The role of fixed capital formation, renewable and non-renewable energy in economic growth and carbon emission: a case study of Belt and Road Initiative project

Economic integration in the form of Belt and Road Initiative project opens many opportunities and hazards, especially of the participating nations' environment. The current study attempted to empirically test the economic and energy usage (renewable and non-renewable) impact on some selected co...

Full description

Saved in:
Bibliographic Details
Published in:Environmental science and pollution research international 2020-12, Vol.27 (36), p.45476
Main Authors: Abbas, Qaiser, Nurunnabi, Mohammad, Alfakhri, Yazeed, Khan, Waqar, Hussain, Altaf, Iqbal, Wasim
Format: Article
Language:English
Subjects:
Carbon
Carbon Dioxide
Economic Development
Energy-Generating Resources
Renewable Energy
Citations: Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Economic integration in the form of Belt and Road Initiative project opens many opportunities and hazards, especially of the participating nations' environment. The current study attempted to empirically test the economic and energy usage (renewable and non-renewable) impact on some selected countries of belt and road projects. For this purpose, the panel data set of twenty-four emerging economies of belt and road projects was selected from 1995 to 2014. The autoregressive distributed lags technique of econometric applied to determine the effect of renewable and non-renewable energy, GDP and GDP for EKC, and gross fixed capital formation on carbon emission in the selected countries of Belt and Road Initiative project. The outcomes of this study confirm the existence of EKC in these underlined countries. Here, fossil fuel-based energy consumption is a source of environmental degradation, while renewable and clean energy usage can help sustain environmental conditions without affecting economic growth progress. Capital fixed formation in these economies can enhance economic growth and help to sustainable environmental conditions in the belt and road countries. Thus, based on these empirical outcomes, this study suggests economic and financial assistance in green renewable energy sources and clean technological innovation to enhance economic benefits of Belt and Road Initiative project without compromising the environmental conditions of the region.
ISSN:1614-7499
1614-7499
DOI:10.1007/s11356-020-10413-y