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Global Warming and Atmospheric Carbon: Is Carbon Sequestration a Myth or Reality?

Author

Listed:
  • Ogwu Stephen Obinozie

    (Department of Economics, Kingsley Ozumba Mbadiwe University, Ideato, Imo State, Nigeria)

  • Eze Afamefuna A.

    (Department of Economics, University of Nigeria, Nsukka, Nigeria)

  • Uzoigwe Joshua C.

    (Department of Otorhinolaryngology, University of Nigeria Teaching Hospital, Ituku-Ozalla, Enugu, Nigeria)

  • Orji Anthony

    (Department of Economics, University of Nigeria, Nsukka, Nigeria)

  • Maduka Anne Chinonye

    (Department of Economics, Chukwuemeka Odumegwu Ojukwu University, Igbariam, Nigeria)

  • Onwe Joshua Chukwuma

    (Department of Economics, University of Nigeria, Nsukka, Nigeria)

Abstract

Biotic and abiotic carbon sequestration currently seems to be the only viable tools at the disposal of mankind for mitigating greenhouse gas (GHG) emissions and thus a remedy for tackling global warming challenges. This study accesses the global carbon capture and storage (CCS) programme: the level of success in its implementation and its impact using panel data from eight countries, the majority of which have begun one or more operational CCS facilities. To achieve this objective, fifteen years period time series data was sourced for the eight selected countries based on data availability, namely the United States (US), the United Kingdom (UK), Canada, China, Australia, Norway, South Africa, and Nigeria; ranging from 1990 to 2015. The panel ARDL results show that the explanatory variables, global industrial production (LIP), Electricity production (LEP), Agricultural production (LAP), transportation (LTR), and energy supply (LES) have a long-run relationship with the dependent variable (LGHG emissions). While the short-run results show that none of the variables have a significant contribution to LGHG emissions. In the long-run results, LIP and LTR significantly contribute to the reduction of LGHG courtesy of the CCS programme while LEP, LAP, and LES contribute to a rise in the LGHG emission. The cross-sectional results show that all the variables have significant impacts on LGHG in all the sampled countries except Australia. Suggesting that, the CCS programme is viable for mitigating global warming and climate change and therefore should be considered by the various countries of the world.

Suggested Citation

  • Ogwu Stephen Obinozie & Eze Afamefuna A. & Uzoigwe Joshua C. & Orji Anthony & Maduka Anne Chinonye & Onwe Joshua Chukwuma, 2023. "Global Warming and Atmospheric Carbon: Is Carbon Sequestration a Myth or Reality?," Studia Universitatis „Vasile Goldis” Arad – Economics Series, Sciendo, vol. 33(1), pages 28-56, March.
  • Handle: RePEc:vrs:suvges:v:33:y:2023:i:1:p:28-56:n:5
    DOI: 10.2478/sues-2023-0002
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    References listed on IDEAS

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    More about this item

    Keywords

    CO2 Capture; Industrial production; Electricity production; Agriculture production; Global Warming; Panel ARDL;
    All these keywords.

    JEL classification:

    • Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
    • L7 - Industrial Organization - - Industry Studies: Primary Products and Construction
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • N5 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

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