COVID-19, CO2 Emissions and Energy Consumption in Asian Countries: An Application of Stirpat and Beck’s Theory of Risky Society

Since 2019, the global economy has faced unpredictable consequences of the COVID-19, which reshape various aspects and mechanisms of economic market sides. This paper aims to ascertain the linkage between COVID-19, carbon dioxide emissions, and energy consumption in 34 Asian countries throughout 1990–2019. To this end, the panel data approach based on the stochastic impact by regression on population, affluence, and technology (STIRPAT) is employed. The significant results reveal that the COVID-19 accelerates environmental pollution in Asia. Moreover, a 1% increase in total population and GDP per capita of the sampled Asian counties leads to increased CO2 emissions by approximately 0.28% and 0.09%, respectively. Regarding energy consumption, renewable energy consumption has a negative coefficient, meaning that by using 1% more green energy resources in the examined Asian countries, the CO2 emissions may reduce by nearly 0.17%. A 1% increase in fossil fuel consumption may increase carbon dioxide emissions by 1.43%. Establishing green finance funds to attract private investors in green energy projects is highly recommended as a central practical policy. These policies should be drawn attention by the policymakers in developing nations, particularly during and for post COVID era.