Measuring the Impact of Technology Innovations and Renewable Energy Consumption for Enhancing Environmental Sustainability in India: Empirical Evidence from ARDL Approach

Abstract

Rising carbon dioxide (CO2) emissions at a breakneck pace is a serious problem for sustainable development. To ensure climate-protected sustainable development, we have to promote safe and sustainable energy for the future. Here, the production and consumption of renewable energy is having a vital role. Apart from this, technological innovation is also crucial to taste the benefits of renewable energy and reduce the emission of different harmful gases. Against this backdrop, the present study intends to investigate the contribution of technological innovation along with the use of renewable energy in ensuring environmental sustainability in India using the ARDL model. Further, the Granger causality test is also performed in this study to check the direction of causality among the variables. The results of this study reveal that renewable energy consumption reduces CO2 emissions in India in both the short and long run. This means that using renewable energy would help India to bring environmental sustainability through reducing CO2 emissions. However, a positive relationship is noted between technological innovation and CO2 emissions. This may imply innovation in technology in India is unable to act as an instrument to bring environmental sustainability.