Table 1.
Review of past literature
| S. No | Authors | Countries/region | Data and methods | Objectives/contributions | Results/conclusions |
|---|---|---|---|---|---|
| 1 | Deng et al. (2022) | BRICS |
1991–2019 NARDL-PMG, FMOLS, DOLS |
Studied the effect of REM on renewable energy usage (REC) and ecological sustainability (CO2) | LR: FDI↑ CO2↑, LR: REM + ↑ REC↑, REM-↑ REC↑, LR: REM-↑ CO2↑ |
| 2 | Zhang et al. (2022) | Top 10 remittance-receiving countries |
1990–2018 CUP-FM, CUP-BC |
EKC hypothesis: evaluated the influence of REM and FDI on the ecological footprint (EFP) with economic growth and renewable (REC) and non-renewable energy (NRENV) | REM↑ EFP↑, FDI↑ EFP↑, NRENV↑ EFP↑, REC↑ EFP↓. The turning point calculated using long-run regression was $1369 |
| 3 | Jafri et al. (2022) | China |
1981–2019 ARDL, NARDL |
The study examined the asymmetric effect of FDI and REM on CO2 | LR and SR: REM + ↑ CO2↓, REM-↑ CO2↓, FDI + ↑ CO2↑, FDI-↑ CO2↑, ΔFDI + > ΔFDI- |
| 4 | Mohsin et al. (2022) | European and Central Asian countries |
1971–2016 ARDL |
Determined the relationship between sustainable environment (CO2), EC, REM, GDP, and FDI | LR: GDP↑ CO2↓, SR: GDP↑ CO2↑, GDP → CO2, CO2 → EC, CO2 → FDI |
| 5 | Khan et al. (2020d) | BRICS |
1986–2016 CCEMG and FM-LS |
Researched the possible link between REM, FDI, GDP, energy use (EC), and CO2 | REM↑CO2↑, FDI↑CO2↑. The study is supporting the pollution haven hypothesis. The energy consumption promotes the energy-led emanation phenomenon. REM ↔ CO2 |
| 6 | Rani et al. (2022) | SAARC |
1990–2020 FMOLS, DOLS, FE-OLS |
Studied the causal linkage between energy consumption (EC), financial development (FD), and CO2 emissions using remittances (REM) as a GDP instrument | REM↑CO2↑, FD↑CO2↑, EC↑CO2↑, GDP↑CO2↑ |
| 7 | Itoo & Ali (2022) | India |
1980–2018 ARDL, FMOLS, DOLS, CCR |
Examined the impact of NREC, remittances and GDP on CO2 | REM↑ CO2↑. The study is not supporting EKC hypothesis |
| 8 | Islam (2022) | Top eight remittance-receiving countries |
1980–2018 GLS, PMG, D-H panel causality |
The study investigated the environmental effect of remittances | LR: REM + ↑ CO2↓, REM-↑ CO2↓, most of the variables have a bidirectional causality |
| 9 | Zafar et al. (2022) | Top 22 remittance-receiving countries |
1986–2017 CUP-FM, CUP-BC, GQR |
The study estimated the dynamic linkage between remittances, renewable energy consumption, economic growth, and CO2 | REM↑ CO2↓ |
| 10 | Mahalik et al. (2021) | India |
1978–2014 ARDL |
The relative impact of remittances and overall aid and energy aid on CO2 is examined | REM↑CO2↓, FDI↑CO2↓ |
| 11 | Ahmad et al. (2022) | Pakistan |
1980–2018 ARDL, NARDL |
The study investigated whether REM has a symmetric or asymmetric impact on CO2 emissions | LR and SR: REM + ↑ CO2↑, REM-↑ CO2↑, ΔREM + > ΔREM- |
| 12 | Neog & Yadava (2020) | India |
1980–2014 ARDL, NARDL |
The study determines the asymmetric relationship between CO2, REM, and FD | LR: REM + ↑ CO2↑, REM-↑ CO2↓ |
| 13 | Yang et al. (2020) | 97 countries |
1990–2016 GMM |
The study analyzed the influence of REM, EC, FD, urbanization, trade (T), globalization (KOF index), and GDP on CO2 | REM↑ CO2↑, EC↑ CO2↑, KOF↑ CO2↓. The study is suggesting strict market regulations and monitoring for environmentally friendly production technologies and renewable energy sources |
| 14 | Rehman et al. (2019) | Top six Asian remittance-receiving countries |
1982–2014 ARDL |
Investigated the relationship among REM, FDI, EC, and CO2 | LR and SR: EC↑ CO2↑, LR: REM↑ CO2↑ (Sri Lanka, Pakistan, Philippines, Bangladesh), LR: FDI↑ CO2↑ (China, India, and Sri Lanka). The relationship between international capital flows and CO2 differs across countries |
| 15 | Ahmad et al. (2019) | China |
1980–2014 ARDL, NARDL |
The study determined the environmental effect of remittances | LR: REM + ↑ CO2↑, REM-↑ CO2↓ |
| 16 | Sharma et al. (2019) | Nepal |
1971–2013 ARDL |
The study investigated the impact of remittances and economic growth on CO2 | REM↑CO2↓, GDP↑CO2↑ |