Nexus of Energy Consumption, CO2 Emission and Economic Growth in India: Evidence from Toda and Yamamoto Granger Non-Causality Approach
The present study investigated the output, energy and pollution nexus hypothesis in the context of India. The study used the annual time series data for the period 1970-2010. The empirical findings of the study show that there is a high pairwise correlation exist between energy consumption and economic growth. The cointegration result suggests that there is a long-run equilibrium relationship exist between energy consumption, economic growth and CO2 emissions. The vector error correction result shows a positive and significant impact of energy consumption on CO2 emission. The result also reveals that economic growth has a positive and significant impact on energy consumption. Due to 1% increase in economic growth, it will increase the energy consumption 60% at the 5% level of significance. The Toda-Yamamoto Granger causality result indicates there is unidirectional causality running from energy consumption to carbon emission and economic growth to carbon emission.
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