Unveiling the Nexus: Climate change, green innovation, and the pendulum of energy consumption and carbon emissions
Yassine Kirat, Tina Prodromou, Sandy Suardi
Abstract
This study delves into the complex interplay of climate change, natural disasters, energy consumption, and carbon emissions across 111 countries from 1990 to 2019. A structural shift in 2004 signifies altered global dynamics in CO2 emissions, closely linked to the escalation of meteorological and hydrological disasters driven by climate change. Globally, we illuminate the significant impact of climate-induced natural disasters, especially storms and extreme temperatures, on energy consumption and carbon emissions, albeit with variations. Regionally, we establish a notable positive association between extreme temperature-related disasters and both energy consumption and carbon emissions in Europe. Examining the aftermath of catastrophic events reveals an intensified influence of these disasters on carbon emissions and energy consumption in Africa, Latin America, and Europe. Developed economies experience significant impacts on carbon emissions and energy consumption from storms and extreme temperatures, while flood severity predominantly affects carbon emissions in developing countries. Additionally, we explore the potential of green patents in mitigating energy consumption and emissions triggered by disasters. While not conclusively proven, the statistically significant impact of green patents on energy conservation holds profound policy implications for advancing climate understanding, transforming energy landscapes, and addressing future sustainability concerns.