Exploring the Impacts of Renewable Energy, Environmental Regulations, and Democracy on Ecological Footprints in the Next Eleven Nations

Abstract

Economies are making environmental regulations to achieve sustainable development and mitigate environmental pollution. However, these regulations cannot provide effective results unless implemented properly. The role of the government is fundamental in this regard. In this context, this research probes the impacts of democracy, environmental regulations, renewable energy, globalization, and economic growth on ecological footprints in N-11 countries from 1990 to 2018. For statistical analysis, this work applies the cross-sectional autoregressive distributed lags (CS-ARDL) methods. This method efficiently provides robust findings for panel time series data because they counter the cross-sectional dependence and slope heterogeneity while providing the results. Moreover, augmented mean group (AMG) and fully modified ordinary least squares (FMOLS) are used to check the robustness of the findings. The results show that environmental regulation significantly mitigates ecological footprint, while economic growth escalates footprints in N-11 countries. In addition, democratic quality, renewable energy consumption, and globalization are contributing factors to environmental quality. Hence, this research presents important policy implications for the N-11 countries in that they need to enhance democratic accountability. This will assist them to launch an effective environmental policy. Effective environmental policy will assist in increasing renewable energy, which will ultimately enhance the environmental quality.