IDEAS home Printed from https://ideas.repec.org/a/pal/palcom/v11y2024i1d10.1057_s41599-024-03794-9.html
   My bibliography  Save this article

Dual carbon economy modeling in advanced economies

Author

Listed:
  • Sheng Xu

    (Washington University in St. Louis)

  • Weiyu Gu

    (Central University of Finance and Economics)

Abstract

Utilizing the cross-sectional fully modified OLS (FMOLS) method, this paper tackles the pressing need to address climate change disasters, particularly in the context of recent COVID-19 restrictions. By developing an econometric model specifically for advanced economies, the study aims to enhance understanding and reduce carbon emissions. Examining ten advanced economies from 1995 to 2019, it identifies a significant gap in the literature concerning the integration of demographic, social, economic, and political (DSEP) factors in dual carbon economy models. The results show that a 1% improvement in good governance is associated with a 0.23% reduction in carbon footprint, due to stricter environmental regulations. In contrast, a 1% increase in economic growth results in a 0.17% rise in carbon footprint, driven by industrial activities. Similarly, a 1% rise in electricity consumption leads to a 0.32% increase in carbon footprint, reflecting dependence on fossil fuels. Additionally, a 1% increase in population size corresponds to a 0.21% rise in carbon footprint, linked to higher urban energy consumption. Finally, a 1% increase in the poverty ratio results in a 0.17% rise in carbon footprint, underscoring the influence of socio-economic factors on sustainability. The paper advocates for a comprehensive approach to fostering a dual carbon economy, emphasizing green economic growth, smart, sustainable cities, social sustainability literacy, and sustainable governance.

Suggested Citation

  • Sheng Xu & Weiyu Gu, 2024. "Dual carbon economy modeling in advanced economies," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-8, December.
    • Handle: RePEc:pal:palcom:v:11:y:2024:i:1:d:10.1057_s41599-024-03794-9
    DOI: 10.1057/s41599-024-03794-9
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1057/s41599-024-03794-9
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1057/s41599-024-03794-9?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Naoyuki Yoshino & Ehsan Rasoulinezhad & Farhad Taghizadeh-Hesary, 2021. "Economic Impacts of Carbon Tax in a General Equilibrium Framework: Empirical Study of Japan," Journal of Environmental Assessment Policy and Management (JEAPM), World Scientific Publishing Co. Pte. Ltd., vol. 23(01n02), pages 1-25, June.
    2. Joakim Westerlund, 2007. "Testing for Error Correction in Panel Data," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 69(6), pages 709-748, December.
    3. García-Monleón, Fernando & González-Rodrigo, Elena & Bordonado-Bermejo, María-Julia, 2024. "Coexistence of sustainability and growth in different economies," Journal of Business Research, Elsevier, vol. 170(C).
    4. M. Hashem Pesaran, 2007. "A simple panel unit root test in the presence of cross-section dependence," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(2), pages 265-312.
    5. Yan Wu & Chunlai Chen & Cong Hu, 2023. "The impacts of trade intensity with China on carbon emissions in belt and road countries," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 28(2), pages 558-577, April.
    6. Zhao, Linhai & Rasoulinezhad, Ehsan, 2023. "Role of natural resources utilization efficiency in achieving green economic recovery: Evidence from BRICS countries," Resources Policy, Elsevier, vol. 80(C).
    7. Taghizadeh-Hesary, Farhad & Phoumin, Han & Rasoulinezhad, Ehsan, 2022. "COVID-19 and regional solutions for mitigating the risk of SME finance in selected ASEAN member states," Economic Analysis and Policy, Elsevier, vol. 74(C), pages 506-525.
    8. Ehsan Rasoulinezhad, 2020. "Environmental Impact Assessment Analysis in the Kahak’s Wind Farm," Journal of Environmental Assessment Policy and Management (JEAPM), World Scientific Publishing Co. Pte. Ltd., vol. 22(01n02), pages 1-15, June.
    9. Hongxing Zhang & Shuanbao Li, 2023. "Research on the Factors Influencing CO 2 Emission Reduction in High-Energy-Consumption Industries under Carbon Peak," Sustainability, MDPI, vol. 15(18), pages 1-20, September.
    10. Ye, Xiang & Rasoulinezhad, Ehsan, 2023. "Assessment of impacts of green bonds on renewable energy utilization efficiency," Renewable Energy, Elsevier, vol. 202(C), pages 626-633.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zhang, Ming & Wei, Xuejiao, 2024. "Resource efficiency, cultural industry, and green economic growth: A synergistic approach," Resources Policy, Elsevier, vol. 90(C).
    2. Wang, Chuangang & Li, Xin, 2024. "Optimizing the utilization of mineral assets and human resources for enhanced social welfare and sustainable development," Resources Policy, Elsevier, vol. 90(C).
    3. Li, Jianying & Fang, Zhi, 2024. "Navigating COVID-19 disruptions for resilience and green growth in mineral resource trade," Resources Policy, Elsevier, vol. 90(C).
    4. Liu, Wen & Xu, Jiaqi & Cao, Lei & Li, Fuchang, 2024. "Towards iron ore mining sustainability and low-carbon transformation: Policies and implications," Resources Policy, Elsevier, vol. 90(C).
    5. Shang, Yunfeng & Zong, Yi, 2024. "Role of e-commerce for promoting sustainability in the mining sector," Resources Policy, Elsevier, vol. 90(C).
    6. Chunyang Wang & Qianqian He & Jian Xu, 2024. "RETRACTED ARTICLE: Exploring the role of quality and inclusive education in meeting sustainable development goals," Economic Change and Restructuring, Springer, vol. 57(3), pages 1-15, June.
    7. Liu, Xiaoxia & Yang, Ming & Shao, Zongyuan & Liu, Liyan & Gu, Weiyu, 2024. "Assessment of impacts of mineral raw material resource efficiency on enterprise performance," Resources Policy, Elsevier, vol. 90(C).
    8. Yuecheng Xu & Yunfei Cai, 2024. "RETRACTED ARTICLE: Is green finance a motivator for energy transformation investments in the OECD?," Economic Change and Restructuring, Springer, vol. 57(3), pages 1-15, June.
    9. Guo, Yang & Zhao, Luwei & Zhang, Congcong, 2023. "Energy resources, tourism development and growth-emission nexus in developing countries," Resources Policy, Elsevier, vol. 81(C).
    10. Bingfeng Meng & Zhihao Hao, 2024. "Role of green finance and higher education in fostering the sustainability and energy transition practices," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-8, December.
    11. Ai, Weina & Dong, Weiwei & Liu, Yajie, 2024. "Connecting ferrous metal extraction, sustainable urban development, and resource management in diverse economies," Resources Policy, Elsevier, vol. 90(C).
    12. Yiran Bai & Chunxian Lu & Ximiao Dong & Yinan Li, 2024. "Role of collaborative governance in unlocking private investment in sustainable projects," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-9, December.
    13. Weiyu Gu & Weifeng Yan & Shiqin Yu, 2024. "Rule of law, corruption and transparency impacts on green growth of East Asian economies," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-8, December.
    14. Xiaoping, Chen & Yanqiu, Wu, 2024. "Cultivating green growth: The interplay of communication and resource efficiency in East Asia," Resources Policy, Elsevier, vol. 90(C).
    15. Shang, Yunfeng & Xie, Yani & Chen, Wenjie, 2024. "Addressing resource scarcity and fostering sustainability through environmental education in Asia," Resources Policy, Elsevier, vol. 90(C).
    16. Li, Xinqiang & Wang, Cheng, 2024. "Clean Energy's influence on the mineral resource market in the ASEAN region," Resources Policy, Elsevier, vol. 91(C).
    17. Xu, Jin & Liu, Chengjun & Dou, Gang & Cai, Yunfei, 2024. "Mineral resource management in Chinese rural areas: Policy assessment for green economic growth," Resources Policy, Elsevier, vol. 90(C).
    18. Dai, Xiajing & Zhang, Junjie, 2024. "China's green development journey through resource rent optimization and green finance policies," Resources Policy, Elsevier, vol. 90(C).
    19. Xu, Jiaqi & Zhao, Jingfeng & Liu, Wen, 2023. "A comparative study of renewable and fossil fuels energy impacts on green development in Asian countries with divergent income inequality," Resources Policy, Elsevier, vol. 85(PA).
    20. Cheng, Xuanmei & Yan, Chengnuo & Ye, Kaite & Chen, Kanxiang, 2024. "Enhancing resource efficiency through the utilization of the green bond market: An empirical analysis of Asian economies," Resources Policy, Elsevier, vol. 89(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palcom:v:11:y:2024:i:1:d:10.1057_s41599-024-03794-9. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: https://www.nature.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.