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Dual carbon economy modeling in advanced economies

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  • 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
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    References listed on IDEAS

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