Green tech key to solve climate change

[Nabila, Muhammad Salman Shabbir – department of management, Huaming Song – school of economics and management, Muhammad Umar Farrukh – department of economics, Shahid Iqbal – College of economics and management, Kashif Abbass – School of economics and management, “A step towards environmental mitigation: do green technological innovation and institutional quality make a difference”, TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE Elsevier, V. 190, May 2023, Acc. 7/18/24] GDI-AG]

Climate change and environmental sustainability have led to very critical economic problems in recent years. The primary factor causing global warming and climate change is greenhouse gas emissions. In environmental literature, carbon emissions have been observed as the major part of greenhouse gases (Adams and Nsiah, 2019). International Energy Agency (IEA) claims the increasing fuel consumption of fossil has increased CO2 emission, necessitating a quick transition in order to decrease this emission and meet sustainable targets (IEA, 2021). In order to address the effects of Climate change, 26 Conferences of the Parties (COP) have taken place internationally since the founding of the Intergovernmental Panel on Climate Change (IPCC). The Paris Agreement (COP21) is one of them, and it aims to bring together collective global initiatives led by world leaders to limit global temperature increases to below 2 °C during the pre-industrial era and to promote further steps not to exceed 1.5 °C in order to combat increasing climate attrition (Abbasi et al., 2022). To preserve the survival of humanity and the planet, the vow to prevent global warming calls for intense focus and a prompt reaction. The adaptation and mitigation strategies were just reaffirmed at COP 26 in Glasgow. The specific attention was focused on reducing fossil fuel consumption since world leaders recognized that it is a major contributor to global warming (COP26, 2021). As a result, many nations have made reducing carbon emissions a top priority, and the development of green technology innovation is performing an inexorably important role in the transformation of the financial system (Abbasi et al., 2022). A new technology breakthrough that can lower energy consumption, reduce emissions of pollutants, better the environmental standard, and help the building of a greener future is referred to as a green technological innovation (Acheampong et al., 2022). The use of technical methods to create environmentally friendly products that use less energy and diminish environmental pollution is referred to as green technological innovation. Green technology innovation can be seen in clean energy production, the consumptions of alternative energy resources, and technological advancements that are not very harmful to the environment as fossil fuels (Wen et al., 2022). Additionally, green innovation helps governments to maximize their utilization of renewable resources and advances renewable energy (Usman and Hammar, 2021). Environmental emissions are said to be reduced and long-term sustainable development is said to be accomplished through the development of green technology and sources of renewable energy in developing nations (Ulucak, 2021). Contributions towards the development of green technology can therefore increase the sustainability of production and economic activity and offer a viable remedy for the reduction of carbon emissions in developing nations.