Author:
Vo Duc Hong,Ho Chi Minh,Le Quan Thai Thuong,Vo Anh The
Abstract
Abstract
Background
This study revisits the energy-growth-environment nexus in the member countries of the Organization for Economic Cooperation and Development (OECD) by examining the role of trade openness, financial development, and urbanization. The cross-sectional augmented distributed lag (CS-ARDL) approach is employed to address the presence of slope homoskedasticity and cross-sectional dependence in the data set.
Results
Our empirical findings fail to confirm the validity of the environmental Kuznets curve (EKC) hypothesis for emissions of carbon dioxide (CO2) during the period researched. CO2 emissions have bidirectional causality with income, the share of renewable energy, and the share of nonrenewable energy. Trade openness, financial development, and urbanization play different roles in the energy-growth-environment nexus. Whereas trade openness increases CO2 emissions, financial development reduces consumption of renewable energy. Urbanization plays a limited role in this nexus.
Conclusions
These findings lead to some policy implications. The close relationship between economic growth, CO2 emissions, and energy consumption is highlighted, which suggests that a policy targeting one component needs to consider the impacts on the other components.
Funder
Ho Chi Minh City Open University
Publisher
Springer Science and Business Media LLC
Subject
Energy Engineering and Power Technology,Development,Renewable Energy, Sustainability and the Environment
Cited by
10 articles.
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