Associating Renewable Energy, Globalization, Agriculture, and Ecological Footprints: Implications for Sustainable Environment in South Asian Countries

Abstract

The main purpose of this work is to investigate the impacts of globalization (GL), renewable energy (RE), and value-added agriculture (AG) on ecological footprints (EF) and CO₂ emissions. For quantitative analysis, this research paper includes yearly data from 1990-2018 for four South Asian nations: Bangladesh, India, Pakistan, and Sri Lanka. These countries are most vulnerable to climate hazards and rapid economic transitions. The Westerlund test provides a strong association among the panel data. The findings of ordinary least squares (DOLS) and fully modified ordinary least squares (FMOLS) show that RE is lowering CO₂ emissions and EF in the long run. A 1% increase in RE results in a 10.55% and 2.08% CO₂ decrease in emissions and EF, respectively. Globalization and AG are contributing to environmental degradation in selected South Asian countries. Therefore, these countries need to exploit solar energy to its full capacity. Moreover, these countries need to explore more RE resources to reduce their dependence on non-RE sources. These countries can make their agricultural sectors sustainable by following efficient farming practices. Environmental awareness should be enhanced among the farmers. Farmers can use animal fertilizers and clean inputs in AG to achieve sustainable agricultural products. Overall, this work suggests that these countries can achieve a cleaner environment by adopting RE and by promoting efficient technologies through globalization.

Keywords: CO2 emissions; South Asian countries; ecological footprint; globalization; renewable energy.

Figure 1

Trends of ecological footprints (Source: Global Footprint Network).

Figure 2

Trends of renewable energy use in South Asian nations (Source: World Bank).