Fig. 4.

Effect of vaccinations on CO emissions per capita, at different lags. Coefficient $\beta$ is reported for each lag ℓ (1–40), and based on $\mathrm{\Delta }{Y}_{i,t}=\alpha +{\mu }_i+{\gamma }_t+{\beta SV}_{i,t-l}+{\theta X}_{i,t-l}+{\epsilon }_{i,t}$ for a sample of 44 countries using daily data from December 20, 2020–June 16, 2021. $Y_{i,t}$ denotes CO emissions per capita and ${\mathit{SV}}_{i,t-l}$ is the surprises in vaccines administered (per capita).${\mu }_i$ and ${\gamma }_t$ are the country and time fixed effects. X is a vector of control variables which includes the level of new cases, NO₂ and CO emissions per capita, the stringency of containment measures index, and mobility indices at t-1. Lightly shaded bars denote 90 percent confidence bands, and dark-shared bars denote 95 percent confidence bands