CO2 emissions, energy consumption, and economic growth: Determining the stability of the 3E relationship

Abstract

This study analyzed the stability of the relationship between carbon dioxide (CO2) emissions, energy consumption, and economic growth among a sample of 31 countries. Our results revealed the presence of structural breaks in this relationship, with the Great Recession playing an important role. Once these breaks were considered, we observed that most of the countries decoupled the level of CO2 emissions from their economic growth, with more striking evidence among advanced economies. Although emerging markets have made progress, their levels of decoupling were lower. Conversely, we found that the relationship between CO2 emissions and energy consumption intensified, implying that the countries have maintained consumption patterns that remain somewhat carbon-intensive. This also indicates that additional efforts are necessary for finding cleaner methods of energy production and achieving more sustainable economies.

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