The Impact of Energy Transition and Eco-Innovation on Environmental Sustainability: A Solution for Sustainable Cities and Communities of Top Ten Asian Countries
Keywords:Energy transition, eco-innovation, research and development expenditures, technology exports, industrialization, environmental sustainability, CO2 emissions
Environmental sustainability is an obligatory practice to conserve natural resource and safeguard eco system at present and in the future. Thereby, it is worthy to evaluate the association of energy transition and eco-innovation with environmental sustainability. The present study investigates the impact of energy transition (renewable energy output (REO) and renewable energy consumption (REC), eco-innovation, research and development (R&D) expenditures, technology exports, and industrialization on environmental sustainability (Carbon dioxide (CO2) emissions) in ten most populated countries in Asia. The data for this study collected from OECD and WDI covering the time frame 2006-2020. The study opted two methods to develop the comprehensive empirical analysis; CUP-FM and CUP-BC. Findings revealed that REO and REC, eco-innovation, R&D expenditures, and technology exports are positively associated with CO2 emissions. The findings also revealed that industrialization positively and significantly affects CO2 emissions. This study guides the policymakers that they should establish the policies related to the environmental instability by enhancing the REO and innovation adoption.