ECO 512: GLOBAL WARMING AND ATMOSPHERIC CARBON: IS CARBON SEQUESTRATION A MYTH OR REALITY?

Biotic and abiotic carbon sequestration currently seems to be the only viable tools

at the disposal of mankind for mitigating greenhouse gas (GHG) emissions and thus a remedy

for tackling global warming challenges. This study accesses the global carbon capture and

storage (CCS) programme: the level of success in its implementation and its impact using panel data from eight countries, the majority of which have begun one or more operational 

CCS facilities. To achieve this objective, fifteen years period time series data was sourced 

for the eight selected countries based on data availability, namely the United States (US), the 

United Kingdom (UK), Canada, China, Australia, Norway, South Africa, and Nigeria; 

ranging from 1990 to 2015. The panel ARDL results show that the explanatory variables, 

global industrial production (LIP), Electricity production (LEP), Agricultural production 

(LAP), transportation (LTR), and energy supply (LES) have a long-run relationship with the 

dependent variable (LGHG emissions). While the short-run results show that none of the 

variables have a significant contribution to LGHG emissions. In the long-run results, LIP and 

LTR significantly contribute to the reduction of LGHG courtesy of the CCS programme 

while LEP, LAP, and LES contribute to a rise in the LGHG emission. The cross-sectional 

results show that all the variables have significant impacts on LGHG in all the sampled 

countries except Australia. Suggesting that, the CCS programme is viable for mitigating 

global warming and climate change and therefore should be considered by the various 

countries of the world.