“…Anwar et al [ 20 ] found that greenfield transportation investment and sustainable energy mix helpful to reduced transportation embodied carbon emissions that is important to the way forward towards sustainable development goals. Finally, the impact of positive and negative shocks of IFS on carbon damages is negative in the long run, which reinforced the capability of green insurance schemes and sustainable financing options to mitigate carbon losses related to transportation in a country [ 70 , 71 ]. The error correction term shows the convergence of the estimated model in the short run, with a high speed of adjustment towards equilibrium over a while.…”