Investigating The Impact Of Globalization And Energy Consumption On Environment In Developing Countries: Does Environmental Sustainability Exist?

Abstract

The purpose of the study is to explore the impacts of globalization and energy consumption on environmental quality in emerging nations. The main goal is to compare the impact of economic, political, social, and overall Globalization and energy use, on environmental quality. Sixty-nine underdeveloped nations were chosen for comparison based on World Bank categorization. The System-GMM was used to get the empirical results in this study, which used a panel dataset from 1996 to 2018. To additional validate the empirical evidence, different interaction terms between globalization and energy consumption are regressed on environmental quality, such as the interaction terms of globalization, economic, social, and political with energy consumption. Globalization has a positive and statistically significant influence on emissions of CO2 in developing nations, according to the results of S-GMM estimators. The Pollution Haven Hypothesis proposes the link between globalization and CO2 emissions. The widespread use of nonrenewable energy, notably coal, fossil fuels, and oil power plants, is associated with a positive and statistically significant increase in carbon emissions.