This study aims to assess the cumulative effect of environmental policy stringency on the EU’s energy transition up to ten years, controlling for geopolitical risk and a set of climatic and socioeconomic factors. The empirical analysis is based on a sample of 12 EU member countries and the UK over the period 1991-2020. It is performed at the aggregated and disaggregated levels per sub-index of environmental policy stringency and per source of renewable energy. The study outcomes suggest that stringent environmental policies boost energy transition in the EU. This effect is more pronounced in the long run, so a one-point increase in the EPS index is associated with 6.4% increase in the share of renewable energy consumption. The disaggregated analysis reveals that market-based policies are the most influential policies compared to non-market and technology-based policy measures. It also highlights that wind power is the most incentivised renewable energy source by stringent environmental policies, in contrast to hydropower, which is hindered by these policies. The study findings stress the importance of implementing dynamic, adaptive and energy source-specific environmental policies for a sustainable energy transition.
The debate on natural resource rents financing the Sustainable Development Goals (SDGs) contrasts "resource curse" and "resource blessing" paradigms, yet evidence on heterogeneous effects by resource type is limited. This study examines disaggregated rents from oil, natural gas, minerals, and forests on the economic, social, and environmental dimensions of the 17 SDGs in 30 resource-rich countries from 1995 to 2022. Using a multi-method approach (double-censored Tobit model, fixed effects with Driscoll-Kraay standard errors, and two-step system GMM), results show that aggregate rents positively affect the composite Sustainable Development Index. However, oil rents consistently harm all SDG dimensions, supporting the resource curse. In contrast, natural gas, mineral, and forest rents positively influence the three dimensions, indicating a conditional resource blessing under good governance. Findings suggest that the resource curse is oil-driven, while non-oil resources offer strong potential to advance the SDGs through transparent management, sovereign wealth funds, and strategic investments.
PurposeThis study examines the evolving role of green and conventional cryptocurrencies in systemic risk transmission within global financial markets, focusing on environmental sustainability. It specifically assesses whether ESG-aligned tokens act as financial safe havens or contribute to systemic vulnerabilities. Design/methodology/approachUsing a time-varying parameter vector autoregressions (TVP-VAR) framework, the analysis covers 2020–2025 and investigates dynamic connectedness, volatility propagation and shock transmission among selected digital assets across multiple market conditions. FindingsThe results show that environmentally sustainable cryptocurrencies, such as ADA and XRP, frequently serve as dominant transmitters of volatility across both stable and turbulent market conditions. In contrast, traditional proof-of-work cryptocurrencies, including Bitcoin (BTC) and Litecoin (LTC), tend to act as volatility absorbers, largely owing to their liquidity depth and central positions within the network. These findings directly challenge the widespread assumption that ESG-aligned tokens inherently offer financial resilience. Practical implicationsThe results provide valuable guidance for portfolio managers, ESG-oriented investors and regulators, emphasizing that sustainability credentials alone do not ensure systemic stability. Market microstructure factors, including liquidity, investor composition and network effects, are critical for effective risk management. Originality/valueThis study is among the first to systematically integrate environmental sustainability into the analysis of systemic risk in cryptocurrency markets. By revealing the paradoxical role of green tokens as potential volatility transmitters and highlighting the critical influence of market microstructure, it provides insights that bridge financial stability, ESG investment strategies and regulatory policy. The findings offer a robust foundation for both future academic research and the design of more informed, resilient and environmentally conscious financial frameworks.
Tourism resilience has become a strategic imperative for destinations exposed to recurrent crises and structural vulnerabilities, particularly in developing economies. This study examines tourism resilience in the Tunisian context through a multidimensional framework integrating social, economic, institutional, and ecological dimensions. Drawing on 365 valid survey responses, structural equation modeling is employed to test the proposed model and assess the relative influence of each dimension. The findings confirm that tourism resilience is not a unidimensional capacity but an emergent systemic outcome resulting from the dynamic interaction among these dimensions. Social and institutional resilience exert the strongest effects, underscoring the central role of governance quality, trust, and community engagement, while economic and ecological dimensions provide critical adaptive and sustainability-oriented support. Theoretically, this study advances resilience theory by empirically operationalizing resilience as a hierarchically structured, multidimensional construct and by demonstrating how institutional and social mechanisms act as primary drivers rather than peripheral conditions, thereby extending existing resilience frameworks that remain largely conceptual or resource-centric. Methodologically, the study offers a validated measurement model suitable for crisis-prone tourism destinations. From a managerial perspective, the findings inform policymakers and destination managers on the necessity of integrated resilience-building strategies that align governance, societal capacities, economic adaptability, and ecological stewardship. By focusing on Tunisia as a representative tourism-dependent developing economy, this research provides transferable insights for fostering resilient and sustainable destinations worldwide.
This work reports the synthesis and characterization of undoped ZnO and (Ni + Fe)-doped ZnO thin films deposited on glass substrates via the sol-gel method and spin coating technique. Zinc acetate dihydrate, ferric nitrate nonahydrate, and nickel(II) nitrate hexahydrate were used as precursors for Zn, Fe, and Ni, respectively, with monoethanolamine (MEA) acting as a stabilizing agent. The films were annealed at 550 °C to ensure crystallization. They were analyzed using X-ray diffraction (XRD), scanning electron microscopy (SEM), superconducting quantum interference device (SQUID) magnetometry at 2 K and 300 K, ZFC-FC (zero field cooled – field cooled) measurements, and photoluminescence (PL) spectroscopy. XRD results confirmed the formation of the hexagonal wurtzite structure for both undoped and (Ni + Fe)-doped ZnO films. No secondary crystalline phases were detected within the detection limit of the technique, suggesting that the dopant ions are largely incorporated into the ZnO lattice, although the presence of nanoscale secondary phases below the XRD detection threshold cannot be completely excluded. Doping led to an increase in the average crystallite size, from 25 nm in un-doped ZnO to 39 nm in the Zn0.94Fe0.03Ni0.03O film. A corresponding decrease in lattice microstrain (ϵ) was also observed, suggesting reduced internal strain and enhanced crystallinity induced by Fe–Ni co-doping. SEM observations revealed a clear change in surface morphology, with larger and more densely packed grains observed upon doping, suggesting enhanced crystallite growth due to the presence of Ni and Fe. SQUID measurements revealed a weak but reproducible ferromagnetic-like hysteretic response at room temperature in the (Ni + Fe)-doped ZnO films, attributed to magnetic interactions between the dopant ions (Ni²⁺ and Fe³⁺) and the host matrix. At 300 K, the saturation magnetization (Ms) for x = 0.01 was approximately 5.97 emu/cm³, while for x = 0.03, Ms increased to 8.64 emu/cm³ under a maximum applied field of 7 T (70 kOe). The coercivity values derived from the hysteresis loops were relatively low (≈ 10 Oe), indicating soft ferromagnetic behavior. At 2 K, a significant increase in Ms was observed, with values reaching approximately 23.4 emu/cm³ (x = 0.01) and 26.7 emu/cm³ (x = 0.03), under similar field conditions. ZFC-FC curves showed no distinct separation, with analysis of irreversible magnetization revealing a freezing temperature near 20 K, suggesting the presence of complex magnetic interactions that may originate from disordered magnetic clusters or defect-mediated exchange interactions. PL spectra exhibited a strong near-band-edge (NBE) emission in the ultraviolet region, corresponding to the intrinsic bandgap of ZnO, along with visible emissions associated with defect states. Doping with (Ni + Fe) affected the intensity and position of these emissions, resulting in significant quenching of the NBE emission and enhancement of defect-related luminescence, which reflects changes in the electronic and defect properties of the material. These findings provide significant insights into the magnetic and optical modifications introduced by (Ni + Fe) doping in ZnO thin films, with potential applications in optoelectronics and magnetism.
