“…Influenced by the seminal work of Kuznets (1955), the study of Kraft and Kraft (1978) has become popular in analysing the sources of environmental degradation. The subsequent time series and cross‐country studies (Grossman and Krueger, 1991; Shafik and Bandyopadhyay, 1992; Grossman, 1993; Panayotou, 1993; Selden and Song, 1994; Stern et al ., 1996) have been cited in environmental management literature as they brought the role of economic growth on carbon dioxide emissions while understanding the environmental Kuznets Curve (EKC) hypothesis. In their empirical settings, the inverted EKC hypothesis is understood when environmental degradation increases with initial income level and decreases with further increasing income level (Pao and Tsai, 2010 for BRIC countries; Shahbaz and Feridun, 2012 for Pakistan; Islam, 2021 for South Asia; Zafar et al ., 2020 for a panel of South Asia).…”