financial institution. The results further reveal that renewable energy consumption reduces CO 2 emissions significantly. An increasing role of financial markets complement renewable energy to improve the quality of the environment. The study also reveal that the relationships among these variables and CO 2 emissions vary across countries due to different level of economic development. The policy implications are also discussed in the current study.