• Energy Research
• Energy Research close

AbstractThe paper aims to evaluate the impact of cultural and creative industries (CCI) finance on green economic flourishing for 16 European Union countries from 2012 to 2021. The coefficients estimated by the Arellano-Bond dynamic GMM technique confirmed that the market size coefficient of the cultural and creative industries is positive. In the case of green innovation, this variable has a positive coefficient. In addition, a 1% increase in the index of openness of the financial markets improves the green economy index of the European Union countries by 0.015%. With a 1% increase in the volume of cultural goods trade in the studied countries, the green economy index increases by 0.184%. The primary policy implications are developing green financing tools, using green cryptocurrencies in the cultural industry, developing the policy of trade multilateralism in cultural goods, promoting mutual learning of civilizations and cross-cultural literary exchange and innovation, and green government support for small and medium enterprises active in the culture industry.

The study investigates the nexus of CO2 emissions, tourism, fossil fuels, and GDP growth using China’s data from 1970 to 2019. The research applied the upset U-molded EKC and the ARDL -models to calculate the time series stationarity variables. The results showed that in the initial enlargement phases, a sophisticated GDP adversely impacts CO2 emissions, then a higher GDP positively influences CO2 emissions. The development of tourism, use of fossil fuels (coal and oil), and population growth show an important influence on CO2 emissions but the use of gas and electricity has little effect on CO2 emissions. In contrast, foreign direct investment besides population development had little effect on increasing CO2 emissions. Retreating foreign direct investment, strengthening the use of sustainable electricity, and improving transportation for explorers, especially the green tourism business, are excellent ways to reduce environmental degradation in China.