659
Views
0
CrossRef citations to date
0
Altmetric
Research Article

Gravitating towards emission reduction targets in the G7 and E7 economies: the financial development and sustainable energy perspectives

, , & ORCID Icon

References

  • Acheampong, A. O. 2019. Modelling for insight: does financial development improve environmental quality? Energy Economics 83:156–20. doi:10.1016/j.eneco.2019.06.025.
  • Adams, S., and A. O. Acheampong. 2019. Reducing carbon emissions: The role of renewable energy and democracy. Journal of Cleaner Production 240:118245. doi:10.1016/j.jclepro.2019.118245.
  • Adebayo, T. S., H. Rjoub, G. D. Akinsola, and S. D. Oladipupo. 2022. The asymmetric effects of renewable energy consumption and trade openness on carbon emissions in Sweden: New evidence from quantile-on-quantile regression approach. Environmental Science and Pollution Research 29 (2):1875–1886. doi:10.1007/s11356-021-15706-4.
  • Adewuyi, A. O., and O. B. Awodumi. 2017. Biomass energy consumption, economic growth and carbon emissions: Fresh evidence from West Africa using a simultaneous equation model. Energy 119:453–471. doi:10.1016/j.energy.2016.12.059.
  • Adu, D. T., & Denkyirah, E. K. 2017. Economic growth and environmental pollution in West Africa: Testing the environmental kuznets curve hypothesis. doi:10.1016/j.kjss.2017.12.008.
  • Agozie, D. Q., B. A. Gyamfi, F. V. Bekun, I. Ozturk, and A. Taha. 2022. Environmental kuznets curve hypothesis from lens of economic complexity index for BRICS: Evidence from second generation panel analysis. Sustainable Energy Technologies and Assessments 53:102597. doi:10.1016/j.seta.2022.102597.
  • Ahmad, M., P. Jiang, A. Majeed, and M. Y. Raza. 2020. Does financial development and foreign direct investment improve environmental quality? Evidence from belt and road countries. Environmental Science and Pollution Research 27 (19):23586–23601. doi:10.1007/s11356-020-08748-7.
  • Ahmad, M., P. Jiang, M. Murshed, K. Shehzad, R. Akram, L. Cui, and Z. Khan. 2021. Modelling the dynamic linkages between eco-innovation, urbanization, economic growth and ecological footprints for G7 countries: Does financial globalization matter? Sustainable Cities and Society 70:102881. doi:10.1016/j.scs.2021.102881.
  • Al-Mulali, U., & Sab, C. N. B. C. 2012. The impact of energy consumption and CO2 emission on the economic growth and financial development in the Sub-Saharan African countries. Energy 39 (1):180–86. doi:10.1016/j.energy.2012.01.032.
  • Aluko, O. A., and A. A. Obalade. 2020. Financial development and environmental quality in sub-saharan Africa: Is there a technology effect? Science of the Total Environment 747:141515. doi:10.1016/j.scitotenv.2020.141515.
  • Anwar, A., Sinha, A., Sharif, A., Siddique, M., Irshad, S., Anwar, W., & Malik, S. 2021. The nexus between urbanization, renewable energy consumption, financial development, and CO2 emissions: Evidence from selected Asian countries. Environment, Development and Sustainability 24 (5):1–21. doi:10.1007/s10668-021-01716-2.
  • Appiah, M., S. Ashraf, A. K. Tiwari, B. A. Gyamfi, and S. T. Onifade. 2023. Does financialization enhance renewable energy development in Sub-Saharan African countries? Energy Economics 125:106898. doi:10.1016/j.eneco.2023.106898.
  • Appiah, M., Li, M., Onifade, S. T., & Gyamfi, B. A. 2022. Investigating institutional quality and carbon mitigation drive in Sub-Saharan Africa: Are growth levels, energy use, population, and industrialization consequential factors? Energy & Environment 33 (5):1–14. doi:10.1177/0958305X221147602.
  • Asiedu, B. A., A. A. Hassan, and M. A. Bein. 2021. Renewable energy, non-renewable energy, and economic growth: Evidence from 26 European countries. Environmental Science and Pollution Research 28 (9):11119–11128. doi:10.1007/s11356-020-11186-0.
  • Aslan, A., O. Ocal, B. Ozsolak, and I. Ozturk. 2022. Renewable energy and economic growth relationship under the oil reserve ownership: Evidence from panel VAR approach. Renewable Energy 188:402–410. doi:10.1016/j.renene.2022.02.039.
  • Baloch, M. A., I. Ozturk, F. V. Bekun, and D. Khan. 2021. Modeling the dynamic linkage between financial development, energy innovation, and environmental quality: Does globalization matter? Business Strategy and the Environment 30 (1):176–184. doi:10.1002/bse.2615.
  • Banday, U. J., and R. Aneja. 2020. Renewable and non-renewable energy consumption, economic growth and carbon emission in BRICS: Evidence from bootstrap panel causality. International Journal of Energy Sector Management 14 (1):248–260. doi:10.1108/IJESM-02-2019-0007.
  • Bashir, M. F., Benjiang, M. A., Hussain, H. I., Shahbaz, M., Koca, K., & Shahzadi, I. 2022. Evaluating environmental commitments to COP21 and the role of economic complexity, renewable energy, financial development, urbanization, and energy innovation: empirical evidence from the RCEP countries. Renewable Energy 184:541–50. doi:10.1016/j.renene.2021.11.102.
  • Behera, J., and A. K. Mishra. 2020. Renewable and non-renewable energy consumption and economic growth in G7 countries: Evidence from panel autoregressive distributed lag (P-ARDL) model. International Economics & Economic Policy 17 (1):241–258. doi:10.1007/s10368-019-00446-1.
  • Bilgili, F., and I. Ozturk. 2015. Biomass energy and economic growth nexus in G7 countries: Evidence from dynamic panel data. Renewable and Sustainable Energy Reviews 49:132–138. doi:10.1016/j.rser.2015.04.098.
  • Bozkaya, Ş., Onifade, S. T., Duran, M. S., & Kaya, M. G. 2022. Does environmentally friendly energy consumption spur economic progress: Empirical evidence from the Nordic countries? Environmental Science and Pollution Research 29 (46):1–11. doi:10.1007/s11356-022-23452-4.
  • Breusch, T. S., and A. R. Pagan. 1980. The lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies 47 (1):239–253. doi:10.2307/2297111.
  • British Petroleum. (2021). BP Statistical review of world energy 2020. https://www. bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energyeconomics/statistical review/bp-stats-review-2020-full-report.pdf.
  • Bulut, U., and G. Muratoglu. 2018. Renewable energy in Turkey: Great potential, low but increasing utilization, and an empirical analysis on renewable energy-growth nexus. Energy Policy 123:240–250. doi:10.1016/j.enpol.2018.08.057.
  • Cai, Y., Xu, J., Ahmad, P., & Anwar, A. 2021. What drives carbon emissions in the long-run? The role of renewable energy and agriculture in achieving the sustainable development goals. Economic Research-Ekonomska Istraživanja 35 (1):4603–24. doi:10.1080/1331677x.2021.2015613.
  • Chang, C. L., and M. Fang. 2022. Renewable energy-led growth hypothesis: New insights from BRICS and N-11 economies. Renewable Energy 188:788–800. doi:10.1016/j.renene.2022.02.052.
  • Chien, F., T. Ajaz, Z. Andlib, K. Y. Chau, P. Ahmad, and A. Sharif. 2021. The role of technology innovation, renewable energy and globalization in reducing environmental degradation in Pakistan: A step towards sustainable environment. Renewable Energy 177:308–317. doi:10.1016/j.renene.2021.05.101.
  • Cicchiello, A. F., A. Kazemikhasragh, S. Monferrá, and A. Girón. 2021. Financial inclusion and development in the least developed countries in Asia and Africa. Journal of Innovation and Entrepreneurship 10 (1):1–13. doi:10.1186/s13731-021-00190-4.
  • Dingru, L., Onifade, S. T., Ramzan, M., & AL-Faryan, M. A. S. 2023. Environmental perspectives on the impacts of trade and natural resources on renewable energy utilization in Sub-Sahara Africa: Accounting for FDI, income, and urbanization trends. Resources Policy 80:103204. doi:10.1016/j.resourpol.2022.103204.
  • Eberhardt, M., & Bond, S. 2009. Cross-section dependence in nonstationary panel models: A novel estimator. Munich Personal RePEc Archive. http://mpra.ub.uni-muenchen.de/17692/.
  • Eberhardt, M., & Teal, F. (2010). Productivity analysis in global manufacturing production. Discussion Paper 515, Department of Economics, University of Oxford. http://www.economics.ox.ac.uk/research/WP/pdf/paper515.pdf
  • Erdoğan, S., S. Yıldırım, D. Ç. Yıldırım, and A. Gedikli. 2020. The effects of innovation on sectoral carbon emissions: Evidence from G20 countries. Journal of Environmental Management 267:110637. doi:10.1016/j.jenvman.2020.110637.
  • Gozgor, G., Lau, C. K. M., & Lu, Z. 2018. Energy consumption and economic growth: New evidence from the OECD countries. Energy 153:27–34. doi:10.1016/j.energy.2018.03.158. https://www.statista.com/statistics/678707/gdp-of-g7-and-e7-in-2015-and-2050/.
  • Grossman, G. M., & Krueger, A. B. 1991. Environmental impacts of a North American free trade agreement. NBER, National Bureau of Economic Research Working Paper Series WORKING PAPER 3914: 1–57. doi:10.3386/w3914.
  • Gyamfi, B. A., Bekun, F. V., Balsalobre-Lorente, D., Onifade, S. T., & Ampomah, A. B. 2022. Beyond the environmental kuznets curve: Do combined impacts of air transport and rail transport matter for environmental sustainability amidst energy use in E7 economies? Environment, Development and Sustainability 24 (10):1–19. doi:10.1007/s10668-021-01944-6.
  • Inglesi-Lotz, R. 2016. The impact of renewable energy consumption to economic growth: A panel data application. Energy Economics 53:58–63. doi:10.1016/j.eneco.2015.01.003.
  • Itkonen, J. V. 2012. Problems estimating the carbon Kuznets curve. Energy 39 (1):274–80. doi:10.1016/j.energy.2012.01.018.
  • Jaforullah, M., and A. King. 2017. The econometric consequences of an energy consumption variable in a model of CO2 emissions. Energy Economics 63:84–91. doi:10.1016/j.eneco.2017.01.025.
  • Jebli, M. B., and S. B. Youssef. 2015. Output, renewable and non-renewable energy consumption and international trade: Evidence from a panel of 69 countries. Renewable Energy 83:799–808. doi:10.1016/j.renene.2015.04.061.
  • Kasperowicz, R. 2015. Economic growth and CO2 emissions: The ECM analysis. Journal of International Studies 8 (3):91–98.
  • Kasperowicz, R., Y. Bilan, and D. Štreimikienė. 2020. The renewable energy and economic growth nexus in European countries. Sustainable Development 28 (5):1086–1093. doi:10.1002/sd.2060.
  • Khan, M., and I. Ozturk. 2021. Examining the direct and indirect effects of financial development on CO2 emissions for 88 developing countries. Journal of Environmental Management 293:112812. doi:10.1016/j.jenvman.2021.112812.
  • Khezri, M., M. S. Karimi, Y. A. Khan, and S. Z. Abbas. 2021. The spillover of financial development on CO2 emission: A spatial econometric analysis of Asia-Pacific countries. Renewable and Sustainable Energy Reviews 145:111110. doi:10.1016/j.rser.2021.111110.
  • Koenker, R. 2004. Quantile regression for longitudinal data. Journal of Multivariate Analysis 91 (1):74–89. doi:10.1016/j.jmva.2004.05.006.
  • Koenker, R., and G. Bassett Jr. 1978. Regression quantiles. Econometrica: Journal of the Econometric Society 46 (1):33–50. doi:10.2307/1913643.
  • Köksal, C., S. Katircioglu, and S. Katircioglu. 2021. The role of financial efficiency in renewable energy demand: Evidence from OECD countries. Journal of Environmental Management 285:112122. doi:10.1016/j.jenvman.2021.112122.
  • Lahiani, A., S. Mefteh-Wali, M. Shahbaz, and X. V. Vo. 2021. Does financial development influence renewable energy consumption to achieve carbon neutrality in the USA? Energy Policy 158:112524. doi:10.1016/j.enpol.2021.112524.
  • Lin, B., and M. Moubarak. 2014. Renewable energy consumption–economic growth nexus for China. Renewable and Sustainable Energy Reviews 40:111–117. doi:10.1016/j.rser.2014.07.128.
  • Liu, X., Zhang, S., & Bae, J. 2018. Renewable energy, trade, and economic growth in the Asia Pacific region. Energy Sources, Part B: Economics, Planning, & Policy 13 (2):96–102. doi:10.1080/15567249.2017.1327994.
  • Lu, W. C. 2017. Renewable energy, carbon emissions, and economic growth in 24 Asian countries: Evidence from panel cointegration analysis. Environmental Science and Pollution Research 24 (33):26006–26015. doi:10.1007/s11356-017-0259-9.
  • Luqman, M., N. Ahmad, and K. Bakhsh. 2019. Nuclear energy, renewable energy and economic growth in Pakistan: Evidence from non-linear autoregressive distributed lag model. Renewable Energy 139:1299–1309. doi:10.1016/j.renene.2019.03.008.
  • Musa, M. S., G. Jelilov, P. T. Iorember, and O. Usman. 2021. Effects of tourism, financial development, and renewable energy on environmental performance in EU-28: Does institutional quality matter? Environmental Science and Pollution Research 28 (38):53328–53339. doi:10.1007/s11356-021-14450-z.
  • Nakhli, M. S., Shahbaz, M., Jebli, M. B., & Wang, S. 2022. Nexus between economic policy uncertainty, renewable & non-renewable energy, and carbon emissions: Contextual evidence in carbon neutrality dream of USA. Renewable Energy 185:75–85. doi:10.1016/j.renene.2021.12.046.
  • Ntanos, S., M. Skordoulis, G. Kyriakopoulos, G. Arabatzis, M. Chalikias, S. Galatsidas, and A. Batzios, A. Katsarou. 2018. Renewable energy and economic growth: Evidence from European countries. Sustainability 10 (8):2626. doi:10.3390/su10082626.
  • Ocal, O., and A. Aslan. 2013. Renewable energy consumption–economic growth nexus in Turkey. Renewable and Sustainable Energy Reviews 28:494–499. doi:10.1016/j.rser.2013.08.036.
  • Ofori, E. K., S. T. Onifade, E. B. Ali, A. A. Alola, and J. Zhang. 2023. Achieving carbon neutrality in post COP26 in BRICS, MINT, and G7 economies: The role of financial development and governance indicators. Journal of Cleaner Production 387:135853. doi:10.1016/j.jclepro.2023.135853.
  • Ohajionu, U. C., Gyamfi, B. A., Haseki, M. I., & Bekun, F. V. 2022. Assessing the linkage between energy consumption, financial development, tourism and environment: Evidence from method of moments quantile regression. Environmental Science and Pollution Research 29 (20):1–15. doi:10.1007/s11356-021-17920-6.
  • Onifade, S. T., & Alola, A. A. 2022. Energy transition and environmental quality prospects in leading emerging economies: The role of environmental‐related technological innovation. Sustainable Development 30 (2):1–13. doi:10.1002/sd.2346.
  • Onifade, S. T., B. A. Gyamfi, A. A. Alola, and I. Haouas. 2023b. Assessing the drivers of (non) conventional energy portfolios in the South Asian economies: The role of technological innovation and human development. Sustainable Development 31 (5):1–12. doi:10.1002/sd.2740.
  • Onifade, S. T., B. A. Gyamfi, I. Haouas, and S. A. Asongu. 2023a. Extending the frontiers of financial development for sustainability of the MENA states: The roles of resource abundance and institutional quality. Sustainable Development 31 (5):1–12. doi:10.1002/sd.2751.
  • Onifade, S. T., Haouas, I., & Alola, A. A. 2023c. Do natural resources and economic components exhibit differential quantile environmental effect? Natural Resources Forum 47 (2):1–20. doi:10.1111/1477-8947.12289.
  • Ozcan, B., and I. Ozturk. 2019. Renewable energy consumption-economic growth nexus in emerging countries: A bootstrap panel causality test. Renewable and Sustainable Energy Reviews 104:30–37. doi:10.1016/j.rser.2019.01.020.
  • Pablo-Romero, M. D. P., & De Jesús, J. 2016. Economic growth and energy consumption: The energy-environmental Kuznets curve for Latin America and the Caribbean. Renewable and Sustainable Energy Reviews 60:1343–50. doi:10.1016/j.rser.2016.03.029.
  • Papież, M., S. Śmiech, and K. Frodyma. 2019. Effects of renewable energy sector development on electricity consumption–growth nexus in the European Union. Renewable and Sustainable Energy Reviews 113:109276. doi:10.1016/j.rser.2019.109276.
  • Pesaran, H. M. 2007. A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics 22 (2):265–312. doi:10.1002/jae.951.
  • Pesaran, M. H. 2015. Testing weak cross-sectional dependence in large panels. Econometric Reviews 34 (6–10):1089–1117. doi:10.1080/07474938.2014.956623.
  • Pesaran, M. H., A. Ullah, and T. Yamagata. 2008. A bias‐adjusted LM test of error cross‐section independence. The Econometrics Journal 11 (1):105–127. doi:10.1111/j.1368-423X.2007.00227.x.
  • Pesaran, M. H., and T. Yamagata. 2008. Testing slope homogeneity in large panels. Journal of Econometrics 142 (1):50–93. doi:10.1016/j.jeconom.2007.05.010.
  • Powell, D. 2016. Quantile regression with nonadditive fixed effects. Quantile Treatment Effects 1 (28):1–33.
  • PWC. 2019. Banking in 2050: How big will the emerging markets get?’ please contact Frances Lilley on 0207212 6917. The original ‘world in 2050’ report on the projected future size of the E7 economies is available to download from https://www.pwc.com/world2050
  • Qin, M., C. W. Su, O. R. Lobonţ, and M. Umar. 2023. Blockchain: A carbon-neutral facilitator or an environmental destroyer? International Review of Economics & Finance 86:604–615. doi:10.1016/j.iref.2023.04.004.
  • Qin, M., C. W. Su, Y. Zhong, Y. Song, and O. R. Lobonț. 2022. Sustainable finance and renewable energy: Promoters of carbon neutrality in the United States. Journal of Environmental Management 324:116390. doi:10.1016/j.jenvman.2022.116390.
  • Rafindadi, A. A., and I. Ozturk. 2017. Impacts of renewable energy consumption on the German economic growth: Evidence from combined cointegration test. Renewable and Sustainable Energy Reviews 75:1130–1141. doi:10.1016/j.rser.2016.11.093.
  • Salahuddin, M., Alam, K., Ozturk, I., & Sohag, K. 2018. The effects of electricity consumption, economic growth, financial development, and foreign direct investment on CO2 emissions in Kuwait. Renewable and Sustainable Energy Reviews 81:2002–10. doi:10.1016/j.rser.2017.06.009.
  • Shahbaz, M., M. A. Nasir, and D. Roubaud. 2018. Environmental degradation in France: The effects of FDI, financial development, and energy innovations. Energy Economics 74:843–857. doi:10.1016/j.eneco.2018.07.020.
  • Shen, Y., Su, Z. W., Malik, M. Y., Umar, M., Khan, Z., & Khan, M. 2021. Does green investment, financial development, and natural resources rent limit carbon emissions? A provincial panel analysis of China. Science of the Total Environment 755:142538. doi:10.1016/j.scitotenv.2020.142538.
  • Solarin, S. A., and I. Ozturk. 2015. On the causal dynamics between hydroelectricity consumption and economic growth in Latin America countries. Renewable and Sustainable Energy Reviews 52:1857–1868. doi:10.1016/j.rser.2015.08.003.
  • Statista. 2023. Share of global gross domestic product from G7 and G20 countries in 2022 and projections for 2027. Available at: https://www.statista.com/statistics/722962/g20-share-of-global-gdp/ accessed 28 February.
  • Su, C. W., F. Liu, P. Stefea, and M. Umar. 2023. Does technology innovation help to achieve carbon neutrality? Economic Analysis and Policy 78:1–14. doi:10.1016/j.eap.2023.01.010.
  • Su, Z. W., M. Umar, D. Kirikkaleli, and T. S. Adebayo. 2021. Role of political risk to achieve carbon neutrality: Evidence from Brazil. Journal of Environmental Management 298:113463. doi:10.1016/j.jenvman.2021.113463.
  • Swamy, P. A.1970. Efficient inference in a random coefficient regression model. Econometrica: Journal of the Econometric Society 311–23.
  • Tamazian, A., J. P. Chousa, and K. C. Vadlamannati. 2009. Does higher economic and financial development lead to environmental degradation: Evidence from BRIC countries. Energy Policy 37 (1):246–253. doi:10.1016/j.enpol.2008.08.025.
  • Tarr, D. G., D. Kuznetsov, I. Overland, and R. Vakulchuk. 2023. Why carbon border adjustment mechanisms will not save the planet but a climate club and subsidies for transformative green technologies may. Energy Economics 122:106695. doi:10.1016/j.eneco.2023.106695.
  • Tenaw, D., and A. D. Beyene. 2021. Environmental sustainability and economic development in sub-saharan Africa: A modified EKC hypothesis. Renewable and Sustainable Energy Reviews 143:110897. doi:10.1016/j.rser.2021.110897.
  • Tugcu, C. T., I. Ozturk, and A. Aslan. 2012. Renewable and non-renewable energy consumption and economic growth relationship revisited: Evidence from G7 countries. Energy Economics 34 (6):1942–1950. doi:10.1016/j.eneco.2012.08.021.
  • Tugcu, C. T., & Topcu, M. 2018. Total, renewable, and non-renewable energy consumption and economic growth: Revisiting the issue with an asymmetric point of view. Energy 152:64–74. doi:10.1016/j.energy.2018.03.128.
  • Umar, M., X. Ji, D. Kirikkaleli, and Q. Xu. 2020. COP21 roadmap: Do innovation, financial development, and transportation infrastructure matter for environmental sustainability in China? Journal of Environmental Management 271:111026. doi:10.1016/j.jenvman.2020.111026.
  • Umar, M., X. Ji, N. Mirza, and B. Naqvi. 2021. Carbon neutrality, bank lending, and credit risk: Evidence from the eurozone. Journal of Environmental Management 296:113156. doi:10.1016/j.jenvman.2021.113156.
  • Ummalla, M., and P. Goyari. 2021. The impact of clean energy consumption on economic growth and CO2 emissions in BRICS countries: Does the environmental kuznets curve exist? Journal of Public Affairs 21 (1):e2126. doi:10.1002/pa.2126.
  • Wang, Q., Z. Dong, R. Li, and L. Wang. 2022. Renewable energy and economic growth: New insight from country risks. Energy 238:122018. doi:10.1016/j.energy.2021.122018.
  • Wang, R., N. Mirza, D. G. Vasbieva, Q. Abbas, and D. Xiong. 2020. The nexus of carbon emissions, financial development, renewable energy consumption, and technological innovation: What should be the priorities in light of COP 21 agreements? Journal of Environmental Management 271:111027. doi:10.1016/j.jenvman.2020.111027.
  • Wang, Q., and F. Zhang. 2021. The effects of trade openness on decoupling carbon emissions from economic growth–evidence from 182 countries. Journal of Cleaner Production 279:123838. doi:10.1016/j.jclepro.2020.123838.
  • WDI. 2021. World Bank development indicator. Available at: https://databank.worldbank.org/source/world-development-indicators Accessed 28 February
  • Westerlund, J. 2007. Testing for error correction in panel data. Oxford Bulletin of Economics and Statistics 69 (6):709–748. doi:10.1111/j.1468-0084.2007.00477.x.
  • World Bank (2021) World development indicators. https://databank.worldbank.org/source/world-development-indicators#
  • Xu, X., S. Huang, and H. An. 2021. Identification and causal analysis of the influence channels of financial development on CO2 emissions. Energy Policy 153:112277. doi:10.1016/j.enpol.2021.112277.
  • Yu, J., Y. M. Tang, K. Y. Chau, R. Nazar, S. Ali, and W. Iqbal. 2022. Role of solar-based renewable energy in mitigating CO2 emissions: Evidence from quantile-on-quantile estimation. Renewable Energy 182:216–226. doi:10.1016/j.renene.2021.10.002.
  • Zaidi, S. A. H., Zafar, M. W., Shahbaz, M., & Hou, F. 2019. Dynamic linkages between globalization, financial development, and carbon emissions: Evidence from Asia Pacific Economic Cooperation Countries. Journal of Cleaner Production 228:533–43. doi:10.1016/j.jclepro.2019.04.210.
  • Zhao, J., M. Shahbaz, X. Dong, and K. Dong. 2021. How does financial risk affect global CO2 emissions? The role of technological innovation. Technological Forecasting and Social Change 168:120751. doi:10.1016/j.techfore.2021.120751.