Asymmetric impact of fossil fuel and renewable energy consumption on economic growth: A nonlinear technique

Baz, Khan; Cheng, Jinhua; Xu, Deyi; Abbas, Khizar; Ali, Irfan; Ali, Hashmat; Fang, Chuandi

doi:10.1016/j.energy.2021.120357

Cited by 173 publications

(71 citation statements)

References 56 publications

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“…A summary of relevant studies introduced in this study is shown in Table 1. Some studies have attempted to investigate the nexus between clean energy and fossil fuels, such as the causality between oil and renewable energy stock prices [15] and the relationship between fossil fuels, renewable energy, and economic growth in Pakistan [22]. In addition, there is a growing body of literature on the relationships between Bitcoin and fossil fuel markets.…”

Section: Previous Researchmentioning

confidence: 99%

“…Bitcoin is a new financial product that may be useful for inclusion in investment portfolios [20] because of its popularity as a cryptocurrency. During the pandemic, while demand for fossil fuels has declined, the demand for clean energy has risen accordingly [21], which means that the clean energy stock market has attracted more private capital reallocation [15] as clean energy is now considered the most efficient alternative to meet fossil fuel consumption [22]. Thus, it is reasonable to assume that clean energy stocks might be regarded as a good hedge asset during the pandemic.…”

Section: Introductionmentioning

confidence: 99%

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Relationships among the Fossil Fuel and Financial Markets during the COVID-19 Pandemic: Evidence from Bayesian DCC-MGARCH Models

Tang

Aruga

2021

Sustainability

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This study examined how the relationships among the fossil fuel, clean energy stock, gold, and Bitcoin markets have changed since the COVID-19 pandemic took place for hedging the price change risks in the fossil fuel markets. We applied the Bayesian Dynamic Conditional Correlation-Multivariate GARCH (DCC-MGARCH) models using US daily data from 2 January 2019 to 26 February 2021. Our results suggest that the fossil fuel (WTI crude oil and natural gas) and financial markets (clean energy stock, gold, and Bitcoin) generally had negative relationships in 2019 before the pandemic prevailed, but they became positive for a while in mid-2020, alternating between positive (0.8) and negative values (−0.8). As it is known that negative relationships are required among assets to hedge the risk of price changes, this implies that stakeholders need to be cautious in hedging the risk across the fossil fuel and financial markets when a crisis like COVID-19 occurs. However, our study also revealed that such negative relationships only lasted for three to six months, suggesting that the effects of the pandemic were short term and that stakeholders in the fossil fuel markets could cross hedge with the financial markets in the long term.

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Section: Previous Researchmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Relationships among the Fossil Fuel and Financial Markets during the COVID-19 Pandemic: Evidence from Bayesian DCC-MGARCH Models

Tang

Aruga

2021

Sustainability

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“…In recent decades, a huge increment in the fossil-fuel-related energy demand was observed due to rapid worldwide economic growth [1,2], resulting in a significant increment in greenhouse gas emissions levels, especially that of carbon dioxide (CO 2 ). Continually using fossil fuel accounted as the main factor accelerating global warming [3][4][5], with more than 70% of the total greenhouse gas emissions into the atmosphere [6].…”

Section: Introductionmentioning

confidence: 99%

Evaluation of the Pavement Geothermal Energy Harvesting Technologies towards Sustainability and Renewable Energy

2022

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Continually using fossil fuels as the main source for producing electricity is one of the main factors causing global warming. Through the past years, several efforts have been made, looking for sustainable, environmentally friendly, and clean energy alternatives. Harvesting geothermal energy from roadway pavement is one of the alternatives that have been developed and investigated recently. Herein, a systematic review and bibliometric analysis were conducted to provide a comprehensive overview of the potentials of harvesting thermal energy from asphalt pavement and to assess the level of achievement being attained towards developed technologies. A total of 713 articles were initially collected, considering the period between 2006 and 2021; later, a series of filtration processes were performed to reach 47 publications. The thermal energy harvesting technologies were categorized into three main sectors, at which their basics and principles were discussed. In addition, a detailed description of the systems’ configurations, materials, and efficiency was presented and described. Finally, gaps and future directions were summarized at the end of this paper. The fundamental knowledge introduced herein can inspire researchers to detect research gaps and serve as a wake-up call to motivate them to explore the high potentials of utilizing pavements as a clean and sustainable energy source.

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“…However, fossil fuel reserves are limited. Fossil fuels gradually formed in nature over millions of years may be entirely exhausted by humans within a few hundred years (Baz et al, 2021). In addition, the carbon in fossil fuels is transformed into carbon dioxide, which increases the concentration of carbon dioxide in the atmosphere, leading to aggravation of the greenhouse effect, changing the global climate, and breaking the ecological balance (Arenas-López and Badaoui, 2020).…”

Section: Introductionmentioning

confidence: 99%

Wind Speed Distributions Used in Wind Energy Assessment: A Review

et al. 2021

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With economic development and population growth, energy demand has shown an upward trend. Renewable energy is inexhaustible and causes little pollution, which has broad prospects for development. In recent years, wind energy has been developed as an essential renewable energy source. The use of wind power is very environmentally friendly and plays a critical role in economic growth. Assessing the characteristics and potential of wind energy is the first step in the effective development of wind energy. The wind speed distribution at a specific location determines the available wind energy. This paper reviews the wind speed distribution models used for wind energy assessment, and they are applicable to different wind regimes. All potential wind speed distribution models should be considered for modeling wind speed data at a particular site. Previous studies have selected several parameter estimation methods and evaluation criteria to estimate model parameters and evaluate the goodness-of-fit. This paper discusses their advantages and disadvantages. The characteristics of wind speed distribution are constantly varying geographically and temporally. Wind energy assessment should consider local geographical elements, such as local climate, topography, and thermal properties difference between the land and the sea, and focus on long-term variations in wind characteristics.

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Asymmetric impact of fossil fuel and renewable energy consumption on economic growth: A nonlinear technique

Cited by 173 publications

References 56 publications

Relationships among the Fossil Fuel and Financial Markets during the COVID-19 Pandemic: Evidence from Bayesian DCC-MGARCH Models

Relationships among the Fossil Fuel and Financial Markets during the COVID-19 Pandemic: Evidence from Bayesian DCC-MGARCH Models

Evaluation of the Pavement Geothermal Energy Harvesting Technologies towards Sustainability and Renewable Energy

Wind Speed Distributions Used in Wind Energy Assessment: A Review

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