Shaping Somalia's environmental sustainability: the role of institutional quality, renewable energy, economic growth, and financial globalization on load capacity factor
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View abstract on PubMed
Summary
This summary is machine-generated.This study uses the load capacity factor (LCF) to assess Somalia's environmental sustainability. Renewable energy and financial globalization harm LCF, while institutional quality and economic growth (initially) improve it, confirming a U-shaped environmental Kuznets curve.
Area Of Science
- Environmental Science
- Ecological Economics
- Development Studies
Background
- Global environmental issues necessitate robust sustainability indicators beyond traditional metrics like CO₂ emissions.
- Existing indicators often neglect supply-side dynamics, prompting a need for alternative assessment tools.
- The Load Capacity Factor (LCF) offers a supply-side perspective on environmental sustainability.
Purpose Of The Study
- To investigate the impact of renewable energy, financial globalization, economic growth, and institutional quality on Somalia's environmental sustainability using the LCF.
- To quantify the relationship between these factors and the LCF, employing time-series data from 1990-2021.
- To test the Environmental Kuznets Curve (EKC) hypothesis in the Somali context.
Main Methods
- Utilized annual time series data for Somalia spanning 1990-2021.
- Employed the Autoregressive Distributed Lag (ARDL) bound testing approach for cointegration analysis.
- Applied various cointegration methods to ensure robustness of long-run results.
Main Results
- Renewable energy consumption and financial globalization were found to negatively impact the LCF.
- Institutional quality positively influences the LCF, enhancing environmental sustainability.
- Economic growth initially reduces LCF, but its squared term (GDP²) improves it, supporting an inverted U-shaped relationship (EKC hypothesis).
Conclusions
- Somalia's environmental sustainability is influenced by a complex interplay of energy choices, globalization, economic development, and governance.
- Policy recommendations include investing in low-impact renewables (solar, wind), establishing environmental compliance frameworks, and strengthening institutional capacity.
- Enhancing good governance and fostering sustainable finance are crucial for improving environmental quality and long-term resilience in Somalia.
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