Aligning Growth, Finance, and Technology With Sustainable Development: Quantile Evidence on Carbon and Ecological Dynamics in G20 Economies

This study examines the heterogeneous impacts of economic growth, technological innovation, urbanization, natural resource rents, and financial structures on environmental sustainability across G20 economies from 2000 to 2022. Carbon emissions and ecological footprint are used as environmental indicators. Method of Moments Quantile Regression (MMQR) is employed to capture variation across different emission levels, supported by robustness checks using GMM and CCEMG estimators. The findings show that economic growth and natural resource rents consistently intensify environmental degradation, while urbanization reduces emissions, particularly in higher quantiles. Financial sector development increases environmental pressure, whereas fintech adoption and stronger banking systems contribute to emission reduction. Technological innovation presents mixed effects, increasing carbon emissions but supporting ecological efficiency. These results highlight the need for differentiated environmental governance, emphasizing green financing, innovation‐led policymaking, and sustainable resource management to support G20 carbon neutrality and sustainability goals.