¿Puede el gasto en investigación y desarrollo disminuir las emisiones de gases de efecto invernadero?

ilustraciones

Autores:
Gamboa Suárez, Fabián Andrés
Tipo de recurso:
Fecha de publicación:
2023
Institución:
Universidad Nacional de Colombia
Repositorio:
Universidad Nacional de Colombia
Idioma:
spa
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oai:repositorio.unal.edu.co:unal/83981
Acceso en línea:
https://repositorio.unal.edu.co/handle/unal/83981
https://repositorio.unal.edu.co/
Palabra clave:
330 - Economía::333 - Economía de la tierra y de la energía
F14 Empirical Studies of Trade
Gasto en investigación y desarrollo
Emisiones
Energía
R&D expenditure
Emissions
Energy
Calentamiento de la tierra
Subvención para investigación
Lucha contra la contaminación
Global warming
Research grants
Pollution control
Rights
openAccess
License
Reconocimiento 4.0 Internacional
id UNACIONAL2_d162b7f270373ed8e967532b3eb85128
oai_identifier_str oai:repositorio.unal.edu.co:unal/83981
network_acronym_str UNACIONAL2
network_name_str Universidad Nacional de Colombia
repository_id_str
dc.title.spa.fl_str_mv ¿Puede el gasto en investigación y desarrollo disminuir las emisiones de gases de efecto invernadero?
dc.title.translated.eng.fl_str_mv Can spending on research and development decrease greenhouse gas emissions?
title ¿Puede el gasto en investigación y desarrollo disminuir las emisiones de gases de efecto invernadero?
spellingShingle ¿Puede el gasto en investigación y desarrollo disminuir las emisiones de gases de efecto invernadero?
330 - Economía::333 - Economía de la tierra y de la energía
F14 Empirical Studies of Trade
Gasto en investigación y desarrollo
Emisiones
Energía
R&D expenditure
Emissions
Energy
Calentamiento de la tierra
Subvención para investigación
Lucha contra la contaminación
Global warming
Research grants
Pollution control
title_short ¿Puede el gasto en investigación y desarrollo disminuir las emisiones de gases de efecto invernadero?
title_full ¿Puede el gasto en investigación y desarrollo disminuir las emisiones de gases de efecto invernadero?
title_fullStr ¿Puede el gasto en investigación y desarrollo disminuir las emisiones de gases de efecto invernadero?
title_full_unstemmed ¿Puede el gasto en investigación y desarrollo disminuir las emisiones de gases de efecto invernadero?
title_sort ¿Puede el gasto en investigación y desarrollo disminuir las emisiones de gases de efecto invernadero?
dc.creator.fl_str_mv Gamboa Suárez, Fabián Andrés
dc.contributor.advisor.spa.fl_str_mv Gómez Portilla, Karoll Yucelly
dc.contributor.author.spa.fl_str_mv Gamboa Suárez, Fabián Andrés
dc.subject.ddc.spa.fl_str_mv 330 - Economía::333 - Economía de la tierra y de la energía
topic 330 - Economía::333 - Economía de la tierra y de la energía
F14 Empirical Studies of Trade
Gasto en investigación y desarrollo
Emisiones
Energía
R&D expenditure
Emissions
Energy
Calentamiento de la tierra
Subvención para investigación
Lucha contra la contaminación
Global warming
Research grants
Pollution control
dc.subject.jel.eng.fl_str_mv F14 Empirical Studies of Trade
dc.subject.proposal.spa.fl_str_mv Gasto en investigación y desarrollo
Emisiones
Energía
dc.subject.proposal.eng.fl_str_mv R&D expenditure
Emissions
Energy
dc.subject.unesco.spa.fl_str_mv Calentamiento de la tierra
Subvención para investigación
Lucha contra la contaminación
dc.subject.unesco.eng.fl_str_mv Global warming
Research grants
Pollution control
description ilustraciones
publishDate 2023
dc.date.accessioned.none.fl_str_mv 2023-06-06T20:25:19Z
dc.date.available.none.fl_str_mv 2023-06-06T20:25:19Z
dc.date.issued.none.fl_str_mv 2023-04-26
dc.type.spa.fl_str_mv Trabajo de grado - Maestría
dc.type.driver.spa.fl_str_mv info:eu-repo/semantics/masterThesis
dc.type.version.spa.fl_str_mv info:eu-repo/semantics/acceptedVersion
dc.type.content.spa.fl_str_mv Text
dc.type.redcol.spa.fl_str_mv http://purl.org/redcol/resource_type/TM
status_str acceptedVersion
dc.identifier.uri.none.fl_str_mv https://repositorio.unal.edu.co/handle/unal/83981
dc.identifier.instname.spa.fl_str_mv Universidad Nacional de Colombia
dc.identifier.reponame.spa.fl_str_mv Repositorio Institucional Universidad Nacional de Colombia
dc.identifier.repourl.spa.fl_str_mv https://repositorio.unal.edu.co/
url https://repositorio.unal.edu.co/handle/unal/83981
https://repositorio.unal.edu.co/
identifier_str_mv Universidad Nacional de Colombia
Repositorio Institucional Universidad Nacional de Colombia
dc.language.iso.spa.fl_str_mv spa
language spa
dc.relation.references.spa.fl_str_mv Acheampong, A. O. (2018). Economic growth, CO2 emissions and energy consumption: what causes what and where? Energy Economics, 74, 677-692.
Ackerman, F. & Stanton E. A. (2012) Climate risks and carbon prices: Revising the social cost of carbon. Economics: The Open-Access, Open-Assessment E-Journal 6 1-25
Aghion, P., & Howitt, P. (2007). Capital, innovation, and growth accounting. Oxford Review of Economic Policy, 23(1), 79-93.
Alam, Atif, M., Chien-Chi, C., & Soytaş, U. (2019). Does corporate R&D investment affect firm environmental performance? Evidence from G-6 countries. Energy Economics, 78, 401–411. https://doi.org/10.1016/j.eneco.2018.11.031
Alcott, B. (2005). Jevons' paradox. Ecological economics, 54(1), 9-21.ç
Anzoategui, D., Comin, D., Gertler, M., & Martinez, J. (2019). Endogenous technology adoption and R&D as sources of business cycle persistence. American Economic Journal: Macroeconomics, 11(3), 67-110.
Asmussen, K. E., Mondal, A., & Bhat, C. R. (2022). Adoption of partially automated vehicle technology features and impacts on vehicle miles of travel (VMT). Transportation Research Part A: Policy and Practice, 158, 156-179.
Awaworyi Churchill, Inekwe, J., Smyth, R., & Zhang, X. (2019). R&D intensity and carbon emissions in the G7: 1870–2014. Energy Economics, 80, 30–37. https://doi.org/10.1016/j.eneco.2018.12.020
Berg, K. A., Curtis, C. C., & Mark, N. C. (2021). GDP and Temperature: Evidence on Cross-Country Response Heterogeneity.
Bogmans, C., Kiyasseh, L., Matsumoto, A., & Pescatori, A. (2020). Energy, efficiency gains and economic development: when will global energy demand saturate?. Available at SSRN 3758087.
Bosetti, V. & Tavoni, M. (2009). Uncertain R&D, backstop technology and GHGs stabilization. Energy Economics, 31, S18-S26.
Bosetti, V., Carraro, C., Duval, R. & Tavoni, M. (2011). What should we expect from innovation? A model based assessment of the environmental and mitigation cost implications of climate-related R&D. Energy Economics, 33, 1313--1320.
Bosetti, V., Carraro, C., Masseti, E. & Tavoni, M. (2008). International energy R&D spillovers and the economics of greenhouse gas atmospheric stabilization. Energy Economics, 30, 2912-2929.
Bosetti, V., Carraro, C., Masseti, E., Sgobbi, A. & Tavoni, M. (2009). Optimal energy investment and R&D strategies to stabilize atmospheric greenhouse gas concentrations. Resource and Energy Economics, 31, 123-137.
Choi, I. (2001). Unit root tests for panel data. Journal of international money and Finance, 20(2), 249-272.
DCENR, (2014). National energy efficiency action plan 2014, Department of communications, Energy and Natural Resources, Government of Ireland.
Fich, L. E., Viola, S., & Bentsen, N. S. (2022). Jevons Paradox: Sustainable Development Goals and Energy Rebound in Complex Economic Systems. Energies, 15(16), 5821.
Freimane, R. & Bāliņa, S. (2016). Research and development expenditures and economic growth in the EU: A panel data analysis. Economics and Business, 29(1), 5-117
Freire-González, J. (2021). Governing Jevons’ Paradox: Policies and systemic alternatives to avoid the rebound effect. Energy Research & Social Science, 72, 101893.
Gengenbach, C., Urbain, J. -P., and Westerlund, J. (2016) Error Correction Testing in Panels with Common Stochastic Trends. J. Appl. Econ., 31: 982– 1004. doi: 10.1002/jae.2475.
Hadri, K. (2000). Testing for stationarity in heterogeneous panel data. The Econometrics Journal, 3(2), 148-161.
Herzer, D. (2022). The impact of domestic and foreign R&D on TFP in developing countries. World Development, 151, 105754.
Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of econometrics, 115(1), 53-74.
IRENA (2017), Accelerating the Energy Transition through Innovation, a working paper based on global REmap analysis, IRENA, Abu Dhabi. www.irena.org/remap
IRENA (2018), Global Energy Transformation: A roadmap to 2050, International Renewable Energy Agency, Abu Dhabi.
Jalles, J. T. (2019). Crises and emissions: New empirical evidence from a large sample. Energy Policy, 129, 880-895.
Jordà, Ò. (2005). Estimation and inference of impulse responses by local projections. American economic review, 95(1), 161-182.
Jordà, Ò., Singh, S. R., & Taylor, A. M. (2020). The long-run effects of monetary policy (No. w26666). National Bureau of Economic Research.
Kao, C. (1999). Spurious regression and residual-based tests for cointegration in panel data. Journal of econometrics, 90(1), 1-44.
Kaplan JO (2015) Climate or humans? Analyses of ice-core carbon isotopes show that variations in atmospheric CO2 levels during the past millennium are controlled by changes in land reservoirs. But whether climate variations or human activity were mainly responsible is uncertain. Nat Geosci 8:335–336
Kaya, Y., & Yokobori, K. (Eds.). (1997). Environment, energy, and economy: strategies for sustainability (pp. 16-26). Tokyo: United Nations University Press.
Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: asymptotic and finite-sample properties. Journal of econometrics, 108(1), 1-24.
Lovins, L. H., & Cohen, B. (2011). Climate capitalism: Capitalism in the age of climate change. Hill and Wang.
Lovins, A. (2017). Energy efficiency. Energy Economics, 234.
Jevons, W.S. (1865) The Coal Question; An Enquiry Concerning the Progress of the Nation, and the Probable Exhaustion of Our Coal-Mines; McMillan and Co.: London, UK; Cambridge, UK.
MacArthur, E. (2013). Towards the circular economy. Journal of Industrial Ecology, 2(1), 23-44.
Magazzino, C. (2016). The relationship between real GDP, CO2 emissions, and energy use in the GCC countries: A time series approach. Cogent Economics & Finance, 4(1), 1152729.
Mankiw, N. G., Romer, D., & Weil, D. N. (1992). A contribution to the empirics of economic growth. The quarterly journal of economics, 107(2), 407-437
Mensah, C. N., Long, X., Boamah, K. B., Bediako, I. A., Dauda, L., & Salman, M. (2018). The effect of innovation on CO2 emissions of OCED countries from 1990 to 2014. Environmental Science and Pollution Research, 25(29), 29678-29698.
Metcalf, G. E., & Stock, J. H. (2020, May). Measuring the macroeconomic impact of carbon taxes. In AEA papers and Proceedings (Vol. 110, pp. 101-06).
Minniti, A. & Venturini, F. (2017). The long-run growth effects of R&D policy. Research Policy, 46(1), 316-326
Mora C, Spirandelli D, Franklin EC, Lynham J, Kantar MB, Miles W, et al. (2018). Broad threat to humanity from cumulative climate hazards intensified by greenhouse gas emissions. Nature Climate Change; 8: 1062 -1071.
Nordhaus, W.D. (2002). Modelling induced innovation in climate change policy. In A. Grubler, N. Nakicenovic & W.D. Nordhaus (Eds.) Technological Change and the Environment (Washington DC: REsources for the Future).
Pablo-Romero, M. D. P., & De Jesús, J. (2016). Economic growth and energy consumption: The energy-environmental Kuznets curve for Latin America and the Caribbean. Renewable and Sustainable Energy Reviews, 60, 1343-1350.
Pedroni, P. (2004). Panel cointegration: asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric theory, 20(3), 597-625.
Pindyck, R. (2017). The use and misuse of models for climate policy. Review of Environmental Economics and Policy, 11(1), 100-114.
Plagborg‐Møller, M., & Wolf, C. K. (2021). Local projections and VARs estimate the same impulse responses. Econometrica, 89(2), 955-980.
Polimeni, J. M. (2012). Empirical evidence for the Jevons Paradox. In The Jevons paradox and the myth of resource efficiency improvements (pp. 154-184). Routledge.
Rogelj J, Den Elzen M, Höhne N, Fransen T, Fekete H, Winkler H (2016) Paris Agreement climate proposals need a boost to keep warming well below 2 C. Nature; 534: 631 -639.
Romer, P. M. (1994). The origins of endogenous growth. Journal of Economic perspectives, 8(1), 3-22.
Rongron, L. & Rui L. (2020). Investigating effect of R&D investment on decoupling environmental pressure from economic growth in the global top six carbon dioxide emitters. Science of The Total Environment. Volume 740
Saunders, H. D. (2000). A view from the macro side: rebound, backfire, and Khazzoom–Brookes. Energy policy, 28(6-7), 439-449.
Sala-i-Martin, X. (2002). Determinants of Growth-A Cross-Country Empirical Study.
Siami, N., & Winter, R. A. (2021). Jevons’ paradox revisited: Implications for climate change. Economics Letters, 206, 109955.
Smith, R., & World Economics Association. (2016). Green capitalism: the god that failed. London: College Publications.
Solow, R. M. (1956). A contribution to the theory of economic growth. The quarterly journal of economics, 70(1), 65-94.
Sorrell, S. (2009). Jevons’ Paradox revisited: The evidence for backfire from improved energy efficiency. Energy policy, 37(4), 1456-1469.
Stern, D. I. (2018). The environmental Kuznets curve. In Companion to Environmental Studies (pp. 49-54). Routledge.
Sudarmaji, E., Achsani, N. A., Arkeman, Y., & Fahmi, I. (2022, June). Does rebound effect influence the factors of carbon emission in Indonesia? Kaya index and LMDI decomposition. In IOP Conference Series: Earth and Environmental Science (Vol. 1041, No. 1, p. 012086). IOP Publishing.
Vitenu-Sackey, & Acheampong, T. (2022). Impact of economic policy uncertainty, energy intensity, technological innovation and R&D on CO2 emissions: evidence from a panel of 18 developed economies. Environmental Science and Pollution Research International, 29(58), 87426–87445. https://doi.org/10.1007/s11356-022-21729-2
Vivanco, D. F., Kemp, R., & van der Voet, E. (2016). How to deal with the rebound effect? A policy-oriented approach. Energy Policy, 94, 114-125.
Westerlund, J. (2005). New simple tests for panel cointegration. Econometric Reviews, 24(3), 297-316. Zachariadis, M. (2004). R&D‐induced Growth in the OECD?. Review of Development Economics, 8(3), 423-439.
dc.rights.coar.fl_str_mv http://purl.org/coar/access_right/c_abf2
dc.rights.license.spa.fl_str_mv Reconocimiento 4.0 Internacional
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dc.format.extent.spa.fl_str_mv 48 páginas sin enumerar
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dc.publisher.spa.fl_str_mv Universidad Nacional de Colombia
dc.publisher.program.spa.fl_str_mv Bogotá - Ciencias Económicas - Maestría en Ciencias Económicas
dc.publisher.faculty.spa.fl_str_mv Facultad de Ciencias Económicas
dc.publisher.place.spa.fl_str_mv Bogotá, Colombia
dc.publisher.branch.spa.fl_str_mv Universidad Nacional de Colombia - Sede Bogotá
institution Universidad Nacional de Colombia
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spelling Reconocimiento 4.0 Internacionalhttp://creativecommons.org/licenses/by/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Gómez Portilla, Karoll Yucelly7d00bb94aa1a311b5728decda6dfed59600Gamboa Suárez, Fabián Andrés70096009441c476cc3bf37a696ee7be42023-06-06T20:25:19Z2023-06-06T20:25:19Z2023-04-26https://repositorio.unal.edu.co/handle/unal/83981Universidad Nacional de ColombiaRepositorio Institucional Universidad Nacional de Colombiahttps://repositorio.unal.edu.co/ilustracionesEn este documento se explora la pregunta sobre si la inversión en investigación y desarrollo (I+D) puede reducir las emisiones de Gases de Efecto Invernadero (GEI). Para dar respuesta a la pregunta, se exploraron las relaciones entre cuatro variables: el gasto en I+D, el PIB, las emisiones de GEI y el consumo de energía mediante el uso de una metodología novedosa de proyecciones locales con una base de datos longitudinal para 34 países desde 1990 hasta 2017. Los principales resultados muestran que la inversión en I+D tiene efectos negativos en las emisiones de GEI en los primeros años, pero luego, el proceso se revierte y genera un efecto positivo luego de 10 años. Lo anterior muestra que existe un efecto de rebote en donde las innovaciones generadas por esta inversión pueden disminuir las emisiones de GEI pero luego incentivan un mayor consumo y crecimiento económico que redunda en mayores emisiones. Así, los resultados ilustran la paradoja de Jevons. (Texto tomado de la fuente).This paper seeks to explore the question of whether investment in research and development (R&D) can reduce greenhouse gas (GHG) emissions. To answer the question, we explored the relationships between four variables: R&D expenditure, GDP, GHG emissions and energy consumption by using a novel methodology of local projections with a longitudinal database for 34 countries from 1990 to 2017. The main results show that R&D investment has negative effects on GHG emissions in the early years, but then the process reverses and generates a positive effect after 10 years. This shows that there is a rebound effect in which the innovations generated by this investment can reduce GHG emissions but then incentivize higher consumption and economic growth that results in higher emissions. Thus, the results illustrate the Jevons Paradox.Incluye anexosMaestríaMagíster en Ciencias EconómicasLínea de profundización48 páginas sin enumerarapplication/pdfspaUniversidad Nacional de ColombiaBogotá - Ciencias Económicas - Maestría en Ciencias EconómicasFacultad de Ciencias EconómicasBogotá, ColombiaUniversidad Nacional de Colombia - Sede Bogotá330 - Economía::333 - Economía de la tierra y de la energíaF14 Empirical Studies of TradeGasto en investigación y desarrolloEmisionesEnergíaR&D expenditureEmissionsEnergyCalentamiento de la tierraSubvención para investigaciónLucha contra la contaminaciónGlobal warmingResearch grantsPollution control¿Puede el gasto en investigación y desarrollo disminuir las emisiones de gases de efecto invernadero?Can spending on research and development decrease greenhouse gas emissions?Trabajo de grado - Maestríainfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/acceptedVersionTexthttp://purl.org/redcol/resource_type/TMAcheampong, A. O. (2018). Economic growth, CO2 emissions and energy consumption: what causes what and where? Energy Economics, 74, 677-692.Ackerman, F. & Stanton E. A. (2012) Climate risks and carbon prices: Revising the social cost of carbon. Economics: The Open-Access, Open-Assessment E-Journal 6 1-25Aghion, P., & Howitt, P. (2007). Capital, innovation, and growth accounting. Oxford Review of Economic Policy, 23(1), 79-93.Alam, Atif, M., Chien-Chi, C., & Soytaş, U. (2019). Does corporate R&D investment affect firm environmental performance? Evidence from G-6 countries. Energy Economics, 78, 401–411. https://doi.org/10.1016/j.eneco.2018.11.031Alcott, B. (2005). Jevons' paradox. Ecological economics, 54(1), 9-21.çAnzoategui, D., Comin, D., Gertler, M., & Martinez, J. (2019). Endogenous technology adoption and R&D as sources of business cycle persistence. American Economic Journal: Macroeconomics, 11(3), 67-110.Asmussen, K. E., Mondal, A., & Bhat, C. R. (2022). Adoption of partially automated vehicle technology features and impacts on vehicle miles of travel (VMT). Transportation Research Part A: Policy and Practice, 158, 156-179.Awaworyi Churchill, Inekwe, J., Smyth, R., & Zhang, X. (2019). R&D intensity and carbon emissions in the G7: 1870–2014. Energy Economics, 80, 30–37. https://doi.org/10.1016/j.eneco.2018.12.020Berg, K. A., Curtis, C. C., & Mark, N. C. (2021). GDP and Temperature: Evidence on Cross-Country Response Heterogeneity.Bogmans, C., Kiyasseh, L., Matsumoto, A., & Pescatori, A. (2020). Energy, efficiency gains and economic development: when will global energy demand saturate?. Available at SSRN 3758087.Bosetti, V. & Tavoni, M. (2009). Uncertain R&D, backstop technology and GHGs stabilization. Energy Economics, 31, S18-S26.Bosetti, V., Carraro, C., Duval, R. & Tavoni, M. (2011). What should we expect from innovation? A model based assessment of the environmental and mitigation cost implications of climate-related R&D. Energy Economics, 33, 1313--1320.Bosetti, V., Carraro, C., Masseti, E. & Tavoni, M. (2008). International energy R&D spillovers and the economics of greenhouse gas atmospheric stabilization. Energy Economics, 30, 2912-2929.Bosetti, V., Carraro, C., Masseti, E., Sgobbi, A. & Tavoni, M. (2009). Optimal energy investment and R&D strategies to stabilize atmospheric greenhouse gas concentrations. Resource and Energy Economics, 31, 123-137.Choi, I. (2001). Unit root tests for panel data. Journal of international money and Finance, 20(2), 249-272.DCENR, (2014). National energy efficiency action plan 2014, Department of communications, Energy and Natural Resources, Government of Ireland.Fich, L. E., Viola, S., & Bentsen, N. S. (2022). Jevons Paradox: Sustainable Development Goals and Energy Rebound in Complex Economic Systems. Energies, 15(16), 5821.Freimane, R. & Bāliņa, S. (2016). Research and development expenditures and economic growth in the EU: A panel data analysis. Economics and Business, 29(1), 5-117Freire-González, J. (2021). Governing Jevons’ Paradox: Policies and systemic alternatives to avoid the rebound effect. Energy Research & Social Science, 72, 101893.Gengenbach, C., Urbain, J. -P., and Westerlund, J. (2016) Error Correction Testing in Panels with Common Stochastic Trends. J. Appl. Econ., 31: 982– 1004. doi: 10.1002/jae.2475.Hadri, K. (2000). Testing for stationarity in heterogeneous panel data. The Econometrics Journal, 3(2), 148-161.Herzer, D. (2022). The impact of domestic and foreign R&D on TFP in developing countries. World Development, 151, 105754.Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of econometrics, 115(1), 53-74.IRENA (2017), Accelerating the Energy Transition through Innovation, a working paper based on global REmap analysis, IRENA, Abu Dhabi. www.irena.org/remapIRENA (2018), Global Energy Transformation: A roadmap to 2050, International Renewable Energy Agency, Abu Dhabi.Jalles, J. T. (2019). Crises and emissions: New empirical evidence from a large sample. Energy Policy, 129, 880-895.Jordà, Ò. (2005). Estimation and inference of impulse responses by local projections. American economic review, 95(1), 161-182.Jordà, Ò., Singh, S. R., & Taylor, A. M. (2020). The long-run effects of monetary policy (No. w26666). National Bureau of Economic Research.Kao, C. (1999). Spurious regression and residual-based tests for cointegration in panel data. Journal of econometrics, 90(1), 1-44.Kaplan JO (2015) Climate or humans? Analyses of ice-core carbon isotopes show that variations in atmospheric CO2 levels during the past millennium are controlled by changes in land reservoirs. But whether climate variations or human activity were mainly responsible is uncertain. Nat Geosci 8:335–336Kaya, Y., & Yokobori, K. (Eds.). (1997). Environment, energy, and economy: strategies for sustainability (pp. 16-26). Tokyo: United Nations University Press.Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: asymptotic and finite-sample properties. Journal of econometrics, 108(1), 1-24.Lovins, L. H., & Cohen, B. (2011). Climate capitalism: Capitalism in the age of climate change. Hill and Wang.Lovins, A. (2017). Energy efficiency. Energy Economics, 234.Jevons, W.S. (1865) The Coal Question; An Enquiry Concerning the Progress of the Nation, and the Probable Exhaustion of Our Coal-Mines; McMillan and Co.: London, UK; Cambridge, UK.MacArthur, E. (2013). Towards the circular economy. Journal of Industrial Ecology, 2(1), 23-44.Magazzino, C. (2016). The relationship between real GDP, CO2 emissions, and energy use in the GCC countries: A time series approach. Cogent Economics & Finance, 4(1), 1152729.Mankiw, N. G., Romer, D., & Weil, D. N. (1992). A contribution to the empirics of economic growth. The quarterly journal of economics, 107(2), 407-437Mensah, C. N., Long, X., Boamah, K. B., Bediako, I. A., Dauda, L., & Salman, M. (2018). The effect of innovation on CO2 emissions of OCED countries from 1990 to 2014. Environmental Science and Pollution Research, 25(29), 29678-29698.Metcalf, G. E., & Stock, J. H. (2020, May). Measuring the macroeconomic impact of carbon taxes. In AEA papers and Proceedings (Vol. 110, pp. 101-06).Minniti, A. & Venturini, F. (2017). The long-run growth effects of R&D policy. Research Policy, 46(1), 316-326Mora C, Spirandelli D, Franklin EC, Lynham J, Kantar MB, Miles W, et al. (2018). 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