Innovative Carbon Mitigation Techniques to Achieve Environmental Sustainability Agenda: Evidence from a Panel of 21 Selected R&D Economies

Atmosphere

Khalid Zaman¹  Mohamed Haffar²  Abdelmohsen A. Nassani³  Muhammad Moinuddin Qazi Abro³  Shujaat Abbas⁴  Muhammad Khalid Anser⁵ 

[1] Department of Economics, University of Haripur, Haripur 22620, Khyber Pakhtunkhwa, Pakistan;Department of Management, Birmingham Business School, University of Birmingham, Birmingham B15 2TT, UK;Department of Management, College of Business Administration, King Saud University, P.O. Box 71115, Riyadh 11587, Saudi Arabia;Laboratory of International and Regional Economics, Graduate School of Economics and Management, Ural Federal University, Mira 19, 620002 Ekaterinburg, Russia;School of Public Administration, Xi’an University of Architecture and Technology, Xi’an 710055, China;

关键词: carbon emissions;    technological innovation;    carbon pricing;    financial development;    energy use;    R&D expenditures;   

DOI  :  10.3390/atmos12111514

来源: DOAJ

【 摘 要 】

Technological innovation in the energy sector is highly needed to reduce carbon emission costs, which requires knowledge spillovers, financial development, and carbon pricing to achieve a green developmental agenda. The current study examines the role of knowledge innovations in achieving the environmental sustainability agenda under financial development and carbon pricing in a panel of 21 selected R&D economies from 1990 to 2018. The study constructed a composite index of financial development and knowledge innovation in the carbon pricing model. The results show that carbon pricing, a financial development index, innovation index, and energy demand fail to achieve stringent carbon reduction targets. A U-shaped relationship is found between carbon emissions and per capita income in the absence of a financial development index and trade openness. At the same time, this study shows the monotonic decreasing function in the presence of all factors. The causality estimates confirmed the feedback relationship between carbon pricing and carbon emissions, carbon pricing and the financial index, and the financial development index and innovation index. Further, the causality results established the carbon-led financial development and innovation, growth-led carbon emissions, and trade-led emissions, pricing, and financial development in a panel of selected countries. The estimates of the innovation accounting matrix (forecasting mechanism) confirmed the viability of the environmental sustainability agenda through carbon pricing, knowledge innovation, and financial development over a time horizon. However, these factors are not achievable carbon reduction targets in a given period. The study concludes that carbon pricing may provide a basis for achieving an environmental sustainability agenda through market-based innovations, green financing options, and improved energy resources. This would ultimately help desensitize carbon emissions across countries.

【 授权许可】

Unknown