Footprint of Inexhaustible Energy Usage and Financial Development on Carbon Outrush of Eurasian Countries

Climate change has a menacing influence on the life and health of human beings; and environmental hallmarks for the future cohort. Carbon outrush has been attributed as the fundamental cause of global warming and change in the climate. In the retardation of carbon effusion, reciprocation between financial development and the utilization of clean energy have been revealed by empirical literature to perform a vital function. Thus, this study analyzed the footprint of inexhaustible (clean) energy usage and financial development on CO2 outrush of 10 Eurasian countries utilizing the PMG-ARDL (Pooled Mean Autoregressive distributive lag model) from 1990 to 2017. Yearly Panel data was collected from the 2019 version of the World Development Indicator of the World Bank. The output of the analysis revealed that clean energy has a negative substantial footprint on the CO2 outrush while financial development has a positive substantial footprint on carbon outrush in the Eurasian countries under study. This output implies that the hallmark of the Eurasian countries’ environment has greatly improved by utilizing clean energy and this has enhanced economic buoyancy. Therefore, we recommended that governments and policymakers in Eurasian countries in addition to enhancing the utilization of clean etymology of energy by firms and individual households should expedite the establishment of financial policies and funding that are eco-friendly.