Examining the contribution of globalization, renewable energy, and economic growth towards CO2 emissions in the G‐7 countries

Most of the world's developed countries have negative consequences of unbalanced economic growth and environmental sustainability. The current study contributes to the literature by investigating the impacts of sub‐indices of globalization, renewable energy, and economic growth on CO2 emissions in G‐7 countries of United Kingdom, United States, Japan, Canada, France, Italy, and Germany. The article demonstrates the correlation between numerous variables in the G‐7 countries between 1990 and 2020, including GDP per capita growth, CO2 emissions, globalization, and renewable and non‐renewable energy. The Pooled Mean Group (PMG) technique performs significant tests for cross‐sectional dependence, panel unit root, co‐integration, and descriptive statistics. The study results show that environmental pollution rises with economic growth and falls in the presence of renewable energy sources. Renewable energy use, political globalization, and economic globalization lower environmental harm. From the finding, we indicate that we reduce the environmental pollution in the given countries by lowering or raising the factor affecting the country. A globe map was used in the current study to assign the G‐7 nations. Based on the findings, we addressed several policy initiatives.