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Global carbon dioxide emissions are on uptrend, but there have been reductions in carbon dioxide emissions as a result of financial crises, but there have been decreases in carbon dioxide emissions during financial crises. Policy makers will face a challenge when establishing carbon free policies because of the potential negative correlation between financial risks and carbon dioxide. This empirical research explores the linear and non-linear relationships between financial risk and carbon dioxide in Organization for Economic Cooperation and Development countries, using a panel-fixed effects model and a panel threshold regression model. The study further examines the role of technological advancement and renewable energy consumption in the risk-emission relationship. The fixed effects model results show that financial risk has no effect on carbon dioxide, according to the first. The slow growth of technological innovation in OECD countries relative to renewable energy consumption highlights that the promise of technological innovation for carbon reduction must be explored further.
Source link: https://europepmc.org/article/MED/35025046
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