Most of the developed countries across the globe have targeted to attain sustainable economic growth. In order to have a robust assessment and to confirm the validity and uniformity of the results, Driscoll-Kraay standard errors (DKSE) and robust standard error (RSE) regression techniques are being employed. The impact of seaborne proxy variables is severe in Denmark and Sweden. Container throughput, linear shipping connectivity index, and trade openness exhibit a positive impact on marine GHG emissions. The increase in energy utilization across all nations directly increased marine GHG emissions however, the adverse effect of energy consumption on the environment is severe in Denmark, Norway, and Sweden. Only in Denmark, Norway, and Sweden did the data corroborate an inverted U-shaped relationship (the EKC curve) between maritime GHG emissions and economic development. FMOLS and DOLS methods have been employed to control the problems of endogeneity and serial correlation.
The extended EKC model and three proxy variables for seaborne trade (i.e., container throughput, liner shipping connectivity index, and trade openness) are used to investigate the nexus between these variables. Thus, the present study contributes to the existing literature by investigating the nexus between marine energy consumption, seaborne trade, and GHG emissions by employing time series data for eight Northern European nations from 2005 to 2017. Despite being ignored for many decades, reducing marine emissions is today a top priority among European nations. Marine energy consumption is rapidly increasing as a result of globalization. As a result of the globalization of production processes and the expansion of international trade, both water-based trade and the use of marine energy are expanding quickly.
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