Description of variables
| Variable | Definition | Measure | Source | Obs | Mean | SD | Min. | Max. |
|---|---|---|---|---|---|---|---|---|
| CP | Climate-related financial policies | Countries implement a number of climate-related financial policies per year | (D’Orazio, 2021) | 153 | 494.13 | 125.41 | 256.00 | 830.00 |
| CE_MW | Per capita municipal waste | Generation of municipal waste per capita (kilograms per capita) | Eurostat [45] | 144 | 7.92 | 8.76 | 0.00 | 45.01 |
| CE_PA | Related patent number | Patents related to recycling and secondary raw materials | Eurostat [46] | 126 | 4337.98 | 4988.28 | 198.60 | 19457.40 |
| CE_MA | Circular material usage | Share of circular material use (%) | Eurostat [47] | 144 | 10.45 | 7.11 | 1.20 | 30.90 |
| CE_RW | Recycling waste | The percentage of waste that is recycled, excluding major mineral wastes (%) | Eurostat [48] | 153 | 33.68 | 16.99 | 0.00 | 64.30 |
| CE_RB | Recycling biowaste | Per capita recycling of biowaste (kilograms) | Eurostat [49] | 153 | 69.72 | 58.25 | 0.00 | 231.00 |
| CE_RE | Recycling e-waste | E-waste recycling rate (%) | Eurostat [50] | 142 | 42.47 | 11.74 | 10.50 | 68.80 |
| EG | Economic growth | The real GDP per capita (constant 2010 US dollars) | WDI [51] | 153 | 15.86 | 14.16 | 0.00 | 66.67 |
| TS | Trade share | The proportion of GDP | WDI [52] | 153 | 40.10 | 27.50 | 3.77 | 111.15 |
| FDI | Net inflow of foreign direct investment | The proportion of GDP | WDI [53] | 153 | 1.25 | 0.72 | 0.55 | 4.08 |
| IND | Industrialization level | The value added to GDP | WDI [54] | 153 | 0.04 | 0.28 | −1.54 | 1.63 |
| GE | Level of democratization | The index of democratization | FSSDA [55] | 153 | 0.23 | 0.06 | 0.11 | 0.37 |
| Variable | Definition | Measure | Source | Obs | Mean | SD | Min. | Max. |
|---|---|---|---|---|---|---|---|---|
| CP | Climate-related financial policies | Countries implement a number of climate-related financial policies per year | ( | 153 | 494.13 | 125.41 | 256.00 | 830.00 |
| CE_MW | Per capita municipal waste | Generation of municipal waste per capita (kilograms per capita) | Eurostat [45] | 144 | 7.92 | 8.76 | 0.00 | 45.01 |
| CE_PA | Related patent number | Patents related to recycling and secondary raw materials | Eurostat [46] | 126 | 4337.98 | 4988.28 | 198.60 | 19457.40 |
| CE_MA | Circular material usage | Share of circular material use (%) | Eurostat [47] | 144 | 10.45 | 7.11 | 1.20 | 30.90 |
| CE_RW | Recycling waste | The percentage of waste that is recycled, excluding major mineral wastes (%) | Eurostat [48] | 153 | 33.68 | 16.99 | 0.00 | 64.30 |
| CE_RB | Recycling biowaste | Per capita recycling of biowaste (kilograms) | Eurostat [49] | 153 | 69.72 | 58.25 | 0.00 | 231.00 |
| CE_RE | Recycling e-waste | E-waste recycling rate (%) | Eurostat [50] | 142 | 42.47 | 11.74 | 10.50 | 68.80 |
| EG | Economic growth | The real GDP per capita (constant 2010 US dollars) | WDI [51] | 153 | 15.86 | 14.16 | 0.00 | 66.67 |
| TS | Trade share | The proportion of GDP | WDI [52] | 153 | 40.10 | 27.50 | 3.77 | 111.15 |
| FDI | Net inflow of foreign direct investment | The proportion of GDP | WDI [53] | 153 | 1.25 | 0.72 | 0.55 | 4.08 |
| IND | Industrialization level | The value added to GDP | WDI [54] | 153 | 0.04 | 0.28 | −1.54 | 1.63 |
| GE | Level of democratization | The index of democratization | FSSDA [55] | 153 | 0.23 | 0.06 | 0.11 | 0.37 |
Source(s): Authors’ own creation