Empowering renewable energy consumption through public-private investment, urbanization, and globalization: Evidence from CS-ARDL and NARDL
This study examines the interrelationship among public-private investment, urbanization, globalization, and renewable energy consumption in the BIMSTEC nations for 1995–2021. The study implemented linear and nonlinear frameworks to document the magnitudes of explanatory variables on REC. Referring t...
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| Format: | Article |
| Language: | English |
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Elsevier
2024-02-01
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| Series: | Heliyon |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2405844024024861 |
| _version_ | 1797267673761972224 |
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| author | Chaobing Yin Md Qamruzzaman |
| author_facet | Chaobing Yin Md Qamruzzaman |
| author_sort | Chaobing Yin |
| collection | DOAJ |
| description | This study examines the interrelationship among public-private investment, urbanization, globalization, and renewable energy consumption in the BIMSTEC nations for 1995–2021. The study implemented linear and nonlinear frameworks to document the magnitudes of explanatory variables on REC. Referring to the study findings with CSD, CIPS, CADF, and PCT disclosed the presence of cross-sectional dependency; variables are integrated after the first difference, i.e., I (1), and long-run association. According to symmetric and asymmetric coefficients, Public-private partnerships and globalization have emerged as significant catalysts for developing renewable energy sources. At the same time, urbanization is exposed to an adverse tie with REC, especially in the long-run. Based on the abovementioned findings, the study presents crucial policy recommendations to facilitate the expeditious transition to renewable energy within the BIMSTEC nations. Policymakers should prioritize the cultivation of robust public-private partnerships, the provision of incentives for investments in renewable energy, and the formulation of comprehensive regulatory frameworks. |
| first_indexed | 2024-03-07T23:06:07Z |
| format | Article |
| id | doaj.art-6fda79634c004679abc46e820b929874 |
| institution | Directory Open Access Journal |
| issn | 2405-8440 |
| language | English |
| last_indexed | 2024-04-25T01:20:20Z |
| publishDate | 2024-02-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Heliyon |
| spelling | doaj.art-6fda79634c004679abc46e820b9298742024-03-09T09:28:20ZengElsevierHeliyon2405-84402024-02-01104e26455Empowering renewable energy consumption through public-private investment, urbanization, and globalization: Evidence from CS-ARDL and NARDLChaobing Yin0Md Qamruzzaman1FanLi Business School, Nanyang Institute of Technology, Henan Province, ChinaSchool of Business and Economics, United International University, Dhaka 1212, Bangladesh; Corresponding author.This study examines the interrelationship among public-private investment, urbanization, globalization, and renewable energy consumption in the BIMSTEC nations for 1995–2021. The study implemented linear and nonlinear frameworks to document the magnitudes of explanatory variables on REC. Referring to the study findings with CSD, CIPS, CADF, and PCT disclosed the presence of cross-sectional dependency; variables are integrated after the first difference, i.e., I (1), and long-run association. According to symmetric and asymmetric coefficients, Public-private partnerships and globalization have emerged as significant catalysts for developing renewable energy sources. At the same time, urbanization is exposed to an adverse tie with REC, especially in the long-run. Based on the abovementioned findings, the study presents crucial policy recommendations to facilitate the expeditious transition to renewable energy within the BIMSTEC nations. Policymakers should prioritize the cultivation of robust public-private partnerships, the provision of incentives for investments in renewable energy, and the formulation of comprehensive regulatory frameworks.http://www.sciencedirect.com/science/article/pii/S2405844024024861Renewable energyGlobalizationPublic-private investmentUrbanizationCross-sectional autoregressive distributed lagged |
| spellingShingle | Chaobing Yin Md Qamruzzaman Empowering renewable energy consumption through public-private investment, urbanization, and globalization: Evidence from CS-ARDL and NARDL Heliyon Renewable energy Globalization Public-private investment Urbanization Cross-sectional autoregressive distributed lagged |
| title | Empowering renewable energy consumption through public-private investment, urbanization, and globalization: Evidence from CS-ARDL and NARDL |
| title_full | Empowering renewable energy consumption through public-private investment, urbanization, and globalization: Evidence from CS-ARDL and NARDL |
| title_fullStr | Empowering renewable energy consumption through public-private investment, urbanization, and globalization: Evidence from CS-ARDL and NARDL |
| title_full_unstemmed | Empowering renewable energy consumption through public-private investment, urbanization, and globalization: Evidence from CS-ARDL and NARDL |
| title_short | Empowering renewable energy consumption through public-private investment, urbanization, and globalization: Evidence from CS-ARDL and NARDL |
| title_sort | empowering renewable energy consumption through public private investment urbanization and globalization evidence from cs ardl and nardl |
| topic | Renewable energy Globalization Public-private investment Urbanization Cross-sectional autoregressive distributed lagged |
| url | http://www.sciencedirect.com/science/article/pii/S2405844024024861 |
| work_keys_str_mv | AT chaobingyin empoweringrenewableenergyconsumptionthroughpublicprivateinvestmenturbanizationandglobalizationevidencefromcsardlandnardl AT mdqamruzzaman empoweringrenewableenergyconsumptionthroughpublicprivateinvestmenturbanizationandglobalizationevidencefromcsardlandnardl |