The Eurasia Proceedings of Science Technology Engineering and Mathematics

Abstract

Environmental sustainability is important for addressing global challenges, as it encourages responsible practices that balance economic, social, and environmental factors. The Global Sustainable Competitiveness Index (GSCI) is a comprehensive measure used to assess the sustainability performance of countries or regions across various dimensions. It typically considers economic, environmental, and social factors to provide a holistic view of sustainability efforts. This study explores the relationship between the GSCI, renewable energy, climate change technologies, and carbon emissions (CO2). Therefore, this study aims to assess the role of sustainability in economic competitiveness and its impact on environmental outcomes. The study utilizes panel quantile regression to analyze the impacts of the GSCI, renewable energy, climate change technologies, and causal determinants on CO2 emissions in OECD countries from 2013 to 2022. We use a comprehensive dataset spanning multiple regions and years to analyze the association between GSCI scores and CO2 emissions levels. This study also employs the long-run estimate using the autoregressive distributed lag (ARDL) approach and panel causality tests. The results based on the panel quantile regression indicate a significant and causal relationship between renewable energy, climate change technologies, CO2 emissions, and causal factors. The GSI scores have a moderating and significant role in reductions in CO2 emissions. Finally, our findings shed light on the extent to which global sustainability initiatives correlate with reductions in carbon emissions and balance economic competitiveness with environmental concerns, providing valuable insights for policymakers, businesses, and researchers striving to address climate change and promote sustainable development on a global scale