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The dynamic nexus between biocapacity, renewable energy, green finance, and ecological footprint: evidence from South Asian economies

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Abstract

Striking a balance between economic development and environmental sustainability has evolved into an important primary goal for international organizations, governments and the globe. In the modern era, world economies, particularly develo** ones such as South Asian economies, aim to achieve economic growth while simultaneously improving the reduction of ecological footprint (EFP). Against this backdrop, this study explores the impact of economic growth, biocapacity, renewable energy use, natural resource rent, agricultural value-added, green finance and information and communication technology on the ecological footprint. The scope of the relationship among the variables is examined within the environmental Kuznets Curve (EKC) framework with a dataset from 1990 to 2017. The cross-sectional-augmented autoregressive distributed lag (CS-ARDL) approach was applied to estimate the variable's short and long-term interaction. The results indicated the existence of the EKC hypothesis in this region. In addition, agriculture value-added, natural resources, and biocapacity increase EFP. Further, renewable energy use, green finance, and ICT mitigate EFP. The Dumitrescu and Hurlin (D-H) causality test reflected a unidirectional causality association flowing from economic growth, renewable energy use, green finance, and agricultural value-added to EFP. Lastly, there exists a bidirectional nexus between natural resource rent, biocapacity, ICT, and EFP. The present research adds to the existing literature on the factors contributing to environmental pollution by presenting new insights from South Asian economies. This study also provides a reference point for policymakers and government entities in these regions to invest in cleaner technologies, ICT, and green finance to mitigate environmental pollution.

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Data availability

WID: https://databank.worldbank.org/source/world-development-indicators#

OECD: https://data.oecd.org/envpolicy/patents-on-environment-technologies.htm

Global Footprint Network: https://www.footprintnetwork.org/.

Abbreviations

COP 26:

Conference of the parties 26

UNFCCC:

United Nations Framework Convention on Climate Change conference

SSE:

South Asian economies

EFP:

Ecological footprint

BIO:

Biocapacity

EGC:

Economic growth

GDP:

Gross domestic product

REU:

Renewable energy use

GFN:

Green finance

NRR:

Natural resource rent

ICT:

Information and communication technology

AGRIC-VA:

Agriculture value-added

EKC:

Environmental Kuznets curve

CS-ARDL:

Cross-sectional-augmented autoregressive distributed lag

CC-MG:

Common correlated effect means group estimator

AMG:

Augmented mean group

D-H:

Dumitrescu–Hurlin

SHT:

Slope homogeneity test

VIF:

Variance inflation factor

CSD:

Cross-sectional dependency

CADF:

Cross-sectional augmented Dickey–Fuller

CIPS:

I'm Pesaran and Shin

STIRPAT:

Stochastic impacts by regression on population, affluence, and technology

WID:

World development indicator

OECD:

Organization for Economic Co-operation and Development

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Acknowledgements

[1] Innovation team construction of "low carbon economy and industrial development", supported by the excellent innovation team construction project of philosophy and Social Sciences in Colleges and universities of Jiangsu Province". [2] The Humanities and Social Sciences Research Program of the Ministry of Education: Research on the Formation Mechanism and Breakthrough Path of "Low-end Capture "in the Global Value Chain of High-tech Industry (18YJA630105).

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  1. School of Management, Jiangsu University, Zhenjiang, 212013, Jiangsu, China

    A. K. Sampene, C. Li, A. Khan & F. O. Agyeman

  2. College of Economics and Management, Nan**g Agricultural University, Nan**g, China

    R. Brenya

  3. Management Science and Engineering, Northwestern Polytechnical University, **’an, Shaanxi Province, China

    J. Wiredu

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Sampene, A.K., Li, C., Khan, A. et al. The dynamic nexus between biocapacity, renewable energy, green finance, and ecological footprint: evidence from South Asian economies. Int. J. Environ. Sci. Technol. 20, 8941–8962 (2023). https://doi.org/10.1007/s13762-022-04471-7

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