Hemachandra Padhan
The world has been focusing more on a globalized economy through social integration, political integration, economic integration, technology development, international finance and multinational operation of transactional corporations and international trade. With the development of advanced technology, R and D spillover, international trade and social, political and economic integrations, the process of economic globalization has been changing rapidly and worldwide . The rising dependence on globalization impacts economic conditions and influences human life and welfare’s social and political aspects. According to Gozgor and Ranjan , rapid economic globalization improves the country’s welfare through the channels of better international relations via trade and capital flows. High dependence on globalization enhances the better economic performance of developed and developing economies in the long run . However, the current globalization process and structural transactions have been necessary for a better linkage between globalization and the country’s economic condition. Still, it also makes a natural relationship between economic globalization and energy consumption demand. Moreover, in the last few decades, the role of globalization and the environment has been debated issues due to significant environmental consciousness, unfavourable climate change and serious attention on industrialization, the transport sector and building. The share of carbon emissions (CO₂) proxy for environmental quality has been increasing in our planet and contributing to greenhouse gas emissions. According to Intergovernmental Panel on Climate Change, CO₂ emissions contribution to air pollution was increasing day-by-days and reported as the main component for reducing environmental quality.
