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CPS1835 Lili Chen et al.
Developing country Developed country
（7） （8） （9） （10） （11） （12）
cons -27.213*** -14.586*** -18.620*** -25.773***
(-15.02) (-97.22) (-9.50) (-21.90)
N 225 200 225 225 200 225
t statistics in parentheses
* p<0.05, ** p<0.01, *** p<0.001

4. Discussion and Conclusion
The static regression results show that the relationship between the G20
carbon emission and the level of economic development conforms to the
inverted U-shaped assumption of the EKC curve. Population, technical level
and urbanization level of developing countries have a greater impact on
carbon emissions, and the impact of aging and trade openness on carbon
emissions is positive and significant. The population size and technical level of
developed countries have a greater impact on carbon emissions. The impact
of aging and trade openness on carbon emissions is positive and significant,
while the impact of urbanization on carbon emissions is significantly
negatively correlated.
The results of dynamic regression embody that carbon emissions and
economic growth in both developed and developing countries show an
inverted U-shaped relationship. Population size, carbon intensity and ageing
are positively correlated with carbon emissions. The level of urbanization in
developing countries is positively related to carbon emissions. With the rapid
development of urbanization, energy consumption and carbon emissions will
increase. However, the level of urbanization in developed countries is
negatively correlated with carbon emissions. As urbanization improves
environmental pollution control and energy use efficiency, it also reduces
environmental pressure to a certain extent. The impact of openness of
developing countries on carbon emissions is negative but not significant. The
openness of developed countries has a positive impact on carbon emissions.
The increase in imports has caused some carbon emissions to be transferred
to importing countries, resulting in an increase in carbon emissions in
importing countries.
Firstly, formulating strict and effective environmental regulation policies.
Through strict environmental regulation policies, we will tighten emission
standards for different types of industry enterprises, promote energy
conservation and emission reduction, and thus enhance the development of
green economy. It is easier for developed countries to effectively reduce the
intensity of carbon emissions, reach the right side of the inflection point as
soon as possible, and take the initiative to assume responsibility for energy
conservation and emission reduction. Conversely, the developing countries

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