Environmental footprint impacts of green energies, green energy finance and green governance in G7 countries

Abstract

The demand for resources and energy increases as the global population grows, leading to increased ecological and carbon footprints. This study aims to contribute to the global sustainability agenda by assessing the impact of green energy projects, green energy finance, and green governance on reducing ecological and carbon footprints in G7 countries from 1990 to 2020. The findings reveal that there is a noteworthy negative association between ecological footprint, green governance, geothermal energy consumption, hydro-power consumption, and green energy finance. However, a significant positive correlation exists between ecological footprint and biofuels. Additionally, the outcomes lend support to the Environmental Kuznets Curve (EKC) theory in G7 nations. Carbon footprints are evaluated in this study as an alternate measure, and the results are similarly robust. These insights hold the potential to guide policy decisions and investment strategies, and promote the shift to a low-carbon economy by highlighting the connections between the adoption of green energies, green energy finance, green governance, and carbon and ecological footprint reduction, thus paving the way for a more equitable and sustainable future for all.