The role of technological innovation and diffusion, energy consumption and financial development in affecting ecological footprint in BRICS: an empirical analysis

Economic activities, technological innovation and diffusion, energy consumption and financial development have been significant in BRICS countries over the last three decades. Corresponding to it, BRICS have been facing substantial environmental deterioration. The growth of such factors needs a comp...

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Bibliographic Details
Published in:Environmental science and pollution research international 2022-04, Vol.29 (17), p.25318-25335
Main Authors: Rout, Sanjay Kumar, Gupta, Mohini, Sahoo, Malayaranjan
Format: Article
Language:English
Subjects:
Aquatic Pollution
Atmospheric Protection/Air Quality Control/Air Pollution
Carbon Dioxide
Diffusion
Earth and Environmental Science
Ecological footprint
Economic analysis
Economic Development
Ecotoxicology
Empirical analysis
Energy consumption
Environment
Environmental Chemistry
Environmental degradation
Environmental Health
Environmental quality
Environmental science
Footprint analysis
Heterogeneity
Innovations
Inventions
Renewable Energy
Renewable resources
Research Article
Sustainable development
Technological change
Waste Water Technology
Water Management
Water Pollution Control
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Summary:Economic activities, technological innovation and diffusion, energy consumption and financial development have been significant in BRICS countries over the last three decades. Corresponding to it, BRICS have been facing substantial environmental deterioration. The growth of such factors needs a comprehensive analysis. Hence, this paper examines the impact of technological innovation and diffusion, renewable and non-renewable energy consumption and financial development on ecological footprint under the Kuznets framework in BRICS countries over the time from 1990 to 2018. To confirm the long- and short-run relationship, we apply the second-generation and heterogeneity panel techniques. Where, to measure the impact of technological innovation and diffusion, energy consumption and financial development and other control variable on ecological footprint we use Westerlund Co-integration and pooled mean group (PMG) model for this interest. The results reveal that technological diffusion and non-renewable energy consumption deteriorate environmental quality in the long run. In contrast, renewable energy and technological innovation improve environmental sustainability/quality significantly. Further, results also confirm the existence of the EKC hypothesis. The study suggests that the government should encourage technological innovation and renewable energy consumption to improve environmental quality and achieve the sustainable development goal (SDG).
ISSN:0944-1344
1614-7499
DOI:10.1007/s11356-021-17734-6