The Impact of Energy Consumption and Economic Growth on Carbon Dioxide Emissions

Sustainability

卷:12

Adekunle Oke¹  OluyomiA. Osobajo¹  Afolabi Otitoju²  MarthaAjibola Otitoju³ 

[1] Aberdeen Business School, The Robert Gordon University, Garthdee Road, Aberdeen AB10 7QE, UK;

[2] Renewable Energy Consultant, Trinomial Solutions Ltd., Aberdeen AB12 3DZ, UK;

[3] Repsol Sinopec Resources UK Limited, Holburn Road, Aberdeen AB10 6BZ, UK;

关键词: climate change;    climate finance;    economic growth;    CO₂ emissions;    energy consumption;   

DOI  :  10.3390/su12197965

来源: DOAJ

【 摘 要 】

This study explored the effect of energy consumption and economic growth on CO₂ emissions. The relationship between energy consumption, economic growth and CO₂ emissions was assessed using regression analysis (the pooled OLS regression and fixed effects methods), Granger causality and panel cointegration tests. Data from 70 countries between 1994–2013 were analysed. The result of the Granger causality tests revealed that the study variables (population, capital stock and economic growth) have a bi-directional causal relationship with CO₂ emissions, while energy consumption has a uni-directional relationship. Likewise, the outcome of the cointegration tests established that a long-run relationship exists among the study variables (energy consumption and economic growth) with CO₂ emissions. However, the pooled OLS and fixed methods both showed that energy consumption and economic growth have a significant positive impact on CO₂ emissions. Hence, this study supports the need for a global transition to a low carbon economy primarily through climate finance, which refers to local, national, or transnational financing, that may be drawn from public, private and alternative sources of financing. This will help foster large-scale investments in clean energy, that are required to significantly reduce CO₂ emissions.

【 授权许可】

Unknown