Abstract
An accurate carbon emissions measurement is critical for developing an appropriate climate strategy to address ecological issues. A meaningful climate policy reaction can be offered based on trade adjusted statistics of carbon emissions. This research utilizes second-generation panel co-integration techniques to investigate the influence of globalization and renewable energy utilization on consumption-based carbon emissions (CCO2) as well as the role of nonrenewable energy use and economic growth in the MINT-(Mexico, Indonesia, Nigeria and Turkey) countries from 1990 to 2018. The outcomes of the cross-sectional dependency and heterogeneity tests revealed slope heterogeneity and cross-sectional units across nations. Furthermore, the outcomes of the cointegration test provided evidence of a long-run association between consumption-based CO2 emissions (CCCO2) and the regressors. Moreover, the outcomes of both common correlated effect mean group (CCEMG) and augmented mean group (AMG) unveiled that economic growth and nonrenewable energy utilization contribute to the degradation of the environment, while globalization and renewable energy utilization help to curb the degradation of the environment. Furthermore, the outcomes of the causality test showed that all the regressors can predict CCO2 emissions in the MINT nations. Thus, policy channeled towards globalization, economic growth, and renewable energy utilization will have a significant effect on CCO2 emissions. Based on the study outcomes, significant policy recommendations are made for policymakers in the MINT nations.
Highlights
One of the most pressing issues confronting modern society is ecological deterioration
Some studies have found a negative relationship between the two variables [2, 19, 20, 21], while others have found a positive relationship [22, 23, 24]. This leads to the questions, do globalization and renewable energy consumption mitigate emissions, and do growth and nonrenewable energy use contribute to environmental degradation? considering the potential environmental consequences of globalization and the utilization of energy, this study investigates the dynamic effects of globalization and the utilization of energy on CO2 emissions in the MINT nations as well as the influence of economic growth
The current research assesses the influence of renewable energy consumption and globalization on consumption-based carbon emissions (CCO2) as well as the role of globalization and nonrenewable energy consumption in the MINT nations utilizing panel data covering the period from 1990 to 2018
Summary
One of the most pressing issues confronting modern society is ecological deterioration. Various agreements have been reached to minimize ecological impacts including global warming, including the Kyoto Protocol in 1997 the Paris Climate Agreement (PCA) in 2015 and the recent COP 261 in Glasgow in 2021. These agreements are focused on keeping global warming below 1.5 degrees Celsius. Governments around the world are promoting energy-efficient systems to reach this goal Notwithstanding these accords, global temperatures are rising, and CO2 emissions increased at a record high of 2.7 percent in 2018, prompting environmentalists, policymakers, and scholars to identify the critical factors and sources influencing the emissions of CO2
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