Evaluating the roles of energy innovation, fossil fuel costs and environmental compliance towards energy transition in advanced industrial economies.

Given the dire state of climate change, investigating key elements that impact the energy transition process and help monitor progress in greenhouse gas emissions to achieve environmental sustainability is of critical importance. The current study explores the association between energy transition, compliance with environmental agreements, fossil fuels costs, environmental technologies, economic growth, and environmental degradation in G20 economies from 1995 to 2019. Our findings from extensive econometric analysis reveal that economic growth, environmental innovation, renewable energy, and environmental compliance facilitate while fossil fuels and environmental degradation hinder the energy transition process. Our findings conclude that developed countries must focus on alternate energy resources to overcome environmental challenges and subsidize renewable energy and environmental technologies to replace fossil fuels with green energy resources methodologically. Further, policy measures have been discussed in detail in the study.
Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.
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