The relationship among economic growth, urbanization, financial development on ecological footprint: A comparative view across different regions of Asia

Abstract

Climate change is a global challenge that needs a deep understanding of the factors driving greenhouse gas emissions, particularly CO2. This study focuses on key factors that influence the ecological footprint (EF) in Asian countries: economic growth, financial development, urbanization, and industrialization. The study uses data from 28 countries from 2000 to 2022. By quantitatively assessing their impact through the FGLS (Feasible Generalized Least Squares) we find that EF is significantly influenced by economic growth, urbanization, and industrialization, in increasing order of impact. These findings highlight the critical role of policies in managing and steering economic activities toward sustainability.