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Harnessing the synergistic impacts of environmental innovations, financial development, green growth, and ecological footprint through the lens of SDGs policies for countries exhibiting high ecological footprints

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  • Saqib, Najia
  • Usman, Muhammad
  • Ozturk, Ilhan
  • Sharif, Arshian

Abstract

According to the Sustainable Development Goals (SDGs), the principal threats to human well-being encompass both non-renewable and renewable energy sources, alongside a mounting environmental deficit, which aligns with the targets of SDG-7 and SDG-13. This study explores how environmental technologies, financial growth, and energy use influence the ecological footprint and green growth in the top-ten countries with the biggest ecological footprint from 1990 to 2019. Environmental innovations, green growth, and renewable energy improve the environment, while financial expansion and the use of non-renewable energy have been shown to be detrimental to the environment. Financial expansion, ecological impact, and non-renewable energy constrain green growth. However, environmental innovation and renewable energy deployment have a cumulative effect on green growth. Moreover, the results of the panel causality approach signpost a bidirectional causal association between environmental innovations, green growth, non-renewable and renewable energy, and ecological footprint. Nevertheless, it is observed that there exists a unidirectional causal relationship from financial development to ecological footprint and green growth. Moreover, this paper provides an in-depth evaluation and offers significant policy recommendations, both in a general sense and specifically targeted towards countries with the highest ecological footprints.

Suggested Citation

  • Saqib, Najia & Usman, Muhammad & Ozturk, Ilhan & Sharif, Arshian, 2024. "Harnessing the synergistic impacts of environmental innovations, financial development, green growth, and ecological footprint through the lens of SDGs policies for countries exhibiting high ecologica," Energy Policy, Elsevier, vol. 184(C).
    • Handle: RePEc:eee:enepol:v:184:y:2024:i:c:s0301421523004482
    DOI: 10.1016/j.enpol.2023.113863
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