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The dependency analysis between energy consumption, sanitation, forest area, financial development, and greenhouse gas: a continent-wise comparison of lower middle-income countries

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Abstract

This study explored the long-run association among greenhouse gases (GHGs), financial development, forest area, improved sanitation, renewable energy, urbanization, and trade in 24 lower middle-income countries from Asia, Europe, Africa, and America (South and North) by using panel data from 1990 to 2015. Granger causality was tested by Toda and Yamamoto approach. The bi-directional causality was established among urbanization and GHGs (Asia), financial development and forest (Asia), energy use and renewable energy (Asia), renewable energy and forest (Asia), improved sanitation and forest (Asia, Africa, America), urbanization and forest (Asia), and improved sanitation and financial development (Europe). The GHG emission also shows one-way causality is running from financial development to GHG (America), energy to GHG (Asia), renewable energy to GHG (America), forest area to GHG (America), trade openness to GHG (Africa), urbanization to GHG (Europe), GHG to financial development (Europe), GHG to energy use (Europe, Africa, and America), and GHG to trade openness (Asia). On the basis of fully modified ordinary least square and generalized method of moment, the reciprocal relationship of GHGs was observed due to financial development in Asia and Africa; renewable energy in all panels; forest area in Asia, Europe, and America; improved sanitation in Asia, Africa, and America; trade openness in Africa; and urbanization in Europe and America. Policymakers should concentrate on these variables for the reduction in GHGs. The annual convergence towards long-run equilibrium was 50.5, 31.9, and 20.9% for America, Asia, and Africa, respectively.

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Abbreviations

ACD:

Asia Cooperation Dialogue

AIC:

Akaike information criterion

ARDL:

Auto-regressive distributed lag

CCR:

Canonical cointegrating regression

CO2 :

Carbon dioxide

DOLS:

Dynamic ordinary least square

ECM:

Error correction model

FMOLS:

Fully modified ordinary least square

GCC:

Gulf Cooperation Council

GDP:

Gross domestic product

GHG:

Greenhouse gas emission

GLM:

Generalized linear model

GMM:

Generalized method of moments

HICs:

High-income countries

ICTSD:

International Centre for Trade and Sustainable Development

IPS:

Im, Pesaran, and Shin

ITC:

International Trade Centre

LICs:

Low-income countries

LLC:

Levin, Lin, and Chu

LMICs:

Lower middle-income countries

MENA:

The Middle East and North Africa

MW:

Maddala and Wu

PCA:

Principal component analysis

SDGs:

Sustainable Development Goals

UMICs:

Upper middle-income countries

UN:

United Nations

VAR:

Vector auto-regressive

VECM:

Vector error correction model

WDI:

World development indicators

WEF:

World Economic Forum

WTO:

World Trade Organization

∆ :

Representation of the first difference

i:

Representation of the ith country

t:

Representation of the time period

α1…α7 :

GHG elasticity

\( {{\widehat{\upbeta}}^{\ast}}_{\mathrm{GFM}} \) :

Estimator of FMOLS

\( {\mathrm{t}}_{{\widehat{\upbeta}}_{\mathrm{GFM}}^{\ast }} \) :

T-statistics of FMOLS

C i,β i,λ i :

Estimated parameters of VECM

A:

The weight of the first component of PCA

B:

The weight of the second component of PCA

C:

The weight of the third component of PCA

BM:

Broad money

DCFS:

Domestic credit provided by the financial sector

DCPS:

Domestic credit to the private sector

EEEs:

Economy, environment, and energy

EG:

Economic growth

EN:

Energy consumption

FD:

Financial development

FDI:

Financial development index

FOR:

Forest area

OPEN:

Trade openness

REN:

Renewable energy consumption

SAN:

Improved sanitation

UR:

Urbanization

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Authors and Affiliations

  1. Department of Economics, Government Postgraduate College, Jaranwala, 37200, Pakistan

    Muhammad Tariq Iqbal Khan

  2. Department of Economics, Government College University, Faisalabad, 38000, Pakistan

    Muhammad Rizwan Yaseen

  3. Department of Economics, Virtual University of Pakistan, Faisalabad Campus, Faisalabad, 38000, Pakistan

    Qamar Ali

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  1. Muhammad Tariq Iqbal Khan
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  2. Muhammad Rizwan Yaseen
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  3. Qamar Ali
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Correspondence to Muhammad Rizwan Yaseen.

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Responsible editor: Philippe Garrigues

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Table 14 Weights of FDI variables for LMICs
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Khan, M.T.I., Yaseen, M.R. & Ali, Q. The dependency analysis between energy consumption, sanitation, forest area, financial development, and greenhouse gas: a continent-wise comparison of lower middle-income countries. Environ Sci Pollut Res 25, 24013–24040 (2018). https://doi.org/10.1007/s11356-018-2460-x

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