Economic globalization and ecological impact in emerging economies in the post‐COP21 agreement: A panel econometrics approach

Abstract

AbstractGlobally, the need for ecological well‐being and sustainable development attracted research and policy attention over the years. However, issues concerning the nexus between globalization and ecological safety remain contentious and unresolved. Therefore, this study contributes to the discourse by evaluating the impact of economic globalization on ecological footprints in seven emerging economies (E7) while accounting for other drivers of environmental degradation in the outlined bloc for the period of 1990–2021. The present study leverages on panel data econometric techniques to achieve the study objectives. The findings shows that economic globalization and increase in economic activities drive a higher ecological footprint and thus reduce environmental quality in emerging economies. This study concludes that the economic progress of emerging economies and the increasing wave of their economic integration is detrimental to environmentally sustainable development. Therefore, this study recommends, among other insightful policy inferences, that the global agenda on sustainable development should be prioritized, environment‐friendly integration among emerging economies should be pursued. Environmental regulations should be strictly observed by the countries in their bid for economic development and integration.