Heliyon (Jul 2024)
Do circular economy, public-private Partnership and carbon policy manage the environmental stress? Developed countries' situation under the Prism of COP27
Abstract
Since the Industrial Revolution, the economies have played well to make progress in economic growth. Besides, rapid growth has brought severe challenges, and environmental degradation is one of them. Therefore, the globe has introduced several green initiatives, such as the Kyoto Protocol, the Paris Agreement, and the Sustainable Development Goals, but the problem remains intact. Specifically, this study focuses on COP27 and highlights the key challenges and their best solutions. Undoubtedly, most nations have tried to meet their settled targets by 2030, but these have different priorities to facilitate their populace. Therefore, international cooperation has been introduced as a logical solution to collaborate across borders or within the region to deal with sustainability themes. However, developed nations have environmental problems due to industrial, income, and population growth, directly associated with environmental risks. Thus, under the SDGs, this empirical research tries to cover the critical problems (income, population aging, & industrial development) and their best alternative (public-private partnership, emission taxes & circular economy) to minimize environmental issues. Similarly, the current study utilizes an advanced series of estimators to investigate the study's objective for 17 developed nations from 2000 to 2021. Investigated outcomes describe income, population aging, and industrial activities that bring carbon emissions. Conversely, carbon policy and public-private partnerships support the sustainability theme for specified economies. Under the base model, the circular economy declines the environmental pressure by 0.016 %, 0.002 %, and 0.019 %, respectively, under the specified estimators. Moreover, this empirical research investigates the mediating role of carbon policy, public-private partnership & circular economy on industrial development. It brings a significant decline in emissions only for carbon policy & circular economy. However, this study also proposes some green policies to become clean & green shortly.
