Old wine in a new bottle: Applying the novel dynamic ARDL simulations approach to explore the impact of energy efficiency, financial development, economic growth, foreign direct investment, and urbanization on CO2 emissions

Achieving carbon neutrality targets is crucial while considering the adverse impacts of carbon dioxide emissions (CE) on human life and the ecosystem. Therefore, its socioeconomic drivers have frequently been probed in the existing body of literature. Therefore, we investigate the impact of energy e...

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Published in:Environmental science and pollution research international 2024-07, Vol.31 (34), p.46266-46280
Main Authors: Guo, Qingran, Wu, Zhuo, Lien, Duong Thi Quynh, Cong, Phan The, Ahmed, Israr
Format: Article
Language:English
Subjects:
(Geo)Political Risk
Aquatic Pollution
Atmospheric Protection/Air Quality Control/Air Pollution
Carbon dioxide
Carbon dioxide emissions
Climate change
Earth and Environmental Science
Economic development
Economic growth
Economic Uncertainty
Economics
Ecotoxicology
Emissions
Energy consumption
Energy efficiency
Energy industry
Environment
Environmental Chemistry
Environmental Health
Environmental impact
Environmental science
Financial services
Foreign investment
Global warming
Greenhouse gases
Pollution
Simulation
Socioeconomic factors
Sustainable development
Sustainable Development Goals
Urbanization
Waste Water Technology
Water Management
Water Pollution Control
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Summary:Achieving carbon neutrality targets is crucial while considering the adverse impacts of carbon dioxide emissions (CE) on human life and the ecosystem. Therefore, its socioeconomic drivers have frequently been probed in the existing body of literature. Therefore, we investigate the impact of energy efficiency, FDI, financial development, urbanization, and economic growth on CE in Pakistan from 1975 to 2020. For this purpose, we apply the novel dynamic ARDL simulation approach to retrieve the short- and long-run estimates. The empirical results confirm that cointegration exists among the considered variables. Further, both the short- and long-run results reveal that energy efficiency impedes emissions, whereas urbanization, financial development, and FDI increase emissions. Considering the outcomes, there is a need to enhance energy efficiency in Pakistan. For this purpose, investment in technological advancements and innovations is required. Moreover, R&D in the energy sector should be promoted. Graphical abstract
ISSN:1614-7499
0944-1344
1614-7499
DOI:10.1007/s11356-023-29405-9