EXPLORING THE IMPACT OF ECONOMIC GROWTH ON CARBON DIOXIDE EMISSIONS: EMPIRICAL ANALYSIS FROM ASIA COUNTRIES
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Universiti Malaysia Sarawak (UNIMAS)
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The study seeks to examine how economic growth influences carbon dioxide emissions in the five selected nations that are China, Japan, South Korea, India, and Indonesia which are the top five carbon emitters in Asia and the study covering the period from 1991 to 2024. This study evaluates the long-term and short-term associations between carbon emissions and key economic variables included energy consumption, gross domestic product, and urbanization. The Environmental Kuznets Curve (EKC) hypothesis was employed in this study to assess if carbon dioxide emissions exhibit an inverted U-shape as income increases. The panel data analysis applied in the research included unit root tests, cointegration tests, the Pooled Mean Group (PMG) estimator, and Granger causality tests. The finding indicates that energy consumption and economic growth are positively significant to carbon dioxide emissions in the long run while urbanization has negative effect on carbon dioxide emissions. The study supports the exist of long-term equilibrium relationship between the variables and partially support the Environmental Kuznets Curve (EKC) hypothesis. It also recommends the policy makers for promoting clean energy, green urban policies, strengthen environment regulation, international cooperation to address the environment degradation while boosting the economic growth in Asia.