Charting the path to sustainable prosperity: Harnessing innovation, renewable energy, and institutional excellence for a greener tomorrow

Abstract

Climate change and global warming have led to significant economic challenges in the recent past. Currently, the economic growth strategy prevailing in the region is ineffective, which adversely affects the environment of the South Asian region through the unprecedented increase in CO2 emissions. The present study focuses on investigating the impact of technological advancements, renewable energy resources, and the strength of institutional quality on carbon emissions. Furthermore, the study focused on challenges faced in promoting renewable energy as well as governmental policies to encourage the adoption and promotion of renewable energy. We have targeted South Asian economies (Pakistan, India, Nepal, Bangladesh, and Sri Lanka) and employed a quantitative research design using data from 1990 to 2022 and employing a Random and fixed effect model. We found that technological innovation and environmental quality play a significant role in sustainability in the South Asian region. We have also applied a sensitivity analysis which shows that data are reliable and stable. In order to ensure economic growth without causing environmental destruction policymakers must prioritize the implementation and development of renewable energy sources through state-level policies. Furthermore, this could entail responsible acts like reforestation a decrease in deforestation, and the promotion of sustainable and effective practices.

Keywords

• Climate change
• Technological advancements
• Environmental quality
• Renewable energy