Environmental protection and sustainable development are connected. Such connection is considered highly important for Venezuela, where fossil fuel abundance has created economic and environmental challenges. Surprisingly, only limited attention has been directed to identifying policy options for charting the path to sustainable development in the economy. Contributing to filling this gap in the literature, this study examines whether financial development, de facto and de jure conditions in trade and financial integration can trigger long‐term economic shifts that will change the trajectory of carbon dioxide (CO₂) emissions in the economy using a novel estimation approach—dynamic simulations of autoregressive distributed lag (ARDL) models. The empirical modelling framework incorporates the impact of population, economic growth, energy intensity and government consumption expenditure. ARDL‐bounds test provides evidence that the variables are cointegrated. Long‐run estimates from the dynamic ARDL analysis show that de facto and de jure conditions in trade and financial components of economic integration offer varied policy options for carbon mitigation in Venezuela. Population size, energy intensity, government consumption expenditure and de facto condition in financial integration have increasing impact on CO₂ emissions, exacerbating suitability challenges in the economy. On the other hand, positive shocks in financial development, de facto condition in trade integration and de jure condition in financial integration have a mitigation effect on CO₂ emissions. Overall, financial development, trade integration and the control of cross‐border financial flows are needed economic conditions that can accelerate a quick transition to a low‐carbon develpoment in Venezuela.

中文翻译：

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使委内瑞拉重返可持续发展之路：金融发展和经济一体化在低碳转型中的作用

环境保护与可持续发展息息相关。这种联系被认为对委内瑞拉非常重要，那里的化石燃料丰富带来了经济和环境挑战。出人意料的是，仅将有限的注意力集中在确定用于规划经济可持续发展道路的政策选择上。为了填补文献中的空白，本研究检查了金融发展，贸易和金融一体化中的事实上和法律上的条件是否会引发长期的经济变化，从而改变二氧化碳的排放轨迹（CO ₂）中使用新颖的估算方法（自回归分布滞后（ARDL）模型的动态模拟）在经济中的排放。实证模型框架考虑了人口，经济增长，能源强度和政府消费支出的影响。ARDL边界检验提供了变量是协整的证据。动态ARDL分析的长期估计表明，经济一体化的贸易和金融组成部分的事实和法律条件为委内瑞拉的碳减排提供了多种政策选择。人口规模，能源强度，政府消费支出以及金融一体化中的实际状况对CO _2的影响越来越大排放，加剧了经济适用性挑战。另一方面，金融发展的积极冲击，贸易一体化的实际条件和金融一体化的法律条件对CO ₂排放具有缓解作用。总体而言，需要金融发展，贸易一体化和控制跨境资金流动的经济条件，以加速委内瑞拉向低碳发展的快速过渡。