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Unraveling the Green Growth Matrix: Exploring the Impact of Green Technology, Climate Change Adaptation, and Macroeconomic Factors on Sustainable Development

Author

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  • Busra Agan

    (Department of Economics, OSTIM Technical University, Ankara 06374, Turkey)

  • Mehmet Balcilar

    (Department of Economics, OSTIM Technical University, Ankara 06374, Turkey
    Department of Economics and Business Analytics, University of New Haven, 300 Boston Post Road, West Haven, CT 06516, USA
    Department of Economics, Eastern Mediterranean University, Northern Cyprus, via Mersin 10, Famagusta 99628, Turkey)

Abstract

The primary objective of this paper is to investigate the extent to which climate change adaptation and green technology diffusion serve as key drivers for green growth. Additionally, the study examines the influence of various economic, environmental, and social factors on green growth. Utilizing an annual panel dataset comprising 38 OECD member countries from 1990 to 2020, a series of dynamic panel data models are estimated using the system generalized method of moments (GMM) approach. The empirical results provide novel and robust evidence that the diffusion of green technology and climate change adaptation exert a significant positive influence on green growth. Furthermore, the findings highlight the significant role played by macroeconomic, institutional, social, and government policy-related factors in promoting green growth. These insights have substantial policy implications for the development and implementation of strategies that encourage climate change adaptation and green innovation. As a result, policymakers should prioritize the integration of green technology and climate change adaptation measures in their sustainable development agendas to foster a greener, more resilient future.

Suggested Citation

  • Busra Agan & Mehmet Balcilar, 2023. "Unraveling the Green Growth Matrix: Exploring the Impact of Green Technology, Climate Change Adaptation, and Macroeconomic Factors on Sustainable Development," Sustainability, MDPI, vol. 15(11), pages 1-20, May.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:11:p:8530-:d:1154845
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