Abstract
This research delves into the interplay among green innovation, resource efficiency, and the pursuit of net-zero emissions objectives within 22 developed economies spanning the years 2000–2020, utilizing the ARDL technique. Improving the efficiency of fossil fuel consumption has an impact on achieving net-zero emissions targets, with a 1% enhancement resulting in an approximate rise of 0.14%–0.54% in the net-zero emissions index across various developed economies. The study underscores the influential role of the green economy innovation index, showcasing that even a minor 1% increase translates to tangible elevations of about 0.25%–0.39% in the net-zero emissions index, emphasizing its substantial environmental effects. Embracing green innovation and technologies is crucial for driving developed economies towards sustainability. A comprehensive strategy that encompasses enhancing fossil fuel efficiency and promoting green innovation can advance net-zero emissions, encouraging regional agreements on green economies, and fostering a robust green financing market.
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