Carbon-Free Energy and Sustainable Environment: The Role of Human Capital and Technological Revolutions in Attaining SDGs

Abstract

During the time before the Millennium Development Goals (MDGs) are achieved, the international community has set goals to improve people’s lives worldwide. This is in line with the United Nations’ 2030 ambitions to strengthen and advance human society’s sustainable development. Goal number 7 (Affordable and Clean Energy), goal number 9 (Industry, Innovation, and Infrastructure), and goal number 13 (Climate Action) are highly correlated to each other. The current study investigates the role of human capital and technological innovation in achieving sustainable development goals (SDGs) through a carbon-free energy system. A 19-year dataset covering the years 2000−2018 for the G7 economies has been utilized by using the composite index, Multi-criteria decision analysis, and Quantile Autoregressive Distributed Lag (QARDL) methods. The study’s outcomes indicate that the human capital index and technological innovations contribute positively to SDGs in G7 economies. Both indicators also contribute positively to the carbon-free economy by contributing to carbon-free energy sources. The financial index and energy index results also indicate a positive association with the carbon-free economy in G7 nations. This study suggests policy guidelines for developed as well as for developing economies based on human capital and technological innovation to fulfill the SDGs.