Revisiting the Environmental Kuznets Curve: A New Evidence on the Relationship Between Marine Degradation and Global Economic Activities

Abstract

Oceans and seas have an important impact on economic growth, environmental sustainability, and human wellbeing. Unfortunately, marine ecosystem services are exploited due to marine degradation, such as plastic pollution, ocean acidification, and dumping of industrial chemical but it is most and severely affected by oil spills. The current study attempts to check the validation of Environmental Kuznets Curve Hypothesis for global marine degradation by using time series econometrics techniques with structural breaks. The world level data time series data on oil spillage, oil consumption and GDP per capita is used, covering the time period of 50 years from 1970 to 2019. The results concluded that there is an existence of inverted U-shaped between marine degradation and global economic activities. The turning point has already appeared in the dataset, most probably, due to the shifting trend from non-renewable energy to renewable energy as well as various conventions and laws being introduced on the prevention of marine oil spillage.