College of Economics and Management, Nanjing Forestry University, Nanjing, 210037, Jiangsu, China.
Centre for Ecological Civilization and Rural Revitalization, Nanjing Forestry University, Nanjing, 210037, Jiangsu, China.
Environ Sci Pollut Res Int. 2022 Oct;29(46):69540-69554. doi: 10.1007/s11356-022-20692-2. Epub 2022 May 14.
Sustainable Development Goal (SDG-7) stipulates the need for clean energy, reduced carbon dioxide emissions, prevention of environmental degradation, promotion of biodiversity, and ecosystem preservation. Toward achieving these goals, this study provides new evidence on the causal link between renewable energy demand, financial reforms, economic growth, foreign direct investment, and environmental quality among emerging West African economies. The study adopted the fully modified ordinary least squares, dynamic ordinary least squares, pooled mean group estimation, and Granger causality test for its analysis. It was found that renewable energy demand has been favorable to the environmental health of West African economies. Also, financial reforms made within the region contributed to increasing the ecological footprints of the region. Direct investments from foreigners showed encouraging results as they improved the quality of the environment. We also found a unidirectional causality from ecological footprints to renewable energy demand and financial reforms but a bidirectional relationship with economic growth and foreign direct investment. Moreover, it was evident that ecological footprints Granger cause financial reforms and economic growth but not vice versa. Policy recommendations outlined encourage governments and policymakers to embark on intensive clean energy technologies and effective green financial reforms to help achieve Sustainable Development Goals.
可持续发展目标（SDG-7）规定需要清洁能源、减少二氧化碳排放、防止环境退化、促进生物多样性和生态系统保护。为了实现这些目标，本研究提供了新兴西非经济体中可再生能源需求、金融改革、经济增长、外国直接投资和环境质量之间因果关系的新证据。该研究采用全修正最小二乘法、动态最小二乘法、平均组估计和格兰杰因果检验进行分析。结果表明，可再生能源需求有利于西非经济体的环境健康。此外，该地区的金融改革有助于增加该地区的生态足迹。外国直接投资也取得了令人鼓舞的结果，因为它们改善了环境质量。我们还发现，生态足迹与可再生能源需求和金融改革之间存在单向因果关系，但与经济增长和外国直接投资之间存在双向关系。此外，生态足迹明显导致金融改革和经济增长，但不是相反。概述的政策建议鼓励政府和政策制定者采用密集的清洁能源技术和有效的绿色金融改革，以帮助实现可持续发展目标。
