The impact of eco-innovation, trade openness, financial development, green energy and government governance on sustainable development in ASEAN countries

Abstract

Environmental concerns such as climate complexities and global warming are making scholars conscious of the factors which could, even slightly, help economies to restrict harmful emissions. Therefore, prominent emerging factors such as ecological innovation, green energy, and governance are gaining greater recognition in academia. This article examines the impact of eco-innovation, trade openness, financial development, green energy, and government governance on sustainable development in ASEAN countries. The study uses industrialization to predict sustainable development as a control variable. Employing a cross-sectional ARDL model, the study provides benefits as it identifies dependence patterns of constructs with a special focus on the correlations among the variables. The outcomes reveal that eco-innovation, trade openness, financial development, green energy, government governance, and industrialization have negative linkages with greenhouse gas (GHG) emissions in ASEAN countries. By witnessing the positive roles of ecological innovation, good governance, green energy, trade openness, and financial development on sustainable development, policy makers are able to structure policies regarding sustainable efficient technologies and regulate institutions towards green agendas in order to halt global warming.