## 2 Literature Review  
### CO\({}_{2}\) Emissions  
The problem of rising CO\({}_{2}\) emissions and the resulting environmental burden is increasingly significant, compelling governments worldwide to take drastic action and industries to help reduce their environmental footprint. There is a strong belief that climate change and economic growth are tightly connected. In addition, the consumption of fossil fuels such as coal, diesel, or gasoline, which are significant factors for economic growth, is responsible for the majority of CO\({}_{2}\) emissions.  
[PERSON] [42] argues that carbon dioxide (CO\({}_{2}\)) emissions increase with rising energy consumption, which in turn is the result of economic growth. [PERSON] & [PERSON] [43] investigated the relationship between electricity consumption, economic growth, and CO\({}_{2}\) emissions over the period 1990 to 2008. They found that CO\({}_{2}\) emissions and electricity consumption have a long-running relationship with economic growth. In the same manner, [PERSON] & [PERSON] [44] examined the relationship between energy consumption and carbon dioxide emissions on economic growth for 58 countries over the period 1990 to 2012. They show that energy consumption clearly affects economic growth but with the consequence of high pollution as a result of high CO\({}_{2}\) emissions.  
On the other hand, many researchers argue that there is no significant evidence that links carbon dioxide emissions and economic development [45; 46]. [PERSON] et al. [47] state that China's rapid industrialization and urbanization in recent years turned the country into the largest carbon emitter. For this reason, China is now taking measures in an effort to reduce its CO\({}_{2}\) emissions [48]. [PERSON] et al. [49] investigated the evolution of CO\({}_{2}\) emissions in China and report that emissions will likely peak between 2029 and 2035.  
The need for the governments to take measures and adopt environmentally friendly technologies for the reduction in CO\({}_{2}\) emissions is intense. [PERSON] [44] concluded that among others, the governments are trying to find effective ways to fight poverty, increase economic opportunities, and pose measures to protect the environment.  
Except for efforts to reduce emissions and produce cleaner (renewable) energy, the heating and transportation sectors are making efforts to reduce carbon dioxide emissions by incorporating technologies such as heat pumps, waste heat recovery, and electric vehicles [50; 51]. The transport sector, which relies mainly on fossil fuels--although serious efforts are now being made to alleviate its dependence on them--is facing serious problems in reducing its environmental footprint [52].  
The reduction in global emissions in order to minimize the negative impacts for the environment should be a main target for both developed and developing countries [53; 54; 55]. Many researchers argue that the implementation of new technologies, the utilization of electromobility, and the drastic improvements of the efficiency in the use of the current vehicles are important steps in the right direction [56; 57]. However, it is argued that there are serious differences and dissimilarities between different countries and thus it is important to adjust the policy measures to the special needs of each one of them [58; 59; 60].  
In any case, the severe consequences of climate change need to be faced worldwide. According to scientists, the problems are going to become more intense and affect directly or indirectly the global economy, businesses, and society.