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Greening the globe: Uncovering the impact of environmental policy, renewable energy, and innovation on ecological footprint

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  • Appiah, Michael
  • Li, Mingxing
  • Naeem, Muhammad Abubakr
  • Karim, Sitara

Abstract

This study examines the effectiveness of environmental policy in reducing ecological footprint while considering the roles of renewable energy and innovation. We employ a cross-sectional autoregressive distributed lags to analyze panel data of 29 OECD countries from 1990 to 2020. Our results indicate that environmental policy significantly reduces ecological footprint among OECD countries, with its efficacy contingent upon bio-capacity surplus/deficit and the level of industrialization. We also find that renewable energy has a favourable impact on ecological footprint reduction, while innovation improves the environmental quality of OECD countries. However, population density and industrialization were found to decrease and increase ecological footprint, respectively. The study reveals bi-directional causation between ecological footprint and all variables except for economic growth. Our findings are robust under the conditions of short-run heterogeneity, long-run homogeneity, and cross-sectional dependence.

Suggested Citation

  • Appiah, Michael & Li, Mingxing & Naeem, Muhammad Abubakr & Karim, Sitara, 2023. "Greening the globe: Uncovering the impact of environmental policy, renewable energy, and innovation on ecological footprint," Technological Forecasting and Social Change, Elsevier, vol. 192(C).
    • Handle: RePEc:eee:tefoso:v:192:y:2023:i:c:s0040162523002469
    DOI: 10.1016/j.techfore.2023.122561
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    Cited by:

    1. Rao, Amar & Lucey, Brian & Kumar, Satish & Lim, Weng Marc, 2023. "Do green energy markets catch cold when conventional energy markets sneeze?," Energy Economics, Elsevier, vol. 127(PA).
    2. Ali, Mumtaz & Joof, Foday & Samour, Ahmed & Tursoy, Turgut & Balsalobre-Lorente, Daniel & Radulescu, Magdalena, 2023. "Testing the impacts of renewable energy, natural resources rent, and technological innovation on the ecological footprint in the USA: Evidence from Bootstrapping ARDL," Resources Policy, Elsevier, vol. 86(PA).
    3. Zhang, Dongyang & Kong, Qunxi & Wang, Yizhi & Vigne, Samuel A., 2023. "Exquisite workmanship through net-zero emissions? The effects of carbon emission trading policy on firms' export product quality," Energy Economics, Elsevier, vol. 123(C).
    4. Tong, Guoqiang & Yang, Shengbing & Li, Yan & Feng, Fang, 2023. "Effects of blade tip flow on aerodynamic characteristics of straight-bladed vertical axis wind turbines," Energy, Elsevier, vol. 283(C).
    5. Chishti, Muhammad Zubair & Arfaoui, Nadia & Cheong, Calvin W.H., 2023. "Exploring the time-varying asymmetric effects of environmental regulation policies and human capital on sustainable development efficiency: A province level evidence from China," Energy Economics, Elsevier, vol. 126(C).
    6. Boubaker, Sabri & Karim, Sitara & Naeem, Muhammad Abubakr & Sharma, Gagan Deep, 2023. "Financial markets, energy shocks, and extreme volatility spillovers," Energy Economics, Elsevier, vol. 126(C).
    7. Naeem, Muhammad Abubakr & Shahzad, Mohammad Rahim & Karim, Sitara & Assaf, Rima, 2023. "Tail risk transmission in technology-driven markets," Global Finance Journal, Elsevier, vol. 57(C).
    8. Wei, Wei & Han, Ying & Abedin, Mohammad Zoynul & Ma, Jingjing & Chai, Shanglei, 2023. "Empirical study on the technical efficiency and total factor productivity of power industry: Evidence from Chinese provinces," Energy Economics, Elsevier, vol. 128(C).
    9. Sun, Chuanwang & Khan, Anwar & Cai, Weiyi, 2024. "The response of energy aid and natural resources consumption in load capacity factor of the Asia Pacific emerging countries," Energy Policy, Elsevier, vol. 190(C).
    10. Naeem, Muhammad Abubakr & Appiah, Michael & Taden, John & Amoasi, Richard & Gyamfi, Bright Akwasi, 2023. "Transitioning to clean energy: Assessing the impact of renewable energy, bio-capacity and access to clean fuel on carbon emissions in OECD economies," Energy Economics, Elsevier, vol. 127(PA).
    11. Jahanger, Atif & Usman, Muhammad & Kousar, Rakhshanda & Balsalobre-Lorente, Daniel, 2023. "Implications for optimal abatement path through the deployment of natural resources, human development, and energy consumption in the era of digitalization," Resources Policy, Elsevier, vol. 86(PB).
    12. Naeem, Muhammad Abubakr & Hamouda, Foued & Karim, Sitara & Vigne, Samuel A., 2023. "Return and volatility spillovers among global assets: Comparing health crisis with geopolitical crisis," International Review of Economics & Finance, Elsevier, vol. 87(C), pages 557-575.
    13. Huang, Anzhong & Guo, Meiwen & Dai, Luote & Mirza, Aboubakar & Ali, Sajid, 2024. "Budgeting for a greener future: Asymmetric nexus between nuclear energy technology budgets and CO2 emissions," Technological Forecasting and Social Change, Elsevier, vol. 202(C).
    14. Omri, Anis & Ben Jabeur, Sami, 2024. "Climate policies and legislation for renewable energy transition: The roles of financial sector and political institutions," Technological Forecasting and Social Change, Elsevier, vol. 203(C).
    15. Shobande, Olatunji A. & Ogbeifun, Lawrence & Tiwari, Aviral Kumar, 2024. "Unlocking information technology infrastructure for promoting climate resilience and environmental quality," Technological Forecasting and Social Change, Elsevier, vol. 198(C).
    16. Parras, Rafael & de Mendonça, Gislaine Costa & da Costa, Luis Miguel & Rocha, Juan Ricardo & Costa, Renata Cristina Araújo & Valera, Carlos Alberto & Fernandes, Luís Filipe Sanches & Pacheco, Fernando, 2024. "Land use footprints and policies in Brazil," Land Use Policy, Elsevier, vol. 140(C).
    17. Choudhury, Tonmoy & Kayani, Umar Nawaz & Gul, Azeem & Haider, Syed Arslan & Ahmad, Sareer, 2023. "Carbon emissions, environmental distortions, and impact on growth," Energy Economics, Elsevier, vol. 126(C).
    18. Li, Baolin & Wang, Jia & Nassani, Abdelmohsen A. & Binsaeed, Rima H. & Li, Zeyun, 2023. "The future of Green energy: A panel study on the role of renewable resources in the transition to a Green economy," Energy Economics, Elsevier, vol. 127(PB).
    19. Abban, Olivier Joseph & Xing, Yao Hong & Nuţă, Alina Cristina & Nuţă, Florian Marcel & Borah, Prasad Siba & Ofori, Charles & Jing, Yao Jing, 2023. "Policies for carbon-zero targets: Examining the spillover effects of renewable energy and patent applications on environmental quality in Europe," Energy Economics, Elsevier, vol. 126(C).
    20. Nketiah, Emmanuel & Song, Huaming & Adjei, Mavis & Obuobi, Bright & Adu-Gyamfi, Gibbson, 2024. "Assessing the influence of research and development, environmental policies, and green technology on ecological footprint for achieving environmental sustainability," Renewable and Sustainable Energy Reviews, Elsevier, vol. 199(C).

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