STRATEGIC SHIFT FROM ECONOMIC SURVIVAL TO LONG-RUN ENVIRONMENTAL SUSTAINABILITY OF ECOWAS SUB-REGION: A DYNAMIC PANEL ANALYSIS OF CARBON EMISSIONS AND PRESERVATION QUALITY
DOI:
https://doi.org/10.18623/rvd.v22.n4.3666Palabras clave:
Carbon Emissions, Environmental Degradation, Renewable Energy, Greenhouse Gas, EKCResumen
The quest for economic survival among developing nations has turned full circle with emphasis shifting from mere short-term economic survival to the huge environmental devastation that it leaves in its trail. The consequences of unchecked use of natural resources are here with us: depletion of ozone layer, deforestation leading to rampaging erosion damage, eccentric weather condition, land-use change, just to stop at these few. It is being conjectured that if the situation continues unabated, we may not have the environment to live and operate in. This study's primary objective was to validate the Environmental Kuznets Curve (EKC) hypothesis within the ECOWAS. This study employed a two-step System Generalized Method of Moments (GMM) for its analysis. This approach was used to evaluate the impact of carbon emissions on environmental quality across the member states of ECOWAS. The results indicated that both carbon emissions and greenhouse gases are detrimental, leading to a decline in environmental quality. Conversely, the consumption of renewable energy was found to be beneficial, contributing to an improvement in the sub-region's ecological quality. Based on these findings, the study suggests that ECOWAS countries should implement policies both domestically and collectively to mitigate environmental degradation. This can be achieved by promoting the adoption of renewable energy sources and carbon-free products throughout the region.
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