Q33 - Resource BoomsNávrat zpět

Governments worldwide are grappling with the challenges of climate change. Following COP28 - the Dubai consensus - it has become even clearer that achieving CO₂ emission reduction targets is crucial to prevent the global temperature from rising above 1. 5 °C. In this context, our study assesses these ambitious climate goals through the lens of green energy and technology adoption within the E7 countries. Using quantile regression and panel ordinary least squares (POLS) techniques on data spanning from 1991 to 2021, we provide insights into the vital role of digitalization and energy choices in reducing CO₂ emissions and advancing towards carbon neutrality. The Westerlund cointegration results indicate a long-run relationship among all the variables. Quantile regression findings reveal that economic growth, nonrenewable energy consumption and green technology adoption affect CO₂, while digitalization and green energy consumption help reduce CO₂. The POLS results confirm the quantile regression outcomes, enhancing the robustness of the analysis. Additionally, the Dumitrescu-Hurlin panel causality test shows that all the variables significantly predict CO₂ and vice versa. Based on these findings, we propose green growth policies supported by renewable energy and technological advancements to help E7 countries achieve their net-zero emission targets.