Green economy transition in Asia Pacific: A holistic assessment of renewable energy production

Abstract

This study explores the factors affecting renewable energy production (REP) in the Asia Pacific region, specifically focusing on China, Japan, and India from 2006 to 2022. This research shows impact of renewable energy, government policy and incentives, forest area, green technological innovations, and renewable energy investment on ecological footprints in the Asia Pacific, with a specific focus on how various aspects of the shift towards a sustainable economy. The elasticity coefficient of environmental performance and public support was negative, a 1% increase in the EPI caused 0.166% drop in the ecological footprint. The ecological footprint shrinks by 0.019% for 1% rise in investment in renewable energy infrastructure. The ecological footprint shrinks by 0.795% for 1% rise in government policy and incentives. The ecological footprint shrinks by 0.518% for 1% increase in green technological innovation. The ecological footprint shrinks by 0.734% for 1% rise in renewable energy use. An increase in forest area of 1% is linked to a decrease in the ecological footprint of 0.016%. It is suggested to adopt a comprehensive and coordinated approach that involves multiple actors and factors at different levels to improve environmental sustainability. Policy should monitor and evaluate the impacts and outcomes of the interventions to improve environmental sustainability. These countries must first carry out substantial structural reforms in an environmentally responsible manner, need to implement measures aimed at decreasing emissions into their plans for economic growth to ensure the long-term sustainability of the environment and the economy. Furthermore, and most they must drastically move away from its main reliance on non-renewable energy sources and raise the percentage in its place of renewable energy. As a result, the nation must greatly boost its energy sector investments, especially in the expansion of the renewable energy. The government should instead reallocate funds to the construction of renewable energy-powered power facilities. These nations must offer financial rewards to encourage the development of new technology. So, this study highlights the importance of fostering environmental awareness, enhancing government policies and incentives, and investing in energy storage capacity to accelerate the transition to a green economy in the region. This research also recommended some future work related to renewable energy technologies.