Eco-Innovation and Fiscal Decentralisation: Pathways to Reducing CO2 Emissions in BRICS Economies

IF 4 3区经济学 Q1 ECONOMICS Journal of the Knowledge Economy Pub Date : 2024-09-11 DOI:10.1007/s13132-024-02247-7

Nafeesa Mughal, Mengqi Zhang, Wenzhong Zhu, Iskandar Muda

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Abstract

The mounting human activities, production of goods and services, and a growing global economic activity trend are responsible for ecological degradation. The present study is designed to elucidate the role of three important economic indicators: (i) natural resource rent, (ii) fiscal decentralisation, and (iii) economic innovation in reducing environmental degradation in BRICS economies by using the panel estimation techniques spanning the 1980 to 2018. The empirical findings infer that economic growth has an unfavourable and significant interconnection with CO₂ emission. Moreover, the study uncovered that eco-innovation is favourably linked with environmental quality. Our findings specify that natural resource rent is imperative for increasing CO₂ emissions in five selected countries. The analysis also favours the positive role of fiscal decentralisation in mitigating emanations. The empirical outcomes of Granger causality show uni-directional causality between fiscal decentralisation and CO₂ emission, eco-innovation and CO₂ emission, and GDP and CO₂ emission. The outcome implies that any policy interference regarding these variables can significantly influence environmental quality. In contrast, NRR has two-way Granger causality with CO₂ emission; this confirms that reverse causality between NRR and CO₂ emission exists.

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生态创新与财政权力下放：金砖国家减少二氧化碳排放的途径

不断增加的人类活动、商品和服务的生产以及全球经济活动不断增长的趋势是造成生态退化的原因。本研究旨在阐明三个重要经济指标的作用：(i) 自然资源租金；(ii) 财政分权；(iii) 经济创新。实证研究结果推断，经济增长与二氧化碳排放之间存在显著的不利关联。此外，研究还发现，生态创新与环境质量有着有利的联系。我们的研究结果表明，在五个选定的国家，自然资源租金是增加二氧化碳排放量的必要条件。分析还支持财政权力下放在减少排放方面的积极作用。格兰杰因果关系的实证结果显示，财政分权与二氧化碳排放、生态创新与二氧化碳排放、国内生产总值与二氧化碳排放之间存在单向因果关系。这一结果意味着对这些变量的任何政策干预都会对环境质量产生重大影响。相比之下，国家RR 与二氧化碳排放之间存在双向格兰杰因果关系；这证实了国家RR 与二氧化碳排放之间存在反向因果关系。

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来源期刊

Journal of the Knowledge Economy ECONOMICS-

CiteScore

5.90

自引率

27.30%

发文量

228

期刊介绍： In the context of rapid globalization and technological capacity, the world’s economies today are driven increasingly by knowledge—the expertise, skills, experience, education, understanding, awareness, perception, and other qualities required to communicate, interpret, and analyze information. New wealth is created by the application of knowledge to improve productivity—and to create new products, services, systems, and process (i.e., to innovate). The Journal of the Knowledge Economy focuses on the dynamics of the knowledge-based economy, with an emphasis on the role of knowledge creation, diffusion, and application across three economic levels: (1) the systemic ''meta'' or ''macro''-level, (2) the organizational ''meso''-level, and (3) the individual ''micro''-level. The journal incorporates insights from the fields of economics, management, law, sociology, anthropology, psychology, and political science to shed new light on the evolving role of knowledge, with a particular emphasis on how innovation can be leveraged to provide solutions to complex problems and issues, including global crises in environmental sustainability, education, and economic development. Articles emphasize empirical studies, underscoring a comparative approach, and, to a lesser extent, case studies and theoretical articles. The journal balances practice/application and theory/concepts.