School of Finance and Economics, Jiangsu University, Zhenjiang, 212013, People's Republic of China.
Environ Sci Pollut Res Int. 2022 Aug;29(38):58341-58359. doi: 10.1007/s11356-022-19972-8. Epub 2022 Apr 2.
This research aims to examine the impact of financial development and renewable energy consumption on CO emissions in CEMAC for the period 1990-2018. The study employs spatial analysis approach. As previous investigations have overlooked the effects of the spatial interactions in demonstrating environmental sustainability across nations, this paper gives the first comprehensive spatial analysis of CO emissions among countries. To eliminate possible bias and inefficiency in estimated coefficients, the spatial autoregressive model is used to account for both geographical dependency and individual heterogeneity. The results revealed that under economic distance weights, the values of the spatial lag coefficients of financial development (FD), foreign direct investment (FDI), gross domestic product (GDP), and renewable energy consumption depict negative and statistical significance effects regarding spatial fixed effects in the SDM model, while trade openness (TO) shows a negative and insignificant impact. Other decomposition effects results show that FD had both direct and indirect significantly negative effects on environmental sustainability in CEMAC. This indicates that FD has a significant negative effect on CO emissions in both the local country and its adjoining countries. On average, a unit change in FD in each country and its neighboring countries would reduce dioxide carbon by 0.071 and 0.066, respectively, and that of the whole region would be 0.137 units, meaning that environmental sustainability will improve. However, GDP recorded significantly positive direct and indirect effects on environmental sustainability. The direct and indirect effects of FDI on CO2 in both the local and neighboring countries were negative but statistically insignificant. On the other hand, the direct and indirect effects of TO on environmental sustainability were positive and statistically significant. Along with significant and statistical effects of financial development, GDP, FDI, renewable energy consumption, and TO, the findings reveal the presence of a positive spatial dependency of CO emissions in CEMAC. This implies that policymakers in CEMAC countries lean to rely on their environmental sustainability decisions to assign financial and investments to that of neighboring nations. Furthermore, the findings indicate that adjacent countries' FD and REC have a considerable impact on a country's CO emissions. Our findings offer significant political implications, implying that financial development and renewable energy consumption should be strengthened to meet environmental sustainability goals.
这项研究旨在考察 1990-2018 年期间中非经货共同体（CEMAC）金融发展和可再生能源消费对二氧化碳排放的影响。研究采用空间分析方法。由于先前的研究忽视了在展示各国环境可持续性方面空间相互作用的影响，本文首次对各国之间的二氧化碳排放进行了全面的空间分析。为了消除估计系数中可能存在的偏差和效率低下，使用空间自回归模型来考虑地理依赖性和个体异质性。结果表明，在经济距离权重下，金融发展（FD）、外国直接投资（FDI）、国内生产总值（GDP）和可再生能源消费的空间滞后系数在 SDM 模型中对空间固定效应具有负向且统计显著的影响，而贸易开放度（TO）则表现出负向且不显著的影响。其他分解效应结果表明，FD 对 CEMAC 的环境可持续性具有直接和间接的显著负向影响。这表明 FD 对本国和邻国的二氧化碳排放都有显著的负向影响。平均而言，每个国家及其邻国的 FD 变化一个单位，将分别减少二氧化碳 0.071 和 0.066 个单位，整个地区将减少 0.137 个单位，这意味着环境可持续性将得到改善。然而，GDP 对环境可持续性具有显著的直接和间接正向影响。FDI 对本地和邻国的二氧化碳的直接和间接影响为负，但不具有统计显著性。另一方面，TO 对环境可持续性的直接和间接影响为正且具有统计显著性。除了金融发展、GDP、FDI、可再生能源消费和 TO 的显著和统计效应外，研究结果还揭示了 CEMAC 地区二氧化碳排放存在正向空间依赖性。这意味着 CEMAC 国家的政策制定者倾向于依赖其环境可持续性决策，将金融和投资分配给邻国。此外，研究结果表明，相邻国家的 FD 和 REC 对一国的 CO 排放有相当大的影响。我们的研究结果具有重要的政策意义，表明应加强金融发展和可再生能源消费，以实现环境可持续性目标。
