Environmental consequences of ISO 14001 in European economies amidst structural change and technology innovation: Insights from green governance dynamism

Abstract

In this last decade, the green growth paradigm has attracted a lot of attention. In addition to protecting the environment and people, green growth also instigates other stringent responsibilities on organizations and governments. Thus, to maintain and protect the environment, organizations must provide support for complex environmental concerns under a governance-enabling regulatory framework. Voluntary environmental initiatives have shown to be an effective strategy for reducing pollution. Through a variety of means, including modifications to procedures, adjustments to raw materials, redesign of products and packaging, and innovations in pollution control technology, these voluntary projects seek to reduce pollution. In order to access this channel within the European countries, we investigate how environmental safeguards are affected by ISO 14001, Structural change, technological innovation, and green Governance. We also took cognizant of spatial inference of environmental pollution using spatial econometric models. According to our econometric findings, (i) obtaining ISO 14001 certification leads to a sizable decrease in carbon emissions in European nations. (ii) The findings indicate spatial agglomeration, and neighbouring nations' pollution patterns are comparable. Because of the physical agglomeration between nations, nations must work together to combat air pollution and ensure progressive, sustainable development.