Transformation of ecological footprint through financial development and technological innovation

The role of financial development and technological innovation on environmental quality is insufficiently examined by researchers for emerging Asian nations. Thus, this paper scrutinizes the impact of financial progress and technological innovation on the ecological footprint (EF) in the context of...

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Bibliographic Details
Published in:Clean technologies and environmental policy 2023-12, Vol.25 (10), p.3363-3380
Main Authors: Hosan, Shahadat, Rahman, Md. Matiar, Karmaker, Shamal Chandra, Sen, Kanchan Kumar, Chapman, Andrew J., Saha, Bidyut Baran
Format: Article
Language:English
Subjects:
Carbon
Causality
Climate change
Earth and Environmental Science
Ecological footprint
Economic growth
Emission standards
Emissions
Environment
Environmental Economics
Environmental Engineering/Biotechnology
Environmental policy
Environmental quality
Footprint analysis
Industrial and Production Engineering
Industrial Chemistry/Chemical Engineering
Innovations
Investment strategy
Investments
Nations
Natural resources
Original Paper
Social development
Statistical analysis
Sustainable Development
Technological change
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Summary:The role of financial development and technological innovation on environmental quality is insufficiently examined by researchers for emerging Asian nations. Thus, this paper scrutinizes the impact of financial progress and technological innovation on the ecological footprint (EF) in the context of emerging Asian countries considering data for the period 1985–2018. The results obtained from Cross-Sectionally Augmented Autoregressive Distributed Lag approach confirm that financial development related to EF is positive, while technological innovation concerning EF is significantly negative. The Dumitrescu–Hurlin (D–H) granger causality test identified a statistically significant unidirectional relationship between financial development and EF in which technological innovation has a bidirectional association with EF. The policy implications of this paper suggest that Asian nations should undertake a proactive green investment policy to direct investment toward green projects rather than environmentally harmful ones. Further, appropriate policy and incentives must be pursued to enhance technological innovation to attain sustainable environmental and social development. Graphical Abstract
ISSN:1618-954X
1618-9558
DOI:10.1007/s10098-023-02590-4