Towards Asian Countries Sustainable Development: The Nexus between Information and Communication Technology, Energy Consumption and Carbon Dioxide Emission

Abstract

This research investigates the intricate relationships among Information and Communication Technology (ICT), the adoption of Renewable Energy, Primary Energy Consumption, Population Growth Rate, Economic Growth, Financial Development, Trade, and carbon dioxide (CO2) emissions across 21 Asian countries. Our analysis uncovers a significant correlation between ICT, the adoption of Renewable Energy sources, and decreased CO2 emissions, underscoring their potential to foster environmental sustainability. In contrast, positive associations are observed between CO2 emissions and Primary Energy consumption, Population Growth Rate, and Economic Growth, highlighting challenges associated with rapid industrialization. The relationships between Financial Development and Trade with CO2 emissions are nuanced, indicating varied impacts among countries. Methodologically, we address concerns such as cross-sectional dependence by employing both random and fixed models and applying the Newey-White test. These findings underscore the necessity of harmonizing economic development with environmental sustainability in Asian policymaking. While promoting renewable energy and using ICT can effectively mitigate emissions, prudent energy management is imperative. Addressing global climate issues requires pivotal international cooperation, urging Asian nations to collaborate on innovative policies for a sustainable, low-carbon future. This study establishes a robust foundation for future research and policymaking initiatives focused on sustainability across Asian nations.