The policy debate on the financial development and dynamic of carbon dioxide (CO₂) emission is topical. Globalization can affect this relationship by making financial investments in green energy and environment-friendly technology, as environmental sustainability is the primary concern for modern society. This study proposes a newly formulated conceptual framework to explore globalization’s moderating role on exoplanetary variables (financial development, energy consumption, human capital, and gross domestic product) and CO₂ emission. We employed Fixed Effect Ordinary Least Squares (FE-OLS), Driscoll–Kraay standard error approach (D–K), and Dumitrescu and Hurlin’s (2012) panel causality test. Our sample of the study comprised full and subsamples of G20 countries (excluding the European Union) from 1986 to 2018. The results indicated that financial development and human capital decreased carbon emissions, while GDP and energy consumption substantially increased carbon emissions during the study time. Further, globalization moderated the positive impact of financial development and human development on carbon emissions. A sustainable environmental agenda is achieved by a stronger financial system, encouraging green finance, and including technical education that improves production efficiency. However, globalization moderated the negative impact of energy consumption and GDP on carbon emission. Besides, we also reported the bidirectional causal relationship of GDP to energy consumption. Our empirical research provides new insights for policymakers and governments to formulate country-based policies to protect environmental quality while achieving sustainable economic goals.

关于金融发展和二氧化碳（CO ₂）排放动态的政策辩论是热门话题。全球化可以通过对绿色能源和环保技术进行金融投资来影响这种关系，因为环境可持续性是现代社会的主要关注点。这项研究提出了一个新制定的概念框架，以探讨全球化对系外变量（金融发展，能源消耗，人力资本和国内生产总值）和CO ₂的调节作用。排放。我们采用了固定影响普通最小二乘法（FE-OLS），Driscoll-Kraay标准误差法（DK）以及Dumitrescu和Hurlin（2012）的因果关系检验。我们的研究样本包括1986年至2018年G20国家（不包括欧盟）的全部样本和子样本。结果表明，在研究期间，金融发展和人力资本减少了碳排放，而GDP和能源消耗则大大增加了碳排放。此外，全球化减轻了金融发展和人类发展对碳排放的积极影响。通过更强大的金融体系，鼓励绿色金融以及包括提高生产效率的技术教育，可以实现可持续的环境议程。然而，全球化缓解了能源消耗和GDP对碳排放的负面影响。此外，我们还报告了GDP与能源消耗之间的双向因果关系。我们的实证研究为决策者和政府制定基于国家的政策以保护环境质量，同时实现可持续的经济目标提供了新的见解。