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CO 2 Emissions and Macroeconomic Indicators: Analysis of the Most Polluted Regions in the World

Author

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  • Nestor Shpak

    (Institute of Economics and Management, Lviv Polytechnic National University, 79013 Lviv, Ukraine)

  • Solomiya Ohinok

    (Institute of Economics and Management, Lviv Polytechnic National University, 79013 Lviv, Ukraine)

  • Ihor Kulyniak

    (Institute of Economics and Management, Lviv Polytechnic National University, 79013 Lviv, Ukraine)

  • Włodzimierz Sroka

    (Department of Management, Faculty of Applied Sciences, WSB University, Cieplaka 1c, 41-300 Dąbrowa Górnicza, Poland
    School of Management Sciences, North-West University, Private Bag X1290, Potchefstroom 2520, South Africa)

  • Yuriy Fedun

    (Department of International Economic Relations, Faculty of International Relations, Ivan Franko National University Lviv, 79000 Lviv, Ukraine)

  • Romualdas Ginevičius

    (International Department of Logistics and Service Engineering, Białystok University of Technology, Wiejska 45A, 15-351 Bialystok, Poland)

  • Joanna Cygler

    (Collegium of Management and Finance, SGH Warsaw School of Economics, Al. Niepodległości 162, 02-554 Warsaw, Poland)

Abstract

There is no sector of the economy that is not dependent on the state of development of the energy sector. This sector produces a significant share of global CO 2 emissions. Harmful CO 2 emissions and greenhouse gas emissions accelerate global warming. Therefore, more and more countries are adopting a strategy for the transition to carbon-neutral energy. However, energy independence and economic competitiveness are closely linked. One cannot analyze them separately. Given these facts, we focused on conducting an econometric study of the impact of key macroeconomic indicators on the level of CO 2 emissions into the air in the United States and the Asia-Pacific region as the regions with the largest CO 2 emissions. The modeling was carried out using the method of a correlation–regression analysis with the subsequent construction of econometric models. The quality of the built econometric models was checked using the coefficient of determination and Fisher’s criterion. The sample of statistics was formed from all the available values of the World Bank’s annual indicators for the period 1970–2020. The findings achieved showed that: (i) The results of our study confirmed the dependence of CO 2 emissions on macroeconomic factors such as GDP, exports and imports, the rate of inflation, and unemployment. It allows the governments of many countries to use research findings to diagnose, monitor, and forecast macroeconomic outcomes to reduce or maintain allowable CO 2 emissions. (ii) Identifying and assessing economic losses from environmental pollution by CO 2 emissions using econometric models will allow to ensure effective public environmental and economic policies aimed at reducing harmful CO 2 emissions into the air. It may be regarded as the practical importance of our study.

Suggested Citation

  • Nestor Shpak & Solomiya Ohinok & Ihor Kulyniak & Włodzimierz Sroka & Yuriy Fedun & Romualdas Ginevičius & Joanna Cygler, 2022. "CO 2 Emissions and Macroeconomic Indicators: Analysis of the Most Polluted Regions in the World," Energies, MDPI, vol. 15(8), pages 1-22, April.
    • Handle: RePEc:gam:jeners:v:15:y:2022:i:8:p:2928-:d:795194
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    Cited by:

    1. Nestor Shpak & Solomiya Ohinok & Ihor Kulyniak & W³odzimierz Sroka & Armenia Androniceanu, 2022. "Macroeconomic Indicators and CO2 Emissions in the EU Region," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 24(61), pages 817-817, August.
    2. Zakarie Abdi Warsame & Maria Mohamed Ali & Liban Bile Mohamed & Farhia Hassan Mohamed, 2023. "The Causal Relation between Energy Consumption, Carbon Dioxide Emissions, and Macroeconomic Variables in Somalia," International Journal of Energy Economics and Policy, Econjournals, vol. 13(3), pages 102-110, May.
    3. Olha Prokopenko & Tetiana Kurbatova & Marina Khalilova & Anastasiia Zerkal & Gunnar Prause & Jacek Binda & Temur Berdiyorov & Yuriy Klapkiv & Sabina Sanetra-Półgrabi & Igor Komarnitskyi, 2023. "Impact of Investments and R&D Costs in Renewable Energy Technologies on Companies’ Profitability Indicators: Assessment and Forecast," Energies, MDPI, vol. 16(3), pages 1-17, January.

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