From Growth to Green Transition: Governance, Energy, and Innovation in Achieving Sustainable Development in E7 Nations

The growing dependency on fossil fuels adds to the ongoing intensification of environmental degradation, and poses a threat to achieving the Sustainable Development Goals (SDGs). The concern regarding this matter is particularly pronounced within E7 economies (China, India, Brazil, Russia, Indonesia, Mexico, and Turkey), where the escalating strain on ecological conditions is attributable to the swift pace of industrialization and resource consumption. This study will investigate the manner in which ecological footprints in the E7 nations from 2000 to 2021 have the influence of the exhaustion of natural resources, advancements in technology, the caliber of governance, environmental regulatory frameworks, economic expansion, as well as the use of sources of renewable energy (RE). The empirical findings are substantiated by second‐generation econometric methodologies that account for cross‐sectional reliance as well as non‐stationarity, thereby demonstrating the existence of a long‐run equilibrium relationship among these variables. The results suggest that advancements in technology, governance quality, regulations related to our environment, and renewable energy initiatives are critical factors that can significantly mitigate ecological footprints, thereby affirming their constructive role in enhancing sustainability. It is noteworthy that there should be implementation of stringent policies related to the environment, and it is posited as the most effective approach for mitigating ecological degradation. These results point to the importance of increased policy implementation, more investment in RE as well as innovation, and sustainable resource management to make E7 economies follow the global sustainability corridors and SDG targets.