Impacts of Paris agreement, fossil fuel consumption, and net energy imports on CO2 emissions: a panel data approach for three West European countries

Abstract

Global warming is a growing concern and carbon dioxide (CO2) emissions are the primary accelerator of global warming in the world. Since global warming is threatening the lives of all mankind and species, the Paris agreement was conceived to avert the negatives of climate change and it was adopted by the majority of countries. This paper seeks to examine the impacts of the Paris agreement, fossil fuel consumption, and net energy imports on CO2 emissions of Germany, France, and Spain in the post-Paris agreement with Panel datasets from 1995 to 2019 using both fully modified OLS (FMOLS) and dynamic OLS (DOLS). The purpose of this study is to analyze how the Paris agreement has changed the amount of CO2 emissions in 3 industrialized countries in western Europe. The findings of the two methods indicate that net energy import and three fossil fuel consumption parameters have meaningful positive effects on CO2 emissions. Key findings suggest that based on FMOLS results the Paris agreement has a very negligible, though negative impact around 0.0087 on carbon dioxide emissions. While according to DOLS results it still has a negative, but also meaningless impact. Based on statistics, oil consumption has the most to do with carbon dioxide emissions, which is followed by gas and coal consumption, thereby substitution with fewer pollutant energies, such as renewable energies can help CO2 emissions mitigation.

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