The Relationship between Energy Consumption, Carbon Dioxide Emissions and Economic Growth

Student: Harutyunyan Satine

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Year of Graduation: 2020

This study revisits the relationship between carbon dioxide emissions, energy consumption and economic growth, using country-level fixed effect models. The research is based on yearly panel data of 150 countries over the period 1980-2018. In the paper this relationship is also estimated between countries with different income levels: low, middle and high. The results confirm the positive and statistically significant effect of energy consumption on carbon dioxide emissions, while GDP per capita exhibits the inverted U-shape pattern with threshold income of 12400 USD (9,42 in logarithms) for overall emissions and 6400 USD (8,7 in logarithms) for emissions per capita. However, EKC hypothesis is not valid for predicting dioxide emissions per unit value of a country's GDP (1 USD). In addition, we find positive relationship between energy use and economic growth with feedback effect.

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