Green Energy and Technological Innovation Towards A Low-Carbon Economy in Bangladesh

Abstract

This study aims to investigate the influences of green energy, technological innovation, economic growth, urbanization, and labor force, on the low-carbon economy in Bangladesh. Bangladesh was chosen for this study as the country in the sixth most vulnerable nation, and the results of climate change on the country's ecology and economy have been devastating. By using yearly data extending from 1990 to 2020, this research employed the autoregressive distributed lag (ARDL) technique to explore the connections between explained and explanatory factors across both the short and long term. The ARDL bounds test decisions pointed to a long-term connection between the variables. The empirical results revealed that a 1% increase in economic growth, urbanization, and labor force would lead to 1.09%, 1.14%, and 0.19% increase in carbon economy in the long run while 1.67%, 1.50%, and 0.29% increase in the short run, respectively. However, the findings indicated that a 1% boost in green energy utilization and technology innovation would result in a 0.21% and 0.18% decline in the carbon economy in the long run whereas 0.15% and 0.10% drop in the short run, respectively. The outcomes of the investigation demonstrated that economic growth, urbanization, and labor force all impact adversely accomplish the low-carbon economy, making green energy utilization and technological innovation the best crucial approaches to maintain environmental sustainability. The study's findings specify a policy structure for developing a thorough tactic to stimulate environmental sustainability in Bangladesh, with a focus on ecological innovation, green energy utilization, and controlled urbanization. This article put forward policy implications aimed at a low-carbon economy, promoting green energy use, financing technological advancement, sustainable urbanization, and educating the labor force, to achieve environmental sustainability and emission reduction in Bangladesh.

Bangladesh towards green growth: a review of environmental sustainability indicators

“…However, from the observations of this study, it is concluded that Bangladesh being a developing nation has recently experienced severe stress due to the negative effects of climate change. Likewise, this statement is endorsed by Raihan (2023a) and in their recent studies. To uphold the country's elevated ecological benchmarks, the government of Bangladesh and other relevant parties must make investments in renewable energy sources.…”

“…The primary conclusion drawn from this study is that the economic expansion in Bangladesh is being accompanied by detrimental consequences for the environment. Another study by Raihan (2023a) looked at how Bangladesh's low-carbon economy was affected by technological innovation, green energy, economic expansion, urbanization, and labor force. The ecosystem and economy of Bangladesh have suffered greatly as a result of climate change.…”

“…First off, although Bangladesh is the focus country of this study, other developing countries may find it more interesting. Results might become more broadly applicable in future studies if more developing countries are examined or if the sample size is expanded (Raihan, 2023a). This study's primary shortcoming is its failure to use mathematical methods and inferential statistics to make conclusions.…”

Impacts of technological innovation: a systematic review for smart Bangladesh

“…Another study showed that the use of renewable energy and TI would, over time, cause the carbon economy to shrink both in the long run and in the short term [36]. Green energy utilization and technological innovation are found to be the best crucial approaches to maintain environmental sustainability in Bangladesh [39].…”

“…However, the findings indicated that a 1 % boost in green energy utilization and technology innovation would result in a 0.21 % and 0.18 % decline in the carbon economy in the long run whereas 0.15 % and 0.10 % drop in the short run, respectively. The outcomes of the investigation demonstrated that economic growth, urbanization, and labor force all impact adversely to accomplish the low-carbon economy, making green energy utilization and technological innovation the best crucial approaches to maintain environmental sustainability [39].…”