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Environmental Science and Pollution Research

, Volume 25, Issue 24, pp 24013–24040 | Cite as

The dependency analysis between energy consumption, sanitation, forest area, financial development, and greenhouse gas: a continent-wise comparison of lower middle-income countries

  • Muhammad Tariq Iqbal Khan
  • Muhammad Rizwan YaseenEmail author
  • Qamar Ali
Research Article

Abstract

This study explored the long-run association among greenhouse gases (GHGs), financial development, forest area, improved sanitation, renewable energy, urbanization, and trade in 24 lower middle-income countries from Asia, Europe, Africa, and America (South and North) by using panel data from 1990 to 2015. Granger causality was tested by Toda and Yamamoto approach. The bi-directional causality was established among urbanization and GHGs (Asia), financial development and forest (Asia), energy use and renewable energy (Asia), renewable energy and forest (Asia), improved sanitation and forest (Asia, Africa, America), urbanization and forest (Asia), and improved sanitation and financial development (Europe). The GHG emission also shows one-way causality is running from financial development to GHG (America), energy to GHG (Asia), renewable energy to GHG (America), forest area to GHG (America), trade openness to GHG (Africa), urbanization to GHG (Europe), GHG to financial development (Europe), GHG to energy use (Europe, Africa, and America), and GHG to trade openness (Asia). On the basis of fully modified ordinary least square and generalized method of moment, the reciprocal relationship of GHGs was observed due to financial development in Asia and Africa; renewable energy in all panels; forest area in Asia, Europe, and America; improved sanitation in Asia, Africa, and America; trade openness in Africa; and urbanization in Europe and America. Policymakers should concentrate on these variables for the reduction in GHGs. The annual convergence towards long-run equilibrium was 50.5, 31.9, and 20.9% for America, Asia, and Africa, respectively.

Keywords

Environment Financial development index GMM Granger causality Toda and Yamamoto 

Nomenclature

Abbreviations

ACD

Asia Cooperation Dialogue

AIC

Akaike information criterion

ARDL

Auto-regressive distributed lag

CCR

Canonical cointegrating regression

CO2

Carbon dioxide

DOLS

Dynamic ordinary least square

ECM

Error correction model

FMOLS

Fully modified ordinary least square

GCC

Gulf Cooperation Council

GDP

Gross domestic product

GHG

Greenhouse gas emission

GLM

Generalized linear model

GMM

Generalized method of moments

HICs

High-income countries

ICTSD

International Centre for Trade and Sustainable Development

IPS

Im, Pesaran, and Shin

ITC

International Trade Centre

LICs

Low-income countries

LLC

Levin, Lin, and Chu

LMICs

Lower middle-income countries

MENA

The Middle East and North Africa

MW

Maddala and Wu

PCA

Principal component analysis

SDGs

Sustainable Development Goals

UMICs

Upper middle-income countries

UN

United Nations

VAR

Vector auto-regressive

VECM

Vector error correction model

WDI

World development indicators

WEF

World Economic Forum

WTO

World Trade Organization

Symbols

Representation of the first difference

i

Representation of the ith country

t

Representation of the time period

α1…α7

GHG elasticity

\( {{\widehat{\upbeta}}^{\ast}}_{\mathrm{GFM}} \)

Estimator of FMOLS

\( {\mathrm{t}}_{{\widehat{\upbeta}}_{\mathrm{GFM}}^{\ast }} \)

T-statistics of FMOLS

Ci,βi,λi 

Estimated parameters of VECM

A

The weight of the first component of PCA

B

The weight of the second component of PCA

C

The weight of the third component of PCA

BM

Broad money

DCFS

Domestic credit provided by the financial sector

DCPS

Domestic credit to the private sector

EEEs

Economy, environment, and energy

EG

Economic growth

EN

Energy consumption

FD

Financial development

FDI

Financial development index

FOR

Forest area

OPEN

Trade openness

REN

Renewable energy consumption

SAN

Improved sanitation

UR

Urbanization

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Copyright information

© Springer-Verlag GmbH Germany, part of Springer Nature 2018

Authors and Affiliations

  • Muhammad Tariq Iqbal Khan
    • 1
  • Muhammad Rizwan Yaseen
    • 2
    Email author
  • Qamar Ali
    • 3
  1. 1.Department of EconomicsGovernment Postgraduate CollegeJaranwalaPakistan
  2. 2.Department of EconomicsGovernment College UniversityFaisalabadPakistan
  3. 3.Department of EconomicsVirtual University of PakistanFaisalabadPakistan

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