Driving low-carbon mechanisms through smart investments in renewable resources and green finance initiatives among G20 nations
Journal of Environmental Management, ISSN: 0301-4797, Vol: 370, Page: 122439
2024
- 4Citations
- 31Captures
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Article Description
In light of the escalating concerns regarding climate change and environmental decline, major nations are actively exploring strategies to mitigate environmental harm and achieve future sustainability. The surge in economic expansion in developed economies is linked to an increase in CO 2 emissions. Consequently, in their pursuit of carbon-neutral policies, these countries are increasingly turning towards renewable energy as a means to enhance resource conservation and efficiency. This research investigates the varied impacts of renewable energy investment, green finance, geopolitical risk, GDP growth, foreign direct investment, and gross fixed capital formation on the carbon emissions of G20 countries. The study uses the CUP-FM (Continuously Updated Fully Modified) and CUP-BC (Continuously Updated Bias-Corrected) estimators, which are sophisticated econometric approaches designed to handle non-stationary panel data and cross-sectional dependency, to produce robust long-term parameter estimates. The CUP-FM estimator adjusts for potential endogeneity and serial correlation, improving the accuracy of long-run relationships in panel data. The CUP-BC estimator provides bias-corrected estimates to further enhance the precision of these long-run connections.The long-term parameter estimates reveal a negative correlation between renewable energy investment, green finance, and carbon emissions. In contrast, foreign direct investment, gross fixed capital formation, GDP growth, and geopolitical risk are positively associated with CO 2 emissions. This suggests that financial stability often leads to investments in carbon-heavy economic ventures, thereby implicating economic growth as a contributing factor to environmental degradation in G20 countries.
Bibliographic Details
http://www.sciencedirect.com/science/article/pii/S0301479724024253; http://dx.doi.org/10.1016/j.jenvman.2024.122439; http://www.scopus.com/inward/record.url?partnerID=HzOxMe3b&scp=85204099110&origin=inward; http://www.ncbi.nlm.nih.gov/pubmed/39293111; https://linkinghub.elsevier.com/retrieve/pii/S0301479724024253
Elsevier BV
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