Search

The generally held belief is that government spending on education and research and development is to bring about direct impacts on the advancement and sustainability of an economy. Nonetheless, this evidence is not prevalent within industrialized and third-world economies, particularly among the foremost ten carbon dioxide releasing economies. Therefore, the OLS and the DEA are used to estimate the relationship between government public spending on research and development plus green economic advancement, utilizing data from several countries between 2008 and 2018. The findings reveal a varying green economic expansion indicator, which is a result of inadequate government programs to deliver results. Subsequently, for types of expenditure where formal juxtaposition can be made, such as RE compared with conventional energy, the authors detect that multipliers on green cost are almost twofold their traditional sources. The point approximate of the multipliers is 1.1–1.7 for green energy financing and 0.4 and 0.7 for conventional energy financing, depending on time and modeling. These results passed all the required sensitivity analyses. They provided backing to the bottom-up analysis, which reveals that controlling global warming, including preventing biodiversity extinction, works hand in hand with creating economic development and advancement. [ABSTRACT FROM AUTHOR]

In general, the public expenditure on schooling, science, and research and development (R&D) is thought to have a positive effect on the development and sustainability of an economy, but such evidence is lacking in the developing and developed countries, especially in the top 10 CO2-emitting countries. This study investigates the impact of public spending and green finance on environmental sustainability, using the ordinary least square method and data envelopment analysis, which uses the panel data from selected countries from 2008 to 2018. Results reveal a fluctuating green economic growth index, which was due to the non-serious existence of government policies. More precisely, a 1% increase in gross domestic product (GDP) growth increases the carbon emissions by about 0.40%, whereas the rise in coal consumption decreases environmental efficiency by about 0.88%. We also concluded that 0.95% GDP growth and economic development significantly enhance environmental emissions, whereas 0.5% of renewable energy consumption decreases the negative impact of environmental pollution. Furthermore, a 1% growth in renewable energy consumption improved environmental efficiency by 0.58%. Furthermore, the analysis demonstrates that the public expenditure on human capital and renewable energy (R&D) leads to a productive green economy through labor, and technically advance developmental practices, with varying consequences in distinctive countries.