The Nexus between, Trade Openness, Foreign Remittances, Public Awareness, Energy Consumption, Economic Growth, and CO2 Emissions in Industrialized and Emerging Digital Economies

Abstract

The purpose of this study is to investigate the relationship between remittances, public awareness, trade openness, CO₂ emissions, energy consumption and economic growth in a panel of industrialized and emerging digital economies 2023 sought to fill this void. There is inconsistency and insufficient investigation into the connection that exists between public awareness, carbon dioxide emissions, and export earnings. The study used the co-integration approach developed by Wester Lund and Edgerton, Cup-FM, and CUP-BC, as well as the generalized quantile regression approach and second-generation unit root approaches for long-term estimation. As well as unit root approaches of the second generation. The findings demonstrate that remittances contribute to halting environmental damage because they have a negative effect on emissions in emerging digital economies. Energy contributes to the reduction of emissions in a manner that is comparable to how trade openness reduces CO₂ emissions. On the other hand, economic growth encourages environmental degradation. The study also suggests that public awareness plays a significant role in encouraging environmental degradation. In light of these groundbreaking findings, a number of policy recommendations are offered. While economic expansion is linked to the deterioration of the environment, trade openness and the utilization of energy also contribute to the reduction of emissions. Public awareness plays a significant role in encouraging environmental degradation.