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Energy consumption, finance, and climate change: Does policy uncertainty matter?

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  • Atsu, Francis
  • Adams, Samuel

Abstract

The study examined the long run relationship of energy consumption, financial development and economic policy uncertainty for the BRICS countries (Brazil, Russia, India, China and South Africa) over the period 1984–2017. Using cross-sectionally augmented ARDL (CS-ARDL) and Fully Modified Ordinary Least Squares (FMOLS) estimation techniques, the findings of the study reveal that fossil fuel consumption and policy uncertainty contribute to CO2 emissions, while renewable energy, bureaucratic quality, and financial development mitigate CO2 emissions. The findings of the study show the importance of promoting economic policy that encourages innovation and stimulate capital investment in energy efficiency technology to reduce CO2 emissions.

Suggested Citation

  • Atsu, Francis & Adams, Samuel, 2021. "Energy consumption, finance, and climate change: Does policy uncertainty matter?," Economic Analysis and Policy, Elsevier, vol. 70(C), pages 490-501.
    • Handle: RePEc:eee:ecanpo:v:70:y:2021:i:c:p:490-501
    DOI: 10.1016/j.eap.2021.03.013
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    More about this item

    Keywords

    Climate change; Policy uncertainty; Innovation; Government policy; CO2 emissions; Finance;
    All these keywords.

    JEL classification:

    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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