Global Warming and Atmospheric Carbon: Is Carbon Sequestration a Myth or Reality?

Stephen Ogwu, Eze Afamefuna A. (), Uzoigwe Joshua C. (), Orji Anthony (), Maduka Anne Chinonye () and Onwe Joshua Chukwuma ()
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Eze Afamefuna A.: Department of Economics, University of Nigeria, Nsukka, Nigeria
Uzoigwe Joshua C.: Department of Otorhinolaryngology, University of Nigeria Teaching Hospital, Ituku-Ozalla, Enugu, Nigeria
Orji Anthony: Department of Economics, University of Nigeria, Nsukka, Nigeria
Maduka Anne Chinonye: Department of Economics, Chukwuemeka Odumegwu Ojukwu University, Igbariam, Nigeria
Onwe Joshua Chukwuma: Department of Economics, University of Nigeria, Nsukka, Nigeria

Studia Universitatis „Vasile Goldis” Arad – Economics Series, 2023, vol. 33, issue 1, 28-56

Abstract: Biotic and abiotic carbon sequestration currently seems to be the only viable tools at the disposal of mankind for mitigating greenhouse gas (GHG) emissions and thus a remedy for tackling global warming challenges. This study accesses the global carbon capture and storage (CCS) programme: the level of success in its implementation and its impact using panel data from eight countries, the majority of which have begun one or more operational CCS facilities. To achieve this objective, fifteen years period time series data was sourced for the eight selected countries based on data availability, namely the United States (US), the United Kingdom (UK), Canada, China, Australia, Norway, South Africa, and Nigeria; ranging from 1990 to 2015. The panel ARDL results show that the explanatory variables, global industrial production (LIP), Electricity production (LEP), Agricultural production (LAP), transportation (LTR), and energy supply (LES) have a long-run relationship with the dependent variable (LGHG emissions). While the short-run results show that none of the variables have a significant contribution to LGHG emissions. In the long-run results, LIP and LTR significantly contribute to the reduction of LGHG courtesy of the CCS programme while LEP, LAP, and LES contribute to a rise in the LGHG emission. The cross-sectional results show that all the variables have significant impacts on LGHG in all the sampled countries except Australia. Suggesting that, the CCS programme is viable for mitigating global warming and climate change and therefore should be considered by the various countries of the world.

Keywords: CO2 Capture; Industrial production; Electricity production; Agriculture production; Global Warming; Panel ARDL (search for similar items in EconPapers)
JEL-codes: C23 L7 L94 N5 Q53 Q54 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:suvges:v:33:y:2023:i:1:p:28-56:n:5

DOI: 10.2478/sues-2023-0002

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