Abstract
Since the last two decades, carbon neutrality has become a primary target of all economies. Governmental environmental policies stand as the most potent tools in the arsenal when it comes to tempering the effects of climate change. Fostering the adoption of green energy sources and embracing energy efficiency principles may assume an essential role in upholding the standard of ecological integrity. The primary objective of this inquiry revolves around the meticulous analysis of the intricate interplay between economic growth, the trajectory of industrialization, the up-gradation of industrial sector structure, the integration of green energy paradigms, and the implementation of energy efficiency strategies and environmental policies in the frame spanning from 2000 to 2019. To tackle the matter of cross-sectional dependency and heterogeneity, second-generation cointegration estimators, Dynamic Seemingly Unrelated Regression (DSUR) and Augmented Mean Group (AMG), were employed to estimate long-run relationships. The consequences of DSUR and AMG indicate that while economic and industrial growth contributes to environmental degradation, renewable energy usage, and medium-high-tech industries mitigate the carbon emissions in selected countries. Further study results suggest that energy intensity positively impacts environmental degradation, which means energy efficiency helps mitigate CO2 emissions in these countries. This study also reveals that the degree of stringency in environmental policy negatively affects CO2 releases in the selected nations. Consequently, our study recommends the enhancement of the stringency of environmental policies, promoting environmentally friendly energy usage, the efficient use of energy, and the advancement of industries into medium-high-tech industries as effective ways to mitigate climate change in specific developing countries.
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