Empirical analysis of the feasible solution to mitigate the CO2 emission: evidence from Next-11 countries.

From the empirical findings, economic growth, energy consumption, fossil fuel use, and infrastructure all have a positive impact on CO2 emissions. Forest rent and industrialization show a mix of results to explain CO2 emissions in N-11 countries. Forest and agriculture have negative coefficients in most of the estimations which indicate the reduction of CO2 emissions in 11 countries. Through the evidence of variance decomposition (VD) analysis, this study found an inverted U-shaped EKC hypothesis in the long run. Moreover, through the econometric analysis, it is clear that forest area is important to reduce CO2 emissions in N-11 countries, where forest investment and planning would be effective for carbon reduction. Agricultural activities and production with green investment play an important role in mitigating CO2 emissions in N-11 countries.