Abstract
Carbon emission leads to environmental and social consequences, which could be severe in the emerging economies. Owing to the dilemma of emission and economic expansion, it is necessary to achieve a more comprehensive understanding of the dynamic relationship between economic growth and carbon emission. Multivariate Wavelet analysis is introduced in addition to the decoupling analysis for BRICS countries. The decoupling analysis detects an obvious trend of economic growth decoupling from carbon emission in China, and generates mixed results for the other countries. Estimates of wavelet coherency suggest that BRICS countries have experienced different kinds of structural changes in growth–emission nexus. Results of partial phase-difference and wavelet gain imply that different resource endowments and growth paths lead to varied impact of economic growth on carbon emission and time-varying characteristics of the causality relationship over different frequencies. Energy structure and trade openness matter for anatomizing this time-varying relationship. To succeed in the fight against climate change, the policy makers need to pay serious attention to the dynamic impact of economic growth, energy structure, and trade openness on carbon emission.
Highlights
The climate change has been deemed as one of the most urgent issues that are confronted by the humankind
Besides the studies that have investigated the relationship between economic growth and carbon emission, much attention has been paid on the impact of energy transition and international trade on Impact of Growth on Emission emission emerges
Our analysis advances the analysis of the decoupling states to the identification of causality; 2) the wavelet analysis framework is extended to estimate the magnitude of marginal impact of economic growth on carbon emission by introducing the wavelet gain
Summary
The climate change has been deemed as one of the most urgent issues that are confronted by the humankind. Besides the studies that have investigated the relationship between economic growth and carbon emission, much attention has been paid on the impact of energy transition and international trade on. The BRICS countries (Brazil, Russia, India, China, and South Africa) are experiencing drastic economic transition and structural change The shifts in their energy structure and level of trade openness are profound and influencing, which makes them excellent samples for empirical investigation. Our analysis advances the analysis of the decoupling states to the identification of causality; 2) the wavelet analysis framework is extended to estimate the magnitude of marginal impact of economic growth on carbon emission by introducing the (partial) wavelet gain. In addition to the decoupling states, more dynamic characteristics and evolving patterns can be inferred from our estimated statistics such that the conclusions drawn from the empirical results provide a deeper understanding of the time-varying impact of economic growth on carbon emission. In the last section, we draw conclusion and provide corresponding policy implication
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