Racing towards environmental sustainability by lowering fossil resources in the energy mix during era of global boiling

Abstract

This research examines the environmental effects of coal, oil, and natural gas in 16 emerging economies during 1995–2018 in the context of global boiling. This work considered diverse type of panel data for analyzing the variables relation and emphasizes on evaluating the dual role of technological revolution as both a predictor and a moderator. Further it uses novel econometric methods to address potential problems. Driscoll-Kray standard error technique has been employed to analyze long-term connections among the variables. The results reveal a long-term equilibrium between carbon emissions , urbanization, economic complexity , the square of economic complexity term, energy resource rents, technological revolution, and the interaction of technological revolution with resource rents. Long-term results indicate economic complexity significantly reduces environmental sustainability , but its squared term enhances it. The findings of the study support the Environmental Kuznets Curve hypothesis. Further, urbanization and the technological revolution are contributing positively to environmental sustainability . In addition, resource rents show a positive correlation with carbon emissions , and interaction term depicted adverse association with environmental degradation . So, selected economies must decrease reliance on traditional energy resources and promote technological revolution to achieve environmental sustainability . The study suggests decision-makers towards international-level efforts to mitigate climate change and a holistic strategy for a sustainable future.