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ABSTRACT
This paper studies whether the carbon intensity of human well-being has an Environmental Kuznets Curve (EKC) pattern with respect to economic growth in Bhutan using annual data from 1971 to 2018. Furthermore, it examines the short-term and long-term dynamics of the causal relation between emissions and growth in wealth and also whether recent trends of economic growth are carbon neutral. Econometric estimations, such as ordinary least squares, vector error correction model and variance decomposition, are applied alongside other appropriate statistical tests. The findings show that, in Bhutan, the carbon intensity of human well-being increases with economic growth and fails to support the EKC hypothesis. Long-run causality was found running from the carbon intensity of human well-being to GDP per capita and also from population growth to GDP per capita. The econometric analysis also revealed that the increasing emission of carbon dioxide is being absorbed and its negative effects are negated through rising forest cover hence, Bhutan appears to be a carbon-neutral nation. This paper is a valuable contribution to the literature and has significant policy implications. Furthermore, it provides an integrated and sustainable growth model discourse to the rest of the world which is ailing with severe emissions and climate change.
Disclosure statement
No potential conflict of interest was reported by the author(s).
Notes
1 Human well-being is a broad concept, which includes many aspects of our everyday lives. It encompasses material well-being, relationships with family and friends and emotional and physical health (as defined in the Encyclopedia of Puget Science). There are a host of terms – quality of life, welfare, well-living, living standards, utility, life satisfaction, prosperity, needs fulfillment, development, empowerment, capability expansion, human development, poverty, human poverty, land and more recently, happiness – that are often used interchangeably with human well-being (McGillivray & Clarke, Citation2006). The UNDP enlists health, education and income as the key indicators of the human well-being.
Additional information
Notes on contributors
B. Venkatraja
B. Venkatraja has authored more than 70 research papers and case studies. Development Economics, Macro Economy, Rural Development and Sustainability are prominent areas of his research interests. Besides publishing in reputed journals, he also worked on relevant research projects for the government and non government organisations contributing to policy decisions. In the recent years he has developed keen interest in energy and environmental dimensions.