Examining the role of nuclear and renewable energy in reducing carbon footprint: Does the role of technological innovation really create some difference?

Abstract

The deployment of energy sources is considered the compassion of several United Nations Sustainable Development Goals (SDGs). Countries should keep balance with the three major proportions of the global energy trilemma: energy security, affordability, energy access, and ecological balance to construct a solid basis for competitiveness and prosperity. In this regard, this study examines the influence of nuclear energy, technological innovations, renewable energy, non-renewable energy, and natural resources on carbon footprint in the highest nuclear energy-producing countries from 1990 to 2019. To do this, we developed an inclusive and comprehensive empirical investigation and applied modern econometric approaches. Panel second-generation long-run cointegration advocates long-run associations among the series. The findings reveal that nuclear and renewable energy consumption extensively improve environmental excellence. Conversely, technological innovations and non-renewable energy significantly reduce environmental sustainability. Moreover, natural resources play an adverse role in long-run. The findings of the panel causality test discovered unidirectional causality is running from carbon footprint to nuclear energy. Additionally, bidirectional causality exists between technological innovations, renewables, non-renewables, and natural resources with carbon footprint. This recommends that these nations should integrate energy policy activities and develop energy strategy consistency by harmonizing the vital global nuclear energy aspects to assist a well-calibrated energy structure.