Through an in-depth evaluation of the potential effectiveness of intellectual property protection on environmental technologies, the aim of the present research is to investigate the effect of patents on environmental innovation, energy use, GDP, and trade openness on environmental deregulation in Spain using nonlinear ARDL techniques. Specifically, the study findings indicate that patents on environmental technologies enhance environ-mental sustainability in Spain, as evidenced by the novel results from the nonlinear ARDL. Secondly, our study reveals that Spain’s growing economy degrades the quality of the environment. Based on the findings of the study, positive changes in trade openness could have positive effects on Spain’s environmental sustainability, suggesting that better productivity, more international trade, and increased economic openness could facilitate an improvement in Spain’s environmental impact. Lastly, this study provides evidence demonstrating that Spain’s environmental quality could suffer due to excessive energy consumption. In the light of this study’s policy recommendations, the policymakers and the Spanish government should encourage collaboration between private and public partnerships on environmental technologies to address global climate change or regional pollution. It is necessary for research and development to contribute to the development of technological progress in the Spanish energy sector; however, promoting patenting should be prioritized. By expanding patent protection, eco-friendly technologies that can combat carbon emissions can be developed swiftly in Spain, which will enable life to be more sustainable by lowering the use of energy and resources. A strong patent protection sys-tem will foster environmentally-friendly technologies and economic development while reducing CO2 emissions in Spain.

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Risks associated with climate change can have an injurious impact on the economy as well as the financial system as a whole. There is a possibility that certain risks, such as losses to financial intermediaries and disruptions in the functioning of financial markets, can aggravate vulnerabilities in the financial system under certain conditions, including sudden increases in the prices of large asset classes. Using the dataset for Norway between 1995 and 2018, this study investigates how financial stability affects environmental degradation in Norway while controlling openness in trade, ecological clean energy, and economic growth. Findings from the results demonstrate that (i) financial stability causes a reduction in environmental degradation; (ii) growth causes carbon emissions to climb significantly; and (iii) renewable energy has been favorable for emissions in Norway. Lastly, surprisingly, trade openness causes a decline in carbon emissions. The study recommends that since financial stability in Norway reduces environmental degradation by incorporating climate-related risks into the financial stability monitoring framework, it can contribute to lowering carbon emissions to a greater extent. Norway’s policymakers should conduct detailed analyses of the role of global emissions in long-term petroleum policy and the economic viability of selected climate policy scenarios before implementing such a policy. Moreover, policymakers should be updated on the financial system’s vulnerabilities, considering climate-related shocks are likely to affect all financial systems. In addition, policymakers should encourage the use of sustainable energy to raise the availability of reliable, affordable, and sustainable energy to everyone.

For Western European countries, many macroeconomic factors that have influenced environmental quality in several studies have been investigated. In this region, no empirical inquiry has explored the relationship between green technologies, renewable electricity, financial development, economic expansion, and eco-quality. To fill this gap, this inquiry is conducted to estimate the role of green technology innovation and green electricity on ecological balance in Western European countries. This study investigates how carbon dioxide emissions (CO 2 E) may be influenced by its determinants (economic expansion, renewable energy, environmentally friendly technology) through some robust econometric techniques (second-generation panel unit root, Westerlund cointegration, FMOLS, and DOLS). Empirical findings confirm that renewable electricity and environmentally friendly technological innovations reduce CO 2 E. However, the economic upsurge is positively correlated with CO 2 E, suggesting that expanding the market has a deterioration effect on environmental quality. Policymakers in this region should allocate more resources to renewable electricity generation capacities and green technologies in order to minimize environmental damage. Further, the promotion of green and low-carbon energy development will contribute to a new form of global environmental governance.