This study examines the convergence of fossil fuels material footprint for 154 countries for the period from 1970 to 2019 using club convergence analysis.
Authors
Vaseem Akram, Economics & Business Environment Area, Indian Institute of Management Jammu, Permanent Campus, NH-44, Jagti, Nagrota, Jammu, Jammu and Kashmir, 181221, India.
Sushant Bhargava, Assistant Professor, Jindal Institute of Behavioural Sciences, O.P. Jindal Global University, Sonipat, Haryana, India.
Summary
Material footprint is vital for playing a role in increasing the pace of climate change and the sustainability of development efforts. Fossil fuels material footprint (FFMF) remains a critical indicator of environment-friendly economic development. Fossil fuels have also retained their dominance as prominent drivers of global growth since the Industrial Revolution.
FFMF levels show considerable variations in economic growth worldwide as awareness of sustainability and climate change propagates. Although biomass/carbon emission convergence have been discussed extensively in the existing literature, FFMF convergence is still scanty despite its vital role in climate change. Hence, this study adds to the existing literature by examining the convergence of FFMF for 154 countries for the period from 1970 to 2019 using club convergence analysis.
The results show that FFMF converges to a single steady state, stating a symmetric decline in FFMF growth. Further, the findings from sigma and beta tests are consistent with the main results. Thus, the demonstrated convergence of FFMF directs that global efforts regarding FFMF control should be continued. Moreover, future climate change policies should also be formulated to enhance the awareness of FFMF and long-term sustainability.
Published in: Environmental Science and Pollution Research
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