Control of Carbon Emissions by Promoting Economic Growth and Renewable Energy in Newly Emerging Economic Block

Authors

  • Farhana Nosheen Department of Economics, Government Associate college for women, Muzafrabad, Multan, Pakistan.
  • Robina Kouser Department of Economics, University of Sahiwal, Sahiwal, Pakistan.
  • Sadia Anjum Department of Economics, Bahauddin Zakariya University, Bahadur Campus Layyah, Pakistan
  • Mohammad Javeed Akhter PhD Scholar (Economics), School of Business and Economics University of Management and Technology Lahore, Pakistan.

DOI:

https://doi.org/10.47067/real.v4i2.153

Keywords:

Belt and Road Initiative, Renewable Energy, Carbon Emissions, Economic Growth

Abstract

This research examines the effects of economic growth and energy consumption in the new developing economic block of Silk Road on carbon emissions (SERB). The energy consumption is further synthesized into renewable and non-renewable energy sources to distinguish their role in carbon emissions. This study considered panel data (1995-2014) of twenty-four middle-income countries along the Belt and Road initiative for empirical analysis. The fixed effect, random effect, and GMM methods were performed to confirm the cointegration relationship. Results highlighted the role of economic growth, renewable energy, and nonerasable energy on carbon emissions in the short and long run. Thus, it can be concluded that the newly emerging block resulting from Belt and Road initiative could get the maximum economic benefits of this project by using renewable energy sources. The new renewable energy projects may help increase clean energy and reduce carbon emissions in the emerging economic block due to the Belt and Road initiative.

References

Abbas Q, Khan AR, Bashir A, et al (2020a) Scaling up renewable energy in Africa: measuring wind energy through econometric approach. Environ Sci Pollut Res. https://doi.org/10.1007/s11356-020-09596-1

Abbas Q, Nurunnabi M, Alfakhri Y, et al (2020b) The role of fixed capital formation, renewable and non-renewable energy in economic growth and carbon emission: a case study of Belt and Road Initiative project. Environ Sci Pollut Res. https://doi.org/10.1007/s11356-020-10413-y

Ali SA, Alharthi M, Hussain HI, et al (2021) A clean technological innovation and eco-efficiency enhancement: A multi-index assessment of sustainable economic and environmental management. Technol Forecast Soc Change. https://doi.org/10.1016/j.techfore.2021.120573

Amin A, Liu XH, Abbas Q, et al (2021) Globalization, sustainable development, and variation in cost of power plant technologies: A perspective of developing economies. Environ Sci Pollut Res. https://doi.org/10.1007/s11356-020-10816-x

Anser MK, Abbas Q, Chaudhry IS, Khan A (2020a) Optimal oil stockpiling, peak oil, and general equilibrium: case study of South Asia (oil importers) and Middle East (oil supplier). Environ Sci Pollut Res. https://doi.org/10.1007/s11356-020-08419-7

Anser MK, Mohsin M, Abbas Q, Chaudhry IS (2020b) Assessing the integration of solar power projects: SWOT-based AHP–F-TOPSIS case study of Turkey. Environ Sci Pollut Res. https://doi.org/10.1007/s11356-020-09092-6

Asbahi AAMH Al, Gang FZ, Iqbal W, et al (2019) Novel approach of Principal Component Analysis method to assess the national energy performance via Energy Trilemma Index. Energy Reports 5:704–713. https://doi.org/10.1016/j.egyr.2019.06.009

Baloch ZA, Tan Q, Iqbal N, et al (2020) Trilemma assessment of energy intensity, efficiency, and environmental index: evidence from BRICS countries. Environ Sci Pollut Res. https://doi.org/10.1007/s11356-020-09578-3

Hanif I, Faraz Raza SM, Gago-de-Santos P, Abbas Q (2019) Fossil fuels, foreign direct investment, and economic growth have triggered CO2 emissions in emerging Asian economies: Some empirical evidence. Energy. https://doi.org/10.1016/j.energy.2019.01.011

He W, Abbas Q, Alharthi M, et al (2020) Integration of renewable hydrogen in light-duty vehicle: Nexus between energy security and low carbon emission resources. Int J Hydrogen Energy. https://doi.org/10.1016/j.ijhydene.2020.06.177

Huang Y, Raza SMF, Hanif I, et al (2020) The role of forest resources, mineral resources, and oil extraction in economic progress of developing Asian economies. Resour Policy. https://doi.org/10.1016/j.resourpol.2020.101878

Iqbal N, Khan A, Gill AS, Abbas Q (2020a) Nexus between sustainable entrepreneurship and environmental pollution: evidence from developing economy. Environ Sci Pollut Res. https://doi.org/10.1007/s11356-020-09642-y

Iqbal W, Fatima A, Yumei H, et al (2020b) Oil supply risk and affecting parameters associated with oil supplementation and disruption. J Clean Prod. https://doi.org/10.1016/j.jclepro.2020.120187

Iqbal W, Yumei H, Abbas Q, et al (2019) Assessment of wind energy potential for the production of renewable hydrogen in Sindh Province of Pakistan. Processes 7:. https://doi.org/10.3390/pr7040196

Iram R, Anser MK, Awan RU, et al (2020) Prioritization of Renewable Solar Energy To Prevent Energy Insecurity: An Integrated Role. Singapore Econ Rev. https://doi.org/10.1142/s021759082043002x

Iram R, Zhang J, Erdogan S, et al (2019) Economics of energy and environmental efficiency: evidence from OECD countries. Environ Sci Pollut Res. https://doi.org/10.1007/s11356-019-07020-x

Li HAO, Bhatti Z, Abbas Q, et al (2020) MEASURING LOW CARBON ENERGY, ECONOMIC and ENVIRONMENTAL SUSTAINABILITY PERFORMANCE of BRICS. Singapore Econ Rev. https://doi.org/10.1142/S0217590820500617

Liu J, Abbas Q, Alharthi M, et al (2021) Managerial policy and economic analysis of wind-generated renewable hydrogen for light-duty vehicles: Green solution of energy crises. Environ Sci Pollut Res. https://doi.org/10.1007/s11356-020-11018-1

Qayyum MA, Bashir F, Maqbool MM, et al (2019) Implications of saline water irrigation for linseed on seed germination, seedling survival and growth potential. Sarhad J Agric. https://doi.org/10.17582/JOURNAL.SJA/2019/35.4.1289.1297

Safdar N, Asif H, Farooq F (2020a) Energy Use and Human Health Nexus in Pakistan. Rev Econ Dev Stud. https://doi.org/10.47067/reads.v6i3.254

Safdar N, Asif H, Farooq F (2020b) Exposure of Air Pollution and its Relationship with Child Mortality in Pakistan. Rev Appl Manag Soc Sci. https://doi.org/10.47067/ramss.v3i2.59

Sahban MA, Abbas Q (2018) Comparison of Conflict Management Style Between Malaysian and Thai Employees: A Case Study in Top Glove Corporation. J Bus Soc Rev Emerg Econ. https://doi.org/10.26710/jbsee.v4i2.244

Shen H, Ali SA, Alharthi M, et al (2021) Carbon-free energy and sustainable environment: The role of human capital and technological revolutions in attaining sdgs. Sustain. https://doi.org/10.3390/su13052636

Sun H, Ikram M, Mohsin M, Abbas Q (2021) Energy security and environmental efficiency: Evidence from oecd countries. Singapore Econ Rev. https://doi.org/10.1142/S0217590819430033

Sun H, Khan AR, Bashir A, et al (2020a) Energy insecurity, pollution mitigation, and renewable energy integration: prospective of wind energy in Ghana. Environ Sci Pollut Res. https://doi.org/10.1007/s11356-020-09709-w

Sun H, Mohsin M, Alharthi M, Abbas Q (2020b) Measuring environmental sustainability performance of South Asia. J Clean Prod 251:. https://doi.org/10.1016/j.jclepro.2019.119519

Wang Z, Rafait Mahmood M, Ullah H, et al (2020) Multidimensional Perspective of Firms’ IT Capability Between Digital Business Strategy and Firms’ Efficiency: A Case of Chinese SMEs. SAGE Open. https://doi.org/10.1177/2158244020970564

Xia Z, Abbas Q, Mohsin M, Song G (2020) Trilemma among energy, economic and environmental efficiency: Can dilemma of EEE address simultaneously in era of COP 21? J Environ Manage. https://doi.org/10.1016/j.jenvman.2020.111322

Yang Z, Abbas Q, Hanif I, et al (2021) Short- and long-run influence of energy utilization and economic growth on carbon discharge in emerging SREB economies. Renew Energy. https://doi.org/10.1016/j.renene.2020.10.141

Zhang J, Alharthi M, Abbas Q, et al (2020) Reassessing the environmental kuznets curve in relation to energy efficiency and economic growth. Sustain. https://doi.org/10.3390/su12208346

Downloads

Published

2021-06-03

How to Cite

Nosheen, F. ., Kouser, R. ., Anjum, S. ., & Akhter, M. J. . (2021). Control of Carbon Emissions by Promoting Economic Growth and Renewable Energy in Newly Emerging Economic Block . Review of Education, Administration & LAW, 4(2), 409-420. https://doi.org/10.47067/real.v4i2.153