Carbon Emission Intensity, Economic Development and Energy Factors in 19 G20 Countries: Empirical Analysis Based on a Heterogeneous Panel from 1990 to 2015

The increasing global climate problem caused by excessive carbon emissions results in global carbon emission reduction governance becoming a top priority and requires close international coordination. Group of Twenty (G20) is gradually becoming the leading agency of global carbon emission reduction governance, but the unbalanced development among G20 countries has hindered the full play of G20's role. Thus, this paper aims to examine the interrelationships among economic development mode, economic development level, and energy factors including energy use efficiency and structure in 19 G20 countries over the period 1990-2015. Considering the panel heterogeneity and the endogeneity of variables, a series of heterogeneous panel analysis techniques are employed in this paper. The empirical findings suggest that for the panel, the improvement of energy use efficiency and the optimization of energy use structure can help to achieve a low-carbon development mode, implying that some international agreements such as the Copenhagen Accord and Paris Agreement on Climate Change are necessary, binding, and effective. However, for individuals, energy factors and development level influence development mode differently across countries, revealing that each country should formulate specific policies that are consistent with its own actual situation. Finally, this paper discusses the role that G20 can play in the global carbon emissions reduction governance, which provides a reference for global low-carbon and sustainable development.