How globalization is reshaping the environmental quality in G7 economies in the presence of renewable energy initiatives?

The level of carbon emissions has elevated to a tremendously alarming level over the last two centuries. This has, inevitably, lead to a phenomenon that we know as “Global Warming,”, thus demanding environmental scientists to explore the alternatives for its control, surveillance, and eventual eradication. in more precise terms, the G7 countries are currently regarded as the highest contributors towards the global level and elevation of carbon emissions. Thus, the present study explores the role of globalization as a source, and renewable energy as a solution, to manage carbon emissions, with the help of an advanced level technique called “cross-sectionally augmented autoregressive distributed lags.” The findings show that globalization and the advent of carbon emissions are variables that are statistically significant, which is also positive in nature. In contrast, the relationship between renewable energy and carbon emissions is statistically significant, but negative in nature, whereas the presence of the EKC curve is also evident and confirmed in this scenario. Based on the findings, certain action points and initiatives have been proposed so as to transform energy consumption from non-renewable means to renewable means. In addition to this, public-private partnerships concentrated towards the generation of renewable energy can also assist in preserving the environment and reversing the carbon footprint that has been left behind thus far.