DOI: https://doi.org/10.61435/ijred.2024.60654

Assessing the role of circular economy and green innovation in mitigating carbon emissions in the Visegrad countries

1Department of Economics, Faculty of Management and Economics, Tomas Bata University in Zlin, Mostni 5139, 76001 Zlín, Czech Republic

2Faculty of Mining, Ecology, Process Control and Geotechnologies, Technical University of Kosice, Letna 9, 04200 Kosice, Slovakia

3Department of Accounting, Hull University, United Kingdom

4 School of Management, Jiangsu University, Zhenjiang, 212013, China

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Received: 15 Sep 2024; Revised: 26 Oct 2024; Accepted: 1 Nov 2024; Available online: 7 Nov 2024; Published: 10 Nov 2024.
Editor(s): Grigorios Kyriakopoulos
Open Access Copyright (c) 2024 The Author(s). Published by Centre of Biomass and Renewable Energy (CBIORE)
Creative Commons License This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

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Abstract
The shift towards a circular economy is an essential measure in achieving sustainable development because it seeks to separate economic expansion from resource use and environmental deterioration. To meet the European Union green deal, waste management, and the net zero emissions targets various countries are developing and adopting prudent strategies. This study investigates the dynamic affiliation between circular economy (CIR), green innovation (INV), renewable energy (REE), economic progress (GDP), and urbanisation (URB) on carbon emissions (CO2) in the Visegrad (V4) countries, comprising the Czech Republic, Hungary, Poland, and Slovakia. Using the CS-ARDL technique and quantile regression, data curation from 1990-2022 was analysed after checking for cross-sectional, unit root, and cointegration. The outcome demonstrates that circular economy, green innovation, and renewable energy had a negative effect on carbon emissions. In addition, GDP and URB had an immaterially positive influence on carbon emissions. Lastly, the quantile regression confirmed that the study provides useful information for policymakers and stakeholders in the Visegrad countries. It emphasised how important it is to take a broad approach to circular economy initiatives, support eco-friendly innovations, carry out renewable energy projects, and manage the urbanisation process well to achieve long-term economic growth and environmental health.
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Keywords: Circular Economy; Green Innovation; Renewable Energy; Urbanization; CS-ARDL; Visegrad Region
Funding: Tomas Bata University, IGA/FaME/2023/010

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Section: Original Research Article
Language : EN
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