A step towards carbon neutrality in E7: The role of environmental taxes, structural change, and green energy.

To achieve sustainable production and consumption patterns in the modern world, emerging countries are concentrating more on how economic variables may employ carbon neutrality targets appropriately. Using renewable energy, structural changes initiative, and imposing environmental taxes are all part of the plan to achieve the carbon neutrality goal in terms of reduced carbon emissions (CO2), haze pollutants, and greenhouse gases (GHG). Environmental taxation, renewable energy, structural changes, trade openness, and foreign direct investment (FDI) are aspects taken into account in this study, along with the long-term viability of the natural ecology in the E7 (China, Turkey, India, Russia, Brazil, Indonesia, and Mexico) economies. The Driscoll Kraay fixed effect OLS technique and the Method-of-Moment quantile (MMQ) regression technique were adopted for the baseline analysis for the data span of 2000 to 2020. From the empirical analysis, it was discovered that environmental Tax, structure change, and renewable energy have a negative connection with carbon emissions for the understudy countries. Moreover, the pollutant haven hypothesis (PHH) was confirmed since the findings discovered a positively significant relation involving FDI and carbon emission. Similarly, trade openness was seen to have a positive connection with carbon emissions. Thus, it is concluded that effective environmental taxation, renewable energy enhancement, and structure changes mitigate pollution while trade openness and FDI inflow enhance carbon emission for the E7 economies. According to the results, rigorous environmental tax rules will enable enterprises to transition manufacturing to green and sustainable alternatives. Finally, the report recommends that transferring tax money to research and development of sustainable technology programmes will enable governments to meet the SDG-7 and SDG-13 objectives of the United Nations.

Can environmental taxes and green-energy offer carbon-free E7 economies? An empirical analysis in the framework of COP-26.

The main cause of environmental degradation is carbon emissions, which puts environmental sustainability in jeopardy. This ecological worry, the obligation for which falls on all economic actors, has not gone undetected, and so in 2021, the Glasgow Climate Pact (COP: 26) was organized, with the primary aim of decreasing global carbon emissions. Because the Post-Glasgow Agreement goals represent a significant challenge to achieving ecological responsibility, pressure is applied to the participating nations. However, earlier literature lacked sufficient investigation of factors useful for the mitigation of carbon emissions in E7 (China, Turkey, India, Russia, Brazil, Indonesia, and Mexico) economies. Hence, we aim to fill this research vacuum by predicting the impact of clean fuels and cooking technology availability, renewable energy, and environmental taxes on E7 economies' carbon emissions from 2000 to 2020, while taking urbanization and population expansion into account. Evaluation is done using four different cross-sectional dependence (CSD) methods, as well as unit root tests (CIPS and CADF), cointegration analysis (Westerlund and Kao), and the Driscoll-Kraay and quantile-on-quantile long-run factor estimate methods. The long-run analysis revealed from our findings that environmental tax, renewable energy, and access to clean fuels and technologies for cooking decrease carbon emission for the E7 economies. On the other hand, urbanization and population growth enhance emissions for the E7 economies. Finally, our results hold up under a variety of policy interpretations that would aid in reducing carbon emissions and their negative effects on the environment.