An Empirical Analysis of Energy Consumption, Environmental Emissions, and Economic Growth for Pakistan
Keywords:CO2 emissions, Economic development, Energy consumption, ARDL
The use of energy plays an imperative role in the expansion of the economy so, this study examined the effect of consumption of energy and environment to economic development which derives the economic development of Pakistan’s economy. This study used the famous time series ARDL methodology to empirically determine the impact of energy and environment on Pakistan economic development. Results indicates that in both short and long-run, consumption of energy and GDP level boosts economic development. While on the other hand, FDI and non-renewable-energy (fossil fuel) create hurdles in Pakistan's economic development. Due to these hurdles, increase the demand for renewable energy sources like solar and wind energy and investment in the renewable energy sector. Because it boosts economic development with the decrease in carbon emission. So, Pakistan needs to adopt these renewable energy sources which boost economic development and also mitigate the carbon emission level, which creates the environment clean and healthy.
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