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The influences of renewable electricity generation, technological innovation, financial development, and economic growth on ecological footprints in ASEAN-5 countries

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Abstract

The Southeast Asian countries have experienced significant degrees of economic growth over the years but have not managed to safeguard their environmental attributes in tandem. As a result, the aggravation of the environmental indicators across this region casts a shadow of doubt on the sustainability of the economic growth achievements of the Southeast Asian countries. Against this milieu, this study specifically explores the influence of renewable electricity generation capacity, technological innovation, financial development, and economic growth on the ecological footprints in five Southeast Asian countries namely Indonesia, Malaysia, the Philippines, Thailand, and Vietnam during the period 1985–2016. One of the major novelties of this study is in terms of its approach to assess the renewable energy use-ecological footprint nexus using the renewable electricity generation capacity as an indicator of renewable energy use in the selected Southeast Asian nations. The econometric analysis involves methods that are robust to handling cross-sectional dependency and slope heterogeneity issues in the data. Accordingly, the recently developed Cross-sectional Augmented Autoregressive Distributed Lag estimator is used to predict the short- and long-run impacts on ecological footprints. The major findings suggest that higher renewable electricity generation capacity and technological innovation reduce ecological footprints, while higher financial development and economic growth increase the ecological footprints. Therefore, these findings imply that in forthcoming years, the selected Southeast Asian countries will need to tackle the environmental adversities by enhancing their renewable electricity generation capacities, increasing investment in technological development, greening the financial sector, and adopting environmentally-friendly growth policies. Hence, the implementation of relevant policies, in this regard, can be expected to ensure complementarity between economic growth and environmental welfare across Southeast Asia.

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Data availability

The data sets used during the current study are available from the corresponding author on reasonable request.

Notes

  1. The EF measures environmental quality in terms of the amount of bio-productive land required to accommodate the human ecological demands. A rise in the EF figures is interpreted as an aggravation of the environmental quality, and vice-versa. For an in-depth understanding of the methodology of estimating EF, see Rees and Wackernagel (2008), GFN (2019), and Nathaniel and Khan (2020).

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Authors and Affiliations

  1. School of Economics and Finance, Xi’an Jiaotong University, Xi’an, 215123, China

    Ayoub Zeraibi

  2. Department of Political Economy and Public Finance, Economics and Business Statistics and Economic Policy, University of Castilla La Mancha, Ciudad Real, Spain

    Daniel Balsalobre-Lorente

  3. Department of Applied Economics, University of Alicante, Alicante, Spain

    Daniel Balsalobre-Lorente

  4. School of Business and Economics, North South University, Dhaka, Bangladesh

    Muntasir Murshed

  5. Bangladesh Institue of Development Studies (BIDS), Sher-e-Bangla Nagar, Dhaka, Bangladesh

    Muntasir Murshed

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  1. Ayoub Zeraibi
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AZ conceptualized, conducted the econometric analysis, and wrote the introduction. DB conceptualized, conducted the econometric analysis, and supervised the work. MM analyzed the findings, conducted the literature review, wrote the conclusions and recommendations, and compiled the overall manuscript.

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Correspondence to Muntasir Murshed.

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Table 9 Additional results from the Dumitrescu-Hurlin panel causality analysis
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Zeraibi, A., Balsalobre-Lorente, D. & Murshed, M. The influences of renewable electricity generation, technological innovation, financial development, and economic growth on ecological footprints in ASEAN-5 countries. Environ Sci Pollut Res 28, 51003–51021 (2021). https://doi.org/10.1007/s11356-021-14301-x

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  • DOI: https://doi.org/10.1007/s11356-021-14301-x

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