A technological innovation and economic progress enhancement: an assessment of sustainable economic and environmental management.

This study examines the role of technological innovation and economic progress on environmental pollution by using STRIPAT and EKC theoretical frameworks in 25 developing Asian countries from the period 1998 to 2019. For technological advancement, the energy intensity has been used to gauge how much of the quantity of energy is employed to produce the additional unit of gross domestic product at domestic level. Therefore, the volume of the energy used in the production process is highly important as it is documented through the energy intensity. To capture the impact of innovation, the sum of total patent applications and trademark applications for the sampled countries has been used. This study applied second-generation unit root and panel cointegration techniques to estimate the results. To estimate the long-run relationship of variables and the cross-sectional interdependence, Pedroni Residual and Westerlund Cointegration tests are applied. Further, the Hausman-Taylor-type test has been used to check the efficiency of the pool mean group (PMG). The results of PMG regression confirm the existence of EKC in the developing Asian countries. The results of this study showed that technological development, innovations, and economic progress have the potential to reduce carbon emission and to protect the environment in developing Asian economies. Moreover, the results of error correction model indicate that in case of any external shock, this model will converge towards equilibrium within 64.6 years. The study proposed that a policy framework related to technological innovations should be sustained and the advancement of human capital and research and development should be the primary focus of the developing nations to mitigate the environmental challenges.

The dynamic role of energy security, energy equity and environmental sustainability in the dilemma of emission reduction and economic growth.

This study examines the relationship between energy security, energy equity, and environmental sustainability from the perspective of economic growth and CO2 emissions. For this purpose, this study utilizes the energy trilemma index (ETI) 2018 of the World Energy Council (WEC) to measure, evaluate and assess the energy efficiency of the top ten best-performing countries around the world. This study formulates an interval decision matrix to apply Principal Components Analysis (PCA) by reducing a large set into a small set of underlying variables with comprehensive information. Finally, this study uses the Fuzzy-TOPSIS method to determine the comprehensive ranks of all countries. This study shows that Denmark holds overall first rank in energy efficiency with a score of one in energy security, eleven in energy equity, and seventeen in environmental sustainability. In contrast, Germany has dominated all top ten performers by energy and environmental progress, which cannot be shirker within the UK's social progress concept. Thus, with ceteris paribus, a higher energy price will indicate a higher degree of scarcity of energy sources, encouraging working for cheaper and renewable alternatives and ultimately influencing the energy supply side. Carbon valuation can reduce greenhouse emissions by paying the extra dollar to the enterprise for less emission. It will lead to changing energy consumption structures and make it a cleaner choice for profit maximization.