Greening the Future: Harnessing ICT, Innovation, Eco-Taxes, and Clean Energy for Sustainable Ecology—Insights from Dynamic Seemingly Unrelated Regression, Continuously Updated Fully Modified, and Continuously Updated Bias-Corrected Models

Abstract

This research endeavors to investigate the impacts of information and communication technology, green technological innovation, and environmental tax on the attainment of ecological sustainability with advanced panel date estimation for 2001–2019. The results of this study demonstrate a noteworthy inverse relationship between information and communication technology and ecological footprint, suggesting that progress in ICT has the potential to yield positive consequences in terms of ecological restoration and the promotion of environmental sustainability. Furthermore, this study underscores the significance of GTI in mitigating carbon emissions and effectively addressing environmental challenges. The findings indicate that the incorporation of environmentally sustainable technology can yield favorable ecological consequences and make significant contributions towards the attainment of worldwide climate targets. Nevertheless, the study highlights the importance of considering potential rebound effects. It underscores the imperative for ongoing research and the implementation of comprehensive policies within the realm of environmentally sustainable technology. Moreover, the present study elucidates the favorable ramifications of GF on ecological sustainability, underscoring its pivotal contribution in curtailing carbon emissions, augmenting environmental benchmarks, and facilitating the ecological footprint. Enhancing the utilization of green finance, making adjustments to national regulatory frameworks, and achieving harmonization of public financial incentives to bolster sustainable development are important. Additionally, the study posits that the incorporation of ET can catalyze businesses and individuals to embrace environmentally friendly energy sources and sustainable practices, thereby fostering positive outcomes for the environment. The study offers significant insights into the contributions of information and communication technology, green technology innovation, and environmental technology to advancing ecological sustainability. It emphasizes the need for collaborative endeavors among academia, industry, and government to cultivate a supportive ecosystem for sustainable development.