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RETRACTED ARTICLE: Interrelationship among environmental policy stringency, financial globalization in OECD countries, and CO2 emission with the role of technological innovation and financial development

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This article was retracted on 14 March 2024

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Abstract

The study examines the nexus between financial globalization (FG), environmental policy stringency (EPS), financial development (FD), and technological innovation (INV) on CO2 emission with moderating effect of technological innovation on financial development and environmental degradation in 36 OECD countries with an updated dataset from the period of 1990 to 2020 using PMG (Pooled mean group) panel ARDL method. The results of stationarity tests; (Levin, Lin, and Chu test; ADF Fisher test) demonstrate that selected variables are stationary at level I(0) and first difference I(I); this confirms that PMG estimator can be employed. Cointegration tests indicate that cointegration exist among the variables. The empirical findings of the PMG estimator indicate that financial globalization and CO2 are negatively associated with each other. While financial development, environmental policy stringency, and technological innovation have positive impact on environmental degradation in OECD countries. Furthermore, technological innovation strengthens the association between financial development (FD) and environmental degradation (CO2 emission). In order to accelerate economic growth, the study recommends that policymakers should implement environmental policies to achieve low-carbon mechanisms, such as green infrastructure and renewable energy systems, which reduce energy consumption and greenhouse gas emissions. Therefore, it is crucial that the selected OECD countries should develop programs that increase awareness of the risks of carbon emissions.

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Data availability

The datasets generated and analyzed during 1990 to 2020 the current study are available in the OECD Statistics https://stats.oecd.org/.

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Authors and Affiliations

  1. Beijing Technology & Business University, Beijing, China

    Nudrat Fatima, Zheng Yanting & Ni Guohua

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  1. Nudrat Fatima
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  2. Zheng Yanting
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  3. Ni Guohua
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Conceptualization and methodology: Nudrat Fatima and Zheng Yanting; methodology and writing—original draft: Nudrat Fatima; supervision: Zhang Yanting and Ni Guohua. All authors read and agreed to the published version of the manuscript.

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Correspondence to Zheng Yanting.

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This article has been retracted. Please see the retraction notice for more detail: https://doi.org/10.1007/s11356-024-32889-8

Appendix 1

Appendix 1

Table 9

Table 9 List of sample countries
Full size table

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Fatima, N., Yanting, Z. & Guohua, N. RETRACTED ARTICLE: Interrelationship among environmental policy stringency, financial globalization in OECD countries, and CO2 emission with the role of technological innovation and financial development. Environ Sci Pollut Res 30, 34085–34100 (2023). https://doi.org/10.1007/s11356-022-24392-9

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