Global evidence of time-frequency dependency of temperature and environmental quality from a wavelet coherence approach
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Global evidence of time-frequency dependency of temperature and environmental quality from a wavelet coherence approach Andrew Adewale Alola 1,2
&
Dervis Kirikkaleli 3
Received: 10 August 2020 / Accepted: 26 October 2020 # Springer Nature B.V. 2020
Abstract The concern that the global emissions or carbon mitigation plans have not yielded the much desired significant improvement in health, air and environmental quality especially since the Conference of Paris has further created some ambiguities. This has further made environmentalists and policymakers wonder if the December 2015 Paris Climate Agreement is “better than no agreement”. In advancing the studies of global temperature and carbon emission nexus, the current study rather applied the timefrequency dependency of average global mean temperature anomalies and global carbon dioxide (CO2) emissions from fossil fuels for the annual data from 1851 to 2017. The present study uses the wavelet coherence technique and the Toda and Yamamoto causality approach that allows the investigation of both the long- and short-term causal relationship between the global average temperature and global CO2 emissions. The findings of this study indicate that (i) significant vulnerabilities in global average temperature and global CO2 emissions are observed at different time periods and different frequency levels; (ii) global CO2 emissions have a strong power for explaining global average temperature at different time periods; (iii) between 1880 and 1910, global average temperature and global CO2 emissions are positively correlated at medium term; and (iv) the outcome of Toda and Yamamoto causality reveals that global CO2 emissions cause global average temperature and this outcome is in line with the outcome of wavelet coherence approach. Keywords Environmental quality . Climate change . Temperature . CO2 emissions . Wavelet coherence
Introduction Considering the obvious ambiguities surrounding the climate change debacle, the global action plan and agreement that emanated from the December 2015 Conference of Paris (COP:21) remained elusive. This is because the global warming mitigation plan that targets limiting global temperature to 1.5–2 °C above pre-industrial levels has remained unattainable by the constituting (195) signatory member states of * Andrew Adewale Alola [email protected] Dervis Kirikkaleli [email protected] 1
Department of Economics, Istanbul Gelisim University, Istanbul, Turkey
2
Department of Financial Technologies, South Ural State University, Chelyabinsk, Russia
3
Faculty of Economic and Administrative Sciences, Department of Banking and Finance, European University of Lefke, Lefke, Northern Cyprus, TR-10 Mersin, Turkey
the COP:21 agreement (United Nations Framework Convention on Climate Change 2015a, b) . Giving that the Paris Agreement lacks the blueprint for achieving the aforementioned stabilization objectives, environmentalists and policymakers have wondered if the so-called December 2015 Paris Climate Agreement is better than no agree
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