Environmental impact of globalization: The case of central and Eastern European emerging economies.

Against the backdrop of piling environmental concerns in the modern era of globalization, this study aims to check the validity of the Pollution Haven Hypothesis (PHH) in Eastern European emerging countries and the relevance of globalization. The study targets to reduce the lack of consensus on the globalization-economic complexity-environment in European countries. Besides, we also intend to explore the existence of an N-shaped economic complexity-related Environmental Kuznets Curve (EKC) controlling for the bearing of renewable energy on environmental degradation. For analytical purposes, both parametric and non-parametric quantile regression approaches are employed. Overall, we find a non-linear relationship between economic complexity and carbon emissions, and N-shaped EKC is verified. Globalization and renewable energy consumption boost and inhibit emissions, respectively. More importantly, the results confirm the moderating role of economic complexity in neutralizing the carbon emissions-boosting effect of globalization. On the other hand, the non-parametric findings show that the N-shaped EKC hypothesis does not hold for high emissions quantiles. Furthermore, for all emissions quantiles, it is found that globalization boosts emissions, economic complexity, and globalization jointly curbs emissions and renewable energy curbs emissions. Based on the overall findings, some vital environmental development policies are recommended. The conclusions support shaping policy options promoting economic complexity and renewable energy as key factors in mitigating carbon emissions.

Can minimizing risk exposures help in inhibiting carbon footprints? The environmental repercussions of international trade and clean energy.

Since bettering environmental conditions has acquired significant interest globally, discovering factors that may facilitate the establishment of environmental sustainability is currently of foremost importance. Hence, this study considers a sample of 33 members of the Organization for Economic Cooperation and Development and checks whether reducing exposure to different forms of country risks, in the presence of international trade and clean energy consumption, can reduce their respective carbon footprint levels. Utilizing annual data from 2000 to 2018 and employing methods that handle problems related to dependence across cross-sectional units and heterogeneity of slope coefficients, the findings endorse that (a) reducing financial and political risks abate carbon footprints, (b) economic risk exposure does not influence carbon footprints, (c) international trade exerts carbon footprint-boosting effects, and (d) undergoing unclean to clean energy transition curbs carbon footprints. Accordingly, the concerned governments should these findings into account while conceptualizing green environmental policies in the future.

Carbonization and atmospheric pollution in China: The asymmetric impacts of forests, livestock production, and economic progress on CO2 emissions.

The accumulation of carbon dioxide in the atmosphere has surged over the years as a consequence of diverse humans activities such as deforestation and farming, in particular. The rapidly growing agriculture and farm mechanization have contributed to substantial increases in energy use and carbon dioxide emissions across the globe. It is hypothesized that agriculture significantly contributes to a country's economy to which China is no exception. Hence, the main intention of the current study was to explore the asymmetrical influences of cereal crop production, forestry production, and economic progress on CO2 emissions in China between 1970 and 2017. The non-linear ARDL (Autoregressive Distributed Lag) bounds testing method was used to determine the short- and long-run dynamics linked with positive and negative shocks to the explanatory variables. The findings indicate that positive shocks to cereal crop production deteriorate the atmospheric quality by intensifying carbon dioxide emissions only in the long run, while the impacts of negative shocks in this regard are statistically insignificant. Ironically, shocks to forestry do not exhibit any significant impact on China's carbon dioxide emission levels. Moreover, carbon dioxide emissions demonstrate a strong progressive association with the positive shocks to energy resources utilized within the Chinese economy. Additionally, positive and negative shocks to economic progress are evidenced to boost and reduce the carbon dioxide emission figures in the long run. Lastly, negative shocks to livestock production are witnessed to increase carbon dioxide emissions only in the short run. Hence, for achieving the Chinese carbon-neutrality agenda, it is recommended to prioritize the use of renewable energy resources, particularly for producing cereal crops, in order to curb carbon dioxide emissions in China. Simultaneously, the Chinese economic growth policies should integrate environmentally-friendly schemes to counter the adversative environmental influences related to the economic progress in China.

The carbon dioxide neutralizing effect of energy innovation on international tourism in EU-5 countries under the prism of the EKC hypothesis.

Mitigation of carbon dioxide emissions has become an utmost important global agenda, keeping into consideration the associated environmental hardships. As a result, it is important to unearth the factors which can neutralize carbon emissions to transform the world economy into a low-carbon one. Against this backdrop, this study explores the carbon dioxide neutralizing effects of economic growth, international tourism, clean energy promotion, and technological innovation in the context of five European Union (EU-5) nations during the 1990-2015 period. This study's main contribution is in terms of its approach to test the interaction effect between foreign direct investment (FDI) inflows and energy innovation on carbon dioxide emissions. The econometric analysis chronologically involves the employment of unit root, cointegration, causality, and regression methods. Overall, the findings support the inverted-U-shaped economic growth-carbon dioxide emissions nexus to verify the Environmental Kuznets Curve (EKC) hypothesis. Besides, the Pollution Haven Hypothesis in the context of the selected panel is also verified as higher FDI inflows are seen to boost the carbon dioxide emission levels. The results also confirm that energy innovation moderates the harmful effect of air transport (a proxy for international tourism) on carbon dioxide emissions during the developing stage of the tourism industry. On the other hand, renewable energy promotion is found to curb carbon dioxide emissions. These findings suggest that the European governments need to enhance investments in their respective renewable energy sectors and simultaneously ensure the development of clean industries, which can collectively help these nations become carbon-neutral in the future.

Does foreign direct investment influence carbon emission-related environmental problems? Contextual evidence from developing countries across Sub-Saharan Africa.

Sub-Saharan African nations face multifaceted environmental problems, especially those associated with carbon discharges. Hence, this study calculates a composite carbon index in the context of 39 developing nations from this region and uses it as a proxy for the carbon emission-related environmental problems they have faced during the 2000-2020 period. This index is estimated by utilizing data regarding annual carbon dioxide discharges, output-based carbon productivity rates, and energy consumption-based carbon intensity levels in the concerned countries. Hence, policy takeaways from this study have critical relevance for the selected sub-Saharan African nations to help them achieve the objectives related to the Sustainable Development Goals agenda and the Paris Accord. Overall, the findings from the econometric analyses verify that more receipt of foreign direct investment initially raises but later on reduces environmental problems. Thus, the nexus concerning these variables depicts an inverse U-shape. Besides, the results endorse that greening the energy consumption structures of the sampled sub-Saharan African countries helps to abate their environmental problems in the long run while financial development aggravates the extent of environmental adversities that take place. Lastly, improving the quality of regulatory agencies enables the Sub-Saharan African nations to further mitigate their environmental problems. Moreover, these aforementioned findings are observed to be heterogeneous across low- and middle-income categories of the selected Sub-Saharan African countries. Furthermore, the heterogeneity of the findings is also confirmed by the outcomes derived from the country-specific analyses. Nevertheless, these nations should attract clean energy-embodying foreign direct investment, make their energy consumption structures greener by amplifying renewable energy adoption rates, introduce green funds to develop their financial sectors, and make their environmental regulatory agencies more transparent with their activities.

Classification of aerosols using particle linear depolarization ratio (PLDR) over seven urban locations of Asia.

Active lidar remote sensing has been used to obtain detailed and quantitative information about the properties of aerosols. We have analyzed the spatio-temporal classification of aerosols using the parameters of particle linear depolarization ratio and single scattering albedo from Aerosol Robotic Network (AERONET) over seven megacities of Asia namely; Lahore, Karachi, Kanpur, Pune, Beijing, Osaka, and Bandung. We find that pollution aerosols dominate during the winter season in all the megacities. The concentrations, however, vary concerning the locations, i.e., 70-80% pollution aerosols are present over Lahore, 40-50% over Karachi, 90-95% over Kanpur and Pune, 60-70% and over Beijing and Osaka. Pure Dust (PD), Pollution Dominated Mixture (PDM), and Dust Dominated Mixture (DDM) are found to be dominant during spring and summer seasons.This proposes that dust over Asia normally exists as a mixture with pollution aerosols instead of pure form. We also find that black carbon (BC) dominated pollution aerosols.

A regional appraisal of electricity accessibility determinants: the relevance of international remittances, clean energy, income inequality, and institutional quality.

The majority of developing nations worldwide face severe challenges in ensuring universal electricity access for their respective populations. Hence, this study focuses on assessing the factors stimulating and inhibiting national electricity access rates in 61 developing nations from six global regions during the 2000-2020 period. For analytical purposes, both parametric and non-parametric estimation techniques that are efficient in handling major panel data-related problems are used. Overall, the results reveal that a higher influx of remittances sent by the expatriates does not directly influence electricity accessibility. However, adoption of clean energy and improvement in institutional quality promote electricity accessibility while higher income inequality undermines it. More importantly, good institutional quality mediates between international remittance receipts and electricity accessibility as results endorse that international remittance receipts and institutional quality improvement jointly exert electricity accessibility-promoting impacts. Moreover, these findings depict regional heterogeneity while the quantile-based analysis highlights contrasting impacts of international remittance receipts, clean energy use, and institutional quality across different quantiles of electricity accessibility. Contrarily, worsening incidences of income inequality are evidenced to undermine electricity accessibility across all quantiles. Therefore, considering these key findings, several electricity accessibility-boosting policies are suggested.

Can using energy resources productively and promoting good governance boost carbon productivity? An economic growth-environmental degradation decoupling analysis on 116 global countries.

Decoupling economic growth from environmental pollution for promoting low-carbon growth has become a global objective. Though the previous studies have mostly analyzed how environmental pollution can be reduced, not much emphasis was given to assessing how economic growth can be enhanced while limiting environmental damages in tandem. Hence, this study examines how carbon productivity is determined by energy productivity improvement, good governance, financial development, financial globalization, and international trade using data from 116 global economies. Overall, the analytical findings reveal that energy productivity improvement initially cannot decouple economic growth from environmental pollution by inhibiting carbon productivity. However, later on, using energy productively does manage to decouple economic growth from environmental pollution by boosting carbon productivity. Accordingly, the U-shaped nexus between these variables is confirmed by these statistical findings. Besides, the results also endorse the carbon productivity-boosting effects of good governance, financial development, and international trade while foreign direct investment receipts are not found to exert any significant impact on carbon productivity. On the other hand, the robustness tests' results affirm that the carbon productivity-influencing impacts are heterogeneous across countries belonging from different categories of national income, carbon productivity, energy productivity, governance, and regional locations, as well. Nevertheless, the results overall confirm that countries having comparatively higher levels of energy productivity and governance are more likely to decouple the growth of their respective economies from environmental pollution. Based on these findings, some decoupling policies are recommended.

Does the depth of the Financial Markets matter for establishing Green Growth? Assessing Financial sector's potency in decoupling Economic Growth and Environmental Pollution.

China's 2060 carbon neutrality agenda requires implementation of policies that can decouple its economic growth from environmental pollution. Consequently, establishing green growth in the Chinese economy is of utmost significance. Against this milieu, this study questions whether the depth of Chinese financial markets matters for establishing green growth in China. Besides, the green growth effects of renewable energy use, technological innovation, and urbanization are also examined. Accordingly, quarterly frequency data from 1990Q1 to 2020Q4 are utilized to perform econometric tests that accommodate structural break concerns in data. Overall, the findings reveal that the depth of the Chinese financial markets facilitates the prospects of greening the Chinese economy. Notably, deepening of financial markets is seen to initially inhibit green growth while stimulating it later on; thus, the financial markets' depth-green growth nexus is evidenced to depict a U-shape. On the other hand, green growth in China is also found to be catalyzed by the renewable transformation of the Chinese energy sector and through technological innovation in the long-run. Conversely, urbanization is witnessed to inflict anti-green growth impacts. Furthermore, the causality analysis verifies bi-directional causal associations between renewable energy use and green growth while unidirectional causalities running from financial markets' deepening, technological innovation, and urbanization to green growth are also discovered. Therefore, it is recommended that China should try to persistently develop its stock and debt markets so that clean investment can be boosted to decouple economic growth and environmental pollution. Besides, it is also important to undergo renewable energy transition, develop clean technologies, and design low-energy urbanization strategies.

Impacts of renewable energy on output elasticities and implications for factor shares in European countries: fresh evidence from panel threshold models.

The objective of this paper is to examine, for a panel of seven countries from the European Union, spanning the period 1986-2015, whether the use of renewable energy impacts their output elasticities of capital and labor and, thereby, influences the factor shares. By applying a set of models from threshold analysis, the analysis detects-for the first time-the presence of thresholds in the use of renewable energy with nontrivial consequences; notably, once the thresholds are crossed, the output elasticity of capital declines, while the output elasticity of labor rises. These changes in the elasticities indicate substantial changes in factor shares triggered by the identified threshold level of renewable energy consumption. This paper also finds changes in output elasticities of factors of production for other threshold variables including energy production from oil and gas or coal. These findings portray a complex and non-linear relationship between energy sources (e.g., renewables and non-renewables) vis-à-vis the economic growth level (e.g., GDP), with far-reaching consequences for factor shares from using renewables vis-à-vis non-renewables. Accordingly, it can be assumed that the changes in factor shares can, in turn, shape the incentives for the adoption of renewables within the selected European nations. Hence, future economic policies should emphasize the augmentation of renewable energy in the national energy system in order to sustain the rate of economic growth.

Repercussions of Hydroelectricity use on Carbon Emissions in Bangladesh: Evidence using Novel Fourier-Bootstrapped ARDL and Fourier-Gradual Shift Causality analyses.

Bangladesh has recently pledged at the 26th Conference of Parties (COP26) to reduce its carbon dioxide emission figures by 22% at the end of 2030. However, since this South Asian country has always turned to fossil fuels for electricity generation purposes, achieving this emission reduction goal is a challenging task for the Bangladesh government. Nevertheless, considering the negative environmental implications associated with the generation and consumption of unclean energy, particularly electricity, it is critically important for Bangladesh to expedite the process of clean transformation of its traditional pollution-intensive power system. Hence, the objective of this study is to dissect the repercussions of hydroelectricity use on Bangladesh's fossil fuel consumption-related carbon dioxide As opposed to the traditional method of quantifying environmental quality using total carbon dioxide emissions, this study considers Bangladesh's annual carbon dioxide emissions generated from the combustion of gas, oil, and coal. Besides, novel Fourier-based econometric methods that effectively handle structural break problems in data are utilized in this study. Based on the results, it is found that up-scaling hydroelectricity consumption levels exert emission-inhibiting effects while greater economic globalization activities are witnessed to boost the emissions. More importantly, hydroelectricity consumption and economic globalization are observed to jointly curb fossil fuel consumption-based emissions of carbon dioxide. Additionally, the results verify the environmental Kuznets curve hypothesis for Bangladesh. Furthermore, financial sector development is found to be effective in reducing the natural gas consumption-related carbon dioxide emissions while urbanization is held responsible for amplifying emissions generated from all three types of fossil fuels. Therefore, considering these findings, the Bangladesh government needs to particularly emphasize scaling up production and consumption of hydroelectricity to decarbonize its economy.

Offshoring the scarring causes and effects of environmental challenges faced by the advanced world: an empirical evidence.

In contemplating the prospects of advanced world countries, researchers stand divided among two groups: one group crying "melting of glaciers" and the group denying global warming as a significant concern while reaping the fruits of growth. One persistent concern for the other group is much desirable economic growth at the cost of environmental degradation, which is now reaching a scale where the global climate is become not only unsustainable but also causing a significant threat to our existence. In our opinion, environmental degradation should be taken very seriously now, particularly by pointing out the necessary variables causing it so that effective policy designs are formulated. The present study also gives a brief overview of the environmental repercussions with references to technology-led growth in developed countries. We have incorporated the direct composition effect captured by the capital-labor ratio (K/L), indicating that advanced countries use environmentally friendly technology for production processes. We propose that the most vulnerable impact of economic activities on environmental degradation (measured through carbon dioxide emissions) are urbanization, trade, and energy use. The latter is probably more policy-oriented, is undoubtedly more easily measured, and could be deeply analyzed for policy formulation. Whereas, in the urban areas, emissions of carbon dioxide particulate with an increase in population and development and serve as a significant concern for global environmental sustainability.

Harnessing digital solutions for sustainable development: a quantile-based framework for designing an SDG framework for green transition.

The paper investigates how financial technology might help countries promote renewable energy and reach the Sustainable Development Goals (SDGs). It is generally agreed that FinTech (financial technology) has the ability to help achieve the SDGs by 2030 and promote a sustainable society through technology-driven solutions. The financial sector has launched greener investment options in order to mobilize substantial financial resources towards climate neutrality in the coming decade. To achieve the Sustainable Development Goals and the goals set forth in the Paris Climate Agreement, however, this procedure must be accelerated. With the use of the innovative "quantile-on-quantile (QQ)" technique, this study uses the data of top FinTech economies for the period 1990-2020 and provides country-specific insights into the relationship between FinTech and renewable energy. Using quantile causality analysis, we may identify the direction of causality between these variables at the observed extremes. An extensive long-term relationship between FinTech and renewable energy was found in all countries. The leading FinTech economies show a positive association between the two at most quantiles, and a bidirectional causality relationship is seen across significant quantiles. This highlights the considerable yet variable impact FinTech policies have on renewable energy and vice versa in these innovative economies. These results highlight the connection between growing FinTech and promoting a green transition to further Sustainable Development Goals and provide useful insight for policy formulation.

Forecasting oil, coal, and natural gas prices in the pre-and post-COVID scenarios: Contextual evidence from India using time series forecasting tools.

Stock market price prediction is considered a critically important issue for designing future investments and consumption plans. Besides, given the fact that the COVID-19 pandemic has adversely impacted stock markets worldwide, especially over the past two years, investment decisions have become more challenging for risky. Hence, we propose a two-phase framework for forecasting prices of oil, coal, and natural gas in India, both for pre-and post-COVID-19 scenarios. Notably, the Autoregressive Integrated Moving Average, Simple Exponential Smoothing, and K- Nearest Neighbor approaches are utilized for analyses using data from January 2020 to May 2022. Besides, the various outcomes from the analytical exercises are matched with root mean squared error and mean absolute and percentage errors. Overall, the empirical outcomes show that the Autoregressive Integrated Moving Average method is appropriate for predicting India's oil, coal, and natural gas prices. Moreover, the predictive precision of oil, coal, and natural gas in the pre-COVID-19 period seems to be better than in that the post-COVID-19 stage. Additionally, prices of these energy resources are forecasted to increase through the year 2025. Finally, in line with the findings, significant policy recommendations are made.

Institutional quality, oil price, and environmental degradation in MENA countries moderated by economic complexity and shadow economy.

This paper aims to analyze the link between environmental degradation and institutional quality and the price of oil moderated by economic complexity and the underground economy. We use quantile regressions with annual panel data for 15 countries in the Middle East and North Africa during 1995-2021. The findings indicate that institutional quality, economic complexity, and output positively and heterogeneously impact environmental degradation. However, the square of production has a negative impact, confirming an inverted U relationship between production and environmental degradation. Likewise, we find that the price of oil and the underground economy have a negative and heterogeneous impact on environmental degradation. Based on our results, a potential recommendation for policymakers is that the institutional framework of Middle Eastern and North African countries should be accompanied by a more significant concern for the environment instead of prioritizing extractive growth that is detrimental to the environment's environmental sustainability. Likewise, economic diversification will mitigate environmental degradation and improve formal employment. Our findings are relevant to policymakers and researchers interested in promoting ecological sustainability.

Can financial globalization and good governance help turning emerging economies carbon neutral? Evidence from members of the BRICS-T.

Since turning carbon neutral is regarded as a major macroeconomic agenda worldwide, this study examines whether financial globalization and good governance can help Brazil, Russia, India, China, South Africa, and Turkey in achieving carbon neutrality. Considering the period of analysis from 2000 to 2020 and utilizing robust econometric methods, it is observed that the environmental consequences vary across different components of financial globalization. In particular, the results validate the pollution haven hypothesis by confirming the carbon emission-boosting effect of de facto financial globalization indicators. In contrast, the pollution halo effect hypothesis is verified by the finding of the carbon emission-abating effect of de jure financial globalization indicators. Besides, promoting good governance is evidenced to impose carbon emission-mitigating impact in the long-run. The findings also authenticate the existence of the Environmental Kuznets Curve (EKC) hypothesis for the emerging countries of concern. Finally, for both the short and long runs, it is found that the non-renewable to renewable energy transition contributes to lower discharges of carbon dioxide, while urbanization results in the amplification of the carbon emission figures. Considering these critically important findings, it is necessary for these countries to impose restrictions on the influx of unclean foreign direct investment, facilitate and ease the investment process for foreign investors for investing in environment-friendly projects, promote good governance, and adopt green economic growth and sustainable urbanization policies by developing their respective renewable energy sectors.

Globalization and renewable energy use: how are they contributing to upsurge the CO2 emissions? A global perspective.

The present study major aim was to examine the impact of globalization, economic growth, population growth, renewable energy usage and nuclear energy on CO2 emissions globally by taking the annual data varies from 1985 to 2020. Stationarity among study variables were tested via unit root testing, while nonlinear autoregressive distributed lag (NARDL) technique was used to demonstrate the linkages among variables with the estimation of long-run and short-run. Study results reveal that both in the short run and long run, negative globalization and economic growth shocks positively and negatively influence CO2 emissions, respectively. Besides, higher population growth is found to positively influence CO2 emissions while renewable energy consumption cannot influence the CO2 emission figures. Lastly, positive and negative shocks to alternative nuclear energy consumption are evidenced to negatively influence CO2 emissions both in the short run and long run. Hence, in line with these findings, several new policies and strategies are recommended for reducing carbon emissions globally.

Realizing the Sustainable Development Goals through technological innovation: juxtaposing the economic and environmental effects of financial development and energy use.

The BRICS comprise of group of emerging market economies which are committed to achieving the Sustainable Development Goals agenda of the United Nations by the end of the year 2030. In this regard, it is critically important for these nations to sustain their annual rise in their economic growth rates while simultaneously declining the rate of discharge of carbon dioxide emissions. Against this backdrop, this study aims to investigate how financial development, greater primary energy consumption, and technological innovation affect the prospects of the BRICS nations in achieving economic and environmental sustainability. Considering the period from 1990 to 2020 and utilizing methods that are robust to working with cross-sectionally dependent, heterogeneous, and endogenous panel data, the key analytical findings derived in this study reveal that higher levels of financial development, primary energy consumption, and technological innovation boost the per capita economic growth rates of the BRICS nations. Besides, technological innovation also moderates the financial development-economic growth and the primary energy consumption-economic growth nexuses by jointly boosting economic growth rates with these two macroeconomic variables. On the other hand, financial development and higher primary energy consumption are seen to boost the annual per capita carbon dioxide emission growth in these emerging nations, while technological innovation is observed to do the opposite. Furthermore, technological innovation is witnessed to moderate the nexus between energy use and economic growth to further reduce the emission growth rate in the BRICS nations. Accordingly, a set of policies are recommended to the concerned governments in order to enable the BRICS nations to attain the Sustainable Development Goals agenda.

Drivers of green growth in the Kingdom of Saudi Arabia: can financial development promote environmentally sustainable economic growth?

The Kingdom of Saudi Arabia has recently declared its vision of turning carbon neutral by 2060. This declaration has motivated policymakers in this Arab nation to design policies that can green economic activities in Saudi Arabia so that environmentally sustainable growth can be ensured. Against this backdrop, this study models the independent and joint effects of financial development, globalization, and energy efficiency rates on green growth of the Saudi Arabian economy. In this regard, green growth in the Kingdom of Saudi Arabia is proxied by the difference between the nation's annual per capita growth rates of gross domestic product and carbon dioxide emission. Utilizing data from 1972 to 2018 and controlling for structural break-induced problems found in the data, the findings from the regression and causality analyses confirm the green growth-inhibiting impacts of financial development and trade globalization. In contrast, greater financial globalization is evidenced to drive green growth in the Kingdom of Saudi Arabia. Furthermore, more efficient uses of energy resources are found to not only directly boost green growth but also partially neutralize the long-run green growth-dampening impacts associated with the development of the financial sector. In addition, financial development and trade globalization are observed to jointly inhibit green growth attainment both in the short and long run. In line with these important findings, it is recommended that the government of Saudi Arabia conceptualizes new green growth policies so that the nation's annual per capita economic growth rate outpaces its annual per capita growth rate of carbon dioxide emissions.

Evaluating the role of renewable energy and technology innovations in lowering CO2 emission: a wavelet coherence approach.

Environmental sustainability is one of the most critical issues that require efficient environmental and economic policies in modern times. Advancements in renewables and green technologies contribute significantly to sustained long-term development without affecting environmental quality. Several studies focus on the association of carbon dioxide emissions (CO2e) with economic variables. However, they ignored the impact of technological innovations and renewable energy consumption on CO2e in developed countries. Therefore, this study examines the relationship between CO2e, energy consumption, gross domestic product (GDP), renewable energy consumption, and technology innovations in G-7 countries by employing cross-sectionally augmented autoregressive distributed (CS-ARDL) lag and wavelet coherence techniques during 1990-2020. The results depict that GDP and renewable energy consumption are inversely related to CO2e. A 1% increase in CO2e will decrease GDP and renewable energy consumption by 0.459 and 0.172% in the long run and by 0.471 and 0.183% in the short run in G7 countries. Technology innovations negatively impact CO2e in the short run while positively influencing it in the long run. Considering the advancements in green technologies in different energy-dependent and manufacturing sectors is crucial for a sustainable environment in the long run. Such initiatives ensure the effective use of energy sources by limiting CO2e in the atmosphere. Moreover, the dynamic common correlated effects mean group model confirms the reliability and effectiveness of the CS-ARDL. The wavelet coherence approach revealed a causality relation between CO2e and technology innovation in Italy, Japan, the UK, and the USA during the study period.