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A step toward sustainable development: the nexus of environmental sustainability, technological advancement and green finance: evidence from Indonesia

Author

Listed:
  • FengSheng Chien

    (Fuzhou University of International Studies and Trade
    City university of Macau)

  • Ching-Chi Hsu

    (Fuzhou University of International Studies and Trade)

  • Massoud Moslehpour

    (Asia University
    California State University, San Bernardino)

  • Muhammad Sadiq

    (Taylor’s University Malaysia)

  • Bushra Tufail

    (University of Karachi)

  • Thanh Quang Ngo

    (University of Economics Ho Chi Minh City (UEH)
    University of Economics Ho Chi Minh City (UEH))

Abstract

The countries face a significant difficulty in achieving the Sustainable Development Goals (SDG). Due to widespread pollution, SDGs pertaining to environmental sustainability in particular pose the greatest challenges. To cope up with the environmental issues, countries have adopted various measures out of which technological advancement and green finance are gaining particular importance. The present study thus aims at estimating the effect of technological advancements and green finance on environmental sustainability measured by ecological footprints under STIRPAT model in Indonesia. Time series data spanning over 1995–2020 period is collected from different secondary sources and empirical analysis is done by applying Quantile Autoregressive Distributed Lag Model. The findings indicate the positive contribution of technological advancement measured by Information and Communication Technologies (ICT) and green finance in environmental sustainability over whole range of quantiles (0.05–0.90) in the short as well as in the long run. However, economic growth and urbanization are found to pose serious threats to the environmental sustainability as they have positive association with ecological footprints at different quantiles. The findings suggest the Indonesian government to pay attention to significant fruitful policies aimed at the promotion of green finance and ICT technologies to ensure environmental sustainability in Indonesia.

Suggested Citation

  • FengSheng Chien & Ching-Chi Hsu & Massoud Moslehpour & Muhammad Sadiq & Bushra Tufail & Thanh Quang Ngo, 2024. "A step toward sustainable development: the nexus of environmental sustainability, technological advancement and green finance: evidence from Indonesia," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(5), pages 11581-11602, May.
    • Handle: RePEc:spr:endesu:v:26:y:2024:i:5:d:10.1007_s10668-023-03424-5
    DOI: 10.1007/s10668-023-03424-5
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    More about this item

    Keywords

    Ecological footprints; ICT; Green finance; Indonesia; QARDL;
    All these keywords.

    JEL classification:

    • O39 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Other
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling

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