Greenhouse gas (GHG) emissions have been rising steadily since the 1970s. Pollution is global, and the consequences of GHG emissions affect all living beings and associated material elements. These GHG emissions, consisting mainly of carbon dioxide (CO₂), methane (CH₄), SF₆, PFCs, HFCs, and nitrous oxide (N₂O) (IPCC, 2021), are due to anthropogenic forcing, in particular human activity, including commercial economic activity. However, finance is the lifeblood of economic activity, hence the importance of the role of financialization in global warming. Air pollution due to the greenhouse effect is a global problem. However, CO2 equivalent is the most polluting GHG, accounting for more than 56% (IPCC, 2021) of total GHG emissions, but has been declining in recent years, from 147,740 tons of CO2 equivalent in 2018 to 134,782 tons of CO2 equivalent in 2019, and 118,258 tons of CO2 equivalent in 2020 worldwide (Scotiabank, 2020). According to Hasselmann (1988), winner of the 2021 Nobel Prize in Physics, CO2 controls the Earth's climate because CO2 levels correspond to rising global temperatures. Today, global warming due to atmospheric CO2 concentrations is a worldwide threat. As a result, the Intergovernmental Panel on Climate Change (IPCC) notes that efforts to reduce or not reduce CO2 emissions will be beneficial or harmful to all countries. The effects of CO2 emissions are complex and interact with the economy, as they lead to socioeconomic, health, and environmental changes.

“When it comes to financing the economy, the roles played by households, governments, and financial institutions vary greatly from country to country. These roles change over time” (Bodie et al., 2011: 27).  The financialization of the economy means that banking and financial activities have taken on an increasingly important role (Karwowski and Stockhammer, 2017, and Posca and Tabaichount, 2020), for example, the development of financial markets and financial instruments.

The important role of finance in economic development has led to the emergence of financialization. Thus, while all financial development is financialization of the economy, not all financialization of the economy is financial development. Financial development is a long-term, multidimensional process of which the financialization of the economy is one sub-dimension. However, the financialization of the economy, as a sub-dimension of financial development, particularly the depth of the financial system, is a short-term process that favors the option of financing productive investment. Admittedly, financialization and financing are two complementary sub-dimensions of the depth of the financial system, but they are fundamentally different. For Sodokin et al. (2021), the financialization of the economy is the share of the financial sector relative to the rest of the economy.

According to statistics, total gross global CO₂ equivalent emissions worldwide rose from 15 billion to over 37 billion tons between 1970 and 2018, with CO₂ emissions in 2019 accounting for 50% in Asia, 18% in North America, 15% in Europe, 8% in the Middle East, 3% in South America, 1% in Oceania and Latin America, and 4% in Africa (Goudlard, 2021). Emission rates vary according to the level of economic development. In Africa, Arezki, (2021) and Goudlard (2021) note that in 2019, CO₂ emissions reached 33% in South Africa, 17% in Egypt, 12% in Algeria, 10% in Nigeria, 5% in Morocco, 3% in Libya, and 20% in other countries. The World Bank forecasts a 70% increase in total global greenhouse gas emissions by 2040, with emission rates by 2030 reaching 34% for China, 21% for the G20, 14% for the US, 9% for India, 7% for the EU, and 15% for the rest of the world (Black, 2021). Similarly, the International Energy Agency (IEA) (2019) notes that in SSA, CO₂ emissions relative to global levels would reach and exceed 3%. However, changes in CO₂ levels affect all environments and compromise economic growth and human development, hence the importance of financializing the economy in sub-Saharan Africa (SSA) in the context of global warming.

Since the Paris Climate Conference (COP 21), financing the environment has become a necessity. Finance is the solution for reducing GHG emissions, particularly CO₂. For example, COP 26 notes that reducing CO₂ emissions requires $100 billion per year to finance the energy transition, and in terms of climate and energy, the European Commission estimates an annual investment of €200 billion from 2021 onwards to achieve the targets set for 2030. To do this, “countries must make financial flows compatible with a profile of transition to low greenhouse gas emissions” (Chiapello, 2020: 39). This financing involves developing green activities on the one hand and reducing brown activities on the other. In this sense, investment in green projects, mainly renewable energy and public transport financing projects, is increasing. For example, at the end of 2020, 77 projects had been implemented worldwide to reduce deforestation and forest degradation (REDD) for a total of $185 million, and the volume of renewable energy investments amounted to $350 million between 2017 and 2019 (Azerki, 2021). In addition, financial instruments are developing, particularly green bonds, blended finance, and the insurance market. The volume of green bonds amounts to $250 million worldwide (Azerki, 2021).

In Africa, the Great Wall reforestation project has been implemented (Goudlard, 2021). However, the cost of financing non-sovereign loans in the African context favors the development of financial markets. In addition, demand for climate finance for African countries is increasing. In Sub-Saharan Africa, investment in climate finance is emerging, particularly for the deployment of renewable energy and energy efficiency (Mungai et al., 2022). Since the end of 2015, green projects aimed at reducing CO₂ emissions have been multiplying in SSA in order to develop green activities. For example, in Sub-Saharan Africa (SSA), there have been 510 requests for climate finance, particularly in the agriculture, water, energy, and renewable energy sectors (NDC, 2021), of which 20.78% were for mitigation, 23.33% for adaptation and 55.88% for cross-cutting adaptation. Although climate finance requests in SSA are increasing, it is clear that not all of these requests are being supported. Falconer (2020) notes that climate project financing in SSA stands at 3%. According to NDC statistics (2021), in 2021, 61 out of 87 applications for agriculture were supported, compared to 49 out of 77 for water. However, 85 out of 126 applications for energy were supported, compared to 58 out of 74 for renewable energy, and 77 out of 93 applications for capacity-building activities were also supported. As a result, the consideration of CO₂ emissions by finance, particularly climate finance, is a reality in SSA.

Bankable green projects aimed at reducing CO₂ emissions are on the rise in SSA, but not all projects are able to secure financing (NDC, 2021). To address this, SSA countries are developing financial markets and financial instruments as strategies for mobilizing resources and climate finance, hence the importance of financialization of the economy. SSA countries are experiencing strong demand for climate finance and growth in investment in green projects. For the African Development Bank, the development of finance promotes green investments to mitigate CO₂ emissions (Azerki, 2021). In addition, investment in green projects catalyzes the development of the bond market, which promotes innovation and subsequently reduces CO₂ emissions. The consequences of CO₂ emissions are borne by all living beings and material elements. In light of this, a lack of climate policies would cause real, profound ecological disasters and even the disappearance of humankind. In this sense, the absence of policies aimed at reducing CO₂ emissions would lead to changes in the global economic system. However, for any policy adopted, the impacts of CO₂ emissions are likely to have a retroactive effect on the economy and society. Indeed, in the context of climate change, acting on CO₂ emissions would affect all economic sectors. This is what Faucheux and Joumni (2005) argued when they stated that “preventive policies that tackle the causes of global warming by acting on CO₂ emissions would affect all economic sectors.” However, according to Pestre (2020): “green finance in the 2015s is a fourth phase in environmental policy after i) the invention of environmental policy in 1960, ii) the promotion of market-based instruments for pollution rights in 1980, and iii) the takeover of environmental issues by multinational corporations in the name of sustainable development in 1988 and 1992.” The effects of global pollution linked to CO₂ emissions are likely to have a knock-on effect on the economy and finance. This is what Schubert (2017) argued: short-term economic decisions have an impact on the environment and, in turn, environmental degradation weighs on economic activity, hence the need to understand the interactions. However, the debate over the last ten years has not led to any definitive conclusions, with the link between these dimensions sometimes described as positive, sometimes negative, and sometimes even non-existent. Therefore, given that the financing of the energy transition is the junction point (Schubert, 2017) between macroeconomics and the environment, how are CO₂ emissions reshaping the financialization of the economy? What is the effect of CO₂ emissions on the financialization of the economy in Sub-Saharan Africa?

It must be noted that the results of the link between financial development and CO₂ emissions are not unanimous, given that several econometric approaches are used. In view of these controversies and econometric shortcomings, the empirical results are mixed. Admittedly, SSA contributes only 4% of total CO₂ emissions, but if the continent develops through industrialization, emissions could become problematic. Although the continent is underdeveloped and poorly industrialized, Africa tends to emphasize nature conservation and defer the fight against pollution (Zang, 1998). Given this situation, it is important to look at the financialization of the economy in Sub-Saharan Africa in the context of climate change, particularly the effect of CO₂ emissions. on the financialization of the economy in SSA. This work is based on growth theory, in particular Schumpeter's innovation theory (1911, 1939).

In order to contribute to the understanding of CO₂ emissions, we take into account, as Sadorsky (2010) and Chang (2015) do, the heterogeneity of SSA countries to correct for bias. Unlike these authors, however, we analyze the effect of CO₂ emissions on the financialization of the economy in sub-Saharan Africa. The objective of this essay is to analyze the effect of CO₂ emissions on the financialization of the economy.

We assume that in SSA: the effect of CO₂ emissions on the financialization of the economy is positive.

The contribution of this article is empirical. The article contributes to the literature by highlighting the effect of CO₂ emissions on the financialization of the economy in SSA.

The rest of the paper is structured as follows: the first section reviews the literature on the subject. The second section presents the methodology of the analysis. The third section discusses the estimation results, and the fourth section concludes the article by providing economic policy implications.

2. CO₂ emissions and financialization of the economy : Literature Review

Several studies have sought to establish a relationship between financial development and CO₂ emissions. Schumpeter (1911) argues that financial development promotes technological innovation. Financial development makes it possible to finance the acquisition of human capital. Improvements in human capital enable the development of new technologies and the capacity for creation. The use of new technologies in human activities is likely to reduce CO₂ emissions. Indeed, financial development makes it possible to finance innovative projects, and the spread of technological innovation is a mechanism for containing pollution. Therefore, financial development reduces CO₂ emissions. According to the author, innovation (equipment, new products, new financial resources, and new markets, etc.) is the driving force behind long-term economic growth. However, economic activities are nourished by finance.

The Kuznets environmental curve (Kuznets, 1955) describes the relationship between CO₂ emissions and economic growth, which is sometimes negative and sometimes positive. CO₂ emissions interact with economic growth (Kuznets, 1955) and subsequently affect the financialization of the economy.

The endogenous growth theory states that structural and stabilization policies such as financial depth, trade openness, investment, budget deficit, debt, exchange rate, and innovation, etc., are the determinants that impact economic growth. Therefore, the relationship between CO₂ emissions and the financial sector is based on three economic sectors (Furuoka, 2015): the energy sector, the financial sector, and consumers and producers.  According to Furuoka (2015), consumers and producers, in their decision-making for human activities, influence energy demand and consumption and credit to the economy. Energy production affects consumers, producers, and credit to the economy granted by banking and financial institutions. Credit from banking and financial institutions affects the conditions of consumers and producers for economic activities and, subsequently, the demand for energy consumption and production, which is fueled by economic activity. Indeed, the fundamental idea is that the decision to energy consumption in production processes, CO₂ emissions, and economic growth are simultaneous. However, the choice of banking and financial activities is a risky one. When carbon-intensive industries depend on external financing, an increase in global demand for the products manufactured by these industries leads to an increase in external financing. In this case, CO₂ emissions and financial development increase simultaneously without there being a causal link.

A review of the literature shows that the analysis of the relationship between the financialization of the economy and CO₂ emissions is based on innovation theory. Financial development promotes energy consumption through three main channels: the direct effect, the business effect, and the wealth effect (Zhang, 2011; Aslan et al., 2014, and Chang, 2015). However, the effect of CO₂ emissions on financial development has not led to any definitive conclusions, with the link between these two dimensions sometimes described as positive, sometimes negative, and sometimes non-existent. Understanding the link between financial development and CO₂ emissions therefore remains a fundamental limitation. From this perspective, the question of the effects of CO₂ emissions arises, and it is interesting to analyze these effects on the financialization of the economy.

Finance is one of the most effective means of reducing CO₂ emissions at the international level. Indeed, finance makes it possible to align capital flows with green activities, which promotes low-carbon development and combats global warming (Chiapello, 2020). Theoretical analysis of the relationship between energy and growth, as well as that between financial development and economic growth, has shown its limitations. Analysis of these relationships has revealed their inability to explain the causal relationship and variables of growth, financial development, and CO₂ emissions. To overcome these limitations, Tamazian et al. (2009); Sadorsky (2010), and Zhang (2011) have integrated financial development into the relationship between the environment and economic growth. Several studies have sought to establish a relationship between CO₂ emissions and the financialization of the economy for a country or group of countries such as the BRICS, China, and Eastern and Central Europe (Tamazian et al., 2009; Jalil and Feridun, 2011, and Ozturk and Acaravic, 2013).

According to Kuznets' environmental curve, one of the main channels through which CO₂ emissions affect the financialization of the economy is economic growth. The increase in CO₂ emissions in the atmosphere is directly linked to the use of fossil fuels by humans in the process of economic growth. Thus, since the 1990s, economic growth has been considered one of the main sources of CO₂ emissions (Grossman and Kruger, 1991 and Grossman and Kruger, 1995). However, the feedback effects of global warming due to CO₂ emissions have environmental impacts and their consequences lead to socioeconomic changes. These effects of CO₂ emissions affect the entire biosphere and reduce economic growth, hence the negative effect of CO₂ emissions. Therefore, there is a reciprocal relationship between economic growth and CO₂ emissions (Kuznets, 1955), which implies that a reduction in economic growth leads to a decrease in CO₂ emissions. However, not all authors agree with this conclusion. For example, Ren (2008) tests similar hypotheses and finds that economic growth can be increased while reducing CO₂ emissions.

From this point on, the question of increasing economic growth in a way that is compatible with low CO₂ emissions arises. The debate between economic growth and CO₂ emissions is long-standing and widely discussed (Kuznets, 1955; Kraft and Kraft, 1978; Grossman and Krueger, 1991; Shafik and Bandyopadhyay, 1992 and Panayotou, 1993; Al-mulali et al., 2012 and Omri et al., 2015). However, the results are inconclusive and the controversy is far from being resolved. Recently, numerous empirical studies have attempted to verify Kuznets' (1955) hypothesis that the relationship between CO₂ emissions and economic growth is inverted U-shaped (Esso and Keho, 2016, and Cai et al., 2018). The main conclusion is that there is a unidirectional and/or bidirectional causality between economic growth and CO₂ emissions. The results are divergent, and the relationship between CO₂ emissions and economic growth raises questions and reflections on the models used. Thus, considering the augmented Cobb-Douglas production function, Shahbaz et al. (2013) find that the causality between economic growth and CO₂ emissions is bidirectional, and that the channels through which CO₂ emissions can reduce economic growth are per capita capital stock and human capital. Shahbaz et al. (2019) considered financial development in the relationship between energy consumption and economic growth in the case of India. However, for Mukhtarov et al. (2020), CO₂ emissions follow the evolution of energy consumption, hence the relationship between financial development and CO₂ emissions.

The link between CO₂ emissions and the financialization of the economy is established through economic growth. According to Schumpeter (1911), financial development leads to technological innovation. For example, the change and adoption of new technologies that are likely to contribute significantly to reducing CO₂ emissions (King and Levine, 1993, and Sadorsky et al., 2013). Recent empirical work has focused on the cause-and-effect relationship between financial development and CO₂ emissions (Tamazian et al., 2009; Tamazian and Rao, 2010; Aslan et al., 2014). Tamazian et al. (2009) analyze the relationship between financial development and CO₂ emissions. The results of their study show that financial development reduces CO₂ emissions, and Jalil and Feridun (2011) arrive at the same conclusion.

Referring to the finance-energy relationship, Aslan et al. (2014) examine the relationship between financial development and energy consumption in the Middle East. The results of their study indicate that, in the long term, financial development has a positive effect on energy demand, but in the short term, there is a bidirectional relationship between energy consumption and financial development. Similarly, Sadorsky (2010) analyzed the relationship between financial development and economic growth in 22 emerging countries, focusing on energy consumption. His analysis shows that financial development has a positive effect on economic growth, energy demand, and CO₂ emissions. However, using an error correction vector model, Mukhtarov et al. (2020) found a direct relationship between energy consumption and CO₂ emissions between 1993 and 2014 in Kazakhstan. There appears to be a paradox in the effect of financial development on CO₂ emissions. The empirical relationship between financial development and CO₂ emissions is poorly understood. Considering the results of Aslan et al. (2014), financial development promotes CO₂ emissions in the long term, but in the short term, CO₂ emissions could impact financial development, thus creating a bidirectional causality. The contradiction in the results could be, on the one hand,  methodological and geographical in nature, as the authors do not use the same methodology and geographical approach in their analysis. On the other hand, the effect of financial development on CO₂ emissions also depends on the measurement of financial development and the level of economic development.

The literature on the relationship between finance and energy is relatively recent. While analysis of the link between financial development and CO₂ emissions is still in its infancy, it is clear that the debate is controversial. Indeed, analysis of the relationship between financial development, particularly the financialization of the economy, and CO₂ emissions is based on three main effects: (i) direct effect, (ii) business effect, and (iii) wealth effect (Sadorsky, 2010).

In the literature, numerous methods have been used to examine the relationship between energy, economic growth, and financial development, or between energy, the environment, and growth. However, most of these studies use the Cobb-Douglas production function. The Cobb-Douglas production function links capital and labor, and can include other variables such as energy, human capital, financial development, and the environment to analyze their effects on production. Econometric modeling: writing the theoretical analysis model Thus, to study the effect of CO₂ emissions on the financialization of the economy, this study draws on the theoretical model developed by Kahouli (2017) based on Ehrlich and Holdren's (1972) model, which uses a Cobb-Douglas production function. The model is based on Bekhet et al. (2017) and Kahouli (2017), excluding certain equations and adding certain variables that are more relevant in the context of SSA countries. Econometric modeling empirical formulation of the analytical model and data source In view of the objective of our study and to test our hypotheses, we use variables such as: financialization (IFE), economic growth (GDPpc); CO₂ emissions; energy consumption (EC), renewable energy consumption (REC), domestic investment (GFCF), urbanization (URB), and labor (L); trade openness (OUV). The explanatory variables are: CO₂; K; URB; OUV; L; EC; CER. The dependent variables are Y and IFE. The simultaneous equation structural model is as follows: {(Y=f(CO_2,CE,K,URB,OUV,L,CER) ( 1)@IFE=f(Y,CO_2,CE,CER K,URB,OUV) (2)@ )┤ The empirical model takes the following form: {(lnY_it= μ_i+γ_t+β_0^' lnEC_it+ β_1^' lnOUV_it + β_2^' lnL_it+〖β^'〗_3 〖 lnCER〗_it+〖β^'〗_4 〖 lnURB〗_it+β_5^' lnK_it@+ β_6^' 〖lnCO_2〗_it++ε_it (3)@lnIFE_it = μ_i+γ_t+δ_0^' 〖lnCO_2〗_it+ 〖δ'〗_(1 ) lnOUV_it +〖δ'〗_3 lnY_it+δ_4^' lnCER_it+〖δ'〗_5 〖 lnURB〗_it+〖δ'〗_6 〖 lnCE〗_it+π_it (4))┤ All of these variables come from the World Development Indicators (WDI, 2020) database and the World Federation of Exchanges (2019) database, International Financial Statistics (IFS) (2019), and International Monetary Fund (IMF) (2019) databases, covering the period 2000-2019 for a sample of 21 SSA countries (Angola, Benin, Botswana, Cameroon, Democratic Republic of Congo, Congo, Côte d'Ivoire, Ethiopia, Ghana, Kenya, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Nigeria, Rwanda, Senegal, South Africa, Tanzania). Sub-Saharan Africa is the region facing the challenge of climate finance aimed at reviving green activities and financing bankable green projects, hence the choice of this area. Recent years have seen the development of financial markets, particularly in Sub-Saharan Africa, which justifies the choice of this study period.

Endogeneity test

This test is conducted in three stages: first, the economic growth variable, which is assumed to be endogenous, is estimated using OLS. Second, the residuals recovered from the estimation are included as an explanatory variable and, finally, the significance of the coefficients is tested. The result of the test shows that economic growth and CO2 emissions are endogenous.

Specification test.

The study of homogeneity or heterogeneity is necessary in the case of panel data. We perform the Hausman test, which does not reject the presence of random effects for the equations, so we specify a random effects model.

Stationarity test

Stationarity is essential in the study of panel data. Indeed, when data are not stationary, standard tests are not valid. To this end, we perform a first-generation MW (1999) and second-generation CIPS Pesaran (2007) stationarity test. The results show that most variables are stationary in first differences except FE, CER, and URB, which are stationary in level.

In view of the endogeneity and stationarity results associated with the specification tests, the order and rank conditions are satisfied. In this case, the appropriate estimation method is double least squares, which applies to all well-identified or over-identified models.

Descriptive statistics

The financialization of the average economy (figure 1) is 0.07% for the entire sample, with a minimum financialization of zero and a maximum financialization of 0.88%. The intra-individual variance is equal to 0.02, representing a deviation of 0.144. However, the inter-individual deviation is 0.02, representing an inter-individual variance equal to 0.0004 out of a total deviation of 0.143, or a total variance of 0.0225. The average CO₂ emissions rate for the entire sample is 3.23%, with a maximum rate of 50.31% and a minimum rate of 0.057%. The intra-individual (between) variance is equal to 96.63 and a deviation of 9.83, while the inter-individual (within) variance is equal to 1, representing a deviation of 1 out of a total variance of 93.31. However, the average energy consumption (EC) rate for the 21 countries is 698.87%, with a minimum EC rate of 113% and a maximum rate of 3129.07%. However, there is a high intra-individual variance in EC of 410,881 for a deviation of 641.72 and a high inter-individual variance of 17,145.28 for a deviation of 130.94 out of a total variance of 410,278.68 with a total deviation of 640.53. This significant variation can be explained by the level of economic and industrial development of the countries. In terms of renewable energy consumption, the average rate for all 21 countries considered is 65.82%. However, the maximum renewable energy consumption is 98.34% and the minimum is 10.63%. The intra-individual variance is 663.57, representing an intra-individual difference of 25.76, while the inter-individual difference is 4.21, representing an inter-individual variance of 17.72. However, the average growth for the 21 countries is 0.26%, with a maximum rate of 1.09% and a minimum rate of 0.019%. At this level, growth variability is low, as evidenced by the total variance of 0.072, representing a total standard deviation of 0.27, with an intra-individual variance of 0.078 and a between-individual variance of 0.28, representing a within-individual variance of 0.05. The average investment rate for the entire sample is 23.61%, with a minimum investment rate of zero and a maximum rate of 53.98%. However, the intra-individual variance is 31.69, representing a difference of 5.83, while the inter-individual variance is 45.56, representing a difference of 6.65 out of a total variance of 75.86, representing a total difference of 8.71.

In the 21 countries considered, there is significant variability in investment between countries, and this result could be explained by the weight of the wage bill within countries. As for the labor factor, there is an average rate of 1.16e+07% for all 21 countries, with a maximum rate of 5.99e+07 and a minimum rate of 340,723. The intra-individual variance is very high at 1.77e+07 for a standard deviation of 1.33e+07, while the inter-individual variance is equal to 6.51e+12, a difference of 2,550,511 out of a total variance of 1.74e+07 with a total difference of 1.32e+07. This could be explained by the weakness of the individual dimension compared to the temporal dimension. The average urbanization for the entire sample is 2.55%, with a minimum of 0.32% and a maximum of 3.90%. The total variance is 0.55, with a total deviation of 0.74, and the inter-individual variance is equal to 0.04 and the intra-individual variance is equal to 0.53, with standard deviations of 0.19 and 0.73, respectively. The average trade openness is 71.99% for the 21 countries in the sample, with a minimum of 20.72% and a maximum of 165.64%.  The intra-individual trade openness gap is 26.78, with an associated intra-individual variance of 717.17, while the inter-individual gap is 12.93, representing an inter-individual variance of 167.18 out of a total variance of 851.47, or a total gap of 29.18.

In light of these statistics, we can conclude that there is heterogeneity within the panel in terms of energy consumption, CO₂ emissions, investment in economic growth, and financialization of the economy. However, the gap in terms of growth and financialization of the economy is relatively small, while there is a wide disparity in terms of CO₂ emissions, energy consumption, investment, urbanization, trade openness, and labor intensity.

Table 1: Results of descriptive statistics for panel data.

Source: Author's construction based on Eviews

Estimation result

The results of the estimates (table 2) have the expected signs and the coefficients are elasticities, given that all our variables are logarithmic. The results of the estimates indicate that CO₂ emissions have a positive and significant effect on the financialization of the economy in sub-Saharan African countries. Thus, in sub-Saharan Africa, a 1% increase in CO₂ emissions leads to a 1.48e-06% increase in the growth of banking and financial activities, i.e., a growing role for financial motives, financial markets, and financial institutions in the activity of national and international economies. Indeed, an increase in CO₂ emissions leads to the development of innovative green financing policies and new financing mechanisms to limit global warming and ensure the transition to a sustainable economy. This results in the growing importance of banking and financial activities in the economy. This finding corroborates the results of studies highlighting the relationship between CO₂ emissions and financial development (Gallego-Alvarez, 2014 and Destek; Sarkodie, 2019 and Posca and Tabaichount, 2020).

Furthermore, the result is consistent with Aguiton's (2018) analysis, according to which environmental financing requires new financial products (climate derivatives) that enable companies to insure themselves against weather variations on the financial markets, which would lead to the development of green bonds. This implies that the increase in CO₂ emissions in SSA countries leads to a growing role for financial markets relative to banks in financing economic activities. Indeed, the increase in CO₂ emissions and its corollary of global warming leads to the development of short-term productive investment financing options. In Sub-Saharan African economies, countries are developing resource mobilization and climate finance strategies (NDC, 2021) to finance green project financing requests in order to reduce CO₂ emissions. The development of green investment financing is multiplying. For example, the development of green bonds and the proliferation of green projects such as renewable energy consumption and climate finance for CO₂ emissions mitigation in SSA. In ASS, NDC (2021) estimates that in 2021, the number of applications for climate finance will be 510, with 23.33% of financing directed towards mitigation. This result confirms our second research hypothesis, which states that CO₂ emissions have a positive effect on the financialization of the economy.

Paradoxically, urbanization measured by the urban population as a percentage of the total population has a negative and significant impact on the financialization of the economy in SSA. A 1% increase in the urban population as a percentage of the total population leads to a 1.33% decrease in the financialization of the economy. However, trade liberalization has a positive effect on the financialization of the economy. A 1% increase in trade liberalization results in a 3% increase in the financialization of the economy. Indeed, the more a country opens up to international trade, the more trade with other countries leads to capital inflows or outflows. These capital flows, under the effect of globalization and financial globalization, lead to the development of financial markets and thus to the development of the financialization of the economy.

In order to ensure accurate results, we used the triple least squares method to take into account the interdependence between growth and financialization of the economy. TMCs consider the correlation between equations and a possible correlation between the error terms of the equations. The results obtained from the TMC estimates are consistent with those of the DMC in terms of sign and significance; only the coefficients vary very slightly.

Table 2 : Result of estimating the financialization of the economy.

Source: Author using Stata. * Significance at 10% ; ** Significance at 5%. ; *** Significance at 1%.

Robustness test

In order to test the validity of the results obtained from the estimates, we changed the variable used to measure the financialization of the economy. To do this, we used the financial market health index. The results obtained from the estimates are shown in (Table 3).

The results show that CO₂ emissions have a positive and significant influence on the financial market health index of the economy, including the financialization of the economy. The effect of CO₂ emissions on the health of financial markets is not very similar to the effect of CO₂ emissions on the financialization of the economy, as the signs of the different variables remain unchanged and statistically significant. When changing the method of estimating DMCs by TMCs, the results remain consistent.

In conclusion, although we changed the variable used to measure the financialization of the economy, the results obtained are not very similar to those obtained using the financial market health index. This validates our estimation results. In conclusion, the estimation results obtained are robust and valid.

Table 3: Robustness test result

Source: Author using Stata. * Significance at 10% ; ** Significance at 5%. ; *** Significance at 1%.

Since the 2015 Conference of the Parties in Paris, reducing temperatures to 2°C by 2050 has become a pressing goal and an urgent necessity for achieving sustainable development objectives. This research examines the issue of global warming in order to determine the effect that emissions may have on the financialization of the economy in sub-Saharan African countries. The objective is therefore to examine the effect of CO₂ emissions on the financialization of the economy in sub-Saharan Africa between 2000 and 2019. To answer the research question, the DMC estimation technique was used. This choice is justified for two reasons: economically, by the dynamic relationship between CO₂ emissions and the financialization of the economy, but also between CO₂ emissions and economic growth. From an econometric perspective, it was justified by the endogeneity, simultaneity, and double causality between financialization and growth. The results of the estimates show that CO₂ emissions have a positive effect on the financialization index. In fact, given that the degree of financial penetration in the economy varies from one country to another, the effect of CO₂ emissions on the financialization of the economy varies according to the level of economic and financial development of a region or nation.

The various findings have implications for economic policy, such as the development of innovative green financing policies and new financing mechanisms, including the development of financial markets and financial instruments such as green bonds to finance green projects with a view to accelerating economic growth and reducing CO₂ emissions. Given that CO₂ emissions drive the development of financial markets, financial engineering needs to be developed. In SSA, climate finance is a means of financing bankable green projects and other green recovery activities aimed at accelerating economic growth and reducing CO₂ emissions (NDC, 2021). This raises the question of the role of finance in the relationship between sustainable development and CO₂ emissions

1. (GIEC), G. d. (2021). Changement climatique généralisé et rapide, d’intensité croissante.
2. , N. M., Huynh, T. L., & Tram, H. T. (2019). Role of financial development, economic growth & foreign direct investment in driving climate change: A case of emerging ASEAN. Journal of Environmental Management, 242, 131-141.
3. Abbad, H., Achouche, M., & Tadjeddine, Y. (2015). Evaluation du système financier Algérien: construction d'un indice aggrégé de stabilité bancaire. document de travail, Working paper, 1- 30.
4. Abbasi, F., & Riaz, K. (2016). CO2 emission and Financial development in an emerging countrie: An augmented VAR approch. Energy Policy, 90, 102-114.
5. Advisors, I. S. ( 2003). La finance carbone et les marchés mondiaux des actions. . Carbon Disclosure Project, Innovest Strategic Value Advisors, Londres.
6. Agénor, P. (2003). Benefits and costs of international financial markets. The world Economy, 26, 1089-1118.
7. Aggeri, F. (2017). peut-t-on faire confiance aux économistes pour résoudre le probleme du changement climatique. Annale des mines, gérer et comprendre, 2(128), 93-95.
8. Agihon, P., & Howith, P. (1992). A Model of Growth Through Creative Destruction. Econometrica, 60(2), 323-351.
9. Aglietta, M. (1976). Lettre de la régulation.
10. Aglietta, M. (2014). L'aggiornamento des politiques monétaires. Revue d'économie financière, 1(13), 243-256.
11. Aglietta, M., & Espagne, E. (2016). Climate and finance systemic risk: more than an analogy? the climate fragility hypothesis. working paper, 1-31.
12. Aglitta, M., & Espagne, E. (2016). Climate and financial systemic risks more than analogy? the climate fragility hypothesis. CEII working paper(10).
13. Aguiton, S. A. (2018). Fortune de l'infortune. Financiarisation des catastrophes naturelle par l'assurance. Info, 2(4), 21-57.
14. Ahmad, M. K., Rahman, U. Z., & Khan, S. (2019). Does financial development asymmetrically affect C02 emissions in China? An application of the nonlinear autoregressive distributed lag (NARDL) model. Carbon Managemen, 1-15.
15. Ajdy, J. E. (2010). Designing climate mitigation policy. in journal of economic lerature, 48(4), 903-934.
16. Akerlof, G. (1970). The market for lemons : Qualitative Uncertaintly and the market mechanism. Quaterly journal of Economics, 488- 500.
17. Akerlof, G. A., & Shiller, R. J. (2009). Les esprits aminaux. Nouveaux horizons, Paris.
18. Akosah, N., Loloh, F., Lawson, N., & Kumah, C. (2018). Measuring financial stability in Ghana: A new index-based Approach. Munich Personal RePEc Archive(86634), 1- 18.
19. Alagidede, P., Adu, G., & Frimpong, P. (2015). The effect of climate change and economic growth : evidence from sub-saharan Africa. Society for environmental economic and policy sudie and Springer japan.
20. Alam, A. M. (2015). Does financial development contribute to SAARC'S energy demand? From energy crisis to energy reforms. Renewable and Sustainable Energy Reviews, 41, 818-829.
21. Alam, A. M. (2015). Does financial development contribute to SAARC'S energy demand? From energy crisis to energy reforms. Renewable and Sustainable Energy Reviews, 46, 818-829.
22. Alam, M. J., Begum, I. A., Buysse, J., & Huylenbroeck, G. V. (2012). Energy consumption, carbon emissions and economic growth nexus in Bangladesh: Cointegration and dynamic causality analysis. Energy Policy, 45, 217-225.
23. Alfaro, L. C.-O. ( 2006 ). How does foreign direct investment promote economic growth: Exploring the effects of financial markets on linkages? Working paper Havard busines school, 7-13.
24. Alfaro, L. C.-O. (2004). FDI and economic growth: The role of local financial markets. Journal of International Economics,, 64, 113-134.
25. Al-Mulali, U. S. (2012a). The impact of energy consumption and CO2 emission on the economic growth and financial development in the Sub Saharan African countries. Energy Reviews, 39(1), 180-186.
26. Al-Mulali, U. S. (2012b). The impact of energy consumption and CO2 emission on the economic and financial development in 19 selected countries. . Renewable and Sustainable Energy Reviews, 16(7), 4365-4369.
27. Al-mulali, U., & Sab, C. N. (2012). The impact of energy consumption and CO2 and financial development in the Sub Saharan African countries. energy, 39, 180-186.
28. (2020). Stock return-inflation nexus; revisited evidence based on nonlinear ARDL. Journal of Applied Economics, 65-74.
29. Alvarez, G. I., G.-S. ,., & Vieira, C. D. (2014). Climate Change and Financial Performance in Times Crisis. Business Strategy and the Environment, 23, 361-374.
30. Alvarez, G. I., Segura, L., & & Martínez-Ferrero, J. (2014). Carbon emission reduction: the impact on the financial and operational performance of international companies. Journal of Cleaner Production,, 103, 149–159.
31. AMCEN-15-REF-11. (2014). Stratégie Africaine sur les changemnets climatiques.
32. Amougou, J. A. (2018). Changement climatique au Cameroun -manifestations, vulnérabilités, impacts et reponses. A guide of policymakers in Cameroun, 5-15.
33. Angelopoulos K., E. G. (2013). First- and second-best allocations under economic and environmental uncertainty. International Tax and Public Finance, 20, 360-380.
34. Angora, A., & Tarazi, A. (2011). Crise bancaire dans les pays de l'UEMOA: un système d'alerte avancée fonde sur une approche Logit Multinomiale. Brussels economic review- cahiers de economiques de bruxelles, 54(1), 21- 50.
35. Apergis, N. O. (2015). Testing environmental Kuznets curve hypothesis in Asian countries. Indic, 52, 16–22.
36. Arellano, M. B. (1991.). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58(2), 277-297.
37. Armenin, H., & M. A. (2019). Corruption, climate and the energy-environment-growth nexus. Energy Economics, 80, 621-634.
38. Arminen, H. e. (2019). Corruption, climate and the energy-environment-growth nexus. Energy Economics www.elsevier.com/locate/eneeco, 80, 621-634.
39. Arrighi, G. ( 1994). The Long Twentieth Century: Money, Power, and the Origins of Our Times. . London: Verso.
40. Ashraf, B. N., Qian, N., & Shen, Y. (2021). the impact of trade and financial openness on bank loan pricing: evidence fromemerging économies. Emerging Market Review.
41. Asseng, S., Foster, I., & Turner, N. C. (2011). The impact of temperature variability on wheat yields. Globchang Biol, 17(2), 997-1002.
42. Azam, G. (2013). la dette écologique. Revue de Mauss, 30-40.
43. Azam, M. K. (2016). . The impact of CO2 emissions on economic grpwth : evidence from selected higher C02 emissions economies. Environ sci. pollut Res, 23, 6376-6389.
44. Azong, D. K., Awine, T., Wak, G., Binka, F. N., & Oduro, A. R. (2012). A time-series analysis of weather vulnerability and all-cause mortalilty in the Kasena-Nankana Districts Northern Ghana. Global Health Action, 1995-2010.
45. B, G. K. (2013). La théorie du système monde: analyse de l'histoire mondiale, de la mondialisation et de la crise mondiale. presse universitaire de France, 1(53), 28-39.
46. Bachelier, L. (1900). Theory of speculation, A thesis presented to the Faculty of Sciences of the Academy of Paris on March 29, 1900. Originally published in Annales de l’Ecole Normale Supérieure, 3rd série, t. 27, 1900, pp. 21-86. English translation made by A.J. BONESS, an.
47. (2012). Vers une croissance verte en Afrique. Tunisie: Groupe de la banque africaine de Développement.
48. Baek, J. (2015). A panel cointegration analysis of CO2 emissions, nuclear energy and income in major nuclear generating countries. Energy, 145, 133–138.
49. Bagehot, W. (1873). Lombart street, paul Trench, Truber et Co.
50. Baloch, A. H., & Behrman. (2014). Climatic shocks and child human Capital: Evidence from Ethiopia. Jounal of Asian and african Studes, 1-25.
51. Banque, M. (2017). Africa's Puse. région d'Afrique: Groupe de la Banque mondiale.
52. Baranzini, A. W. (2013). The causal relationship between energy use and economics growth in Switzerland. econ, 36, 446-470.
53. Barney, J. B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17, :99–120.
54. Barrett, S., Brooks, N., Quadrianto, N., Anderson, S., & Nebsu, B. (2019). Measuring climate resilience by linking shocks to development outcomes. Climate and Development, 1-13.
55. Barro, R. J. (1990). Growth Spending in a simple Model of endogenous Growth. Journal of Political Economy, 95(5), 103-125.
56. Barro, R. J. (1991). Economic Growth in a Cross Section of Countries. The Quarterly.
57. Batten, S., SoWerbutts, R., & M, T. (2016). Let's talk about the Wealker: the impact of climate change on central bank. Bank of England, Staff working paper(603).
58. Battison, S., Mandel, A., I., M., Schütze, F., & Visentin, G. (2016). Press release on the paper “A climate stress-test of the financial system. Nature Climate Change.
59. Beckerman, W. (1992). Economic growth and the environment: whose growth? Whose environment? World Development, 20, 481–496.
60. Bekhet, H. A., Matar, A., & Yashmin, T. (2017). Co2 emission, energy consumption, growth economic and financial development in the GCC countries: Dynamic simultaneous equation models. Renewable and Sustainable Energy Reviews, 70, 117-132.
61. Bénassy-Quére, A., Coeuré, B., Jacquet, P., & J, P.-F. (2012). politique économique. De Boeck supérieur sa Louvain-la-Neuve.
62. Bertho, F. (2019). renforcer les systèmes financiers des pays d'Afrique subsaharienne pour financier le futur agendat du développement durable. revue d'économie financière, 81-96.
63. (2015). rapport sur l'évaluation des risques liés auchangement climatiques dans le secteur bancaire.
64. (2019). , Banque de France: Verdir le système financier : la nouvelle frontière ». Revue de la stabilité financière, n° 23, juin.
65. Blanchard, O. C. (2000). Au-Delà De Kyoto: Enjeux D’équité Et D’efficacité Dans La Négociation Sur Le Changement Climatique. Economie et Prévision,, (143-144): 15-36.
66. Blundell, R. B. (1998.). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143.
67. (2017). AFRICA'S PULSE : Une analyse des enjeux façonnant l’avenir économique de l’Afrique.
68. Bodie, Z. ,. ( 1995). On the risk of stock in the long term run. Financial Analysts Journal.
69. Bodie, Z., & Ian Sykes, I. (2007). Worry-free investing: A sure way to achieve your lifetime goals. Financial times Prentice Hall.
70. Bodie, Z., Merton, R. C., & Thibierge, C. (2011). Paris: Pearson Education France.
71. Boufateh, T., & Saadaoui, Z. .. (2020). Do Asymmetric Financial Development Shocks Matter for CO2 Emissions in Africa? A Nonlinear Panel ARDL–PMG Approach. Environmental Modeling & Assessment, 1-22.
72. , s. (2017). Comment développer la finance verte par les bourses de valeurs. 1-50. doi:WWW. SSSEinitiative.org
73. Boutabba, M. A. (2014). The impact of financial development, income, energy and trade on carbon emissions: Evidence from the Indian economy. economic modeling, 40, 33-41.
74. Boutti, R. (2013). l'adoption de la finance carbone: les approches soutenables de la reduction des émissions de CO2 dans les organisations. revue Marocaine des sciences de management , 66-99.
75. Bowen, A., & Cochrane, S. e. (2012). Climate change, adaaptation and Economic Growth. Climatic Change, 113(2), 95-106.
76. Boyer, R. (1986). théorie de la regulation. les fondammentaux.
77. Braudel, F. (1981). The Structures of Everyday Life. Vol. 1 of Civilization and Capitalism, 15th–18th Century (New York: Harper & Row).
78. Brender, A., Pisani, F., & Gagna, E. (2015). Monnaie, finance et economie réelle. Paris: La découverte.
79. Brubaker, M., berner, J. ,., & Warren, J. (2011). climate change and health effect in Northwest Alaska. Global health action, 1-6.
80. Bryan, E., Deressa, T. T., Gbetibouo, G. A., & Ringler, C. (2009). Adaptation to climate change in Ethiopia and South Africa: options and constraints. environnemtal science and policy, 12, 413-426.
81. Bryan, E., Deressa, T. T., Gbetibouo, G. A., & Ringler, C. (2009). Adaptation to climate change in Ethiopia and South Africa:options and constraints. environmental science & policy, 12, 413-426.
82. Bunn, D., & Fezzi, C. (2007). interaction of european carbon trading and energy prices. working paper , 1-23.
83. C, M. R. (1972). An analytical derivation of the efficient portfolio frontier. Journal of Financial and quantitative analysis, 10.
84. C, P. D. (2005). Changement climatique: naissance de la finance carbone. rapport moral sur l'argent dans le monde, 293-306.
85. Cai, Y., Sam, C. Y., & Chang, T. (2018). Nexus between clean energy consumption, economic growth and CO2 emissions. Journal of Cleaner Production, 1-35.
86. Campiglio, E. (2016). Beyond carbon pricing. The role of banking and monetary policy in financing the transition to a low-carbon economy. Ecological Economics, 121, 220-230.
87. Carney, M. (2015). Breaking the tragedy of the Horizon climat change- and financial stability. Speech, 1-16.
88. Carraro, C., De Cian, E., & Tavoni, M. (2014). human capital, innovation and climate policy: an integrated assement. environ model assess, 19, 85-98.
89. Cass, D. (1965). Optimunl Growth in an Aggregative hfotlel of Capital Accurrlulation. Rev Econ Studies, 32, 233-240.
90. Cassen, C., Guivarch, C., & Lecocq, F. (2015). les cobénéfices des politiques climatiques: une concept opérant pour les négociations climat? Natures sciences sociétés, 41-51.
91. (2010). Développement durable et changement climatique: comment se positionne l'Afrique du Nord. CEA-AN/PUB.
92. Challinor, A., Wheeler, T., Garforth, C., Craufurd, P., & et Kassam, A. (2007). Assessing the vulnerability of food crop systems in Africa to climate change. Climatic change, 3(83), 381-399.
93. Charfeddine, L., & Kahia, M. (2019). Impact of renewable energy consumption and financial development on CO2 emissions and growth economic in MENA region: A panel Verctor auregressive (PVAR) analysis. renewable energie, 139, 193-213.
94. Chaudhry, P., & G, R. (2007). CLIMATE CHANGE & HUMAN DEVELOPMENT IN VIET NAM: A CASE STUDY. Human Development Report Office OCCASIONAL PAPER .
95. Chebil, A. M. (2011). Impact du changement climatique sur la productivité des cultures céréalières dans la région de Béja (Tunisie). African Journal of Agricultural and Ressource Economics, 6(2), 144-54.
96. Chen, X., & Woodland, A. (2012). International trade and climate change. school of Economics the university of new south wales sydeney Australia, 1-38.
97. Chenet, H. (2019). Climate Change and Financial Risk. working paper, 1-40.
98. Chhibber, A., & Laaja, R. (2019). Disasters, climate change and economic developpment in Sub-sahara Africa: Leasson and Directions. journal of African Economic, 17(2), ii7-ii49.
99. Chiapello, E. (2020). La financiarisation de la politique climatique dans l'impasse. Faire de l'économie de l'environnement, Paris : Presse de l'école des mines , 39-58.
100. Climate change and variability in sub-saharan Africa. (2011). A review of current and future trends and impacts on agricuture and food security, 587-605.
101. (2012). le Développement économique en Afrique: transsformation structurelle et développement durable en Afrique. Copyrigth Nation Unies .
102. Coase, R. .. (1960). The Problem of Social Cost,. Journal of Law and Economics, 3, 1-44.
103. Çoban, S., & Topcu, M. (2013). “The Nexus between Financial Development and Energy Consumption in the EU: A Dynamic Panel Data Analysis. Energy Economics, 39, 81–88.
104. Collins, N., Jones, S., Nguyen, T. H., & Starton. (2017). The contribution of human capital to a holistic response to climate change: learning from and for the mekong delta, Vietnam. Asia pacific Business review, 1-14.
105. Colmer, J. (2020). rainfall variability, child labor, and human capital accumulationin rural Ethiopia. American Journal Ag Economic, 1-20.
106. Conner, K. (1991). Historical Comparison of Resource-Based Theory and Five Schools of Thought Within Industrial Organization Economics: Do We Have a New Theory of the Firm? Journal of Management, 17(1), 121-154.
107. Corden, M. W., & Neary, P. J. (1982). Booming sector and Desindustrialisation in a small open economiy. dans Economic Journal, 92.
108. Cornelli, G., Frost, J., Gambacorta, L., Rau, R. W., & Ziegler, T. 2. (2020). Fintech and Big Tech Credit: A New Database, document de travail de la BRI n° 887 Banque des règlements internationaux, Bâle.
109. Couchoro, M., Sodokin, K., Lawson, D. H., & Koriko, M. (2021). ouverture financière et performance des institutions financières dans les pays de la CEDEAO. Lome: Université de Lome.
110. Creel, J., Hubert, P., & Labondance, F. (2014). Financial stability and economoic performance. Journal of Economic Modelling, 48, 25- 40.
111. Criotoru, L., Miranda, J. J., & Sarraf, M. (2019). The cost of coastal zone degradation in West Africa : Benin, Côte d’Ivoire, Senegal and Togo », Groupe de la Banque mondiale, mars.
112. Criqui, P., & Viguier, L. (2000). Kyoto and technology at World level: Costs of CO2 reduction under flexibility mechanisms and technical progress. International journal of global energy issue, 155-168.
113. Cuaresma, J. C. (2017). Income Projections for Climate Change Research: A Framework Based on Human Capital Dynamics. Global Environmental Change, 42, 226-236.
114. D, S. (2005). Changement environnemental global et tourisme de montagne. . Dans : Gossling S, Hall CM (eds) Tourism and global environmental change. Routledge, Londres .
115. , S. S., Baloch, M. A., & Lodhi, R. N. (2018). The nexus between energy consumption and financial development: estimating the role of globalization in Next-11 countries. Environmental Science and Pollution Research, 1-11.
116. Dafermos, Y., Nikolaidi, M., & Galanis, G. (2017). A stock-flow-fund ecological macroeconomic model. econ, 131, 191-207.
117. Dafermos, Y., Nikolaidi, M., & Galanis, G. (2018). climate change, financial stability and monetary policy . Ecological economic , 219-234.
118. Daly, H. (1977.). Steady-State Economics. The Economics of Biophysical Equilibrium and Moral Growth.H. Freemann and Company, San Francisco.
119. Daly, H. (1991). « Towards an Environmental Macroeconomics »,. Land Economics, 67(2), 255-259.
120. Damian, M. (2013). Mauvaise nouvelle pour le climat et les peuples de l'Amazonie équatorienne: l'abandon du projet Yasuni-ITT de gel du pétrole à terre. Natures sciences sociètés(21), 428-435.
121. Danish, M. A., & Suad, S. (2018). Modeling the impact of transport energy consumption on CO2 in Pakistan: Evidence from ARDL approach. Environmental Science and Pollution Research, 1-13.
122. Davidson, R., & Mackinnon, J. G. (1993). Estimation and inference in econometrics. oup Catalogue.
123. Debels-Lamblin, E., & Jacolin, L. (2020). Impact du changeent climatique sur l'Afrique Subsaharienne: Vulnérabilité , résilience et financements. Economie et financement internationaux , Bulletin de la Banque de France , 1-13.
124. Dell M, Jones BF, & BA, O. (2008). Climate change and economic growth: evidence from the last half century. NBER Working Paper Series, No. 14132.
125. Dell, M., Jones, B. F., & Olken, B. (2012). Temperature shocks and economic growth: Evidence from the last half century. American Economics journal: Macreconomics, 69-95.
126. Delord, J., & Sébatiens, L. (2010). Pour une ethique de la dette écologique. la revue en science de l'environnement, 10(1), 1-21.
127. Dempsey, .. J. (2017). The Financialization of nature conservation? Money and financs after the crisis, 191-216.
128. Dercon, S., & Christaiensen, L. (2011). Is green growth good for the poor? Paper prepared for the World Bank project on Green Growth and submitted to the inaugural conference of the Green Growth knowledge platform on “Green growth: Addressing the knowledge gaps”. in Mexico, City Mexico, 12-13.
129. Deressa, T. T., Hassan, R. M., Ringler, C., Alemu, T., & Yesuf, M. (2009). Determinants of farmers’ choice of adaptation methods to climate change in the Nile Basin of Ethiopia. Global Environmental Change, 19, 248-255.
130. Deryugina, T., M., & Hsiang, S. M. (2014). Does environment still matter? Daily temperature and income in the united stades. Tehnical report, National Bureau of Economic Research.
131. Destek, M. A., & Sarkodie, S. A. (2019). Investigation of environmental Kuznets curve for ecological footprint: The role of energy and financial development. Science of the Total Environment, 650, 2483-2489.
132. Dietz, s. (2009). New frontier in the economics of climate change. in environmental and resource economics, 43(3), 295-306.
133. Dietz, S., Bowen, A., Dixon, C., & Grawell, P. (2016). Climate value at risk of global financial assets. Nat clim chang, 6(7), 676-679.
134. Dlugolecki, A. F. (2000). climate change and the insurance industriy. the geneva papers on risk and insurance, 25(4), 582-601.
135. Dogan E, S. F. (2016). An investigation on the determinants of carbon emissions for OECD countries: empirical evidence from panel models robust to heterogeneity and cross-sectional dependence. . Environ Sci Pollut Res, 23, 14646–14655.
136. Domar, E. (1946). Capital Expansion, Rate of Growth, and Employment. dans Econometrica, 137-147.
137. Domar, E. (1957). Essays in the theory of Economic Growth. Oxford: Oxford University Press.
138. Drouet, A. (2009). Financer l’adaptation aux changements clima-tiques : ce que prévoit la Convention-cadre des Nations unies sur les changements climatiques. Paris, Mission climat de la Caisse des dépôts.
139. Dual, B. H., Brodnig, G., Thakur, K. H., & Green-Onoriose, C. (2010). Do the poor have wthat they need to adapt to climate change?: a case of study of Nepal. Local environment, 15(7), 621-635.
140. Dubresson, A. (2013). À PROPOS D'UNE INITIATIVE MUNICIPALE VERTE AU CAP (AFRIQUE DU SUD) : LES LEÇONS DU SOLAR WATER HEATER ADVANCED PROGRAMME. Flux, 3(93-94), 43-55.
141. Dulal, B. H., Brodnig, G., Thakur, K. H., & Green-Onoriose, C. (2010). Do the poor have what they need to adapt to climate change? A case study of Nepal, Local Environment: The International. Journal of Justice and Sustainability,, 15(7), 621-635.
142. Ehrlich, P., & Holdren, J. (1972). Review of the closing circle. environment, 14(3), 24-39.
143. Elkington, J. (1994). Towards the sustainable corporation: win-win-win business strategies for sustainable development. . California Management Review , 90-100.
144. Elsasser H, B. R. (2002). Le changement climatique comme menace pour le tourisme dans les Alpes. Climate Res 20:, 20, 253- 257.
145. Espagne, A., Jacolin, L., & Léon, F. (2021). Quels financements pour l’Afrique face au changement climatique ? Revue des leviers possibles.
146. Espagne, E. (2018). SCCs and the Use of IAMs Let's Separate the Wheat from the Chaff. Econ. 155, . https://doi.org/10.1016/j.inteco.2018.02.004., 12-47.
147. Espagne, E. H., C., & Fabert, B. P. (2015). La finance au secours du climat? La Nature entre prix et valeur. Natures Sciences Sociétés, (Supp. 3), , 117-121.
148. Esso, L. J., & Keho, Y. (2016). Energy consumption, economic growth and carbon emissions: Cointegration and causality evidence from selected African countries. Energy, 114, 492-497.
149. europeenne, b. c. (2012). rapport sur les deux premières années du réseau de recherche macroprudentielle . http//www.ecb.europa.eu/pub/pdf/other/ macroprudentielleresearchnetworkreport201210en.pdf.
150. , A. B. (2015). nvironmental policy and macroeconomic dynamics in a New Keynesian model. Journal of Environmental Economics and Management, 69, 1-21.
151. Falconer, A. (2020). The current landscape of climate finance in Africa. Climate Policy Initiative, 1-12.
152. Fama, E. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. Journal of finance, 25(3), 383-417.
153. Fama, E. F., Fisher, L., Jensen, M., & Roll, R. (1969, Février (1)). The adjustment of stock prices to new information . International Economic Reveiw, 10 , 1-21.
154. (2014). quelles perspectives pour la mobilisation de la finance carbone en appui au programme de reboisement libanais. ONF internationnal.
155. Farhani, S. M. (2014). What does MENA region initially need: grow output mitigate CO2 emissions? model, 38, 270-281.
156. Farhani, S., & Solarin, S. A. (2017). Financial development and energy demand in the United States: New evidence from combined cointegration and asymmetric causality tests. Energy, 134, 1029-1037.
157. Farmer, J., Hepburn, C., Mealy, P., & Teytelboym, A. (2015). A Third Wave in the Economics of Climate Change. environ Resource Econ, 62, 329-357.
158. Faye, M., Fall, A., Faye, G., & Van Hecke, E. (2018). La variabilité pluviométrique et ses incidences sur les rendements agricoles dans la région des Terres Neuve du Sénégal oriental. Revue belge géographie.
159. (2021). Base de données .
160. Fidimanantsoa, A. (2017). Relationship between energy consumption and economic growth in Madagascar: Empirical Approach, 1995-2015. Work paper, 1-14.
161. Fisher, I. (1933). Debt-Deflation Theory of great depressions. Econometrica, 337-357.
162. Fishman, ,. R., Carrilo, P., & Russ, J. (2018). Long-term impact of exposure to high temperature on human capital and economicproductivity . Journal of environmental economics and management, 1-48.
163. (2018). les flux de capitaux et l'avenir de l'emploi. Etude économique et financière, 1-59.
164. Fosse, J. (2017). Financer la transition vers l’économie verte dans la Méditerranée. 50-53.
165. FoxG, L. e. (1998). source of economic distress: individaul and family outcome. journal of familie issues, 19(6) 725-749.
166. France, B. d. (2020). Impact du changement climatique sur l’Afrique subsaharienne : vulnérabilités, résilience et financements. Economie et financements internationaux, 1-13.
167. Frankel, J. R. (2002). An estimate of the effect of common currencies on trade and income.. Quarterly Journal of Economics , 117 (2), 437–466.
168. Fricot, P. (2021). le prix Nobel de physique décerné à un trio d'experts sur le changement climatique.
169. Frost, J., Gambacorta, L., & Shin, H. S. (2021). De l'innovation financière à l'inclusion : Pour que les technologies bénéficient à tous, l’innovation du secteur privé doit être soutenue par les biens publics. Finance et développement, 14-17.
170. Fund, G. C. (2020). GCF: vers un système financier résilient face au changement climatique. Songdo International Business District, 1-68.
171. Furuoka, F. (2015). Financial development and energy consumption: Evidence from a heterogeneous panel of Asian countries. Renewable and Sustainable Energy Reviews, 52, 430-444.
172. G, H. (2012). How should environmental policy respond to business cycles? Optimal policy under persistent productivity shocks. Review of Economic Dynamics,, 15(2), 244-264.
173. Gardin, P., & D, S. (2011). La finance durable: une nouvelle finance pour le XXI? Paris: Revue Banque édition.
174. Garg, T., Jagnani, M., & Taraz, V. (2020). Temperature and human capital in Inde. Journal of the Association of Environmental and Resource Economists , 1-40.
175. (2020). GCF: vers un système financier résilient face au changement climatique.
176. (2019). Climate Change and Land: An IPCC Special Report on climate change, desertification, land degradation, sustainable land management, food security, and greenhouse gas fluxes in terrestrial ecosystems. WHO.
177. Georgescu-Roegen, N. (1971). . The Entropy Law and the Economic Process. . Harvard University Press, Cambridge, MA.
178. Gerardi, A., G. A., & et Martinez, E. (2015). LA QUANTIFICATION DES ÉMISSIONS DE GAZ À EFFET DE SERRE DES INSTITUTIONS FINANCIÈRES. Revue d'économie financière, 1(117), 189-204.
179. (2007). Bilan 2007 des changements climatiques: Rapport de synthèse, Génève 114p.
180. (2014;). Contribution of Working Groups I, II and III to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change;. Climate Change 2014: Synthesis Report; Pachauri, R.K., Meyer, L.A. Eds.; Intergovernmental Panel on Climate Change: Geneva, Switzerland,, 151p.
181. (2018). Groupe d’experts inter gouvernemental sur l’évolution du climat Summary for policymakers », Global Warming of 1.5°C, octobre.
182. Godard, O. (2010). Dossier adaptation au changement climatique cette ambigui adaptation au changement climatique. Natures sciences sociètés(18), 287-297.
183. Goffin, R. (2008). Principe de finance moderne (éd. 5e édition, Economica).
184. Goldman, S. (2008). GS SUTAIN: a warning investment climate.
185. Goldsmith, R. (1969). Financial structure and Development. New Haven, Yale University Press.
186. Gollier, C. (2007). La finance durable du rapport de stern. Revue d'économie politique, 117(4), 463-473.
187. Greene, W. (2011). Econométrie. Pearson Education France.
188. Grippa, P., Schmittmann, J., & Suntheim, F. (2019). Changements climatiques et RISQUE FINANCIER . Finance et développement , 26-29.
189. Grossman, G. K. (1992). ., Environmental impacts of a North American free trade agreement. . CEPR Discussion Paper no. 644.
190. Grossman, G. K. (1995). Economic growth and the environment. dans Quarterly Journal of Economics, 110(2), 353–377.
191. Grossman, G. M., & Krueger, A. B. (1991). Environmental impacts of a North American free trade agreement in National Bureau of Economic Research Working Paper 3914, NBER, Cambridge MA.
192. Gul, S. Z. (2015.). Causal nexus between energy consumption and carbon dioxide emission for Malaysia using maximum entropy bootstrap approach. Sci. Pollut. Res. Int.,, 22, 19773–19785.
193. Guo, M. H. (2019). The role of financial development in the process of climate change: Evidence from different panel models in China. Atmospheric Pollution Research, 1-21.
194. Gurley, J. G., & Shaw, E. S. (1955.). Financial Aspects of Economic Development. American Economic Review, 45, 515–538.
195. Haq, M., Jabeen, A., & Ahmed, I. (2017). Role of Financial Sector Development in the Growth Effectiveness of Trade Openness: Empirical Evidence from SAARC Countries. 33rd Annual General Meeting and Conference (AGM). Islamabad: Pakistan Institute of Development Economics (PIDE).
196. Hardin, G. (1968). The tragedy of the commons. dans Science, 162(1), 243-248.
197. Harrod, R. F. (1939). An Essay, in Dynamic Theory. dans Economic Journal, 14-33.
198. Hart, S. (1995). A natural-resource-based view of the firm. Academy of Management Review, 20(4), 986–1014.
199. Harvey, D. (2005). A Brief History of Neoliberalism. Oxford: Oxford University Press.
200. Heal, G., & Park, J. (2013). Feeling the heat: Temperature, Physiology and the wealth of nations. Tehnical report, National Bureau of Economic Research.
201. Héraud, B. (2019). La finance durable : quand le changement climatique bouscule la finance.
202. Hicks, J. R. (1937). Mr.Keynes and the "classics": A suggested Interpretation. Econometrica, 5(1), 147-159.
203. Higgins, S. I., & Scheiter, S. (2012). Atmospheric CO2 forces abrupt vegetation shitts locally, but no bloballly. Nature, 488(410), 209-212.
204. Hsiao, C. (1986.). , Analysis of Panel Data. Cambridge University Press, Cambridge.
205. Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots and heterogeneous panel. Journal of Econometrics, 1(115), 53-74.
206. , F. F. (2019). Les économies de l’UEMOA au regard de l’Observatoire de la compétitivité durable , Note brève, n° 184, janvier.
207. (2021). Climate change 2021 The Physical Science Basic.
208. Islam, F. S. (2013). Financial development and energy consumption nexus in Malaysia: a multivariate time sere analysis. Modl, 30, 435-441.
209. Jackson, S. T., & Sax, D. F. (2009). Balancing biodiversity in a changing environment: extinction debt, immigration credit and species turnover. Trends in Ecology and Evolution, 25(3), 153-160.
210. Jacquet, P., Rajendra, K. P., & L, T. (2009). la gouvernance du développement durable. Sciences PO, 246-247.
211. Jalil, A., & Feridun, M. (2011). The impact of growth, energy and financial development on the environment in China: A cointegration analysis. energy economic, 33, 284-291.
212. Jammazi, R. A. (2015). On the interplay between energy consumption, economic growth and CO2 emission nexus in the GCC countries: a comparative analysis through wavelet approaches. Sust. Energ. Rev., 51, 1737–1751.
213. Jensen, V. (1996.). The pollution haven hypothesis and the industrial flight hypothesis: some perspectives on theory and empirics. Working Pape. Working Pape 1996.5, Centre for Development and the Environment, University of Oslo.
214. Kahouli, B. (2017). The short and long run causality relationship among economic growth, energy consumption and financial development: evidence from South Mediterranean countries (SMCs). Energy Economics, 68, 19–30.
215. Kaiser, H. F. (1960). The application of electronic computer to factor analysis. Educational and Psychological Measuremnt, 20, 141-151.
216. Kao, C. (1999). Spurious regression and residual-based test for cointegration in panel data. Journal of econometrics(90), 1- 44.
217. Karwowski, E., & Stockhammer, E. (2017). Financialisation in emerging economies :a systematic Overview and comparison with Anglo-saxon economies. Economic and political studies, 1(5), 60-86.
218. (2012). Rôle des facteurs institutionnels sur le développement financier et la croisssance économique. Révue économique de la BCEAO.
219. Keynes, J. M. (1936). The general theoryof employment interst and money ,London: Macmillan.
220. Khor, M. (2011). Risks and uses of the green economy concept in the context of sustainable development, poverty and equity. Research Paper 40. South Centre Geneva.
221. King, R. G., & Levine, R. (1993). FINANCE AND GROWTH: SCHUMPETER MIGHT BE RIGHT. QUARTERLY JOURNAL OF ECONOMICS, 718-737.
222. Kolstad, A. K. (1993). . Natural resource use and the environment. . In: Kneese, A.V., Sweeny, J.L. (Eds.), Handbook of Natural Resource and Energy Economics. Elsevier, Amsterdam.
223. Komal, R., & Abbas, F. (2015). Linking financial development, economic growth and energy consumption in Pakistan. Renewable and Sustainable Energy Reviews, 44, 211-220.
224. Kraft, J. K. (1978. ). On the relationship between energy and GNP. J. ournal of Energy and Development , 3, 401–403.
225. Krumgman, P., & Obstfeld, M. (2008). Economie internationale. Paris: Nouveaux Horizons-ARS.
226. Kuznets, S. (1955). Economic Growth and Income Inequality. dans American Economic Review, 45(1).
227. Kuznets, S. (1955). Economic growth and income inequality. American Economic Review, 45(1), 1–28.
228. , D. Y. (2016). Emissions cap or emissions tax? A multi-sector business cycle analysis. Journal of Environmental Economics and Management(79), 169-188.
229. Lacour, P., & Simon, J. C. (2012). quelle intégration des pays en développement dans le régime climatique? le mécanisme pour un développement propre en Asie. Openedition, 3(3), 1-24.
230. Le, T. (2016). . “Dynamics between Energy, Output, Openness and Financial Development in Sub-Saharan African Countries. Applied Economics, 48, 914–933.
231. Levin, A., Lin, C. F., & Chu, C. (2002). Unit Root test in panel Data: Asymtotic and Finite Sample propertic. Journal of Econometrics(108), 1-24.
232. Lin, B. O. (2015). Impact of industrialisation on CO2 emissions in Nigeria. Sust. Energ. Rev, 52, 1228–1239.
233. Lis, E., & Nickel, C. ( 2009). ‘The impact of extreme weather events on budget balances and implications for fiscal policy’ . European Central Bank Working Paper 1055, May.
234. Lobell, D. B., Schlenker, W., & Costa-Roberts, J. (2011). Climate trends and global crop production since 1980. Science, 333(6042), 616-620.
235. Lucas, R. (1988). On the Mechanics of Economic Development. dans Journal of Monetary Economic, 22, 3-42.
236. Lucas, R. E. (1990). Why Doesn't Capital Flow from Rich to Poor Countries? . The American.
237. Luo, Y., Tanna, S., & De vita, G. (2016). Financial openness, risk an bank efficiency: cross-contry envidence. Journal of financial stability, 24, 132-148.
238. Lutz, W., Muttarak, R., & Striessnig, E. (2014). Universaly education is key to enchanced climate adaptation. Environment and Development, 1061-1062.
239. Ma, X., & Fu, Q. (2020). The Influence of Financial Development on Energy Consumption: Worldwide Evidence. International Journal of Environnement Reseach and Public Health, 17(1428), 1-15.
240. Malthus, T. (1799). Essai sur le principe de la population.
241. Mankiw, N. G., Romer, D., & Weil, N. D. (1992). A contribution to the empirics of economic growth. Q Journal Economics, 107(2), 407-437.
242. Markowitz, H. (1952). Portfolio selection. The journal of finance., 7(1), 77-91.
243. Markowitz, H. (1959). Portfolio selection: efficient diversification of investments. John Willey and Sons.
244. Martinez-Alier, J. (2011). Justice environnementale et décroissance économique : l'alliance de deux mouvements. Presse de science Pro: écologie et politique, 1(41), 125-145.
245. Marx, K. (1867). La loi de l'accumulation capitalistique (Vol. 1).
246. McCarthy, J. C. (2001). Climate Change 2001: Impacts, Adaptation, and Vulnerability. Contribution of Working Group II to the Third Assessment Report of the Intergovernmental Panel on Climate Change. Cambridge University Press, Cambridge.
247. Mckinnon, R. I. (1973). Money and Capital Economic in Development . The Brooking Institution.
248. Meadows, D. (1972). Halte à la croissance. Fayard, Paris.
249. Meierrieks, D. (2020). Weather shocks, climate change and human health. World development, 1-12.
250. Mendelsohn, R. (2007). A critique of the stren report, regulation . Winter, 42-46.
251. Mendelsohn, R. N. (1994). "The Impact of global warming on agriculture: A ricardian analysis. American Economic Review, 84(4), 753-771.
252. Mendelsohn, R. N. (1994). The Impact of global warming on agriculture: A ricardian analysis. American Economic Review,, 84(4), 753-771.
253. Merton, R. C. (1973). Theory og rational option pricing. The Bell journal of Economic and Management Science, 141-183.
254. Merton, R. C. (1992). Continuons-time finance (éd. édition révisée). Basil Blackwell.
255. Midgley, G. F., & Thuiller, W. (2011). potential reponse of terrestrial Biodiversity in Southern Africa to anthropogenic climate change. Reg environ change, 11(SI), 127-135.
256. Miguel, E. S. (2004). Economic Shocks and Civil Conflict: An Instrumental Variables Approach. Journal of Political Economy,, 112(4), 725–753.
257. Milliner, A., & Dietz, S. (2011). Adaptation to climate change and economic growth in developing countries. Centre for Climate Change Economics and Policy, Working Paper, No. 69.
258. Modigliani, F., & Miller, M. (1958). Le financement de l'entreprie. de l'Universite de Chicago.
259. Modigliani, F., & Miller, M. (1958). the cost of capital, corporation finance , and the theory of investment. in American Econmic Review, 48(3).
260. Mohiuddin, O. A.-S. ( 2016a. ). The relationship between carbon dioxide emissions, energy consumption, and GDP: a recent evidence from Pakistan. Cogent Eng. 3, 1210491.
261. Mondiale, B. (2020). Projet sur le capital humain boussole de l'ICH.
262. Mouleye, I. S., Daouda, Y. H., & Diaw, A. (2019). Effets du changement climatique sur la pauvreté et les inégalités en Afrique subsaharienne. Revue d'économie du développement, 27(3), 5-32.
263. Mukhtarov, S. H., Seyfullayev, I., & Kalbiyev, Y. (2020). The effect of financial development on energy consumption in the case of Kazakhstan. Journal of Applied Economics, 23(1), 75-88.
264. Nantob, N. (2021). Inégalité des revenus, croissance économique et inflation dans la CEDEAO. Togo: Université de Lomé.
265. Nasir, M. A., Huynh, T. L., & Tram, H. T. (2019). Role of financial development, economic growth & foreign direct investment in driving climate change: A case of emerging ASEAN. Journal of Environmental Management, 242, 131-141.
266. Ndebele-Murisa MR, M. C. (2010). A review of phytoplankton dynamics in tropical African lakes. S Afr J Sci, 106(1/2), 13-18.
267. (2019). NGFS – Central Banks and Supervisors Network for Greening the Financial System (Réseau des banques centrales et des superviseurs pour le verdissement du système financie.
268. (2019). A call for action – Climate change as a source of financial risk.
269. Niang, B. (2018). évaluation des emplois verts au Sénégal. Association Francophone pour le savoir, 1-29.
270. Niang, I., & Ruppel, O. C. (2014). Pauline Dube (Botswana), Neil Leary (USA).
271. Noblet, M., Faye, A., Camara, I., Seck, A., Sadio, M., & Bah, A. (2018). Etat des lieux des connaissances scientifiques sur les changements climatiques pour les secteurs des ressources en eau, de l’agriculture et de la zone côtière au Sénégal. Berlin: Climate Analytics GmbH,.
272. Noblet, M., Faye, A., I., Seck, A., & Sadio, M. e. (2018). Etat des lieux des connaissances scientifiques sur les changements climatiques pour les secteurs des ressources en eau, de l’agriculture et de la zone côtière au Sénégal. Climate Analytics, 1-80.
273. Nordhaus, W. (2007). The stern Review of the economics of climat change. Mimeo, Yale University.
274. Nordhaus, W., & Sztorc, P. (2013). DICE 2013R: introduction and user's manual. Available at.
275. Normand, F. (2019, 05 18). pourquoi le changement climatique menace les investisseurs. (Twitter, Intervieweur)
276. Nubupko, K. (2021). Du franc CFA à l'ECO: quelle monnaie pour quel développement en Afrique de l'Ouest? LOME: Université de Lomé.
277. Obstfeld, M. (1994). Risk-taking, globaldiversification, and growth. The American Economic Review, 84, 1310-1329.
278. (2011). vers une croissance verte . la stratégie pour l'OCDE pour une croissance verte. Paris: OCDE.
279. (2017). Investing in climate, investing growth . Paris: OECD Publishing. http://dx.doi.org/10.1787/9789264273528-en.
280. Omri, A. N. (2014). Causal interactions between CO2 emissions forieng direct investment, and economic growth: evidence from dynamic simultaneous-equation model. Model, 42, 382-389.
281. (2021). Polution atmosphérique. Privacy Legal notice.
282. OUEDRAOGO, I. M. (2017). Governance, Corruption, and the Informal Economy. Modern Economy(8), 256-271. doi:doi:10.4236/me.2017.82018
283. Ouédraogo, M. (2012). Impact des changements climatiques sur les revenus agricoles au Burkina Faso. Journal of Agriculture and Environment for International Development (JAEID, 106(1), 3-21.
284. Ouyang, X. L. (2015). An analysis of the driving forces of energy-related carbon dioxide emissions in China's industrial sector. Sust. Energ. Rev., 45, 838–849.
285. Ozturk, I. A. (2013). The long-run and causal analysis of energy, growth, openness and financial developpment on carbone emissions in Turkey. econ, 36, 262-267.
286. , K. I.-M. (1992). The role of energy in real business cycle models. Journal of Monetary Economics, 29 , 173-189.
287. Paisley, J., & Nelson, M. (2019). Climat risk management at financial firms: challenges and opportunities. GARP risk institution , 1-15.
288. Panayotou, T. (1993). Empirical tests and policy analysis of environmental degradation at different stages of economic development. Working Paper WP238 technology and employment programme, Geneva: International Labor Office.
289. Panayotou, T. (1993). Green Market: The Economics of Sustainable Development. San Francisco: ICS Press.
290. Paret, C., & Lorenzo, S. (2015). Adapter les marchés financiers aux changements climatiques. Revue d'économie financière, 1(117), 107-126.
291. Park, J. (2017). Hot temperature, Human capital and adaptation to climate change. American Economics Journal: Macroeconomics, 1- 43.
292. Parry, M. (1990). Global environmental change, Human and Policy Dimensions.Special issue of an assessment of the global effects of climate change under SRES emissions and soci-économic scénarios. United Nations University, University of East Anglia, UK, 99.
293. Pata, U. K. (2018). Renewable Energy Consumption, Urbanization, Financial Development, Income and CO2 Emissions in Turkey: Testing EKC Hypothesis with Structural Breaks . Journal of Cleaner Production doi: 10.1016/j.jclepro.2018.03.236, 1-32.
294. (2019). Rapport Provisoir. ouagadougou: Burkina faso.
295. Pédroni, P. (1995). Fully modified OLS for heterogeneous cointegrated panel and the case of purchasing power parity. Working paper in economics, Indiana University.
296. Pesaran, M. H., & Smith, R. (1995). Estimating Long-run Relationship from Dynamic Heterogeneous Panel. Journal of Econometrics, 68(1), 79-113.
297. Pesaran, M. H., Shin, Y., & Smith, R. (1999). Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American statistical Association(94), 621-634.
298. Pigou, A. (1920.). The Economics of Welfare, . London: MacMillan.
299. , G. (1969.). Financial structure and development. New York: Yale University Press;.
300. H., C. (1960). “The problem of social cost”,. Journal of Law and Economics, III, October,, 1-44.
301. Raddatz, C. (2009). “The Wrath of God: Macroeconomic Consequences of Natural Disasters. World Bank Policy Research Working Paper No. 5039, World Bank, Washington DC. .
302. RAMEY, G., & RAMEY, V. A. (1995). cross-country evidence on the link between volatility and growth. American economic review, pp. 1138-1151.
303. Ramin, M. B., & McMichael, A. J. (2009). Climate change and health in sub-sahara Africa. Eco Health(6), 52-57.
304. Ramsey, F. P. (1928). A Mathematical Theory of Saving. Eco J, 38, 543-559.
305. Rashid, H. (2013). “Does Financial Market Liberalization Promote Financial Development? Evidence from Sub-Saharan Africa. (J. Y. Stiglitz Joseph E., Éd.) In The Industrial Policy Revolution II: Africa in the Twenty-first Century, 321–349.
306. Régniez, J. (1988). Les nouveaux produits financiers. édition La découverte: Paris.
307. Remuzgo, L. S. (2015). International inequality in CO2 emissions: a newfactorial decomposition based on Kaya factors. Sci. Pol., 54, 15–24.
308. Ren, W. F. (2008). Low-Carbon Economy and Environment of Financial Innovation. Shanghai Economic Research(3), 38-42.
309. Rezai A, v. d. (2014). Intergenerational inequality aversion, growth and the role of damages: Occam’s rule for theglobal carbon tax. Centre for Economic Policy Research.
310. Ricardo, D. (1817). Des principes de l'économie politique et de l'impôt .
311. Richardson, B. J. (2009). Climate Finance and Its Governance: Moving to a Low Carbon Economy through Socially Responsible Financing? Osgoode Hall Law School of York University, 598-626.
312. Riti, J., Song, D., Shu, Y., & Kamah, M. (2017). The contribution of energy use and financial development by source in climate change mitigation process: A global empirical perspective. Journal of Cleaner Production, 1-50.
313. , G. (1991). The resource-based theory of competitive advantage: implications for strategy formulation. California Management Review, 33, 114-135.
314. Roberts, J., & Parks, B. (2009). ecologically unequal exchange, the ecologicale debt, and climat justice the historic and implication of three related ideas for a new social movement. int J comp sociol, 50, 385-409.
315. Robinson, J. (1952). Essays in theory of Economic Growth . London: Macmillan.
316. Robinson, J. (1952). The generalization of the general theory, in : the rate of interet and other essays. Mac millan , London.
317. Romer, P. (1986). Increasing returns and long-run groxth. Journal of Political Economy, 94, 1002-1037.
318. Romer, P. (1990). Endogenous Technological Change. dans Journal of Political Economy, 98, s71-s102.
319. Romer, P. M. (1993). Idea Gaps and object gaps in economic development. journal of Monetary Economics, 32. pp, 543-573.
320. Rosenzweig, C. (1989). Global climate change: Predictions and observations. J. Agric. Econ.,, 71(5), 1265-1271.
321. A, C. D. (2009). Carbone disclosure projet 2009 enquête méné auprès des entreprises françaises des SBF120.
322. Sadraoui, S., Hamlaoui, H., Youness, Z., & Sadok, I. B. (2019). A Dynamic Panel Data Analysis for Relationship between Energy Consumption, Financial Development and Economic Growth. International Journal of Econometrics and Financial Management, 7(1), 20-26.
323. Saidi, K. M. ( 2016). The impact of income, trade, urbanization, and financial development on CO emissions in 19 emerging economies. . Sci. Pollut. Res. Int.
324. Salahuddin, M. G. (2015). Is the long-run relationship between economic growth, electricity consumption, carbon dioxide emissions and financial development in gulf cooperation council countries robust? . Sust. Energ. Rev, 51, 317–326.
325. Sala-i-Martin, X. (1990). On Growth and States.D dissertation, Havard Univ.
326. Sarkodie, A. (2018). The invisible hand and EKC hypothesis: what are the drivers of environmental degradation and pollution in Africa? Sci. Pollut. Res., 25, 21993–22022.
327. Sarkodie, S. O. ( 2017). A multivariate analysis of carbon dioxide emissions, electricity consumption, economic growth, financial development, industrialization and urbanization in Senegal. . Source Part B 12, , 77–84.
328. Sarkodie, S. O. (2016). Energy use, carbon dioxide emissions, GDP, industrialization, financial development, and population, a causal nexus in Sri Lanka: with a subsequent prediction of energy use using neural network. . Source Part B 11, 889–899.
329. Sarkodie, S. S. (2019a). . Effect of foreign direct investments, economic development and energy consumption on greenhouse gas emissions in developing countries. Total Environ., 646, 862–871.
330. Schlenker, w. e. (2011). . Robust negative impacts of climate change on African agriculture. Res. Lett. 5014010. doi:10.1088/1748-9326/014010 .
331. Schmidheiny, S. (1992). Changing Course: A Global Business Perspective on Development and the Environment, MIT Press: Cambridge.
332. Schubert, K. (2017). Macroéconomie et environnement. Revue de l'OFCE, 4(153), 133-150.
333. Schumpeter J. (1932). “The theory of economic development”. Cambridge, .: MA, US: Harvard University Press.
334. Schumpeter, J. (1911). The Theory of Economic Development. Leipzig: Dunker et Humblot, traduit par Redvers Opie, Cambridge: Harvard University press,1934.
335. Schumpeter, J. A. (1939). Business cycles: A theorical, Historical and Statistical Analysis of the capilist Process. New York, McGraw-Hill.
336. Scott, D., & McBoyle, G. (2007). Adaptation au changement climatique dans l'industrie du ski. Mitiger l'adaptation au changement climatique, 12, 1411-1431.
337. Scott, M., Van Huizen, J., & Jung, C. (2017). The banks of England's reponse to climate change. Bank of England quarterly bulletin, 9, 98-109.
338. Selden, T. S. (1994.). Environmental quality and development: is there a Kuznets curve for air pollution emission? Journal of Environmental Economics and Management, 27(2), 147-162.
339. Seller, S., & Gray, c. (2019). Climate shocks contrain human fertility in Indonesia. World development, 117, 357-369.
340. Sendahl, F., Holmfeldt, J., Rydén, M., & Strӧmqvist, A. M. (2011). An index of financial stress for sweden. sveriges riskbank economic review, 49-67.
341. Serdeczny, O., Coumou, D., Adams, S., Baarsch, F., Robinson, A., Hare, W., . . . Reinhardt, J. (2016). Climate change impact in Sub-saharan Africa: From Physical change to their social repercution. Regional Environemental Change, 4-19.
342. Shafik, N., & Bandyopadhyay, S. (1992). Economic growth and environmental quality: Time series and cross section evidence, World Bank Working Paper, World Bank, Washington, DC.
343. Shah, M., & Steinberg, B. M. (2017). Drought of opportunities: contemporaneous and long-term impacts of Rainfall Shockson human capital. journal of political economy, 1-35.
344. Shahbaz, M., Hoang, T. H., Kumar, M., & Roubaud, D. (2019). Energy Consumption, Financial Development and Economic Growth in India: New Evidence from a Nonlinear and Asymmetric Analysis. The 1st INFINITI Conference on International Finance ASIA-PACIFIC, 1-37.
345. Shahbaz, M., Hoang, T. V., & Mahalik, M. K. (2017). Energy Consumption, Financial Development and Economic Growth in India: New Evidence from a Nonlinear and Asymmetric Analysis. Energy Economics, 1-35.
346. Sharpe, W. F. (1964). Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk. The Journal of Finance, 19(3), 425. doi: 10.2307/2977928
347. Shaw, E. S. (1973). Financial Deepening in Economic Development. Oxford University Press.
348. Shrivastava, P. (1995). . 1995. The role of corporations in achieving ecological sustainability. Academy of Management Review, 20, 936-960.
349. Siegmeier, J., Mattauch, L., Franks, M., klenert, D., Schulte, A., & Edenhoder, O. (2015). A public finance perspective on climate policy: Sixe interaction that may enchance welfar. Working paper, 1-44.
350. Simon, G. L., Bumpus, A. G., & Mann, F. (2012). Scénarion gangan-ganganà l'interface climat-développement: défis et opportunités pour les programmes de relancement des poles à bois par la finance carbone. Global environnement changer, 22, 275-287.
351. Smith KR, W. A.-L. (2014). Human health: impacts, adaptation and co-benefits. In: Climate change 2014: Impacts, adaptation and vulnerability. Contribution of Working Group II to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change. Cambridge University Press, Cambridge, U.K., and New York, US.
352. SODOKIN, K., COUCHORO, M., SODJI, A., & LAWSON, H. D. (2021). Système bancaire et financier de la CEDEAO. Rapport CFA-ECO , 50-85.
353. Solow, R. (1956). Contribution to the theory of economy growth. Quatertly Journal of Economics, 70, pp. 65-94.
354. (2008). changements climatiques. OUAgadougou: centre technique de coopération agricole et rural (CTA).
355. Stehr N, v. S. (2005). Introduction aux documents sur les stratégies d'atténuation et d'adaptation au changement climatique : protéger la nature de la société ou protéger la société de la nature ? Politique de l'environnement scientifique, 8, 537-540.
356. (2007). Review on the economic of climat change. S. Stern.
357. Stern, D. I. (2004). Energy and economic growth. . Rensselaer Working Papers in Economics, No. 0410. Troy, NY: Rensselaer Polytechnic Institute.
358. Stern, N. (1977). The marginal valuation of income, in M.artis and Noday . Studie in modern economic analysis Blackwel: Oxford.
359. Stiglitz, J. E. (1997). Principe d'économie moderne. Département de Boeck université Paris, Bruxelle: Copyright 1997, 1993 by W.W. Norton & Company, Inc.
360. Svirydzenka, K. ( 2016). Introducing a new broad-based index of financial development. International Monetary Fund, WP/16/5.
361. Tamazian, A., & Rao, B. B. (2010). Do economic, financial and institutional developments matter for environmental degradation? Evidence from transitional economies. Energy Economics, 32, 137-145.
362. Tamazian, A., Chousa, J. P., & Vadlamannati, K. C. (2009). Does higher economic and financial development lead to environmental degradation: Evidence from BRIC countries. Energy Policy, 37, 246-253.
363. Tchuente, K. F. (2010). la finance carbone, les politiques écologiques et l'Afrique dans tout ça? 1-12.
364. Thai, T. .., & Falaris. (2014). Child schooling, Child heath and rainfall shocks: Evidence from rural Vietnam. Journal of Development Stude, 50(7), 1025-1037.
365. Thiam, B., & Sène, B. (2018). la relation entre finance et croissance révisitée dans les pays d'afrique subsaharienne: banques versus marchés financiers. revue d'analyse économique, 94(1), 1-29.
366. Thiombiano, T. (2004). Economie de l'environnement et des ressources naturelles. Paris, France: l'Harmattan.
367. Tiwari, A. S. (2013). The environmental Kuznets curve and the role of coal consumption in India: cointegration and causality analysis in an open economy. Sust. Energ. Rev., 18, 519–527.
368. Tiwari, S., Jacoby, H. G., & Skoufias, E. (2016). Monsoon Babiers: Rainfall shocks and child nutrition in Nepal. Economic development and cultural change, 1-22.
369. Tobey, J., Reilly, J., & Kane, S. (1992). Economic implications of global climate change for World Agriculture. Journal of Agriculture and Ressouce Economics, 17, 195-204.
370. Tobin, J. (1958). Liquidity Preference as Behavior Towards Risk Studies. The Review of Economic, 25(2), 65. doi:10.2307/2296205.
371. Valencia Amaya, M. G. (2020). Climate shocks and human capital :the impact of the natrural disastersof 2010 in Colombia on student achievement. Cuadernos de economia, 39(79), 303-328.
372. Villeroy de Galhau, F. (2019). Climat: les banques centrales se mobilisent . Revue de stabilité financière , 7-13.
373. Voydanoff, P. (1984). economic distress and families. journal of familly issue, 5(2) 273-288.
374. Wagner M, V. P. (2002.). The relationship between the environmental and economic performance of firms: an empirical analysis of the European paper industry. Corporate Social Responsibility and Environmental Management, 9, 133-146.
375. Wang, S. L. (2016). The relationship between economic growth, energy consumption, and CO2 emissions: empirical evidence from China.. Total Environ, 542 (Part A), , 360–371.
376. Warlenius, R., Gregory, P., & Rasmasar, V. (2015). Reversing the arrow of arrears: the concept of ecological debt and its value for environmental justice. Global environnmental change journal homepage: www. elsevier.com/locate/gloenvcha(30), 21-30.
377. WD, N. (2006). Geography and macroeconomic:s: new data and new finlings. Proc Nalt Acad Sci, 3510-3517.
378. Weitzmen, M. (2007). the stern review of the economics of climat change. Journal of economic literature forthcoming.
379. Wolde-Rufael, Y. (2009). Re-examining the financial development and economic growth nexus in Kenya. Economic Modelling, 26, 1140–1146.
380. Wooldridge, J. M. (2010). Econometric Analysis of Cross Section and Panel Data. The MIT Press.
381. World Bank, A. (2007.). The Little Green Data Book 2007. . Washington, DC.: The World Bank.
382. Yavuz, N. ç. (2014). CO2 emission, Energy consomption, and Economic growth for Turkey: Evidence from a Cointegration Test With a structural Break. Energy source, Part B: Economics, planning, and policy, 9(3), 229-235. doi: 10.1080/15567249.2011.567222
383. Zamand, M., & Hyder, A. (2016). Impact of climatic shocks on child human capital evidence from young lives data. environmental hazard, 1-24.
384. Ziaei, M. Z. (2015). Effects of financial development indicators on energy consumption and emission of European, East Asian and Oceania countries. Renewable and Sustainable Energy Reviews, 42, 752-759.