Abstract
This research offers a new perceptive of the dynamic connection between CO2 and globalization, technological innovation (TI), economic growth, and renewable energy (REN) consumption in Spain. The current research applied the wavelet tools to assess these interconnection utilizing data stretching from 1980 to 2018. The outcomes of these analyses disclose that the association among the series evolves over frequency and time. The current analysis uncovers notable wavelet coherence and strong lead and lag connections in the frequency domain, whereas the time domain indicates inconsistent correlations among the variables of interest. The outcomes of the wavelet analysis from the economic perspective affirm that in the short and medium term, globalization, economic growth, and TI contribute to environmental degradation; however, in the long term, globalization, economic growth, and TI do not contribute to the degradation of the environment. Moreover, at different frequencies, REN consumption helps mitigate environmental degradation in Spain. Furthermore, the spectral causality test unveiled that in the long term, REN utilization, globalization, TI, and economic growth can predict CO2 emissions in Spain.
Highlights
Energy is critical for economic activity and growth, but ecological impacts associated with fossil fuels and the likelihood of their extinction has prompted a quest for alternative sources of energy (Nazir et al, 2018; Adebayo and Kirikkaleli, 2021; Rafique et al, 2022)
We assess the effect of Technological innovation (TI), economic growth (GDP), renewable energy (REN) usage, and globalization (GLO) on carbon emissions (CO2) in Spain utilizing the quarterly dataset from 1980 to 2018
The value of standard deviation disclosed that CO2 has consistent score which is followed by GLO, GDP TI, and REN respectively
Summary
Energy is critical for economic activity and growth, but ecological impacts associated with fossil fuels (gas, coal, and oil) and the likelihood of their extinction has prompted a quest for alternative sources of energy (Nazir et al, 2018; Adebayo and Kirikkaleli, 2021; Rafique et al, 2022). Following the Kyoto Protocol in 1997 and the Paris Agreement in 2015, several nations have begun to take significant environmental action. One of these initiatives is to use renewable energy (REN) to replace fossil fuels as much as possible. Because of the evident ever-increasing need for energy, it is acknowledged that REN will be the most important kind of energy in the future as well as an environmentally beneficial power source (Yuping et al, 2021). Previous studies suggest raising the amount of REN in the entire energy mix to reduce emissions (Shahzad et al, 2020; Shahzad et al, 2020b; Awosusi et al, 2021; He et al, 2021)
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