Table 3.

Correlation matrix.

Variables	CO2	GDP	NREC	REC	STC	TO	FD
CO2	1
GDP	-0.9237∗	1
NREC	0.9264∗	-0.8270∗	1
REC	-0.6351∗	0.5686∗	-0.7459∗	1
STC	-0.8992∗	0.9297∗	-0.8281∗	0.4496∗	1
TO	-0.7921∗	0.9147∗	-0.6957∗	0.4562∗	0.8395∗	1
FD	-0.8798∗	0.9448∗	-0.7414∗	0.4012∗	0.8974∗	0.8258∗	1