Abstract:
Environmental pollution is a critical factor worldwide due to the enhanced
frequency and severity of natural disasters and catastrophes, and it crucially
affects the survival of the universe. Hence, the study focused on the impact of
economic growth on environmental pollution. This research study comparatively
analyzes the impact of economic growth on environmental pollution in
developed and developing countries and it investigates the impact of economic
growth and environmental pollution. The study incorporated a data series over
the period of 1980-2022 in 50 countries. The panel data regression analysis
employed in this study to analyze the impact of economic growth on
environmental pollution which is proxied using the Gross Domestic Product
Growth rate and the Carbon Emissions (CO2) metric tons per capita with the
control variable incorporated the energy consumption. In addition, the
researchers assessed the Environmental Kuznets Curve (EKC) theory in the study
to provide an in-depth understanding of the study field. Further, the study
revealed a significant positive impact of economic growth on environmental
pollution in the developing countries. The study supports the validity of the EKC
theory in explaining the relationship between economic growth and
environmental degradation. Hence, establishing environmentally friendly
economic policies and practices are highly appreciated to lower environmental
pollution and to shrink the adverse effects of economic growth on environmental
pollution in developing countries. These research findings highlight the
importance of sustainable practices, environmental regulations, and
collaborative efforts to mitigate the negative impacts of economic development
on the environment. This study serves as a foundation for future research in this
critical area to have a sustainable environment in the future while having a
coherence between the lower emission rates and the higher economic growth
rates.
