STUDY OF THE DYNAMIC RELATIONSHIP BETWEEN CO2 EMISSIONS AND ENERGY CONSUMPTION USING PANEL COINTEGRATION ANALYSIS

Abstract

As Humanity is working towards the economic and social development of society, unfortunately, most humans have forgotten about the environmental degradation happening because of “Global warming and climate change”. The term "global warming" can be defined as a rise in the overall temperature of the atmosphere of earth over the ages. This increase is enough to induce climatic change, such as rising level of sea, abnormal precipitation or raining patterns, and affecting the yield of the crops and the supply of water, over time. It is also a reason for increasing the Earth's near-surface temperature. Although natural causes of “Global warming” have been happening for a very long time, the term is mostly used to refer to the heating expected from the increased greenhouse gas emissions (GHGs emissions). In the last 140 years, scientists accept that the Earth's surface has heated by around “1 degree Fahrenheit”. This increase of heat-trapping greenhouse gases caused by human activities contributes to this trend. Emissions of the Green House Gases (GHGs) are the primary sources of environmental pollution and energy consumption is major cause of the emissions of GHGs. Most the emerging and developing countries have shifted from agrarian to industrial civilisation in the last centuries at a very high frequency. These shifts have propelled to the increased energy consumption, betterment of technology and urbanisations which has resulted into high level of CO2 emissions.