The nexus of research and development investment, financial development, energy use, and environmental degradation in Asian economies

This study explores the impact of research and development (R&D) investment and financial development on environmental degradation measured by carbon emissions (CO2), and energy use along with some other variables in a panel of 12 Asian economies using balanced panel data from 1997 to 2020. The...

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Bibliographic Details
Published in:Natural resources forum 2024-11, Vol.48 (4), p.1278-1298
Main Authors: Azam Khan, Muhammad, Sarwar, Ghulam, Hafeez, Muhammad Haroon, Khan, Himayatullah, Ur Rahman, Haseeb
Format: Article
Language:English
Subjects:
Asia
Carbon dioxide
Carbon dioxide emissions
carbon emissions
Economic development
Economic growth
Economics
Emission measurements
Emissions
energy
Energy consumption
Environmental degradation
Environmental impact
Expenditures
financial development
Financial management
Globalization
Industrial development
Industrialization
Least squares
Panel data
R&D
R&D investment
Research & development
Research & development expenditures
Sustainable development
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Summary:This study explores the impact of research and development (R&D) investment and financial development on environmental degradation measured by carbon emissions (CO2), and energy use along with some other variables in a panel of 12 Asian economies using balanced panel data from 1997 to 2020. The empirical estimates of fully modified ordinary least squares and dynamic ordinary least squares reveal that R&D spending, financial development, and globalization lower environmental degradation by reducing CO2 emissions. In contrast, economic growth, energy use, population, and industrialization increase environmental degradation (Model 1). Moreover, economic growth, R&D spending, financial development, environmental degradation, and industrialization have a positive direct effect on energy use, whereas population and globalization have an inverse relationship with energy use (Model 2). These empirical findings recommend that the management authorities of Asian economies need to develop thoughtful action plans to achieve a balance between economic growth, financial and industrial development, and the accomplishment of sustainable development goals by reducing carbon emissions and sustaining energy consumption.
ISSN:0165-0203
1477-8947
DOI:10.1111/1477-8947.12364