سهم سرمایه گذاری مستقیم خارجی برای مصرف انرژی پاک، انتشار کربن و رشد اقتصادی

The paper investigates the contributions of foreign direct investment (FDI) net inflows to clean energy use, carbon emissions, and economic growth. The paper employs cointegration tests to examine a long-run equilibrium relationship among the variables and fixed effects models to examine the magnitude of FDI contributions to the other variables. The paper analyzes panel data of 19 nations of the G20 from 1971 to 2009. The test results indicate that FDI has played an important role in economic growth for the G20 whereas it limits its impact on an increase in CO2 emissions in the economies. The research finds no compelling evidence of FDI link with clean energy use. Given the results, the paper discusses FDI's potential role in achieving green growth goals.

Within policy circles, there is a widespread belief that foreign direct investment (FDI) enhances the productivity of host countries and promotes economic growth. The notion supports FDI may not only provide direct capital financing but may also create positive externalities via the adoption of foreign technology and know-how. Batten and Vo (2009) have shown that FDI stimulates economic growth through technology transfer, spillover effects, productivity gains, and the introduction of new processes and managerial skills. Fernandes and Paunov (2012) have recently shown that FDI has positive effects on innovation activities and manufacturing productivity. Hermes and Lensink (2003) reported that FDI plays an important role in modernizing the economy and promoting economic growth. The historical data released by the World Bank indicate that FDI may have played an important role in addressing the growth challenges, in particular, in the group of twenty (G20) countries. The G20 is a group of heads of government or state from 20 leading economies, 19 countries plus the European Union, including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States. Collectively, the G20 economies account for more than 80 percent of the gross world product, 80 percent of the world trade, and 62 percent of the world population, according to data from the World Growth Indicators. Most of the G20 economies are growing rapidly and as economic growth increases so too does the demand for energy. According to the International Energy Agency (2007), between 2005 and 2030 the world energy demand is expected to grow at an average annual rate of 1.8%. The G20 economies will contribute to 84% of the increase in the world energy demand. Table 1 displays the summary statistics of 19 countries of the G20 during 1971–2010. There is a great deal of variation in mean per capita income with the highest mean per capita income levels 50,746 US dollars in Australia and the lowest 1375 US dollars in India with exhibiting an average of 23,078 US dollars in the G20, which is 252 percent higher than that of the world, an average of 9157 US dollars per capita in 2010. FDI net inflows per capita indicate a great deal of variation with the highest mean per capita FDI levels 24,678 US dollars in the United Kingdom and the lowest 163 US dollars in India, with exhibiting an average of 6284 US dollars in the G20. It is 220 percent higher than that of the world, an average of 2853 US dollars per capita during the period from 1971 to 2010. The mean energy use per capita ranges from 7481 kg of oil equivalent in Canada to 559 kg in India with exhibiting an average of 3470 kg per capita in the G20, which is 194 percent larger than that of the world, an average of 1790 kg per capita in 2010. According to a report by the International Energy Agency (2011), the CO2 emission levels are relatively high in most of the G20 countries. Table 1 displays that the mean CO2 emission per capita ranges from 1.46 metric tons in India to 18.56 metric tons in Australia with exhibiting an average of 8.70 metric tons in the G20, which is 183 percent larger than that of the world, an average of 4.76 metric tons per capita in 2009. Along with the rapid economic growth in the G20 countries, the emission levels have been growing fast. Although a wide gap exists among the G20 countries, FDI and the growth of specific business sectors such as manufacturing and infrastructure may be putting tremendous pressure on energy resources and the environment in the countries. However, environmental problems know no economic boundaries since they are complex in nature and transcend national boundaries. In the 2008 G20 Summit, the G20 discussed clean energy, economic growth, and the fiscal elements of growth. Since the meeting, understanding the determinants of energy demand and the use of clean energy is essential for making better energy policies in the future. A better understanding of how to manage global emissions of greenhouse gases is critical because energy related emissions make up mainly the bulk of CO2 emissions. In this regard, the challenge facing the G20 is how to develop policy responses to counter the effects of the current environmental problems and climate change and lay the foundations for sustainable growth that achieves economic growth and at the same time reduces the CO2 emissions from the results of their economic growth. In addition, the increased economic importance of FDI raises new questions for the governments regarding the best policy frameworks to encourage continued economic growth, the reduction of CO2 emissions, the efficient use of energy resources, and the increased use of clean energy resources. In sum, this paper assumes that FDI contributes to economic growth whereas it may also lead to an increase in energy consumption, and thus result in high CO2 emissions. Following the assumption above, FDI leads to an increase in CO2 emissions while it may also lead to the increased use of clean energy.

This paper integrates FDI and economic growth, CO2 emissions, and clean energy use in a multivariate format for cointegration tests with the panel data of 19 nations of the G20. The current research discovers and enhances an understanding of a long-run equilibrium relationship among these variables. More importantly, as an exploratory study, the findings indicate that FDI directly affects economic growth and exhibits no direct effect on CO2 emissions in the G20. The applicability of the findings implies that FDI plays a critical role in the continuing economic growth for the region and in achieving emission reductions through policy and practice changes. Increasing energy efficiency, developing renewable energy resources, and introducing new technologies for low carbon energy will require widespread deployment. There is evidence that when policy makers make strong efforts to attract FDI through policy campaigns, both economy and environment benefit.