Journal
RENEWABLE ENERGY
Volume 198, Issue -, Pages 1243-1253Publisher
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.renene.2022.08.045
Keywords
Trade diversification; Green innovation; Renewable energy consumption; CS-ARDL; Consumption-based carbon emission; And BRICST countries
Funding
- Sichuan Science and Technology Plan Project
- [2022JDTD0022]
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This study evaluates the impact of trade diversification, green innovation, and renewable energy on carbon emissions in BRICST countries and finds that they are negatively associated. This indicates that these countries have a large number of eco-friendly products in their trade baskets and their manufacturing technologies are transforming towards green technologies.
Environmental sustainability is the most crucial concern of the world. The existing literature has documented various factors that can play a remedial role in fixing the gregarious carbon emissions issue; however, little is known regarding consumption-based emissions. Trade diversification is one of the potential remedies for carbon emission reduction, enhancing economic growth and reducing trade risk and volatility by structural changes in critical production and development. Similarly, green innovation accelerates energy efficiency and improves environmental quality. However, in previous studies, trade diversification and green innovation have not received sufficient attention regarding emerging economies. Therefore, this study evaluates the impact of trade diversification, green innovation, and renewable energy on carbon emissions in BRICST countries (Brazil, Russian Federation, India, China, South Africa, and Turkey) from 1995 to 2020. The advanced panel data es-timates empirically proved the existence of cointegration among the study variables. The long-run and short-run outcomes of the cross-sectionally augmented autoregressive distributed lag (CS-ARDL) model revealed that trade diversification, green innovation, and renewable energy are negatively associated with carbon emissions. Thus it has been proven that the trade baskets of these countries have a high number of eco-friendly products, and their manufacturing technologies are transforming toward green technologies, promoting renewable energy con-sumption to abate consumption-based carbon emissions. In contrast, the economic growth in this specific eco-nomic bloc amplifies environmental degradation by increasing the consumption-based carbon emission. In terms of policy implementation, this study suggests adopting harmonic trade policies, trade synchronization, and expansion of green innovations investment to reduce the current carbon emission level.
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