Environmental Impacts of Digitalization, Financial Development and Urbanization: Moment Quantile Regression Analysis on EU-15 Countries

Year 2026, Volume: 11 Issue: 1, 29 - 65, 28.02.2026

Aykut Yağlıkara

https://doi.org/10.25229/beta.1655936

https://izlik.org/JA47JD49KM

Abstract

The relationship between the factors affecting economic and social change and the environment has emerged as an important paradigm for sustainability. In this context, this study examines the effects of digitalization, urbanization, financial development, and economic growth on CO2 emissions in the sample of EU-15 countries for the period between 2003 and 2019. Cross-sectional dependency, slope homogeneity, stationarity, cointegration, panel quantile regression, and panel causality tests were applied in the study. According to the panel quantile regression results obtained, it is found that increases in digitalization, urbanization, and financial development reduce environmental degradation by reducing CO2 emissions, while increases in economic growth increase environmental degradation. In addition, according to the panel causality test results, it is concluded that CO2 emissions have a bidirectional causality relationship with digitalization and urbanization and a unidirectional causality relationship with financial development and economic growth. In this context, digitalization, urbanization and financial development should be encouraged to support sustainable development policies.

Keywords

Digitalization , Financial Development , Urbanization , MMQR

Dijitalleşme, Finansal Gelişme ve Kentleşmenin Çevresel Etkileri: AB-15 Ülkeleri Üzerine Moment Kantil Regresyon Analizi

https://izlik.org/JA47JD49KM

Abstract

Ekonomik ve toplumsal değişimi etkileyen faktörler ile çevre arasındaki ilişki sürdürülebilirlik açısından önemli bir paradigma olarak karşımıza çıkmaktadır. Bu kapsamda, bu çalışmada dijitalleşme, kentleşme, finansal gelişme ve ekonomik büyümenin CO2 emisyonları üzerindeki etkisi 2003-2019 yılları arasını kapsayan dönem için AB-15 ülkeleri örnekleminde incelenmektedir. Çalışmada yatay kesit bağımlılığı, eğim homojenliği, durağanlık, eşbütünleşme, panel kantil regresyonu ve panel nedensellik testleri uygulanmıştır. Elde edilen panel kantil regresyon sonuçlarına göre dijitalleşmede, kentleşme ve finansal gelişmede meydana gelen artışların CO2 emisyonlarını azaltarak çevresel bozulmayı azalttığı, ekonomik büyüme artışının ise çevresel bozulmayı artırdığı bulgularına ulaşılmaktadır. Ayrıca panel nedensellik testi sonuçlarına göre CO2 emisyonlarının dijitalleşme ve kentleşme ile çift yönlü, finansal gelişme ve ekonomik büyüme ile ise tek yönlü bir nedensellik ilişkisi olduğu sonucuna ulaşılmaktadır. Bu sonuçlar, finansal gelişme, kentleşme ve dijitalleşmenin çevresel sürdürülebilirlik üzerindeki olumlu etkilerini göstererek literatüre önemli bir katkıda bulunmaktadır. Bu bağlamda dijitalleşme, kentleşme ve finansal gelişmenin sürdürülebilir kalkınma politikalarının desteklenmesi konusunda teşvik edilmesi gerekmektedir.

Keywords

Dijitalleşme , Finansal Gelişme , Kentleşme , MMQR

References

• Acheampong, A. O., Amponsah, M., & Boateng, E. (2020). Does financial development mitigate carbon emissions? Evidence from heterogeneous financial economies. Energy Economics, 88, 104768. https://doi.org/10.1016/j.eneco.2020.104768
• Ahmad, T., Zhang, D., Huang, C., Zhang, H., Dai, N., Song, Y., & Chen, H. (2021). Artificial intelligence in sustainable energy industry: Status Quo, challenges and opportunities. Journal of Cleaner Production, 289, 125834. https://doi.org/10.1016/j.jclepro.2021.125834
• Ahmed, Z., Wang, Z., Mahmood, F., Hafeez, M., & Ali, N. (2019). Does globalization increase the ecological footprint? Empirical evidence from Malaysia. Environmental Science and Pollution Research International, 26(18), 18565–18582. https://doi.org/10.1007/s11356-019-05224-9
• Amaliah, I., Ali, Q., Sudrajad, O. Y., Rusgianto, S., Nu’man, H., & Aspiranti, T. (2024). Does digital financial inclusion forecast sustainable economic growth? Evidence from an emerging economy. Journal of Open Innovation Technology Market and Complexity, 10(2), 100262. https://doi.org/10.1016/j.joitmc.2024.100262
• Brodny, J., & Tutak, M. (2020). Analyzing similarities between the European union countries in terms of the structure and volume of energy production from renewable energy sources. Energies, 13(4), 913. https://doi.org/10.3390/en13040913
• Charfeddine, L., Hussain, B., & Kahia, M. (2024). Analysis of the impact of information and communication technology, digitalization, renewable energy and financial development on environmental sustainability. Renewable and Sustainable Energy Reviews, 201, 114609. https://doi.org/10.1016/j.rser.2024.114609
• Chen, Y., Subhan, M., Ahmad, G., Adil, M., & Zamir, M. N. (2024). Unveiling the linkages among digital technology, economic growth, and carbon emissions: A resource management perspective. Resources Policy, 91, 104868. https://doi.org/10.1016/j.resourpol.2024.104868
• Cheng, G., Zhao, C., Iqbal, N., Gülmez, Ö., Işik, H., & Kirikkaleli, D. (2021). Does energy productivity and public-private investment in energy achieve carbon neutrality target of China?. Journal of Environmental Management, 298, 113464, https://doi.org/10.1016/j.jenvman.2021.113464
• Cozzi, L., Turk, D. J., Abergel, T., Bartoš, J., Bellevrat, E., Bennett, S., Berly, T., Bouckaert, S., Dulac, J., Alvarez, C. F., Pales, A. F., Franza, V., Kamiya, G., Klingbeil, M., Kubecek, V., Masanet, E., McGlade, C., Millard, D., Morgado, D.,
• Law, G. Y. (2017). Digitalization and Energy. https://www.scholars.northwestern.edu/en/publications/digitalization-and-energy-international-energy-agency
• Destek, M. A. (2019). Financial development and environmental degradation in emerging economies. Green Energy and Technology, 115. https://doi.org/10.1007/978-3-030-06001-5_5
• Destek, M. A., & Manga, M. (2021). Technological innovation, financialization, and ecological footprint: evidence from BEM economies. Environmental Science and Pollution Research International, 28(17), 21991–22001. https://doi.org/10.1007/s11356-020-11845-2.
• Diabat, A., Kannan, D., & Mathiyazhagan, K. (2014). Analysis of enablers for implementation of sustainable supply chain management – A textile case. Journal of Cleaner Production, 83, 391. https://doi.org/10.1016/j.jclepro.2014.06.081
• Dickens, C., Smakhtin, V., McCartney, M., O’Brien, G. C., & Dahir, L. (2019). Defining and quantifying national-level targets, indicators and benchmarks for management of natural resources to achieve the sustainable development goals. Sustainability, 11(2), 462. https://doi.org/10.3390/su11020462
• Dogan, E., Turkekul, B. (2016). CO2 emissions, real output, energy consumption, trade, urbanization and financial development: Testing the EKC hypothesis for the USA. Environmental Science and Pollution Research, 23, 1203–1213. https://doi.org/10.1007/s11356-015-5323-8
• Dogan, M., Sahin, S., Ullah, A., & Safi, A. (2024). Promoting environmental sustainability: A policy perspective on hydroelectric power generation, foreign direct investments, and financial development. Energy, 312, 133576. https://doi.org/10.1016/j.energy.2024.133576
• Dong, F., Hu, M., Gao, Y., Liu, Y., Zhu, J., & Pan, Y. (2022). How does digital economy affect carbon emissions? Evidence from global 60 countries. Science of The Total Environment. 852. 158401. https://doi.org/10.1016/j.scitotenv.2022.158401
• Du, J., Ali, K., Alnori, F., & Ullah, S. (2022). The nexus of financial development, technological innovation, institutional quality, and environmental quality: Evidence from OECD economies. Environmental Science and Pollution Research, 29(38), 58179. https://doi.org/10.1007/s11356-022-19763-1
• Dumitrescu, E. I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Econometrics Modelling, 29(4), 1450–1460.
• Ehigiamusoe, K. U., Lean, H. H., Babalola, S. J. & Poon, W. C. (2022). The roles of financial development and urbanization in degrading environment in Africa: Unravelling non-linear and moderating impacts. Energy Reports, 8, 1665-1677. https://doi.org/10.1016/j.egyr.2021.12.048
• Elheddad, M., Benjasak, C., Deljavan, R., Alharthi, M., & Almabrok, J. M. (2020). The effect of the Fourth Industrial Revolution on the environment: The relationship between electronic finance and pollution in OECD countries. Technological Forecasting and Social Change, 163, 120485. https://doi.org/10.1016/j.techfore.2020.120485
• Fan, Z., Chen, Y., & Huang, K. (2023). Digital economy, CO2 emissions and China’s environmental sustainable development— An analysis based on TVP-VAR model. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4463784
• Fard, A., Javadi, S., & Kim, I. (2020). Environmental regulation and the cost of bank loans: International evidence. Journal of Financial Stability, 51, 100797. https://doi.org/10.1016/j.jfs.2020.100797
• Fei, W., Opoku, A., Agyekum, K., Oppon, J. A., Ahmed, V., Chen, C., & Lok, K. L. (2021). The critical role of the construction industry in achieving the sustainable development goals (SDFs): delivering projects for the common good. Sustainability, 13(16), 9112. https://doi.org/10.3390/su13169112
• Feng, H., & Li, Y. (2024). The role of fintech, natural resources, environmental taxes and urbanization on environmental sustainability: Evidence from the novel panel data approaches. Resources Policy, 92, 104970. https://doi.org/10.1016/j.resourpol.2024.104970
• Gayatri, P., Sit, H. H. W., Chen, S., & Li, H. (2023). Sustainable EFL Blended Education in Indonesia: Practical Recommendations. Sustainability, 15(3), 2254. https://doi.org/10.3390/su15032254
• Ghafoor, A., & Munir, A. (2014). Worldwide overview of solar thermal cooling technologies. Renewable and Sustainable Energy Reviews, 43, 763. https://doi.org/10.1016/j.rser.2014.11.073
• Ginting, P. J. P. (2020). Sustainable growth and development. https://doi.org/10.2991/aebmr.k.200606.082
• Goi, C. L. (2017). The impact of technological innovation on building a sustainable city. International Journal of Quality Innovation, 3(1). https://doi.org/10.1186/s40887-017-0014-9
• Grainger-Brown, J., Malekpour, S., Raven, R., & Taylor, E. (2022). Exploring urban transformation to inform the implementation of the Sustainable Development Goals. Cities, 131, 103928. https://doi.org/10.1016/j.cities.2022.103928
• Güneralp, B., Zhou, Y., Ürge-Vorsatz, D., Gupta, M., Yu, S., Patel, P., Fragkias, M., Li, X., & Seto, K. C. (2017). Global scenarios of urban density and its impacts on building energy use through 2050. 1 114(34), 8945. https://doi.org/10.1073/pnas.1606035114
• Haider Zaidi, S. A., Zafar, M. W., Shahbaz, M., & Hou, F. (2019). Dynamic linkages between globalization, financial development and carbon emissions: Evidence from Asia Pacific Economic Cooperation countries. Journal of Cleaner Production. https://doi.org/10.1016/j.jclepro.2019.04.210.
• Hanley, A., & Semrau, F. O. (2022). Stepping up to the mark? Firms’ export activity and environmental innovation in 14 European countries. Industry and Innovation, 29(5), 672. https://doi.org/10.1080/13662716.2021.2021865
• Hieu, N. T., Hà, L. T., & Anh, B. T. M. (2023). Scrutinizing time-varying interlinkages between digitalization, green technologies, CO2 emission, and energy productivity in Vietnam. Journal of Cleaner Production, 415, 137581. https://doi.org/10.1016/j.jclepro.2023.137581
• Hilty, L. M., Lohmann, W., & Huang, E. M. (2011). Sustainability and ICT - An overview of the field. 27(104),13. https://doi.org/10.5167/uzh-55640
• Hoşgör, D. G., Güngördü, H., & Hoşgör, H. (2023). Sustainable consumption behavior measurement of three generations using descriptive variables. Opportunities and Challenges in Sustainability, 2(2), 71. https://doi.org/10.56578/ocs020202
• Hossain, Md. S. (2011). Panel estimation for CO2 emissions, energy consumption, economic growth, trade openness and urbanization of newly industrialized countries. Energy Policy, 39(11), 6991. https://doi.org/10.1016/j.enpol.2011.07.042
• Hu, B., Alola, A. A., Tauni, M. Z., Adebayo, T. S., & Abbas, S. (2023). Pathway to cleaner environment: How effective are renewable electricity and financial development approaches?. Structural Change and Economic Dynamics, 67, 277-292. https://doi.org/10.1016/j.strueco.2023.08.003
• Jiang, C., & Ma, X. (2019). The impact of financial development on carbon emissions: A global perspective. Sustainability, 11(19), 5241. https://doi.org/10.3390/su11195241
• Jiang, S., Li, Y., & You, N. (2023). Corporate digitalization, application modes, and green growth: Evidence from the innovation of Chinese listed companies. Frontiers in Environmental Science, 10. https://doi.org/10.3389/fenvs.2022.1103540
• Jóźwik, B., Doğan, Mesut & Gürsoy, S. (2023). The impact of renewable energy consumption on environmental quality in central European countries: The mediating role of digitalization and financial development. Energies, 16. 1-18. https://doi.org/10.3390/en16207041
• Kacyira, A. K. (2012). Addressing the sustainable urbanization challenge. United Nations chronicle/UN chronicle, 49(2), 58. https://doi.org/10.18356/f813137d-en
• Khan, K., Luo, T., Ullah, S., Rasheed, H. M. W., & Li, P.-H. (2023). Does digital financial inclusion affect CO2 emissions? Evidence from 76 emerging markets and developing economies (EMDE’s).
• Kihombo, S., Ahmed, Z., Chen, S., Adebayo, T. S., & Kirikkaleli, D. (2021). Linking financial development, economic growth, and ecological footprint: what is the role of technological innovation?. Environmental Science and Pollution Research International, 28(43), 61235–61245. https://doi.org/10.1007/s11356-021-14993-1
• Kirikkaleli, D., Addai, K., & Castanho, R. A. (2023). Energy productivity, financial stability, and environmental degradation in an Eastern European country: Evidence from novel Fourier approaches. Heliyon, 9(7), e18073. https://doi.org/10.1016/j.heliyon.2023.e18073
• Kleimeier, S., & Viehs, M. (2021). Pricing carbon risk: Investor preferences or risk mitigation?. Economics Letters, 205, 109936. https://doi.org/10.1016/j.econlet.2021.109936
• Klein, L., Kumar, A., Wolff, A., & Naqvi, B. (2023). Understanding the role of digitalization and social media on energy citizenship. Open Research Europe, 3, 6. https://doi.org/10.12688/openreseurope.15267.1
• Li, C., Zhao, Q. & Wang, L. (2024). The impact mechanism and effect evaluation of digital economy development on regional carbon emission reduction: Evidence from provincial panel data in China. International Journal of Environmental Research, 18, 99. https://doi.org/10.1007/s41742-024-00651-0
• Li, D., & Shen, W. (2021). Can Corporate Digitalization Promote Green Innovation? The Moderating Roles of Internal Control and Institutional Ownership. Sustainability, 13(24), 13983. https://doi.org/10.3390/su132413983
• Li, R., Gan, Y., Bao, Y., Zhou, Y., Si, D., & Liu, Q. (2024). Natural resources efficiency in terms of digital economy: Institutional efficiency and digital economy from the lens of natural resources. Resources Policy, 93, 105063. https://doi.org/10.1016/j.resourpol.2024.105063
• Liu, H., Wong, W. K., Cong, P., Nassani, A. A., Haffar, M., & Abu-Rumman A., (2023). Linkage among urbanization, energy consumption, economic growth and carbon Emissions: Panel data analysis for China using ARDL model. Fuel, 332(2), 126122. https://doi.org/10.1016/j.fuel.2022.126122
• Liu, M., Chen, Z., Sowah, J. K., Ahmed, Z., Kirikkaleli, D. (2023). The dynamic impact of energy productivity and economic growth on environmental sustainability in South European countries. Gondwana Research, 115, 116-127. https://doi.org/10.1016/j.gr.2022.11.012
• Machado, J. A., & Silva, J. S. (2019). Quantiles via moments. Journal of Econometrics, 213(1), 145–173.
• Mensah, C. N., Long, X., Boamah, K. B., Bediako, I. A., Dauda, L., & Salman, M. (2018). The effect of innovation on CO2 emissions of OCED countries from 1990 to 2014. Environmental Science and Pollution Research International, 25(29), 29678–29698. https://doi.org/10.1007/s11356-018-2968-0
• Mitić, P., Munitlak Ivanović, O., & Zdravković, A. (2017). A Cointegration Analysis of Real GDP and CO2 Emissions in Transitional Countries. Sustainability, 9(4), 568. https://doi.org/10.3390/su9040568
• Mngumi, F., Huang, L., Geng, X., & Ayub, B. (2024). Financial efficiency and CO2 emission in BRICS. Dose digital economy development matter?. Heliyon, 10(2). https://doi.org/10.1016/j.heliyon.2024.e24321
• Moldan, B., Janoušková, S., & Hák, T. (2011). How to understand and measure environmental sustainability: Indicators and targets. Ecological Indicators, 17, 4. https://doi.org/10.1016/j.ecolind.2011.04.033
• Murshed, M. (2024). Is digitalization essential for abating carbon emission growth in South Asia? Heliyon, 10(20). https://doi.org/10.1016/j.heliyon.2024.e39012
• Murshed, M., Mahmood, H., Ahmad, P., Rehman, A., & Alam, M. S. (2022). Pathways to Argentina's 2050 carbon-neutrality agenda: the roles of renewable energy transition and trade globalization. Environmental Science and Pollution Research International, 29(20), 29949–29966. https://doi.org/10.1007/s11356-021-17903-7.
• Nasreen, S., Khan, F. I., & Nghiem, X. (2023). The effects of financial development and technological progress on environmental sustainability: novel evidence from Asian countries. Environmental Science and Pollution Research, 30(18), 53712. https://doi.org/10.1007/s11356-023-26139-6
• Nie, C., Ye, S., & Feng, Y. (2024). Digital economy, energy intensity and carbon emissions: new insights from the TIMG index. Applied Economics Letters, 31. https://doi.org/10.1080/13504851.2024.2337322
• Nik, V. M., Perera, A. T. D., & Chen, D. (2020). Towards climate resilient urban energy systems: A review. National Science Review, 8(3). https://doi.org/10.1093/nsr/nwaa134
• O’Brien, C. (2002). Global manufacturing and the sustainable economy. International Journal of Production Research, 40(15), 3867. https://doi.org/10.1080/00207540210157169
• Obobisa, E. S. & Ahakwa, I. (2024). Stimulating the adoption of green technology innovation, clean energy resources, green finance, and environmental taxes: The way to achieve net zero CO2 emissions in Europe?. Technological Forecasting and Social Change, 205, 123489. https://doi.org/10.1016/j.techfore.2024.123489
• OECD. (2008). Urbanisation. https://www.oecd-ilibrary.org/environment/oecd-environmental-outlook-to-2030/urbanisation_9789264040519-7-en
• Onwe, J. C., Bandyopadhyay, A., Hamid, I., Rej, S., & Hossain, E. (2023). Environment sustainability through energy transition and globalization in G7 countries: What role does environmental tax play?. Renewable Energy, 218, 119302, https://doi.org/10.1016/j.renene.2023.119302
• Özpolat A. (2022). How does internet use affect ecological footprint?: An empirical analysis for G7 countries. Environment, Development and Sustainability, 24(11), 12833–12849. https://doi.org/10.1007/s10668-021-01967-z
• Pesaran, M. H., (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics, 0435, Faculty of Economics, University of Cambridge.
• Pesaran, M. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Economics, 22, 265–312, https://doi.org/10.1002/jae.951
• Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142, 50–93.
• Pesaran, M. H., Ullah, A., & Yamagata, T. (2008). A bias-adjusted Lm test of error cross-section independence. The Econometrics Journal, 11, 105-127. https://doi.org/10.1111/j.1368-423X.2007.00227.x
• Pu, Z., Liu, J., & Yang, M. (2024). The effect of digital technology on residential and non-residential carbon emission. International Review of Economics & Finance, 95, 103495. https://doi.org/10.1016/j.iref.2024.103495
• Quadrelli, R., & Peterson, S. (2007). The energy–climate challenge: Recent trends in CO2 emissions from fuel combustion. Energy Policy, 35(11), 5938. https://doi.org/10.1016/j.enpol.2007.07.001
• Quttainah, M. A., & Ayadi, I. (2024). The impact of digital integration on corporate sustainability: Emissions reduction, environmental innovation, and resource efficiency in the European. Journal of Innovation & Knowledge, 9(3), 100525. https://doi.org/10.1016/j.jik.2024.100525
• Rafique, M. Z., Fareed, Z., Ferraz, D., Ikram, M., & Huang, S. (2022). Exploring the heterogenous impacts of environmental taxes on environmental footprints: An empirical assessment from developed economies. Energy, 238(A), 121753. https://doi.org/10.1016/j.energy.2021.121753
• Roberts, C., Reynolds, J., & Dolasinski, M. J. (2022). Meta-Analysis of Tourism Sustainability Research: 2019–2021. Sustainability, 14(6), 3303. https://doi.org/10.3390/su14063303
• Sadiq, M., Shinwari, R., Usman, M., Ozturk, I., Maghyereh, A. I. (2022). Linking nuclear energy, human development and carbon emission in BRICS region: Do external debt and financial globalization protect the environment?. Nuclear Engineering and Technology, 54(9), 3299-3309. https://doi.org/10.1016/j.net.2022.03.024
• Sahoo, M., & Sethi, N. (2021). The intermittent effects of renewable energy on ecological footprint: evidence from developing countries. Environmental Science and Pollution Research International, 28(40), 56401–56417. https://doi.org/10.1007/s11356-021-14600-3
• Saia, Artjom. (2023). Digitalization and CO2 emissions: Dynamics under R&D and technology innovation regimes. Technology in Society, 74. 102323. https://doi.org/10.1016/j.techsoc.2023.102323
• Salahuddin, M., Ali, M. I., Vink, N., & Gow, J. (2019). The effects of urbanization and globalization on CO2 emissions: evidence from the Sub-Saharan Africa (SSA) countries. Environmental Science and Pollution Research International, 26(3), 2699–2709. https://doi.org/10.1007/s11356-018-3790-4
• Saud, S., Chen, S., & Sumayya, A. H. (2020). The role of financial development and globalization in the environment: Accounting ecological footprint indicators for selected one-belt-one road initiative countries. Journal of Cleaner Production, 250, 119518. https://doi.org/10.1016/j.jclepro.2019.119518
• Shahbaz, M., Shahzad, S. J. H., Ahmad, N., & Alam, S. (2016). Financial development and environmental quality: The way forward. Energy Policy, 98, 353. https://doi.org/10.1016/j.enpol.2016.09.002
• Sheraz, M., Qin, Q., Mumtaz, M. Z., & Khan, M. H. (2024). Moving toward sustainable goals 7 and 13: An inclusive mechanism to achieve environmental sustainability through digitalization and energy transition in OECD countries. Journal of Environmental Management, 369, 122288. https://doi.org/10.1016/j.jenvman.2024.122288
• Shi, Z., Loh, L., Wu, H., & Han, D. (2024). Smarter and cleaner: How does energy digitalization affect carbon productivity?. Energy Strategy Reviews, 52, 101347. https://doi.org/10.1016/j.esr.2024.101347
• Sun, Y., & He, M. (2023). Does digital transformation promote green innovation? A micro-level perspective on the Solow Paradox. Frontiers in Environmental Science, 11. https://doi.org/10.3389/fenvs.2023.1134447
• Ullah, S., Adebayo, T. S., Irfan, M., & Abbas, S. (2023). Environmental quality and energy transition prospects for G-7 economies: The prominence of environment-related ICT innovations, financial and human development. Journal of Environmental Management, 342, 118120. https://doi.org/10.1016/j.jenvman.2023.118120
• Umar, M., & Safi, A. (2023). Do green finance and innovation matter for environmental protection? A case of OECD economies. In Energy Economics (Vol. 119, p. 106560). Elsevier BV. https://doi.org/10.1016/j.eneco.2023.106560
• Umar, M., Mirza, N., Umar, Z., & Sokolova, T. (2024). Green recovery in BRICS economies: The role of mineral resources, energy productivity, and green innovation in sustainable development. Resources Policy, 98, 105353. https://doi.org/10.1016/j.resourpol.2024.105353
• Usman, M., & Hammar, N. (2021). Dynamic relationship between technological innovations, financial development, renewable energy, and ecological footprint: fresh insights based on the STIRPAT model for Asia Pacific Economic Cooperation countries. Environmental Science and Pollution Research International, 28(12), 15519–15536. https://doi.org/10.1007/s11356-020-11640-z
• Wan, J., Li, X., Dai, H., Kusiak, A., Martínez-García, M., & Li, D. (2020). Artificial-intelligence-driven customized manufacturing factory: Key technologies, applications, and challenges. Proceedings of the IEEE, 109(4), 377. https://doi.org/10.1109/jproc.2020.3034808
• Waters, J. (2008). Sustainable Development. The International Encyclopedia of Communication. https://doi.org/10.1002/9781405186407.wbiecs122
• Wei, Y., Zhang, H., & Zhao, Z. (2024). Digitalization and pollution: Evidence from South Africa. China Economic Review, 102266. https://doi.org/10.1016/j.chieco.2024.102266
• Wen, L. (2022). Effects of digital economy on carbon emission reduction: New evidence from China. Energy Policy, 171. https://doi.org/10.1016/j.enpol.2022.113271
• Westerlund, J. (2007). Testing for error correction in panel data. Oxford Bulletin Economics Statistics, 69(6), 709–748.
• Wu, L., Wan, X., Jahanger, A., Li, M., Murshed, M., & Lorente, D. (2023). Does the digital economy reduce air pollution in China? A perspective from industrial agglomeration. Energy Reports, 9. https://doi.org/10.1016/j.egyr.2023.02.031
• Xie, J., Ahmed, Z., Zhang, P., Khan, S., & Alvarado, R. (2023). Financial expansion and CO2 mitigation in top twenty emitters: Investigating the direct and moderating effects of the digital economy. Gondwana Research, 125, 1. https://doi.org/10.1016/j.gr.2023.07.013
• Xie, P., & Jamaani, F. (2022). Does green innovation, energy productivity and environmental taxes limit carbon emissions in developed economies: Implications for sustainable development. Structural Change and Economic Dynamics, 63, 66-78. https://doi.org/10.1016/j.strueco.2022.09.002
• Xie, Q., Adebayo, T. S., Irfan, M., & Altuntaş, M., (2022). Race to environmental sustainability: Can renewable energy consumption and technological innovation sustain the strides for China?. Renewable Energy, 197, 320-330. https://doi.org/10.1016/j.renene.2022.07.138
• Yan, J., Zhao, R., & Qin, G. (2024). How does digital finance reduce carbon emissions intensity? Evidence from chain mediation effect of production technology innovation and green technology innovation. Heliyon, 10(9). https://doi.org/10.1016/j.heliyon.2024.e30155
• Yang, Rui & Chen, Bing & Wu, Jing. (2023). Does digital economy curb carbon intensity? New insights from China. Environmental Science and Pollution Research, 30. 1-12. https://doi.org/10.1007/s11356-023-30767-3
• Yin, W., Kirkulak-Uludag, B., & Zhang, S. (2018). Is financial development in China green? Evidence from city level data. Journal of Cleaner Production, 211, 247. https://doi.org/10.1016/j.jclepro.2018.11.106
• Yuan, D., & Yang, Y. (2023). The influence of digital development on China’s carbon emission efficiency: In the view of economic and environmental balance. Frontiers in Environmental Science, 11. https://doi.org/10.3389/fenvs.2023.1075890
• Yuxiang, K., & Chen, Z. (2010). Financial development and environmental performance: evidence from China. Environment and Development Economics, 16(1), 93. https://doi.org/10.1017/s1355770x10000422
• Zafar, M. W., Saud, S., & Hou, F. (2019). The impact of globalization and financial development on environmental quality: evidence from selected countries in the Organization for Economic Co-operation and Development (OECD). Environmental Science and Pollution Research International, 26(13), 13246–13262. https://doi.org/10.1007/s11356-019-04761-7
• Zhang, H., Chen, T., & Yu, Y. (2023). From finance to sustainability: Understanding the financial development-environment nexus with the environmental Kuznets curve in East-Asia and Pacific economies. Borsa Istanbul Review, 23(6), 1448-1457. https://doi.org/10.1016/j.bir.2023.10.003
• Zhang, X., Chen, Y. & Wang, T. (2024). Digital economy, co2 emissions and china's environmental sustainable development— An analysis based on TVP-VAR model. Economic Analysis and Policy, 84. https://doi.org/10.1016/j.eap.2024.11.009
• Zhang, X., Song, X., Lu, J., & Liu, F., (2022). How financial development and digital trade affect ecological sustainability: the role of renewable energy using an advanced panel in G-7 Countries. Renewable Energy, https://doi.org/10.1016/j.renene.2022.09.028.
• Zhao, D., Lin, J. C., & Bashir, M. A. (2024). Analyze the effect of energy efficiency, natural resources, and the digital economy on ecological footprint in OCED countries: The mediating role of renewable energy. Resources Policy, 95, 105198. https://doi.org/10.1016/j.resourpol.2024.105198.
• Zhu, Q., Xu, C., Wu, L., Fang, X., Pan, Y., & Zhou, D. (2025). Enhancing sustainability: Assessing the low-carbon impact of China’s digital economy on residential carbon emissions.