Role of Renewable Energy Consumption and Technological Innovation to Achieve Carbon Neutrality in Spain: Fresh Insights From Wavelet Coherence and Spectral Causality Approaches
This research offers a new perceptive of the dynamic connection between CO2 and globalization, technological innovation (TI), economic growth, and renewable energy (REN) consumption in Spain. The current research applied the wavelet tools to assess these interconnection utilizing data stretching fro...
| Main Authors: | , , , , , |
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| Format: | Article |
| Language: | English |
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Frontiers Media S.A.
2021-10-01
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| Series: | Frontiers in Environmental Science |
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| Online Access: | https://www.frontiersin.org/articles/10.3389/fenvs.2021.769067/full |
| _version_ | 1819022206848466944 |
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| author | Yawen Zhao Muhammad Ramzan Tomiwa Sunday Adebayo Tomiwa Sunday Adebayo Seun Damola Oladipupo Ibrahim Adeshola Ephraim Bonah Agyekum |
| author_facet | Yawen Zhao Muhammad Ramzan Tomiwa Sunday Adebayo Tomiwa Sunday Adebayo Seun Damola Oladipupo Ibrahim Adeshola Ephraim Bonah Agyekum |
| author_sort | Yawen Zhao |
| collection | DOAJ |
| description | This research offers a new perceptive of the dynamic connection between CO2 and globalization, technological innovation (TI), economic growth, and renewable energy (REN) consumption in Spain. The current research applied the wavelet tools to assess these interconnection utilizing data stretching from 1980 to 2018. The outcomes of these analyses disclose that the association among the series evolves over frequency and time. The current analysis uncovers notable wavelet coherence and strong lead and lag connections in the frequency domain, whereas the time domain indicates inconsistent correlations among the variables of interest. The outcomes of the wavelet analysis from the economic perspective affirm that in the short and medium term, globalization, economic growth, and TI contribute to environmental degradation; however, in the long term, globalization, economic growth, and TI do not contribute to the degradation of the environment. Moreover, at different frequencies, REN consumption helps mitigate environmental degradation in Spain. Furthermore, the spectral causality test unveiled that in the long term, REN utilization, globalization, TI, and economic growth can predict CO2 emissions in Spain. |
| first_indexed | 2024-12-21T04:19:19Z |
| format | Article |
| id | doaj.art-c6e29eec4fb0483489ff7bfb32495c52 |
| institution | Directory Open Access Journal |
| issn | 2296-665X |
| language | English |
| last_indexed | 2024-12-21T04:19:19Z |
| publishDate | 2021-10-01 |
| publisher | Frontiers Media S.A. |
| record_format | Article |
| series | Frontiers in Environmental Science |
| spelling | doaj.art-c6e29eec4fb0483489ff7bfb32495c522022-12-21T19:16:14ZengFrontiers Media S.A.Frontiers in Environmental Science2296-665X2021-10-01910.3389/fenvs.2021.769067769067Role of Renewable Energy Consumption and Technological Innovation to Achieve Carbon Neutrality in Spain: Fresh Insights From Wavelet Coherence and Spectral Causality ApproachesYawen Zhao0Muhammad Ramzan1Tomiwa Sunday Adebayo2Tomiwa Sunday Adebayo3Seun Damola Oladipupo4Ibrahim Adeshola5Ephraim Bonah Agyekum6School of International Trade and Economics, Shandong University of Finance and Economics, Jinan, ChinaSchool of International Trade and Economics, Shandong University of Finance and Economics, Jinan, ChinaDepartment of Business Administration, Faculty of Economics and Administrative Science, Cyprus International University, Nicosia, TurkeyDepartment of Finance and Accounting, Akfa University, Tashkent, UzbekistanDepartment of Science, Faculty of Earth Science, Olabisi Onabanjo University, Ago-Iwoye, NigeriaDepartment of Information Technology, School of Computing and Technology, Eastern Mediterranean University, Mersin, TurkeyDepartment of Nuclear and Renewable Energy, Ural Federal University Named after the First President of Russia Boris, Ekaterinburg, RussiaThis research offers a new perceptive of the dynamic connection between CO2 and globalization, technological innovation (TI), economic growth, and renewable energy (REN) consumption in Spain. The current research applied the wavelet tools to assess these interconnection utilizing data stretching from 1980 to 2018. The outcomes of these analyses disclose that the association among the series evolves over frequency and time. The current analysis uncovers notable wavelet coherence and strong lead and lag connections in the frequency domain, whereas the time domain indicates inconsistent correlations among the variables of interest. The outcomes of the wavelet analysis from the economic perspective affirm that in the short and medium term, globalization, economic growth, and TI contribute to environmental degradation; however, in the long term, globalization, economic growth, and TI do not contribute to the degradation of the environment. Moreover, at different frequencies, REN consumption helps mitigate environmental degradation in Spain. Furthermore, the spectral causality test unveiled that in the long term, REN utilization, globalization, TI, and economic growth can predict CO2 emissions in Spain.https://www.frontiersin.org/articles/10.3389/fenvs.2021.769067/fullCO2 emissionstechnological innovationeconomic growthwavelet toolsrenewable energy consumption |
| spellingShingle | Yawen Zhao Muhammad Ramzan Tomiwa Sunday Adebayo Tomiwa Sunday Adebayo Seun Damola Oladipupo Ibrahim Adeshola Ephraim Bonah Agyekum Role of Renewable Energy Consumption and Technological Innovation to Achieve Carbon Neutrality in Spain: Fresh Insights From Wavelet Coherence and Spectral Causality Approaches Frontiers in Environmental Science CO2 emissions technological innovation economic growth wavelet tools renewable energy consumption |
| title | Role of Renewable Energy Consumption and Technological Innovation to Achieve Carbon Neutrality in Spain: Fresh Insights From Wavelet Coherence and Spectral Causality Approaches |
| title_full | Role of Renewable Energy Consumption and Technological Innovation to Achieve Carbon Neutrality in Spain: Fresh Insights From Wavelet Coherence and Spectral Causality Approaches |
| title_fullStr | Role of Renewable Energy Consumption and Technological Innovation to Achieve Carbon Neutrality in Spain: Fresh Insights From Wavelet Coherence and Spectral Causality Approaches |
| title_full_unstemmed | Role of Renewable Energy Consumption and Technological Innovation to Achieve Carbon Neutrality in Spain: Fresh Insights From Wavelet Coherence and Spectral Causality Approaches |
| title_short | Role of Renewable Energy Consumption and Technological Innovation to Achieve Carbon Neutrality in Spain: Fresh Insights From Wavelet Coherence and Spectral Causality Approaches |
| title_sort | role of renewable energy consumption and technological innovation to achieve carbon neutrality in spain fresh insights from wavelet coherence and spectral causality approaches |
| topic | CO2 emissions technological innovation economic growth wavelet tools renewable energy consumption |
| url | https://www.frontiersin.org/articles/10.3389/fenvs.2021.769067/full |
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