It is well documented that carbon emissions can be reduced by replacing conventional energy resources with renewable energy resources; thereby, the role of green technology is essential as it protect natural environment. Given that, the United Nations' agenda of "green is clean" may be achievable by adoption of green technologies. The objective of the study is to examine the link between information and communication technology (ICT), economic growth, energy consumption, and carbon dioxide (CO2) emissions in the context of South Korean economy, by using a novel Morlet wavelet approach. The study applies continuous wavelet power spectrum, the wavelet coherency, and the partial and the multiple wavelet coherency to the year during 1973-2016. The outcomes reveal that the connections among the stated variables progress over frequency and time domain. From the frequency domain point of view, the current study discovers noteworthy wavelet coherence and robust lead and lag linkages. From the time-domain sight, the results display robust but not consistent associations among the considered variables. From an economic point sight, the wavelet method displays that ICT helps to reduce environmental degradation in a medium and long run in the South Korean economy. This emphasizes the significance of having organized strategies by the policymakers to cope up with 2 to 3 years of the occurrence of the huge environmental degradation in South Korea.
The purpose of this study is to explore the effect of financial development on CO2 emission in 129 countries classified by the income level. A panel CO2 emission model using urbanisation, GDP growth, trade openness, petroleum consumption and financial development variables that are major determinants of CO2 emission was constructed for the 1980-2011 period. The results revealed that the variables are cointegrated based on the Pedroni cointegration test. The dynamic ordinary least squares (OLS) and the Granger causality test results also show that financial development can improve environmental quality in the short run and long run due to its negative effect on CO2 emission. The rest of the determinants, especially petroleum consumption, are determined to be the major source of environmental damage in most of the income group countries. Based on the results obtained, the investigated countries should provide banking loans to projects and investments that can promote energy savings, energy efficiency and renewable energy to help these countries reduce environmental damage in both the short and long run.