Synergizing social sustainability and technological innovation for carbon neutrality in OECD economies

Abstract

AbstractEconomies around the globe are pushing toward a society's sustainability perspectives and upgradation in technology to protect the environment from global warming and the depletion of energy supplies. This shift in perception is primarily intended to alter people's attitudes toward posterity. By integrating the theories of interactions between social and ecological systems and the environment Kuznets curve (EKC) framework, this study explores the impact of nonrenewable energy consumption, social sustainability, and technological innovation on CO₂ emissions across the Organization for Economic Co‐operation and Development (OECD) countries from 2001 through 2020. Based on the estimates of FMOLS, PARDL, and QARDL, the 10‐year CO2 emissions and gross domestic product projections are traced using the average growth rate for each country and an average value of independent variables. The findings of this study highlight the detrimental effect of nonrenewable energy consumption on CO₂ emissions, underscoring the urgency for sustainable energy alternatives. However, the positive role of social sustainability and technological innovation in curbing CO₂ emissions within OECD countries is equally significant. Accentuating the importance of social sustainability within this context, the study sheds light on the integral role that societal factors, such as education, public awareness, and social well‐being, play a substantial role in shaping sustainable practices. It is found that Brazil, China, Malaysia, Russia, South Africa, and Thailand need to focus on higher economic growth to experience decarbonizing economic growth.