TY - JOUR
T1 - Environmental deterioration in the age of industrialization and production
T2 - do industrial competition and renewable energy reduce the ecological burden?
AU - Yuhuan, Zhao
AU - Rasheed, Muhammad Qamar
AU - Saud, Shah
N1 - Publisher Copyright:
© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.
PY - 2024/1/1
Y1 - 2024/1/1
N2 - The modern era of globalization, economic development, and increase in manufacturing activity pose severe risks to the natural environment. In this context, industries must prioritize sustainable economic growth and development. Thus, the purpose of this study is to provide insight into industrial competition, renewable energy, economic freedom, manufacturing value added, economic growth, and carbon dioxide emissions (CO2 emissions) in the top ten high-income countries from 1997 to 2019. The results from panel cross-sectional autoregressive distributed lag (CS-ARDL), augmented mean group (AMG), and common correlated effects mean group (CCEMG) techniques revealed that economic growth and industrial production have a harmful influence on CO2 emissions. Meanwhile, industrial competitiveness, renewable energy, and economic freedom are all negatively associated with CO2 emissions. This specifies that industrial competitiveness, renewable energy, and economic freedom are favorably related to environmental sustainability by limiting CO2 emissions in the top ten high-income countries. These findings imply that governments and responsible authorities/policymakers develop strategies to reduce the environmental impact of manufacturing value addition and economic growth in the top ten high-income countries and allocate more financial resources to renewable energy and promote industrial competition.
AB - The modern era of globalization, economic development, and increase in manufacturing activity pose severe risks to the natural environment. In this context, industries must prioritize sustainable economic growth and development. Thus, the purpose of this study is to provide insight into industrial competition, renewable energy, economic freedom, manufacturing value added, economic growth, and carbon dioxide emissions (CO2 emissions) in the top ten high-income countries from 1997 to 2019. The results from panel cross-sectional autoregressive distributed lag (CS-ARDL), augmented mean group (AMG), and common correlated effects mean group (CCEMG) techniques revealed that economic growth and industrial production have a harmful influence on CO2 emissions. Meanwhile, industrial competitiveness, renewable energy, and economic freedom are all negatively associated with CO2 emissions. This specifies that industrial competitiveness, renewable energy, and economic freedom are favorably related to environmental sustainability by limiting CO2 emissions in the top ten high-income countries. These findings imply that governments and responsible authorities/policymakers develop strategies to reduce the environmental impact of manufacturing value addition and economic growth in the top ten high-income countries and allocate more financial resources to renewable energy and promote industrial competition.
KW - CO2 emissions
KW - CS-ARDL
KW - Economic freedom
KW - Industrial competition
KW - Manufacturing value added
KW - Renewable energy
UR - http://www.scopus.com/inward/record.url?scp=85182736045&partnerID=8YFLogxK
U2 - 10.1007/s11356-023-31191-3
DO - 10.1007/s11356-023-31191-3
M3 - Article
C2 - 38055171
AN - SCOPUS:85182736045
SN - 0944-1344
VL - 31
SP - 2258
EP - 2278
JO - Environmental Science and Pollution Research
JF - Environmental Science and Pollution Research
IS - 2
ER -