The role of eco-innovation, renewable energy consumption, economic risks, globalization, and economic growth in achieving sustainable environment in emerging market economies.

In the last two decades, environmental degradation has been a topic of concern. The rising level of CO ₂ emissions (CO ₂ E) has adversely affected life in the E7 countries, which comprise of Brazil, China, India, Indonesia, Mexico, Russia, and Turkey. The increased in CO ₂ E is the cause of rising sea levels in the E7 countries. Visibly, E7 nations which are considered as the largest emitters of CO ₂ are facing the most severe environmental challenges. This study investigates the impact of eco-innovation, economic growth (EG), renewable energy consumption (REC), economic risk (ERI), and globalization on the CO ₂ E, using the Feasible Generalized Lease Squares (FGLS) and Panel Corrected Standard Errors (PCSE) techniques for the period 1995 to 2018. The results indicate an inverted N-shaped relationship between eco-innovation and CO ₂ E. Also, eco-innovation, REC, and economic risk are observed to be significant factors in abating CO ₂ emissions. On the contrary, globalization and GDP are responsible for rising CO ₂ E in E7 countries. According to empirical estimates, eco-innovation improves the efficiency of carbon emissions, which lowers CO ₂ E. In addition, because they are immune to changes in the price of oil and gas and disruptions brought about by geopolitical events, renewable energy sources can offer countries a more secure energy source than fossil fuels. Alternative energy sources can reasonably cut CO ₂ E while offering a more reliable and secure energy source. Therefore, it is crucial that policies be put in place to cut CO ₂ E by giving priority to environmental innovative policies.
(© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)