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Central Asian countries’ very rich natural resources spurs economic growth in the region. Uzbekistan and Turkmenistan sit on inhabit on large natural gas and oil reserves. However, Kazakhstan has access to the biggest recoverable oil reserves among the Caspian Sea countries. During the past two decades, Kazakhstan has been increasing its energy exports volume while it increased its economic growth. The speedy growth in energy industry of Central Asian countries fatally enhances environmental degradation in region. On the other hand, both Uzbekistan and Turkmenistan have not transformed into liberalized economic systems. These situations have tended to the governments of region towards short term economic advancement rather than long term sustainable development. Although environmental deterioration is a main result of the process of economic growth, global warming and climate change has been threating the quality of human life. Though Central Asian countries signed to Kyoto protocol to decrease CO2 emission levels, these countries still have environmental pollution concerns. This paper examines relationships between CO2 emissions, economic and financial development and fossil fuel energy consumption for a panel of Central Asian countries over the period 1992-2013. The findings of this study show that an inverted U shape environmental Kuznets curve for Central Asia. Moreover, energy consumption and urbanization are found to have positive effects on CO2 emissions. However, analysis suggests that financial development and trade openness are essential factors for the reduction of CO2 emissions.

The Relationship Between CO2 Emissions, Economic and Financial Development and Fossil Fuel Energy Consumption in Central Asia