Impact of Financial Inclusion, Globalization, Renewable Energy, ICT, and Economic Growth on CO2 Emission in OBOR Countries
Abstract
:1. Introduction
- How do the five main factors, including financial inclusion, globalization, renewable energy, ICT, and economic growth, create short-term and long-term effects on the CO2 emissions for the top 10 emitter countries in the OBOR region?
- How does the renewable energies factor influence the emissions for the top 10 emitter countries in the OBOR region?
2. Literature Review
2.1. CO2 Emission
2.2. Financial Inclusion
2.3. Economic Growth
2.4. Renewable Energy
2.5. Globalization
2.6. Information and Communication Technology
3. Research Methodology
3.1. Cross-Sectional Dependency Test
3.2. Homogeneity Test
3.3. Unit Roots Test
3.4. Cointegration Analysis by Panel
3.5. Cross-Sectional of the ARDL Model
4. Result and Discussion
5. Conclusions and Policy Recommendation
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Symbols | Variables | Measurement | Source | Time Period |
---|---|---|---|---|
CO2 | Carbon Dioxide Emission | Carbon dioxide emission (Kt) | World Development Indicators | 2004 to 2019 Retrieved on 27-10-2022 |
FI | Financial Inclusion | Commercial bank branches (per 100,000 adults) | World Development Indicators | 2004 to 2019 Retrieved on 27-10-2022 |
ICT | Internet Communication Technology | Individuals using the Internet (% of the population) | World Development Indicators | 2004 to 2019 Retrieved on 27-10-2022 |
RE | Renewable Energy | Renewable energy consumption (% of total final energy consumption) | World Development Indicators | 2004 to 2019 Retrieved on 27-10-2022 |
GOB | Globalization | GOF Index | KOF Globalisation Index | 2004 to 2019 Retrieved on 27-10-2022 |
EG | Economic Growth | GDP 2015 Constant | World Development Indicators | 2004 to 2019 Retrieved on 27-10-2022 |
Variable | Pesaran (2004) | Breusch and Pagan (1980) |
---|---|---|
CO2 | 2.87 *** | 21.11 ** |
EG | 19.15 *** | 44.23 *** |
ICT | 21.44 *** | 41.15 *** |
RE | 4.69 *** | 18.34 *** |
GOB | 19.48 *** | 23.61 ** |
FI | 8.48 *** | 22.50 ** |
Dependent Variable: CO2 | |
---|---|
Statistics | Value Prob |
Delta | 4.440 *** (0.000) |
Adjusted Delta | 5.921 *** (0.000) |
CIPs | Im-Pesaran-Shin | |||||||
---|---|---|---|---|---|---|---|---|
Var | Level | p-Value | 1st Diff | p-Value | Level | p-Value | 1st Diff | p-Value |
CO2 | −2.238 | >0.10 | −2.215 | <0.050 ** | −1.5751 | 0.3642 | −2.4368 | 0.007 *** |
EG | −0.949 | <0.05 ** | −0.949 | <0.050 ** | −1.4677 | 0.032 ** | −2.2701 | 0.041 ** |
ICT | −1.794 | >0.10 | −1.894 | <0.050 ** | −1.1613 | 0.123 | −1.9461 | 0.025 ** |
RE | −0.912 | >0.10 | −0.912 | <0.050 ** | 7.4388 | 0.111 | 4.8625 | 0.021 ** |
GOB | −1.984 | <0.05 ** | −2.238 | <0.050 ** | −2.1476 | 0.016 ** | −3.5324 | 0.002 *** |
FI | −2.328 | >0.10 | −2.467 | <0.050 ** | 1.5255 | 0.936 | 8.1188 | 0.032 ** |
Dependent Variable: CO2 | ||
---|---|---|
Statistics | Value | p-Value |
−2.144 | 0.000 | |
−3.660 | 0.000 | |
−11.444 | 0.000 | |
−5.164 | 0.000 |
Short Run | |||
---|---|---|---|
Variables | Coefficient | Stand Error | p-Value |
FI | 0.987 ** | 0.503 | 0.050 |
ICT | 0.003 *** | 0.488 | 0.004 |
RE | 1.197 ** | 1.170 | 0.050 |
GOB | −5.151 | 5.565 | 0.355 |
EG | 4.710 | 1.530 | 0.758 |
Long Run | |||
FI | 1.062 ** | 0.460 | 0.021 |
ICT | 0.003 ** | 0.002 | 0.054 |
RE | −0.034 ** | 0.541 | 0.050 |
GOB | −1.968 *** | 1.930 | 0.008 |
EG | 6.840 * | 4.120 | 0.097 |
ECM | −0.944 *** | 0.545 | 0.000 |
Variable | Mean | Std. Dev. | Min | Max |
---|---|---|---|---|
FI | 3.030283 | 0.1931515 | 2.59961 | 3.364495 |
ICT | 37.65441 | 35.67006 | 9.0481 | 99.70149 |
CO2 | 4.488163 | 0.5245749 | 3.513218 | 5.752194 |
RE | 0.4771623 | 1.120934 | −2.0442 | 1.495406 |
GOB | 4.0732 | 0.2589 | 3.1223 | 4.4624 |
EG | 10.70289 | 0.5249382 | 9.88947 | 11.83195 |
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Share and Cite
Tsimisaraka, R.S.M.; Xiang, L.; Andrianarivo, A.R.N.A.; Josoa, E.Z.; Khan, N.; Hanif, M.S.; Khurshid, A.; Limongi, R. Impact of Financial Inclusion, Globalization, Renewable Energy, ICT, and Economic Growth on CO2 Emission in OBOR Countries. Sustainability 2023, 15, 6534. https://doi.org/10.3390/su15086534
Tsimisaraka RSM, Xiang L, Andrianarivo ARNA, Josoa EZ, Khan N, Hanif MS, Khurshid A, Limongi R. Impact of Financial Inclusion, Globalization, Renewable Energy, ICT, and Economic Growth on CO2 Emission in OBOR Countries. Sustainability. 2023; 15(8):6534. https://doi.org/10.3390/su15086534
Chicago/Turabian StyleTsimisaraka, Raymondo Sandra Marcelline, Li Xiang, Andriandafiarisoa Ralison Ny Avotra Andrianarivo, Eric Zonia Josoa, Noheed Khan, Muhammad Shehzad Hanif, Aitzaz Khurshid, and Ricardo Limongi. 2023. "Impact of Financial Inclusion, Globalization, Renewable Energy, ICT, and Economic Growth on CO2 Emission in OBOR Countries" Sustainability 15, no. 8: 6534. https://doi.org/10.3390/su15086534