Investigating Economy Growth, Renewable Energy, Human Capital and Environmental Technology Interaction in CO2 Emissions in Heterogeneous Emerging Economies

Ninditya Nareswari; Bahalwan Apriyansyah; Siskha Nur Khasanah

doi:10.2478/foli-2026-0009

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Investigating Economy Growth, Renewable Energy, Human Capital and Environmental Technology Interaction in CO2 Emissions in Heterogeneous Emerging Economies

Folia Oeconomica Stetinensia

Volume 26 (2026): Issue 1 (June 2026)

By: Ninditya Nareswari , Bahalwan Apriyansyah and Siskha Nur Khasanah

Open Access

|Jun 2026

Abstract

Research background

CO₂ emissions are a major driver of climate change, especially in heterogeneous emerging countries.

Purpose

This research investigates the impact of economic growth, financial development, renewable energy consumption, environment-related technology, and human capital on CO₂ emissions in heterogeneous emerging countries.

Research methodology

The study analysed data from 1994 to 2019 across twelve heterogeneous emerging countries. Utilizing the Cross-Sectional Autoregressive Distributed Lags (CS-ARDL) econometric approach, the results indicated findings over both the short and long term. Robustness is tested using the Augmented Mean Group (AMG) and Common Correlated Effects Mean Group (CCEMG) estimators, while Dumitrescu-Hurlin causality examines the bidirectional relationships.

Results

The results show that, in both the short and long term: (1) economic growth increases CO₂ emissions, (2) renewable energy use reduces emissions, and (3) the interaction of human capital and environmental technology lowers emissions. Further, the Dumitrescu-Hurlin causality tests show a bidirectional relationship between CO₂ emissions, economic growth, financial development, and human capital.

Novelty

This study provides policy recommendations to foster sustainable development and reduce CO₂ emissions, specifically in heterogeneous emerging countries.

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Articles in this issue

DOI: https://doi.org/10.2478/foli-2026-0009 | Journal eISSN: 1898-0198 | Journal ISSN: 1730-4237

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Language: English

Page range: 170 - 193

Submitted on: Jun 11, 2025

Accepted on: Jun 12, 2026

Published on: Jun 29, 2026

Published by: University of Szczecin

In partnership with: Paradigm Publishing Services

Keywords:

Carbon dioxide emissions,

economic growth,

financial development,

renewable energy

Related subjects:

Business and economics,

Political economics,

Political economics, other

© 2026 Ninditya Nareswari, Bahalwan Apriyansyah, Siskha Nur Khasanah, published by University of Szczecin
This work is licensed under the Creative Commons Attribution-ShareAlike 4.0 License.

Volume 26 (2026): Issue 1 (June 2026)