Nexus between environmental innovation, energy efficiency and environmental sustainability in the lower-income economy
School of Business and Economics, United International University, Dhaka-1212, Bangladesh.
Review Article
GSC Advanced Research and Reviews, 2022, 12(01), 068–083.
Article DOI: 10.30574/gscarr.2022.12.1.0190
Publication history:
Received on 14 June 2022; revised on 16 July 2022; accepted on 18 July 2022
Abstract:
Every major event on a national or global scale influences the environment, and scientists are always looking for new solutions to decrease ecological destruction. Throughout the preceding decade, professionals offered and executed policy ideas for energy adaptation and integration, such as the use of renewable energy. Between 1980 and 2021, the study looks at the relationship between environmental innovation, energy efficiency, and institutional quality in low-income nations. Autoregressive distributed lag (ARDL), cross-sectional ARDL, and Dumitrescu-hurling models were used to investigate the empirical connection. Following the identification of the initial difference, the stationary variables were combined due to commonalities in their dynamics. The panel counteraction test revealed that long-term relationships between variables exist. Including renewable energy sources and environmental innovation improves the long-term sustainability of low-income economies. The ARLD and CS-ARDL variable coefficients have a greater effect on environmental policy when their institutions are strong, ecologically aware, and resourceful. A well-established feedback loop connects renewable energy with environmental sustainability. Institutional excellence and environmental sustainability are inextricably linked. According to the report, governments and policymakers should increase the usage of renewable energy sources and invest in environmental innovation to attain environmental sustainability.
Keywords:
Environmental Innovation; Energy Efficiency; Institutional Quality; Environmental Sustainability; ARDL; CS-ARDL
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Copyright © 2022 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
