Innovative Carbon Mitigation Techniques to Achieve Environmental Sustainability Agenda: Evidence from a Panel of 21 Selected R&D Economies

Technological innovation in the energy sector is highly needed to reduce carbon emission costs, which requires knowledge spillovers, financial development, and carbon pricing to achieve a green developmental agenda. The current study examines the role of knowledge innovations in achieving the enviro...

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Autores principales:	Muhammad Khalid Anser, Shujaat Abbas, Abdelmohsen A. Nassani, Mohamed Haffar, Khalid Zaman, Muhammad Moinuddin Qazi Abro
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	carbon emissions technological innovation carbon pricing financial development energy use R&D expenditures Meteorology. Climatology QC851-999
Acceso en línea:	https://doaj.org/article/bc5b257416e34d0795b207836be4e4f4
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spelling	oai:doaj.org-article:bc5b257416e34d0795b207836be4e4f42021-11-25T16:45:46ZInnovative Carbon Mitigation Techniques to Achieve Environmental Sustainability Agenda: Evidence from a Panel of 21 Selected R&D Economies10.3390/atmos121115142073-4433https://doaj.org/article/bc5b257416e34d0795b207836be4e4f42021-11-01T00:00:00Zhttps://www.mdpi.com/2073-4433/12/11/1514https://doaj.org/toc/2073-4433Technological innovation in the energy sector is highly needed to reduce carbon emission costs, which requires knowledge spillovers, financial development, and carbon pricing to achieve a green developmental agenda. The current study examines the role of knowledge innovations in achieving the environmental sustainability agenda under financial development and carbon pricing in a panel of 21 selected R&D economies from 1990 to 2018. The study constructed a composite index of financial development and knowledge innovation in the carbon pricing model. The results show that carbon pricing, a financial development index, innovation index, and energy demand fail to achieve stringent carbon reduction targets. A U-shaped relationship is found between carbon emissions and per capita income in the absence of a financial development index and trade openness. At the same time, this study shows the monotonic decreasing function in the presence of all factors. The causality estimates confirmed the feedback relationship between carbon pricing and carbon emissions, carbon pricing and the financial index, and the financial development index and innovation index. Further, the causality results established the carbon-led financial development and innovation, growth-led carbon emissions, and trade-led emissions, pricing, and financial development in a panel of selected countries. The estimates of the innovation accounting matrix (forecasting mechanism) confirmed the viability of the environmental sustainability agenda through carbon pricing, knowledge innovation, and financial development over a time horizon. However, these factors are not achievable carbon reduction targets in a given period. The study concludes that carbon pricing may provide a basis for achieving an environmental sustainability agenda through market-based innovations, green financing options, and improved energy resources. This would ultimately help desensitize carbon emissions across countries.Muhammad Khalid AnserShujaat AbbasAbdelmohsen A. NassaniMohamed HaffarKhalid ZamanMuhammad Moinuddin Qazi AbroMDPI AGarticlecarbon emissionstechnological innovationcarbon pricingfinancial developmentenergy useR&D expendituresMeteorology. ClimatologyQC851-999ENAtmosphere, Vol 12, Iss 1514, p 1514 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	carbon emissions technological innovation carbon pricing financial development energy use R&D expenditures Meteorology. Climatology QC851-999
spellingShingle	carbon emissions technological innovation carbon pricing financial development energy use R&D expenditures Meteorology. Climatology QC851-999 Muhammad Khalid Anser Shujaat Abbas Abdelmohsen A. Nassani Mohamed Haffar Khalid Zaman Muhammad Moinuddin Qazi Abro Innovative Carbon Mitigation Techniques to Achieve Environmental Sustainability Agenda: Evidence from a Panel of 21 Selected R&D Economies
description	Technological innovation in the energy sector is highly needed to reduce carbon emission costs, which requires knowledge spillovers, financial development, and carbon pricing to achieve a green developmental agenda. The current study examines the role of knowledge innovations in achieving the environmental sustainability agenda under financial development and carbon pricing in a panel of 21 selected R&D economies from 1990 to 2018. The study constructed a composite index of financial development and knowledge innovation in the carbon pricing model. The results show that carbon pricing, a financial development index, innovation index, and energy demand fail to achieve stringent carbon reduction targets. A U-shaped relationship is found between carbon emissions and per capita income in the absence of a financial development index and trade openness. At the same time, this study shows the monotonic decreasing function in the presence of all factors. The causality estimates confirmed the feedback relationship between carbon pricing and carbon emissions, carbon pricing and the financial index, and the financial development index and innovation index. Further, the causality results established the carbon-led financial development and innovation, growth-led carbon emissions, and trade-led emissions, pricing, and financial development in a panel of selected countries. The estimates of the innovation accounting matrix (forecasting mechanism) confirmed the viability of the environmental sustainability agenda through carbon pricing, knowledge innovation, and financial development over a time horizon. However, these factors are not achievable carbon reduction targets in a given period. The study concludes that carbon pricing may provide a basis for achieving an environmental sustainability agenda through market-based innovations, green financing options, and improved energy resources. This would ultimately help desensitize carbon emissions across countries.
format	article
author	Muhammad Khalid Anser Shujaat Abbas Abdelmohsen A. Nassani Mohamed Haffar Khalid Zaman Muhammad Moinuddin Qazi Abro
author_facet	Muhammad Khalid Anser Shujaat Abbas Abdelmohsen A. Nassani Mohamed Haffar Khalid Zaman Muhammad Moinuddin Qazi Abro
author_sort	Muhammad Khalid Anser
title	Innovative Carbon Mitigation Techniques to Achieve Environmental Sustainability Agenda: Evidence from a Panel of 21 Selected R&D Economies
title_short	Innovative Carbon Mitigation Techniques to Achieve Environmental Sustainability Agenda: Evidence from a Panel of 21 Selected R&D Economies
title_full	Innovative Carbon Mitigation Techniques to Achieve Environmental Sustainability Agenda: Evidence from a Panel of 21 Selected R&D Economies
title_fullStr	Innovative Carbon Mitigation Techniques to Achieve Environmental Sustainability Agenda: Evidence from a Panel of 21 Selected R&D Economies
title_full_unstemmed	Innovative Carbon Mitigation Techniques to Achieve Environmental Sustainability Agenda: Evidence from a Panel of 21 Selected R&D Economies
title_sort	innovative carbon mitigation techniques to achieve environmental sustainability agenda: evidence from a panel of 21 selected r&d economies
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/bc5b257416e34d0795b207836be4e4f4
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Innovative Carbon Mitigation Techniques to Achieve Environmental Sustainability Agenda: Evidence from a Panel of 21 Selected R&D Economies

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