School of Economics, Lanzhou University, Lanzhou, 730000, Gansu, China.
School of Economics and Management, Anhui Polytechnic University, Wuhu, 241000, China.
J Environ Manage. 2024 Nov;370:122439. doi: 10.1016/j.jenvman.2024.122439. Epub 2024 Sep 17.
In light of the escalating concerns regarding climate change and environmental decline, major nations are actively exploring strategies to mitigate environmental harm and achieve future sustainability. The surge in economic expansion in developed economies is linked to an increase in CO emissions. Consequently, in their pursuit of carbon-neutral policies, these countries are increasingly turning towards renewable energy as a means to enhance resource conservation and efficiency. This research investigates the varied impacts of renewable energy investment, green finance, geopolitical risk, GDP growth, foreign direct investment, and gross fixed capital formation on the carbon emissions of G20 countries. The study uses the CUP-FM (Continuously Updated Fully Modified) and CUP-BC (Continuously Updated Bias-Corrected) estimators, which are sophisticated econometric approaches designed to handle non-stationary panel data and cross-sectional dependency, to produce robust long-term parameter estimates. The CUP-FM estimator adjusts for potential endogeneity and serial correlation, improving the accuracy of long-run relationships in panel data. The CUP-BC estimator provides bias-corrected estimates to further enhance the precision of these long-run connections.The long-term parameter estimates reveal a negative correlation between renewable energy investment, green finance, and carbon emissions. In contrast, foreign direct investment, gross fixed capital formation, GDP growth, and geopolitical risk are positively associated with CO emissions. This suggests that financial stability often leads to investments in carbon-heavy economic ventures, thereby implicating economic growth as a contributing factor to environmental degradation in G20 countries.
鉴于气候变化和环境恶化问题日益严重，主要国家正在积极探索战略，以减轻环境危害并实现未来的可持续性。发达经济体经济扩张的激增与 CO 排放量的增加有关。因此，为了实现碳中立政策，这些国家越来越多地将可再生能源作为提高资源保护和效率的手段。本研究调查了可再生能源投资、绿色金融、地缘政治风险、国内生产总值增长、外国直接投资和固定资本形成总额对 G20 国家碳排放的各种影响。该研究使用了 CUP-FM（连续更新完全修正）和 CUP-BC（连续更新偏差修正）估计量，这是两种复杂的计量经济学方法，旨在处理非平稳面板数据和横截面相关性，以产生稳健的长期参数估计。CUP-FM 估计量调整了潜在的内生性和序列相关性，提高了面板数据中长期关系的准确性。CUP-BC 估计量提供了偏差修正的估计值，进一步提高了这些长期关系的精度。长期参数估计显示，可再生能源投资、绿色金融与碳排放之间呈负相关关系。相比之下，外国直接投资、固定资本形成总额、国内生产总值增长和地缘政治风险与 CO 排放量呈正相关。这表明金融稳定往往导致对碳密集型经济活动的投资，从而将经济增长视为 G20 国家环境恶化的一个促成因素。
