The purpose of this study was to examine the nexus amid economic growth, energy consumption and carbon emissions in G20 countries for the period 1992 to 2014. In order to obtain valid and reliable outcomes, more robust econometric techniques were employed. From the results, the studied panel was heterogeneous and cross-sectionally dependent. Also, the series of observed variables were first-differenced stationary and co-integrated. The key findings from the CCEMG and the AMG regression estimators adopted showed that economic growth and energy consumption promoted the emission of carbon in the countries. In addition, urbanization and foreign direct investments as control variables escalated the rate of the countries’ CO2 emissions. From the discoveries of the Dumitrescu and Hurlin panel causality test, a feedback causality between economic growth and CO2 emissions; energy consumption and CO2 emissions; and between urbanization and CO2 emissions were correspondingly unveiled. Howerver, a one-way caual link was evidenced from foreign direct investments to CO2 emissions. This exploration is vital because it will propel the countries to formulate policies that could help them to minimize their dependence on environmentally unfriendly energy sources, while promoting the usage of clean energies like solar, wind, biogas, biomass and hydropower among others. The study is also pertinent because it will aid the countries to plan, organize and implement environmental policies in compliance to their macroeconomic objectives. When this is accomplished, energy conservation policies implemented to minimize the emanation of CO2 will improve the countries’ economic growth.

这项研究的目的是研究G20国家在1992年至2014年期间的经济增长，能源消耗和碳排放之间的关系。为了获得有效和可靠的结果，我们采用了更强大的计量经济学技术。从结果来看，所研究的小组是异质的并且是截面相关的。同样，一系列观测变量是一阶固定和协整的。CCEMG和AMG回归估计量的主要发现表明，经济增长和能源消耗促进了国家的碳排放。此外，城市化和外国直接投资作为控制变量使该国的二氧化碳排放率上升。根据Dumitrescu和Hurlin面板因果关系检验的发现，经济增长与二氧化碳排放之间的反馈因果关系；能源消耗和二氧化碳排放量；相应地揭示了城市化与二氧化碳排放之间的关系。但是，外国直接投资与二氧化碳排放量之间存在单向联系。这项探索至关重要，因为它将推动各国制定政策，以帮助他们减少对环境不友好能源的依赖，同时促进对太阳能，风能，沼气，生物质能和水电等清洁能源的利用。该研究也很有意义，因为它将帮助各国根据其宏观经济目标计划，组织和实施环境政策。完成后，