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Sustainable Development and ESG Risks: Evidence on Green Growth and Ecological Footprint in OECD Countries
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DOI：10.1002/sd.70914.png)
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Abstract
En 中文
The pursuit of sustainable growth and ecological balance has become a central policy priority for OECD nations. While prior studies examined economic, technological, and environmental determinants of sustainability, the joint effect of macroeconomic policies, technological innovation, and institutional uncertainty remains underexplored. This study addressed this gap by investigating how monetary policy, fiscal policy, economic complexity, energy transition, green technology, and ESG uncertainty jointly influence green growth and ecological footprint over the period 2003 to 2022 in 17 OECD nations. To account for nonlinear and asymmetric relationships, advanced econometric methods, including quantile-on-quantile regression (QQ) and cross-quantilogram (CQ) methods are employed. The results show that all six factors significantly promote green growth while reducing ecological footprint, indicating their complementary role in driving sustainable transformation. The results suggest the importance of integrating coordinated macroeconomic management, innovation-driven technological strategies, and transparent ESG practices to support a low-carbon transition. Policymakers are encouraged to implement green-oriented monetary and fiscal policies, foster technological efficiency, and strengthen institutional accountability to achieve long-term ecological stability. This study contributes to the literature by linking macroeconomic, technological, and environmental dimensions within a unified green growth framework, providing robust empirical evidence to guide policy design and promote sustainable development across OECD nations.
Keywords:
energy transition
environmental sustainability
ESG uncertainty
green growth
monetary and fiscal policy
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