COP28 roadmap: Do ICT, education, and renewable energy consumption matter for environmental quality? Quantile evidence for emerging economies

Abstract

Renewable energy consumption (REC) is not the only potent tool that can ameliorate the difficulties associated with rising CO2 emissions and ecological distortions. Besides, the role of ICT penetration and education on environmental quality cannot be overshadowed by their contributions to economic growth and improved human well-being. This study scrutinizes the effects of ICT, education, and REC on the ecological footprint (EF) and CO2 emissions in the IMF-selected emerging economies. The study utilizes three variables for the ICT index, computed through principal component analysis. The augmented mean group estimator results suggest that ICT, education, and REC reduce the EF, whereas FDI contributes significantly to environmental degradation. On the flip side, ICT reduces CO2 emissions and EF in both the medium and upper quantiles. It suggests that ICT penetration heals the environment and that a higher level of ICT consumption could be a panacea for sustainable development in emerging economies. The causality results show evidence of a feedback causality between economic growth, REC, and CO2 emissions. However, a unidirectional causality flows from economic growth and FDI to EF. Finally, to maximize the benefits associated with the positive effects of REC and ICT on environmental betterment, several renewable energy and ICT policies have been mentioned and discussed.