How Do Nuclear Energy, Geothermal Energy, Urbanization, and Minerals Depletion Affect Environmental Quality: New Insights From E7 Countries

Abstract

Achieving environmental sustainability is of utmost importance to economies worldwide, regardless of their level of development. As a result, most international economies have accepted several accords to deal with environmental issues on a global scale. Reducing reliance on fossil fuels has been broadly recognized as the pinnacle of environmental sustainability, even though various strategies are believed to address these challenges. In light of the above, this study employs data from 1990 to 2022 to examine the environmental effects of nuclear power, increased usage of renewable energy (REE) sources, urbanization (URB), mineral depletion, and financial globalization within the framework of E7 nations. This study employs a three-stage least squares co-integration method. For robustness, Fully Modified Ordinary Least Squares and Canonical Cointegrating Regression were employed. The results show that nuclear energy, REE, geothermal energy, financial globalization, and URB have negative and significant impacts on environmental stewardship. In contrast, mineral depletion had a significant and positive impact on environmental stewardship. These findings provide several policy recommendations for achieving the Sustainable Development Goals (SDGs) by 2030, without compromising environmental quality. Consequently, it is advisable for these nations to integrate energy policy measures and provide consistency in energy strategy by aligning the fundamental aspects of global nuclear and geothermal energy to facilitate the achievement of the SDGs.