This paper aims to study the response of CO₂ emissions in the African continent to asymmetric financial development shocks by incorporating this asymmetric component in the environmental Kuznets curve (EKC) hypothesis. Following the Shin et al. (2014) nonlinear autoregressive distributed lag (ARDL) approach in panel form, we construct a nonlinear panel ARDL–PMG model to assess both short- and long-run impact of positive and negative financial development movements on CO₂ emissions, for a panel of 22 African countries over the period 1980–2014. Asymmetric results prove first that the EKC hypothesis is found to be supported in the long term but not supported in the short term in Africa. Positive financial development shocks are found to be beneficial for fighting against pollution in the long run. However, the asymmetric findings prove that financial instability exerts a positive impact on CO₂ emissions in the short run. In terms of policy implications, African governments should put in place durable policies favouring the development of their financial systems, make funding of green projects less vulnerable in the short term to negative shocks hitting financial systems and improve financial development in the long term, by reducing market imperfections.

本文旨在通过将这种不对称成分纳入环境库兹涅茨曲线（EKC）假设中，研究非洲大陆的CO ₂排放对不对称金融发展冲击的响应。继申等。（2014年）以面板形式的非线性自回归分布滞后（ARDL）方法，我们构建了一个非线性面板ARDL–PMG模型来评估正面和负面的金融发展运动对CO _2的短期和长期影响排放量，1980年至2014年期间由22个非洲国家组成的小组。不对称的结果首先证明，在非洲，EKC假设得到了长期支持，但短期没有得到支持。从长远来看，积极的金融发展冲击有助于对抗污染。然而，不对称的发现证明，金融不稳定会在短期内对CO ₂排放产生积极影响。就政策影响而言，非洲各国政府应制定有利于其金融系统发展的持久性政策，使绿色项目的资金在短期内不易遭受打击金融系统的负面冲击，并通过减少风险来长期改善金融发展市场不完善。