This study analyzes the effects of foreign direct investment (FDI), economic growth, industrial structure, renewable and nuclear energy, and urbanization on Korean greenhouse gas (GHG) emissions from 1981 to 2014. The cointegration relationship of the variables is examined using autoregressive distributed lag (ARDL) bounds test. The test confirmed the long-run equilibrium among the variables. After that, the short-run and long-run coefficients are estimated by an ARDL error-correction model. The result shows that in the long run, economic growth and urbanization are the main contributors to the increase of GHG emissions, while manufacturing industry share, renewable energy and nuclear energy contributed to the reduction of GHG emissions. The inflow of FDI has led to the increase of greenhouse gases, but the coefficients is negligible. In the short run, economic growth has caused an increase in GHG emissions, while renewable and nuclear energy have contributed to the reduction in GHG emissions. FDI and urbanization did not play a role in increasing of GHG emissions in the short term.Sustainability 2020, 12, 1625 2 of 14 havens. This is likely to be linked to economic growth in each country and affect the country's GHG emissions. Comprehensive research studies on FDI, GHG emissions, and economic growth have begun in recent years. The relationship between FDI and GHG emissions is based on two hypotheses-one is the pollution haven hypothesis, and the other is the halo effect hypothesis. According to the halo effect, FDI can reduce GHG emissions through the host country's advanced technology. The pollution haven hypothesis proposes that the investing country relocates GHG intensive industries to foreign countries, thereby increasing the GHG emissions of the host countries. Table 1 shows for the studies on the relationship between FDI and GHG emissions. The results vary depending on the countries and time periods studied. Recent studies supporting the pollution haven hypothesis include Pao and Tsai [2], Seker et al. [3], Zhu et al. [4], and Behera and Dash [5], and the studies supporting the halo effect hypothesis include Tang and Tan [6], Mert and Bölök [7], and Abdouli and Hammami [8]. Mixed results for both the pollutant haven hypothesis and the halo effect hypothesis are found in Merican et al. [9], Peng et al. [10], and Zhang and Zhou [11].