This study investigated the effects of financial development, energy consumption, FDI, globalization, urbanization on carbon dioxide emission from 51 developing and 29 developed countries during 1998 to 2018. Using the fixed effects model, the results indicate that in developed country’s financial development and globalization have negative, energy consumption, GDP and foreign direct investment have a positive effect on carbon emissions. Urbanization had positive impact but not significant. In developing or emerging countries energy consumption, financial development, GDP, foreign direct investment lead to increase, globalization has led to negative impact on carbon emissions while urbanization has no significant impact. First, this indicates that for the given level of financial development, GDP and globalization the carbon emissions per capita are lower in developed economies. These results are proving that developed countries have good established production management and heavily implemented or enforced environmental policies. Second, in both developing and developed economies higher energy consumption, GDP and foreign direct investment leads to increase in carbon emissions per capita.

Abstract II
Acknowledgement III
List of Tables V
Chapter 1. Introduction 1
1.1. Research background 1
1.2. Research purpose 3
1.3. Contributions 3
Chapter 2. Literature Review 5
2.1. Theoretical Perspective 5
2.2. Financial Development and Carbon emission 6
2.3. Globalization and Carbon Emission 9
2.4. Energy Consumption and Carbon Emission 9
2.5. GDP and Carbon Emission 10
2.6. Foreign Direct Investment and Carbon Emission 11
2.7. Urbanization and Carbon Emission 12
Chapter 3. Data and Methodology 14
3.1. Hypothesis development 14
3.2. Data 16
3.3. Research model 17
Chapter 4. Empirical Results 19
4.1. Descriptive Statistics 19
4.2. Correlation Analysis 20
4.3. Regression Analysis 22
Chapter 5. Conclusion 28
5.1. Conclusion 28
5.2. Limitations 29
5.3. Implications 29
5.4. Future recommendations 29
References 30
Appendix 35

Hannah Ritchie and Max Roser (2020) - "CO₂ and Greenhouse Gas Emissions". Published online at OurWorldInData.org. Retrieved from: 'https://ourworldindata.org/co2-and-other-greenhouse-gas-emissions
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