PreprintArticleVersion 1Preserved in Portico This version is not peer-reviewed
The Impact of Financial Efficiency and Renewable Energy Consumption on CO2 Emissions Reduction in GCC Economies: A Panel Data Quantile Regression Approach
Version 1
: Received: 14 May 2024 / Approved: 15 May 2024 / Online: 15 May 2024 (12:29:38 CEST)
How to cite:
Elmonshid, L. B. E.; Sayed, O. A.; Yousif, G. M. A.; Eldaw, K. E. H. I.; Hussein, M. A. The Impact of Financial Efficiency and Renewable Energy Consumption on CO2 Emissions Reduction in GCC Economies: A Panel Data Quantile Regression Approach. Preprints2024, 2024050997. https://doi.org/10.20944/preprints202405.0997.v1
Elmonshid, L. B. E.; Sayed, O. A.; Yousif, G. M. A.; Eldaw, K. E. H. I.; Hussein, M. A. The Impact of Financial Efficiency and Renewable Energy Consumption on CO2 Emissions Reduction in GCC Economies: A Panel Data Quantile Regression Approach. Preprints 2024, 2024050997. https://doi.org/10.20944/preprints202405.0997.v1
Elmonshid, L. B. E.; Sayed, O. A.; Yousif, G. M. A.; Eldaw, K. E. H. I.; Hussein, M. A. The Impact of Financial Efficiency and Renewable Energy Consumption on CO2 Emissions Reduction in GCC Economies: A Panel Data Quantile Regression Approach. Preprints2024, 2024050997. https://doi.org/10.20944/preprints202405.0997.v1
APA Style
Elmonshid, L. B. E., Sayed, O. A., Yousif, G. M. A., Eldaw, K. E. H. I., & Hussein, M. A. (2024). The Impact of Financial Efficiency and Renewable Energy Consumption on CO2 Emissions Reduction in GCC Economies: A Panel Data Quantile Regression Approach. Preprints. https://doi.org/10.20944/preprints202405.0997.v1
Chicago/Turabian Style
Elmonshid, L. B. E., Kamal Eldin Hassan Ibrahim Eldaw and Muawya Ahmed Hussein. 2024 "The Impact of Financial Efficiency and Renewable Energy Consumption on CO2 Emissions Reduction in GCC Economies: A Panel Data Quantile Regression Approach" Preprints. https://doi.org/10.20944/preprints202405.0997.v1
Abstract
As prominent oil producers, the Gulf Cooperation Council (GCC) countries have played a significant role in the global energy market. However, as the world's attention increasingly shifts towards environmental sustainability, understanding the implications of the GCC's economic activities on CO2 emissions becomes indispensable. This research paper investigates the relationship between specific economic indicators and their impact on CO2 emissions in the GCC from 2001 to 2021. The study employs quantile regression, a powerful statistical method that estimates the conditional quantiles of a response variable given a set of predictor variables. The findings reveal several important insights: Financial institution efficiency is significant and negative at a 1% level at the lower (10th) -83537.3 and the higher quantile (90th) -549002.3. The relationship between GDP per capita and CO2 emissions varies across quantiles, highlighting the complexity of the growth-environment nexus. Total patents exhibit a positive and significant relationship with emissions, underscoring the importance of directing innovation towards environmentally sustainable solutions. Renewable energy consumption displays a nuanced relationship with CO2 emissions, with a stronger negative impact observed at higher consumption levels. This underscores the potential of renewable energy to mitigate emissions when integrated at scale. The study's outcomes hold crucial policy implications for the GCC countries as they seek to align economic growth with environmental sustainability. The findings emphasize the importance of fostering financial institution efficiency, promoting green innovation, and expanding renewable energy sources to reduce emissions
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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