ASEAN is becoming one of the fastest-growing economies in the world backed by rapid urbanization, higher mobility, and structural transformation. These developments came with concerns of rising carbon emissions due to high reliance on fossil fuel resources in both consumption and energy production. Thus, a need for more investment in renewable energy has emerged. This paper investigates the impact of financing sources on carbon emissions in the ASEAN region using panel data from six ASEAN states i.e., Indonesia, Laos, Malaysia, Philippines, Thailand, and Vietnam from 1986 to 2018. Four financing source variables were used in this analysis: domestic credit, government expenditure, FDI, and ODA. This study employed Pooled Mean Group estimation to assess the impact of each variable alongside Dynamic Fixed Effects to enrich the results. The results confirmed a long-run relationship among the variables and validated the EKC relationship between income and CO2 emissions. Among the interest variables, government expenditure and FDI are shown to induce carbon emissions in the long run while ODA is found to have an inverse effect on CO2 emissions in both the short and long run. Relevant policy implications were also discussed and presented in this study.
Anotace v angličtině
ASEAN is becoming one of the fastest-growing economies in the world backed by rapid urbanization, higher mobility, and structural transformation. These developments came with concerns of rising carbon emissions due to high reliance on fossil fuel resources in both consumption and energy production. Thus, a need for more investment in renewable energy has emerged. This paper investigates the impact of financing sources on carbon emissions in the ASEAN region using panel data from six ASEAN states i.e., Indonesia, Laos, Malaysia, Philippines, Thailand, and Vietnam from 1986 to 2018. Four financing source variables were used in this analysis: domestic credit, government expenditure, FDI, and ODA. This study employed Pooled Mean Group estimation to assess the impact of each variable alongside Dynamic Fixed Effects to enrich the results. The results confirmed a long-run relationship among the variables and validated the EKC relationship between income and CO2 emissions. Among the interest variables, government expenditure and FDI are shown to induce carbon emissions in the long run while ODA is found to have an inverse effect on CO2 emissions in both the short and long run. Relevant policy implications were also discussed and presented in this study.
ASEAN is becoming one of the fastest-growing economies in the world backed by rapid urbanization, higher mobility, and structural transformation. These developments came with concerns of rising carbon emissions due to high reliance on fossil fuel resources in both consumption and energy production. Thus, a need for more investment in renewable energy has emerged. This paper investigates the impact of financing sources on carbon emissions in the ASEAN region using panel data from six ASEAN states i.e., Indonesia, Laos, Malaysia, Philippines, Thailand, and Vietnam from 1986 to 2018. Four financing source variables were used in this analysis: domestic credit, government expenditure, FDI, and ODA. This study employed Pooled Mean Group estimation to assess the impact of each variable alongside Dynamic Fixed Effects to enrich the results. The results confirmed a long-run relationship among the variables and validated the EKC relationship between income and CO2 emissions. Among the interest variables, government expenditure and FDI are shown to induce carbon emissions in the long run while ODA is found to have an inverse effect on CO2 emissions in both the short and long run. Relevant policy implications were also discussed and presented in this study.
Anotace v angličtině
ASEAN is becoming one of the fastest-growing economies in the world backed by rapid urbanization, higher mobility, and structural transformation. These developments came with concerns of rising carbon emissions due to high reliance on fossil fuel resources in both consumption and energy production. Thus, a need for more investment in renewable energy has emerged. This paper investigates the impact of financing sources on carbon emissions in the ASEAN region using panel data from six ASEAN states i.e., Indonesia, Laos, Malaysia, Philippines, Thailand, and Vietnam from 1986 to 2018. Four financing source variables were used in this analysis: domestic credit, government expenditure, FDI, and ODA. This study employed Pooled Mean Group estimation to assess the impact of each variable alongside Dynamic Fixed Effects to enrich the results. The results confirmed a long-run relationship among the variables and validated the EKC relationship between income and CO2 emissions. Among the interest variables, government expenditure and FDI are shown to induce carbon emissions in the long run while ODA is found to have an inverse effect on CO2 emissions in both the short and long run. Relevant policy implications were also discussed and presented in this study.
Southeast Asia is one of the fastest growing regions across the world and this comes with an increasing demand for energy consumption. Energy demand from all sectors, from industry transport and households, has doubled from 1995 to 2015 as the region experiences economic growth and improvement of living standards (Nagpal & Hawila, 2018). However, the region is still highly dependent on fossil fuel, mainly oil and natural gas, as its main energy source which can dampen its decarbonization target (Susanto et al., 2021). Thus, there is a growing need to diversify the energy source of the region through renewables not only to achieve the region's CO2 emission targets but also to ensure energy security in the long term. This thesis study will analyze the impact of debt financing in renewable energy sector particularly green bond financing and other traditional debt and development financing on the greenhouse gas emissions in the region. Green bond financing has gained popularity over the last decade as it offers a new way of integrating the financial market in achieving climate-change and sustainable development goals (Azhgaliyeva et al., 2020). This study shall utilize econometric modeling in analyzing the impact of deby financing to the GHG emissions.
Zásady pro vypracování
Southeast Asia is one of the fastest growing regions across the world and this comes with an increasing demand for energy consumption. Energy demand from all sectors, from industry transport and households, has doubled from 1995 to 2015 as the region experiences economic growth and improvement of living standards (Nagpal & Hawila, 2018). However, the region is still highly dependent on fossil fuel, mainly oil and natural gas, as its main energy source which can dampen its decarbonization target (Susanto et al., 2021). Thus, there is a growing need to diversify the energy source of the region through renewables not only to achieve the region's CO2 emission targets but also to ensure energy security in the long term. This thesis study will analyze the impact of debt financing in renewable energy sector particularly green bond financing and other traditional debt and development financing on the greenhouse gas emissions in the region. Green bond financing has gained popularity over the last decade as it offers a new way of integrating the financial market in achieving climate-change and sustainable development goals (Azhgaliyeva et al., 2020). This study shall utilize econometric modeling in analyzing the impact of deby financing to the GHG emissions.
Seznam doporučené literatury
Azhgaliyeva, D., Kapoor, A., & Liu, Y. (2020). Green bonds for financing renewable energy and energy efficiency in South-East Asia: a review of policies. Journal of Sustainable Finance & Investment, 10(2), 113-140.
Nagpal, D., & Hawila, D. (2018). Renewable Energy Market Analysis Southeast Asia. International Renewable Energy Agency (IRENA).
Susantono, B., Zhai, Y., Shrestha, R. M., & Mo, L. (2021). Financing Clean Energy in Developing Asia.
Seznam doporučené literatury
Azhgaliyeva, D., Kapoor, A., & Liu, Y. (2020). Green bonds for financing renewable energy and energy efficiency in South-East Asia: a review of policies. Journal of Sustainable Finance & Investment, 10(2), 113-140.
Nagpal, D., & Hawila, D. (2018). Renewable Energy Market Analysis Southeast Asia. International Renewable Energy Agency (IRENA).
Susantono, B., Zhai, Y., Shrestha, R. M., & Mo, L. (2021). Financing Clean Energy in Developing Asia.
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Student Cabanero presented the research objectives of his thesis Impact of renewable energy debt financing on GHG emissions in Southeast Asia. The student described the methodology used in the research and the hypotheses (4) were presented as well as the conclusion of the thesis. Both of the reviews were read to the committee. Cabanero commented on the reviews and answered questions mentioned in the reviews - the recommendations of the supervisor related to his research, he also explained the limitations of the data and the time frame to further the research.