Journal
ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH
Volume 26, Issue 24, Pages 25026-25036Publisher
SPRINGER HEIDELBERG
DOI: 10.1007/s11356-019-05757-z
Keywords
Financial development; Carbon footprint; One Belt and Road Initiative region; Panel regression estimators
Categories
Funding
- Centre of Industrial Economics and Green Development, Beijing University of Posts and Telecommunications, Beijing China
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The aspiration of study is to explore the financial development-carbon footprint nexus in One Belt and Road initiative (BRI) region utilizing the panel dataset from 1990-2017. The cross-sectional dependence tests and second-generation panel unit tests were applied to affirm the cross-section dependence and integration level. The panel regression estimators from the Driscoll-Kraay standard error method for robust estimators in the presence of cross-sectional dependence have been applied to compute the estimators concerning the financial development-carbon footprint nexus for One Belt and Road economies. The estimates infer that financial development, urban population, and FDI have an adverse effect on carbon footprint. Furthermore, economic growth and energy consumption pollute the environment by enhancing the carbon footprint. Based on findings, it infers that financial development is a potential instrument to keep the environment through financial reforms. The estimates signify that it is necessary to allocate resources for renewable energy, energy efficiency, and energy conservation projects in order to moderate environmental degradation.
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