Yeşil İnovasyon ve Dijitalleşmenin Ekonomik Büyümeye Katkısı Nedir: Jeopolitik Riskler ve İklim Politika Belirsizliği Rolünün Analizi

Abstract

Bu araştırma 2002-2021 döneminde Brezilya, Rusya, Hindistan, Çin ve Güney Afrika ile Türkiye (BRICS+T) için yeşil inovasyon ve dijitalleşmenin ekonomik büyüme üzerindeki etkilerini ele almıştır. Bu çerçevede jeopolitik riskler ve iklim politika belirsizliğinin rolünü analiz etmiştir. Araştırmada değişkenler arasındaki ilişki Havuzlanmış Bewley (CPS-BP), Dinamik En Küçük Kareler Ortalama Grup (DOLS-MG), Tamamen Değiştirilmiş En Küçük Kareler (FMOLS), Kanonik Eşbütünleşik Regresyon (CCR) ile Dinamik En Küçük Kareler (DOLS) tahmincileri kullanılarak tahmin edilmiştir. Sonuçlarımız yeşil inovasyonun, dijitalleşmenin, bilgi teknolojilerinin, altyapı yatırımlarının, doğumda beklenen yaşam süresi ve ABD kaynaklı iklim politika belirsizliklerinin ekonomik büyümeyi olumlu etkilediğini göstermiştir. Artan jeopolitik riskler BRICS+T ülkelerinde büyümeyi engellemiştir.

Keywords

• yeşil inovasyon
• ekonomik büyüme
• jeopolitik riskler
• alt yapı yatırımları
• iklim politika belirsizliği

What is the Contribution of Green Innovation and Digitalization to Economic Growth: Analyzing the Role of Geopolitical Risks and Climate Policy Uncertainty

Abstract

This research examines the impact of green innovation and digitalization on economic growth in Brazil, Russia, India, China, South Africa, and Türkiye (BRICS+T) during the period 2002-2021. Within this framework, it analyzes the role of geopolitical risks and climate policy uncertainty. The relationships between variables were estimated using Pooled Bewley (CPS-BP), Dynamic Least Squares Mean Group (DOLS-MG), Fully Modified Least Squares (FMOLS), Canonical Cointegrated Regression (CCR), and Dynamic Least Squares (DOLS) estimators. Our results show that green innovation, digitalization, information technologies, infrastructure investments, life expectancy at birth, and US-originated climate policy uncertainties positively impacted economic growth. Increased geopolitical risks hindered growth in BRICS+T countries.

Keywords

• green innovation
• economic growth
• geopolitical risks
• infrastructure investments
• climate policy uncertainty.

References

1. Acemoglu, D., & Restrepo, P. (2018). The race between man and machine: Implications of technology for growth, factor shares, and employment. American Economic Review, 108(6), 1488–1542.
2. Aghion, P., Akcigit, U., Bergeaud, A., Blundell, R., & Hemous, D. (2019.). Innovation and top income inequality. Review of Economic Studies, 86(1), 1–45.
3. Alsebai, M. (2025). The relationship between the digital economy and economic growth in Egypt: In a post-COVID-19 world. African Journal of Economic and Management Studies, 16(4), 583–613. https://doi.org/10.1108/AJEMS-02-2024-0100
4. Anser, M., Apergis, N., & Syed , Q. (2021). Impact of economic policy uncertainty on CO2 emissions: Evidence from top ten carbon emitter countries. Environmental Science and Pollution Research, 28, 29369–29378. https://doi.org/10.1007/s11356-021-12782-4
5. Ai, H., Wang, M., Zhang, Y., & Zhu, T. (2022). How does air pollution affect urban innovation capability? Evidence from 281 cities in China. Structural Change and Economic Dynamics, 61, 166–178. https://doi.org/10.1016/j.strueco.2022.02.012
6. Alqahtani, A., Bouri, E., & Vo, X. (2020). Predictability of GCC stock returns: The role of geopolitical risk and crude oil returns. Economic Analysis and Policy, 68, 239–249. https://doi.org/10.1016/j.eap.2020.09.017
7. Asnani, P., Chudik, A., & Strackman, B. (2025). xtpb: The pooled Bewley estimator of long-run relationships in dynamic heterogeneous panels. The Stata Journal, 25(1), 136–150. https://doi.org/10.1177/1536867X251322965 Bartel, A., Ichniowski, C., & Shaw, K. (2007). How does information technology affect productivity? Plantlevel comparisons of product innovation, process improvement, and worker skills. The Quarterly Journal of Economics, 122(4), 1721–1758.
8. Banelienė, R., Strazdas, R., González-Tejero, C., & Gavrila, S. (2023). Green innovation for competitiveness: impact on GDP growth in the European Union. Contemporary Economics, 17(1), 92–108. https://doi.org/10.5709/ce.1897-9254.501

9. Bertschek, I., Cerquera, D., & Klein, G. (2013). More bits-more bucks? Measuring the impact of broadband internet on firm Performance. Information Economics and Policy, 25, 190–203. https://doi.org/10.1016/j.infoecopol.2012.11.002
10. Blampied, N. (2021). Economic growth, environmental constraints and convergence: The declining growth premium for developing economies. Ecological Economics, 181, 106919. https://doi.org/10.1016/j.ecolecon.2020.106919 Borghesi, S., Cainelli, G., & Mazzanti, M. (2015). Linking emission trading to environmental innovation: evidence from the Italian manufacturing industry. Research Policy, 44(3), 669–683. http://dx.doi.org/10.1016/j.respol.2014.10.014
11. Bouattour, A., Gharbi, S., Kalai, M., & Helali, K. (2025). Relationships between green technological innovation, renewable energy, circular economy, and green growth. Journal of Innovation & Knowledge, 10(4), 100748. https://doi.org/10.1016/j.jik.2025.100748
12. Bousnina, R., Lajnaf, R., Mnif, S., & Gabsi, F. B. (2025). Economic growth, technological innovation and CO₂ emissions in developed countries: Is there an inverted U-shaped relationship? Management of Environmental Quality, 36(8), 2106–2126. https://doi.org/10.1108/MEQ-12-2024-0555
13. Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. Review of Economic Studies, 47(1), 239–253. https://doi.org/10.2307/2297111
14. Bronzini, R., & Piselli, P. (2009). Determinants of long-run regional productivity with geographical spillovers: The role of R&D, human capital and public infrastructure. Regional Science and Urban Economics, 39(2), 187–199. https://doi.org/10.1016/j.regsciurbeco.2008.07.002
15. Caldara, D., & Iacoviello, M. (2022). Measuring geopolitical risk. American Economic Review, 112(4), 1194–1235.
16. Chen, Y. S. (2008). The Driver of Green Innovation and Green Image: Green Core Competence. Journal of Business Ethics, 81(3), 531–543. https://doi.org/10.1007/s10551-007-9522-1
17. Chen, K., Zhao, S., Jiang, G., He, Y., & Li , H. (2025). The green innovation effect of the digital Economy. International Review of Economics and Finance, 99, 2–14. https://doi.org/10.1016/j.iref.2025.103970
18. Chen, Z., & Xing, R. (2025). Digital economy, green innovation and high-quality economic development. International Review of Economics and Finance, 99, 2–16. https://doi.org/10.1016/j.iref.2025.104029
19. Chu, L., Doğan, B., Abakah, E., Ghosh, S., & Albeni, M. (2023). Impact of economic policy uncertainty, geopolitical risk, and economic complexity on carbon emissions and ecological footprint: an investigation of the E7 countries. Environmental Science and Pollution Research, 30, 34406–34427. https://doi.org/10.1007/s11356-022-24682-2
20. Chudik, A., Pesaran, M., & Smith, R. (2026). Pooled Bewley Estimator of Long Run Relationships in Dynamic Heterogenous Panels. Econometrics and Statistics, 37, 1–25. https://doi.org/10.1016/j.ecosta.2023.11.001
21. Chang, C. (2011). The influence of corporate environmental ethics on competitive advantage, the mediation role of green innovation. Journal of Business Ethics, 104(3), 361–370. https://doi.org/10.1007/s10551-011-0914-x
22. Chen, Y.S, Lai, S.B, & Wen, C.T. (2006). The influence of green innovation performance on corporate advantage in Taiwan. Journal of Business Ethics, 67(4), 331–339. https://doi.org/10.1007/s10551-006-9025-5
23. Chen, W., Zhu, C., Cheung, Q., Wu, S., Zhang, J., & Cao, J. (2024). How does digitization enable green innovation? Evidence from Chinese listed companies. Business Strategy and the Environment, 33, 3832–3854. https://doi.org/10.1002/bse.3672
24. Choi, I. (2001). Unit root tests for panel data. Journal of International Money and Finance, 20(2), 249–272. https://doi.org/10.1016/S0261-5606(00)00048-6
25. Correa, E., & Esquivias, M. A. (2025). The impact of digitalization, education, and institutional quality on economic growth: A comparative analysis between Sub-Saharan Africa and Middle East countries. Social Sciences & Humanities Open, 11, 2–13. https://doi.org/10.1016/j.ssaho.2025.101423
26. Dedrick, J., Kraemer, K., & Shih, E. (2013). Information technology and productivity in developed and developing countries. Journal of Management Information Systems, 30(1), 97–122. https://doi.org/10.2753/MIS0742-1222300103
27. Dong, W., Li, Y., Lv, X., & Yu, C. (2021). How does venture capital spur the innovation of environmentally friendly firms? Evidence from China. Energy Economics, 103, 2–11. https://doi.org/10.1016/j.eneco.2021.105582
28. Dumitrescu, E.-I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450–1460. https://doi.org/10.1016/j.econmod.2012.02.014
29. Feng, S., Zhang, R., & Li, G. (2022). Environmental decentralization, digital finance and green technology innovation. Structural Change and Economic Dynamics, 61, 70–83. https://doi.org/10.1016/j.strueco.2022.02.008
30. Fernandes, C., Veiga, P., Ferreira, J., & M.H. (2021). Green growth versus economic growth: Do Sustainable technology transfer and innovations lead to an imperfect choice? Business Strategy and the Environment, 30, 2021–2037. https://doi.org/10.1002/bse.2730
31. Gavriilidis, K. (2021). Measuring Climate Policy Uncertainty. Available at SSRN 3847388.
32. Gharbi, S., Zarrad, O., Kalai, M., & Helal, K. (2025). Examining the symmetric and the asymmetric impacts of green innovation and Digitalization on the European Union’s green economic growth. Discover Sustainability, 6(929), 2–46. https://doi.org/10.1007/s43621-025-01531-z
33. Gu, Q., Li, S., Tian, S., & Wang, Y. (2023). Climate, geopolitical, and energy market risk interconnectedness: Evidence from a new climate risk index. Finance Research Letters, 58, 2–11. https://doi.org/10.1016/j.frl.2023.104392
34. Han, D., Zhu, Y., Diao, Y., Liu, M., & Shi, Z. (2024). The impact of new digital infrastructure construction on substantive green innovation. Managerial and Decision Economics, 45(6), 4072–4083. https://doi.org/10.1002/mde.4236
35. Haseeb, M., Usman, M., & Fan, F. (2025). Understanding financial stability through the lens of geopolitical risk in China: The influence of policy uncertainty on climate change. Finance Research Letters, 85, 2–12. https://doi.org/10.1016/j.frl.2025.107944
36. Hashmi, S., Rong, L., Balsalobre-Lorente, D., & Syed, Q. (2025). Climate policy uncertainty and greenhouse gas emissions in G7 countries: Policy recommendations for environmental Sustainability. Gondwana Research, 143, 214–225. https://doi.org/10.1016/j.gr.2025.03.007
37. He, F., Hao, J., & Lucey, B. (2024). Effects of climate risk on corporate green innovation cycles. Journal Technological Forecasting & Social Change, 205, 123447. https://doi.org/10.1016/j.techfore.2024.123447
38. Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53–74. https://doi.org/10.1016/S0304-4076(03)00092-7
39. Irfan, M., Razzaq, A., Sharif, A., & Yang, X. (2022). Influence mechanism between green finance and green innovation: exploring regional policy intervention effects in China. Technological Forecasting and Social Change, 182, 2–12. https://doi.org/10.1016/j.techfore.2022.121882
40. İzgi, Ç. (2023). İmalat sanayi, enerji kullanımı ve çevre kirliliği arasındaki bağlantı Türkiye'de bir iinceleme. Ahi Evran Akademi, 4(2), 35–46.
41. Jaffe, A., & Palmer, K. (1997). Environmental regulation and innovation: A panel data study. The Review of Economics and Statistics, 79(4), 610–619. Jafri, M., Liu, H., Majeed, M., Ahmad, W., Ullah, S., & Xue, R. (2021). Physical infrastructure, energy consumption, economic growth, and environmental pollution in Pakistan: An asymmetry analysis. Environmental Science and Pollution Research, 28(13), 16129-16139. https://doi.org/10.1007/s11356-020-11787-9
42. Jin, Y., Wang, H., Wang, Y., Fry, J., & Lenzen, M. (2021). Material footprints of Chinese megacities. Resources, Conservation and Recycling, 174, 2–14. https://doi.org/10.1016/j.resconrec.2021.105758
43. Jin, Y., Zhao, H., Bu, l., & Zhang, D. (2023). Geopolitical risk, climate risk and energy markets: a dynamic spillover analysis. International Review of Financial Analysis, 87, 2–24. https://doi.org/10.1016/j.irfa.2023.102597
44. Kao, C. (1999). Spurious regression and residual-based tests for cointegration in panel data. Journal of Econometrics, 90(1), 1–44. https://doi.org/10.1016/S0304-4076(98)00023-2
45. Keller, W. (2004). International technology diffusion. Journal of Economic Literature, 42(3), 752–782.
46. Kemp, R., & Oltra, V. (2011). Research insights and challenges on eco-innovation dynamics. Industry and Innovation, 18(3), 249–253. https://doi.org/10.1080/13662716.2011.562399
47. Khan, A., Khan, T., & Ahmad, M. (2025). The role of technological innovation in sustainable growth: Exploring the economic impact of green innovation and renewable energy. Environmental Challenges, 18, 2–10. https://doi.org/10.1016/j.envc.2025.101109
48. Kong, T., Sun, R., Sun, G., & Song, Y. (2022). Effects of digital finance on green innovation considering information asymmetry: An empirical study based on Chinese listed firms. Emerging Markets Finance and Trade, 58(15), 4399–4411. https://doi.org/10.1080/1540496X.2022.2083953
49. Levin, A., Lin, C.-F., & Chu, C.-S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1–24. https://doi.org/10.1016/S0304-4076(01)00098-7
50. Lee, J., & Brahmasrene, T. (2014). ICT, CO2 Emissions and Economic Growth: Evidence from a Panel of ASEAN. Global Economic Review, 43(2), 93–109. https://doi.org/10.1080/1226508X.2014.917803
51. Liu, L., Shahrour, M., Wojewodzki, M., & Rohani, A. (2025). Decoding energy market turbulence: A TVP-VAR connectedness analysis of climate policy uncertainty and geopolitical risk shocks. Technological Forecasting & Social Change, 210, 2–13. https://doi.org/10.1016/j.techfore.2024.123863
52. Liu, D., Xu, C., Yu, Y., Rong, K., & Zhang, J. (2020). Economic growth target, distortion of public expenditure and business cycle in China. China Economic Review, 63, 2-20. https://doi.org/10.1016/j.chieco.2019.101373
53. Liu, K., Xue, Y., Chen, Z., & Miao, Y. (2023). The spatiotemporal evolution and influencing factors of urban green innovation in China. Science of the Total Environment, 857, 2–10. https://doi.org/10.1016/j.scitotenv.2022.159426
54. Liu, X., Liu, F., & Ren, X. (2023). Firms’ digitalization in manufacturing and the structure and direction of green innovation. Journal of Environmental Management, 335, 2–9. https://doi.org/10.1016/j.jenvman.2023.117525
55. Li, H., Ali, M., Ayub, B., & Ullah, I. (2024). Analysing the impact of geopolitical risk and economic Policy uncertainty on the environmental sustainability: evidence from BRICS countries. Environmental Science and Pollution Research, 31, 46148–46162. https://doi.org/10.1007/s11356-023-26553-w
56. Lyu, X., Shi, A., & Wang, X. (2020). Research on the impact of carbon emission Trading system on low-carbon technology innovation. Carbon Manag, 11(2), 183–193. https://doi.org/10.1080/17583004.2020.1721977
57. Maddala, G. S., & Wu, S. (1999). A comparative study of unit root tests with panel data and a new simple test. Oxford Bulletin of Economics and Statistics, 61(S1), 631–652. https://doi.org/10.1111/1468-0084.0610s1631
58. Maruf, A., & Masih, M. (2019). Is the relationship between infrastructure and economic growth symmetric or asymmetric?. Evidence from Indonesia based on linear and non-linear ARDL. MPRA Paper No. 94663. https://mpra.ub.uni-muenchen.de/94663/
59. Meng, J., Zhu, Y., & Han, Y. (2023). Can ‘new’ infrastructure become an engine of growth for the Chinese economy?. Journal of Chinese Economic and Business Studies, 21(3), 341–362. https://doi.org/10.1080/14765284.2022.2036571
60. Mercure, J., & Lam, A. (2015). The effectiveness of policy on consumer choices for private road passenger transport emissions reductions in six major economies. Environmental Research Letters, 10(6), 1–13. https://doi.org/10.1088/1748-9326/10/6/064008
61. Meirun, T., Mihardjo, L., Haseeb, M., Khan, S., & Jermsittiparsert, K. (2021). The dynamics effect of green technology innovation on economic growth and CO2 emission in Singapore: new evidence from bootstrap ARDL approach. Environmental Science and Pollution Research, 28(4), 4184–4194. https://doi.org/10.1007/s11356-020-10760-w
62. Nan, S., Wang, Z., Wang, J., & Wu, J. (2022). Investigating the role of green innovation in economic growth and carbon emissions nexus for China: New evidence based on the PSTR model. Sustainability, 14(24), 2–9. https://doi.org/10.3390/su142416369
63. Neffati, M. (2025). Economic growth in the digital era: Limits and benefits of globalization and digital transformation in KSA. Sustainability, 17(9), 2–22. https://doi.org/10.3390/su17093893
64. Ninga, J., Jianga, X., & Luo, J. (2023). Relationship between enterprise digitalization and green innovation: A mediated moderation model. Journal of Innovation & Knowledge, 8(1), 2–11. https://doi.org/10.1016/j.jik.2023.100326
65. OECD. (2025). OECD Data Explorer.Technology and R&D Statistics. https://stats.oecd.org/
66. Olawale, A. (2024). The effect of infrastructure development on economic growth in the United States of America. In International Conference on Science, Innovations and Global Solutions (452-464). Futurity Research Publishing. https://futurity-publishing.com/international-conference-on-science-innovations-and-global-solutions-archive
67. Park, J. Y. (1992). Canonical cointegrating regressions. Econometrica, 60(1), 119–143. https://doi.org/10.2307/2951679
68. Pagan, A. (1980). Some identification and estimation results for regression models with stochastically varying coefficients. Journal of Econometrics, 13(3), 341–363. https://doi.org/10.1016/0304-4076(80)90084-6
69. Pedroni, P. (1999). Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics, 61(1), 653–670.
70. Pedroni, P. (2001). Purchasing power parity tests in cointegrated panels. Review of Economics and Statistics, 83(4), 727–731. https://www.jstor.org/stable/3533533?seq=1
71. Pedroni, P. (2004). Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric Theory, 20(3), 597–625. https://doi.org/10.1017/S0266466604203073
72. Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265–312. https://doi.org/10.1002/jae.951
73. Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50–93. https://doi.org/10.1016/j.jeconom.2007.05.010
74. Pesaran, M. H., Ullah, A., & Yamagata, T. (2008). A bias-adjusted LM test of error cross-section independence. The econometrics journal, 11(1), 105–127. https://doi.org/10.1111/j.1368-423X.2007.00227.x
75. Phillips, P. C. B., & Hansen, B. E. (1990). Statistical inference in instrumental variables regression with I (1) processes. Review of Economic Studies, 57(1), 99–125. https://doi.org/10.2307/2297545
76. Popp, D. (2006). International innovation and diffusion of air pollution control technologies: the effects of NOx and SO2 regulation in the US, Japan, and Germany. Journal of Environmental Economics and Management, 51(1), 46–71. https://doi.org/10.1016/j.jeem.2005.04.006
77. Qiang, P., Liu, S., Fung, H., & Wang, C. (2024). Corporate green innovation in a digital Economy. International Review of Economics and Finance, 92, 870–883. https://doi.org/10.1016/j.iref.2024.02.073
78. Razzaq, A., Sharif, A., Ozturk, I., & Skare, M. (2022). Inclusive infrastructure development, green innovation, and sustainable resource management: Evidence from China’s trade-adjusted material footprints. Resources Policy, 79, 2–12. https://doi.org/10.1016/j.resourpol.2022.103076
79. Rennings, K., & Rexhauser, S. (2011). Long-term impacts of environmental policy and eco-innovative activities of firms, international journal of technology. Policy and Management, 11(3/4), 274–290.
80. Rennings, K. (2000). Redefining innovation-eco-innovation research and the contribution from ecological economics. Ecological Economics, 32(2), 319–333.
81. Roh, T., Lee, K., & Yang, J. (2021). How do intellectual property rights and government support drive a firm’s green innovation? The mediating role of open innovation. Journal of Cleaner Production, 317, 2–13. https://doi.org/10.1016/j.jclepro.2021.128422
82. Saia, A. (2023). Digitalization and CO2 emissions: Dynamics under R&D and technology innovation regimes. Technology in Society, 74, 2–14. https://doi.org/10.1016/j.techsoc.2023.102323
83. Shao, B., & Lin, W. (2016). Assessing output performance of information technology service industries: Productivity, innovation and catch-up. International Journal of Production Economics, 172, 43–53. https://doi.org/10.1016/j.ijpe.2015.10.026
84. Shahbaz, M., Nasir, M., & Roubaud, D. (2018). Environmental degradation in France: the effects of FDI, financial development, and energy innovations. Energy Economics, 74, 843–857. https://doi.org/10.1016/j.eneco.2018.07.020
85. Shahbaz, M., Haouas, I., Sohag, K., & Ozturk, I. (2020). The financial development-environmental degradation nexus in the United Arab Emirates: the importance of growth, globalization and structural breaks. Environmental Science and Pollution Research, 27, 10685–10699. https://doi.org/10.1007/s11356-019-07085-8
86. Sharif, A., Kocak, S., Khan, H., Uzuner, G., & Tiwari, S. (2023). Demystifying the links between green technology innovation, economic growth, and environmental tax in ASEAN-6 countries: The dynamic role of green energy and green investment. Gondwana Research, 115, 98–106. https://doi.org/10.1016/j.gr.2022.11.010
87. Shen, F., Liu, B., Luo , F., Wu, C., Chen, H., & Wei, W. (2021). The effect of economic growth target constraints on green technology innovation. Journal of Environmental Management, 292, 2–10. https://doi.org/10.1016/j.jenvman.2021.112765
88. Sun, P., Yuan, C., Li, X., & Di, J. (2024). Big data analytics, firm risk and corporate policies: Evidence from China. Research in International Business and Finance, 70, 2–27. https://doi.org/10.1016/j.ribaf.2024.102371
89. Suhendra, I., Istikomah, N., Anwar, C. J., Supriadi, A., Wakhid, A. A., Purwanda, E., & Salim, A. (2025). Influence of the digital economy on economic growth: Empirical study of a region in Indonesia. Cogent Economics & Finance, 13(1), 2–15. https://doi.org/10.1080/23322039.2025.2457477
90. Stock, J. H., & Watson, M. W. (1993). A simple estimator of cointegrating vectors in higher order integrated systems. Econometrica, 61(4), 783–820. https://doi.org/10.2307/2951763
91. Swamy, P. A. V. B. (1970). Efficient inference in a random coefficient regression model. Econometrica, 38(2), 311–323. https://doi.org/10.2307/1913012
92. Tacker, S., Adshead, D., & Fay, M. (2019). Infrastructure for sustainable development. Nature Sustainability, 2(4), 324–331.
93. Tang, M., Walsh, G., Lerner, D., Fitza, M., & Qiaohua, L. (2018). Green innovation, managerial concern and firm performance: An empirical study. Business Strategy and the Environment, 27, 39–51. https://doi.org/10.1002/bse.1981
94. Tang, J., & Zhao, X. (2023). Does the new digital infrastructure improve total factor productivity? Bulletin of Economic Research, 75(4), 895–916. https://doi.org/10.1111/boer.12388
95. Thakkar, N., & Ayub, K. (2022). Geopolitical risk and globalization. Journal of Applied Business and Economics, 24(3), 140–150.
96. Umar, M., Ji, X., Kirikkaleli, D., & Xu, Q. (2020). COP21 Roadmap: Do innovation, financial development, and transportation infrastructure matter for environmental sustainability in China? Journal of Environmental Management, 271, 2–10. https://doi.org/10.1016/j.jenvman.2020.111026
97. Van Trung, H., Fei, F., Mohanty, P. P., & Usman, M. (2025). Green innovations and its dual impact on economic growth and environmental sustainability: Evidence from Vietnam. Journal of Environmental Management, 395, 2–20. https://doi.org/10.1016/j.jenvman.2025.127751
98. Qiang, W., Chen, Z., & Rongrong, L. (2024). Impact of different geopolitical factors on the energy transition: The role of geopolitical threats, geopolitical acts, and geopolitical risks. Journal of Environmental Management, 352, 2–16. https://doi.org/10.1016/j.jenvman.2023.119962
99. Qiang , P., Liu , S., Fung , H., & Wang , C. (2024). Corporate green innovation in a digital Economy. International Review of Economics and Finance, 92, 870–883. https://doi.org/10.1016/j.iref.2024.02.073
100. Wani, M. J. G., Loganathan, N., & Esmail, H. A. H. (2024). Impact of green technology and energy on green economic growth: Role of FDI and globalization in G7 economies. Future Business Journal, 10(1), 2–13. https://doi.org/10.1186/s43093-024-00329-1
101. Wang, L., Wang, H., Dong, Z., Wang, S., & Cao, Z. (2021). The air pollution effect of government economic growth expectations: evidence from China’s cities based on green technology. Environmental Science and Pollution Research, 28, 27639–27654. https://doi.org/10.1007/s11356-021-12536-2
102. Wang, Q., Ren, F., & Li, R. (2024). Does geopolitical risk impact sustainable development?. A perspective on linkage between geopolitical risk and Sustainable development research. Journal of Cleaner Production, 451, 2–23. https://doi.org/10.1016/j.jclepro.2024.141980
103. Wang, F. (2023). The intermediary and threshold effect of green innovation in the impact of environmental regulation on economic growth: Evidence from China. Ecological Indicators, 153, 2–13. https://doi.org/10.1016/j.ecolind.2023.110371
104. Wang, Y., Wu, Y., & Xu, W. (2024). Geopolitical risk and investment. Journal of Money, Credit and Banking, 56(8), 2023–2059. https://doi.org/10.1111/jmcb.13110
105. Westerlund, J., & Edgerton, D. L. (2008). A simple test for cointegration in dependent panels with structural breaks. Oxford Bulletin of Economics and Statistics, 70(5), 665–704. https://doi.org/10.1111/j.1468-0084.2008.00513.x
106. World Bank. (2025). World Development Indicators. https://data.worldbank.org/
107. Wu, L., Zhu, C., & Wang, G. (2024). The impact of green innovation resilience on energy efficiency:A perspective based on the development of the digital Economy. Journal of Environmental Management, 355, 2–12. https://doi.org/10.1016/j.jenvman.2024.120424
108. Xu, Q., Li, X., Dong, Y., & Guo, F. (2025). Digitization and green innovation: how does digitization affect enterprises’ green technology innovation?. Journal of Environmental Planning and Management, 68(6), 1282–1311. https://doi.org/10.1080/09640568.2023.2285729
109. Yan, Z., Yi, L., Du, K., & Yang, Z. (2017). Impacts of low-carbon innovation and its heterogeneous components on CO2 emissions. Sustainability, 9(4), 2–14. https://doi.org/10.3390/su9040548
110. Yang, W., Chen, Q., Guo, Q., & Huang, X. (2022). Towards sustainable development: How digitalization, technological innovation, and green economic development interact with each other. International Journal of Environmental Research and Public Health, 19(19), 12273. https://doi.org/10.3390/ijerph191912273 Yu, H., Wang, J., Hou, J., Yu, B., & Pan, Y. (2023). The effect of economic growth pressure on green technology innovation: Do environmental regulation, government support, and financial development matter? Journal of Environmental Management, 330, 2–13. https://doi.org/10.1016/j.jenvman.2022.117172
111. Yang, K., Wei, Y., Li, S., & He, J. (2021). Geopolitical risk and renewable energy stock markets: An insight from multiscale dynamic risk spillover. Journal of Cleaner Production, 279, 2–17. https://doi.org/10.1016/j.jclepro.2020.123429
112. Yuen, T., & Yuen, W. (2024). Public investment on renewable energy R&D Projects: The role of geopolitical risk, and economic and political uncertainties. Energy Economics, 138, 2–9. https://doi.org/10.1016/j.eneco.2024.107837
113. Zhang, J., Zhao, W., Cheng, B., Li, A., Wang, Y., Yang, N., & Tian, Y. (2022). The impact of digital economy on the economic growth and the development strategies in the post-COVID-19 era: Evidence from countries along the Belt and Road. Frontiers in Public Health, 10, 1–17. https://doi.org/10.3389/fpubh.2022.856142
114. Zhang, F., Yao, S., & Wang, F. (2023). The role of high-speed rail on green total factor productivity: Evidence from Chinese cities. Environmental Science and Pollution Research, 30, 15044–15058. https://doi.org/10.1007/s11356-022-23214-2
115. Zuoxiang, Z., Giray, G., Marco, C., Mantu, K., Gupteswar, P., & Rabeh, K. (2023). The impact of geopolitical risks on renewable energy demand in OECD countries. Energy Economics, 122, 2–8. https://doi.org/10.1016/j.eneco.2023.106700
116. Zhang, F., Wang, F., & Yao, S. (2024). Does government-driven infrastructure boost green innovation? Evidence of new infrastructure plan in China. Journal of Asian Economics, 95, 2–13. https://doi.org/10.1016/j.asieco.2024.101828
117. Zhao, X., & Qian, Y. (2024). Does digital technology promote green innovation performance? Journal of the Knowledge Economy, 15, 7568–7587. https://doi.org/10.1007/s13132-023-01410-w