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Does geopolitical risk escalate CO2 emissions? Evidence from the BRICS countries
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Does geopolitical risk escalate CO2 emissions? Evidence from the BRICS countries
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Journal Article
Does geopolitical risk escalate CO2 emissions? Evidence from the BRICS countries
2021
Overview
High levels of CO
2
emissions are extensively cited as one of the main global concerns nowadays. Therefore, researchers have been investigating the factors that affect CO
2
emissions. In the prior literature, several social, economic, and political drivers of CO
2
emissions have been investigated; however, there is a dearth of the literature on the impact of geopolitical risks (GPR) on CO
2
emissions. Hence, the objective of this study is to explore the impact of GPR on CO
2
emissions in the case of the BRICS countries while controlling the effects of population, GDP, non-renewable energy, and renewable energy consumption. The study uses the recently developed GPR index, proposed by Caldara and Iacoviello (
2018
), and the AMG (augmented mean group) estimator method. The findings document that GPR escalates CO
2
emissions. That is, a 1% increase in GPR escalates CO
2
emissions by 13%. Moreover, it also reports that renewable energy consumption impedes CO
2
emissions. In contrast, GDP, population, and non-renewable energy consumption surge CO
2
emissions. The study also proposes a few policy implications based on the findings: (1) policymakers and government officials should try to limit GPR through peace treaties, agreements, and negotiations; (2) share of renewable energy in total energy consumption should be increased in order to plunge CO
2
emissions.
Publisher
Springer Berlin Heidelberg,Springer Nature B.V
