Abstract
Numerous studies have examined the influence of macroeconomic factors on environmental quality in Ghana. However, to the best of our knowledge, there has been no study on the connection between green investments, financial development, and environmental quality in the context of this Sub-Saharan African country. This study was therefore conducted to help fill this gap using annual frequency time series data ranging from 1970 to 2018. In attaining the objectives of this study, robust econometric techniques were employed. From the results, all the variables were first differenced stationary and cointegrated in the long run. The dynamic ARDL simulations technique with the support of the ARDL estimator was employed to examine the elastic effects of the predictors on the response variable, and from the discoveries, green investments improved environmental quality in Ghana both in the long and the short run via carbon dioxide mitigations. However, in both the long and the short run, financial development and energy utilization had a detrimental influence on environmental quality due to their positive influence on carbon dioxide emissions. Moreover, the N-shaped association between national income and environmental pollution was validated for Ghana. On the causal directions amidst the variables, there was no causality between green investments and environmental degradation was evidenced; however, a bidirectional causality between financial development and environmental pollution was also discovered. Also, unidirectional causalities running from national income and energy consumption to environmental degradation were discovered. Based on the findings, the study recommend that investments in green sources should be intensified to help improve environmental quality in Ghana. Furthermore, improving developments in the financial sector is a vital means through which the country could attain its sustainable development goals.
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Data availability
The datasets used and/or analyzed during the current study are available from the corresponding author on reasonable request.
Change history
13 March 2024
This article has been retracted. Please see the Retraction Notice for more detail: https://doi.org/10.1007/s11356-024-32880-3
Abbreviations
- GI:
-
Green investments
- GII:
-
Green investment index
- FD:
-
Financial development
- FDI:
-
Financial development index
- EQ:
-
Environmental quality
- CO2 emissions:
-
Carbon dioxide emissions
- EC:
-
Energy consumption
- DARDL:
-
Dynamic autoregressive distributed lag
- ARDL:
-
Autoregressive distributed lag
- VECM:
-
Vector error correction model
- GMM:
-
Generalized method of moments
- PHH:
-
Pollution haven hypothesis
- AMG:
-
Augmented mean group
- CS-ARDL:
-
Cross-sectional autoregressive distributed lag
- SUR:
-
Seemingly unrelated regression
- ECT:
-
Error correction term
- ADF:
-
Augmented Dickey-Fuller
- PP:
-
Phillips-Perron
- WDI:
-
World Development Indicators
- FMOLS:
-
Fully modified ordinary least squares
- DOLS:
-
Dynamic ordinary least squares
- ASEAN:
-
Association of Southeast Asian Nations
- PMG:
-
Pooled mean group
- BRICS:
-
Brazil, Russia, India, China, and South Africa
- GCC:
-
Gulf Cooperation Council
- EPA:
-
Environmental Protection Agency
- IEA:
-
International Energy Agency
- SDGs:
-
Sustainable Development Goals
- STIRPAT:
-
Stochastic impacts by regression on population, affluence and technology
- APEC:
-
Asia-Pacific Economic Cooperation
- OECD:
-
Organisation for Economic Co-operation and Development
- RE:
-
Renewable energy
- RALS:
-
Residual augmented Least squares
- EKC:
-
Environmental Kuznets curve
- N-11:
-
Next Eleven
- GDP:
-
Gross domestic product
- PCA:
-
Principal components analysis
- SD:
-
Standard deviation
- VIF:
-
Variance inflation factor
- IPCC:
-
Intergovernmental Panel on Climate Change
- KPSS:
-
Kwiatkowski-Phillips-Schmidt-Shin
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Musah, M., Owusu-Akomeah, M., Kumah, E.A. et al. RETRACTED ARTICLE: Green investments, financial development, and environmental quality in Ghana: evidence from the novel dynamic ARDL simulations approach. Environ Sci Pollut Res 29, 31972–32001 (2022). https://doi.org/10.1007/s11356-021-17685-y
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