Empowering sustainability through energy efficiency, green innovations, and the sharing economy: Insights from G7 economies

Public concern for the environment, rising energy prices, and market pressures have driven enterprises to prioritize reducing energy consumption. Consequently, the sharing economy, green innovations, and energy efficiency have emerged as pivotal components of sustainable development, significantly impacting social, economic, and environmental domains. Therefore, the purpose of this study is to examine how green technologies, sharing economy and energy efficiency affect G7 environmental sustainability. Using quarterly data from 2014Q1 to 2020Q4, the load capacity factor is used as a criterion for ecological sustainability. The relationships between the variables are examined using the moments quantile regression approach (MMQR) and the Cross-Sectionally Augmented IPS (CIPS) test is employed to check for the unit root in the course of the research. Results show that more people using the sharing economy and a larger population both have a beneficial effect on environmental sustainability. Efficiency in resource utilization and the sharing economy are two areas where legislation can greatly improve sustainability. On the flip side, very careful urban planning and strict industrial laws are required due to the difficulties brought about by industrialization and urbanization. The findings show that in practice, energy efficiency and the sharing economy have different effects, even if they both have sustainability potential in theory. To ensure sustainability in the long run, green innovations and technology are essential, and the initial investment will pay off handsomely when these become widely used. Among the proposed policies are more international collaboration, comprehensive energy rules, smart urban planning, sharing economy platforms, more financing for green innovation, and strict industrial restrictions. In line with many SDGs, this research also highlights America's capacity to spearhead worldwide sustainable development initiatives. If we want to understand the dynamics of sustainable development in more depth, future studies should use longer periods, more sophisticated analytical approaches, and more variables.