Assessing the Role of Energy Depletion and Energy Import with Carbon Dioxide Emissions in Belt and Road Countries

In this paper, we empirically investigate the association between carbon emissions (CO2), economic growth, energy depletion, and energy import in the Belt and Road Initiatives of panel data over the time 1985 to 2021. The econometric outcomes confirm the co-integrating relationships among the variables. Moreover, the results of the Granger causality test support the causal linkage among the study variables in Belt and Road countries. Based on the augmented mean group (AMG) and common correlated effects mean group (CCEMG) models, it is confirmed that a 1% increase in energy depletion emissions will increase CO2 emissions by 0.26% and 0.30%, respectively. Furthermore, a 1% increase in energy import will reduce CO2 emissions by 0.02% and 0.08%, respectively. The results suggest the significance of Belt and Road countries’ development for governments and policymakers to restructure their policies for containing the consequences of carbon emissions and curb energy utilization for the everlasting environment to its primary level. Overall, our findings suggest that energy depletion and energy import are significant drivers of CO2 emissions in Belt and Road countries. These results have important implications for policymakers and stakeholders involved in the Belt and Road countries highlighting the need for sustainable energy policies and investments that reduce energy depletion and promote renewable energy use.