The findings demonstrate that globalization, financial development, and energy consumption increase CO 2 emissions. We employed CCEMG, AMG, and DCCE estimators to estimate heterogeneous parameters. Westerlund (Oxf Bull Econ Stat 69:709-748, 2007) and Banerjee and Carrion-i-Silvestre (J Time Ser Anal 38:610-636, 2017) cointegration tests denote the occurrence of cointegration among the variables. Owing to the presence of cross-sectional dependence and slope heterogeneity in the panel data, CADF and CIPS unit root tests are employed to validate the stationarity of the variables. The main objective of this study is to examine the impacts of globalization, financial development, government expenditures, and institutional quality on CO 2 emissions, incorporating energy consumption, and GDP per capita in the Environmental Kuznets Curve (EKC) model for 47 Emerging Market and Developing Economies (EMDEs) between 19.
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