Table 9.

Results of panel causality test

	Short-run						Long-run
	ΔlCOPC	ΔlPOP	ΔlGDPPC	ΔlEI	ΔlGB	ΔlGEI	ECT
ΔlCOPC	-	0.14*	0.05*	1.20*	−0.05	−0.14	−0.67*
ΔlPOP	−0.08	-	0.19*	0.41**	0.13*	0.03**	−0.73*
ΔlGDPPC	0.15	0.17**	-	0.04*	0.36**	0.12*	−0.66**
ΔlEI	0.01	0.09**	0.11*	-	−0.19*	−0.03*	−0.71*
ΔlGB	0.19	0.03	0.34**	0.16	-	0.46**	−0.61**
ΔlGEI	0.07	0.18*	0.42**	−0.23*	0.37**	-	0.70*

Note: COPC, POP, GDPPC, EI, GB, and GEI indicate CO2 emissions per capita, population, GDP per capita, energy intensity, issued green bonds, and green energy index, respectively; * and ** show the significance at 5% and 10%, respectively.

Source: Authors’ calculation