Expanding　of　complex　global　supply　chains　enhances　the　role　of　global　trade　in　the　deterioration　of　the　environment　by　production　redeployment　across　nations,　which　is　tightly　connected　to　emission　transmission　or　the　carbon　trade　balance.　Although　much　earlier　studies　have　assessed　the　link　between　emissions　of　carbon　dioxide　(CO2)　and　their　influenced　variables　in　the　past　few　years,　no　substantial　attention　is　available　in　the　literature　review　concerning　the　influence　of　carbon　trade　balance　on　the　environment　in　N11　economies.　Therefore,　via　economic　progress,　renewable/fossil　energies　consumption,　financial　development,　and　urbanization　growth　as　control　variables,　the　influence　of　the　carbon　trade　balance　on　emissions　of　CO2　in　N11　countries　is　explored　from　1990　to　2020.　The　Co-integration　and　causality　relationships　using　Panel　PMG　ARDL　and　Granger　causality　techniques　are　investigated　to　reach　our　goal.　All　of　the　variables　investigated　degrade　the　environment　in　the　long　run,　whereas　renewables　alleviate　CO2.　As　a　result,　carbon　emission　countries＇　regulators　should　step　up　their　efforts　to　support　green　energy　subsidies　and　carbon　taxes,　as　well　as,　when　supply　chains　outsource　emission-intensive　production　units　to　partner　nations,　they　should　encourage　positive　externalities　of　innovative　green　technologies.　©　2022　Elsevier　Ltd