Trend of global carbon emissions with special reference to economy, energy, finance, forest, urbanisation and trade openness: An analysis

Global warming coupled with a staggering level of greenhouse gas (GHG) emissions has pushed our planet to a brink of irreversibility. Concentration of atmospheric carbon dioxide (CO₂), one of the major GHGs, today is more than ever seen in 3 million years of human history. An elaborate play of multiple factors has led us to this situation so extreme and hazardous. This paper examines the relationship between CO₂ emissions and relevant factors using a multivariate linear and double-log regression model taking economic growth, energy consumption, forestcover, financial development, urbanisation and trade openness as variables across 55 countries with different levels of development. The findings indicate significant causal relationships between the factors, underlining crucial aspects that can majorly benefit climate change research and policymaking. Results emphasize the need to reverse the trend of increasing emissions while moving on to a phase of greener growth and healthier economic practices, based on unconventional energy sources and appropriate policy making.