Natural resources extraction and global COP26 target: An overview of USA economy

Abstract

The most pressing problem facing the globe in these modern times is that of the environment, which is being harmed by carbon emissions. When economic expansion is taking place at a breakneck pace, maintaining environmental protection is widely regarded as a formidable obstacle for the economies of the globe. The environmental problems that are a direct result of carbon emissions have garnered a lot of attention recently, and it is essential to make use of renewable energy technology in order to address these issues. The extent to which a countries natural resource reserves are important for economic and environmental performance as well as the magnitude of its effect have been widely contested. The current research took into account the reliance on natural resources as a crucial aspect in meeting the spike in environmental concerns in the United States. Using the data for USA from 1984 to 2021, this study empirically analyses the nexus between TNRENT and CO2E. The findings indicate that REC, and TI are all capable of reducing carbon emissions. However, TNRENT and GDP are responsible for rising CO2E in USA. Therefore, in order to support sustainable economic development, the United States ought to enhance their research and use of low-carbon technologies. Based on the findings, it appears that the United States of America has to prioritize environmental protection on par with economic expansion and ensure that the expansion comes after the former.