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Green energy, non-renewable energy, financial development and economic growth with carbon footprint: heterogeneous panel evidence from cross-country

Abstract This study examines the relationship between green energy, non-renewable energy, financial development, and economic growth with carbon footprint by using panel data from 63 emerging and developed economies for the time period from 1990 to 2020. The study utilises second-generation panel data econometrics techniques to investigate cross-section independence and adjust for cross-section heterogeneity. The studies also used the CIPS and CADF unit root tests, Wester Lund bootstrap cointegration techniques, and AMG and CCEMG heterogeneous panel causality techniques. The findings show that, over the long run, all variables are cointegrated. Additionally, the data indicate that non-renewable energy consumption leads to carbon footprint, whereas green energy reduces environmental degradation and supports the reduction of environmental hazards. Likewise, financial development has a considerable negative effect on environmental degradation. A statistically significant bidirectional correlation is found between green energy, nonrenewable energy, financial development, economic growth, and carbon footprint according to the Dumitrescu-Hurlin causality test. Finally, according to the findings of the study, the economies that were examined should use more green energy in order to reduce their carbon footprint.