Bringing Climate Action Into Perspective: Do the Engagements of Green Energy, Technological Innovation, and Tourism Matter in the Post-COP27 Era?

Abstract

This study examines how green energy, technological innovation, and tourism affect the volatility of carbon dioxide emissions in the global economy, considering the role of globalization, economic growth, and population. This study uses the STIRPAT framework based on 1995–2019 dataset. In addition, augmented mean group estimator, fully modified ordinary least squares, dynamic ordinary least squares, and the method of moments quantile regression are employed to analyze the stated model. The results reveal that the variables interrelate in the long run. Moreover, tourism positively drives the surge in global greenhouse gas emissions across the quantiles, robustly based on long-run estimates obtained from other estimators. Green energy significantly mitigates global emissions in the upper quantiles and across the long-run estimators. Other covariates meet the expected signs. In this context, the heterogeneity of the conditional distribution of the CO2 emissions is unveiled throughout the quantiles examined. Likewise, this analysis makes it possible to verify the functional roles of green energy and tourism in the current and future environmental degradation. From the results, some policy implications are derived so that the respective governments can consider them. These measures focus on boosting tourism and renewable resources to attain global environmental sustainability.