Table 6.

Variance inflation factor (VIF) test for multicollinearity.

Variable	VIF
CBBR (Commercial bank branches per 100,000 adults)	2.14
GDPPC (GDP per capita, constant US$)	3.62
GDPPC2 (GDP per capita squared, constant US$)	3.85
URB (Urban population, % of total population)	2.87
RENW (Renewable energy consumption, % of total energy)	1.95
CO2E (CO2 emissions, Mt CO2e)	3.28
PM2.5 (PM2.5 exposure, μg/m3)	2.76
GOV (Government expenditure, % of GDP)	2.43
EFCS (energy consumption share from fossil fuels, % of total energy use)	2.61
Mean VIF	2.77

Variance Inflation Factor (VIF) values below the conventional threshold of 10 indicate the absence of serious multicollinearity among explanatory variables. All VIF values in this study are below 5, suggesting that multicollinearity is not a concern in the estimated models.