Abstract
The study explores the association between economic complexity, globalization, renewable and non-renewable energy consumption on the ecological footprint in the case of India from 1990–2018. The autoregressive distributed lag (ARDL) is applied to measure the long-run elasticity, while the vector error correction model (VECM) is applied to classify the causal path. The empirical findings demonstrate that economic complexity, globalization process, and renewable energy consumption play a dominant role in minimizing environmental degradation. In contrast, economic growth and non-renewable energy consumption are more responsible for increasing the pollution level in both the short and long run. Furthermore, the VECM outcomes disclose that there is long-run causality between ecological footprint and economic complexity. Moreover, the empirical outcomes are robust to various robustness checks performed for analysis to the consistency of our main results. The Indian government/policymakers should encourage a more environmentally friendly production process and eco-friendly technologies in exports to minimize environmental degradation.
Highlights
One of the greatest challenges to humankind is environmental degradation which has attracted global attention widely
This study examines the ecological footprint for India and studies the link between the ecological footprint, economic complexity, economic growth, and globalization process, non-renewable and renewable energy
This study aims to analyze the link between ecological footprint, economic complexity, economic growth, and globalization, nonrenewable and renewable energy of India
Summary
One of the greatest challenges to humankind is environmental degradation which has attracted global attention widely. Economic Complexity-Clean Energy-Ecological Footprint greatest threats to the global environment is GHG emissions (Usman et al, 2021a). Prior to the World pandemic, India’s energy demand was anticipated to enhance by nearly 50% between 2019 and 2030, but economic growth over this period is closer to proximately 35% in the STEPS and 25% in the Delayed Recovery Scenario (India Energy Outlook, 2021) In this context, it is recommended by international organizations (energy information agency and British Petroleum) and global treaties (Kyoto protocol, Paris agreement) that fossil fuels should be replaced with renewable energy sources (Hák et al, 2016). The remaining part of the paper follows; Section 2 provides a brief review of literature related to economic complexity, globalization, and energy concerning environmental pollution, ecological footprints.
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