Green growth and sustainable development: dynamic linkage between technological innovation, ISO 14001, and environmental challenges

Over the last two decades, the phenomenon of green growth has gained much attention from academics and policymakers striving to find a sustainable solution to environmental problems worldwide. Technological innovation serves as a tool to abate the acute environmental crisis and continuously promote sustainable development by converting traditional economies into green economies. Pakistan is among the developing countries relying on conventional technology and energy resources to meet population and economy demands, which has led to a surge in greenhouse gases and other hazardous air pollutants. The literature exploring green growth in the Pakistani context is scant; the present study will therefore fill this gap and explore the dynamic linkage between technological innovation and ISO 14001 with green growth in Pakistan in the presence of environmental challenges such as energy consumption and population growth. A novel grey relational analysis model approach is employed to examine the interrelationship between the study parameters. Results indicate that technological innovation is significantly correlated with green growth, and ISO 14001 also shows a substantial relationship with green growth. However, among the environmental challenges, energy consumption poses a barrier to green growth development as the country's energy mix is dominated by fossil fuels as compared to renewables. The research findings produce a much-needed policy suggestion to address the environmental challenges by promoting green growth development in Pakistan.