Investigating the nexus between social globalization, energy transition, tourism, and environmental quality: Evidence from quantile regression

Abstract

AbstractEscalations in economic development and the concomitant upsurge in social globalization (SG) in the largest economies have enhanced the utilization of fossil fuels, which in turn has stimulated carbon dioxide (CO2) emissions. Given that reducing global warming is one of the essential means to disrupt climate change and attain sustainable development, this study examines the interlinkages between SG, energy transition (ENTR), international tourism (ITU), and CO2 emissions. As environmental issues are widespread in the largest economies, this investigation analyzed the data from the 10 largest economies using the Method of Moments Quantiles Regression (MM‐QR) from 1995 to 2020. The study found that ENTR plays a significant role in decreasing emissions and promoting environmental sustainability. Alongside this, increasing social globalization also curbs CO2 emissions and facilitates environmental sustainability. Apart from this, the findings demonstrate a progressively increasing contribution of ITU and economic growth to enhancing environmental degradation. Furthermore, results indicated that carbon emissions are not influenced by reductions in political risks in the member nations. Finally, policies to support environmental sustainability are discussed.