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–This paper examines the impact of globalization and financial development on CO2 emission by incorporating energy consumption in the framework of the Environment Kuznets Curve (EKC) hypothesis in India during 1971–2014. To achieve this objective, autoregressive distributed model (ARDL) model is used. Overall globalization, economic globalization, political globalization, and social globalization are used as proxies for globalization. Domestic credit to financial sector as a percentage of GDP is used as a proxy for financial development. ARDL bounds test confirms the existence of cointegration among the variables. The results show that financial development has no significant effect on carbon emission. The study also finds the support for the EKC hypothesis. In addition, the findings show that overall globalization, social globalization, and political globalization affect CO2 emissions negatively, while economic globalization affects positively but not significantly. The study reveals that economic growth and energy consumption are found to have negative and significant effect on environment quality in India. The findings of the study would help policymakers to understand the role and impact of economic growth and energy consumption on environmental degradation and would guide them to implement policies and programmers to reduce the impact for achieving the global mandate for the reduction of CO2 emission.

Impact of Globalization, Financial Development, Energy Consumption, and Economic Growth on CO2 Emissions in India: Evidence from ARDL Approach