Variables of the study.

Most South Asian countries’ economies have grown dramatically during the past few decades. However, in light of their environmental sustainability goals, the quality of such growth performances by South Asian nations is called into doubt by the concurrent degradation in environmental quality. Consequently, reducing the environmental challenges these nations encounter is prioritized on the agendas of the relevant authorities. This study aimed to analyze the effect of the top 11 most polluted countries’ levels of financial inclusion, technological innovation, consumption of renewable energy, and adoption of climate technology on environmental deterioration from 2000 to 2022. Therefore, this research aims to use cutting-edge panel data econometric techniques to investigate the factors contributing to high carbon footprints in the world’s most polluted nations. The results support an inverted U-shaped relationship between economic growth and carbon footprints, crediting the environmental Kuznets curve concept. In addition, it has been shown that TECH, REC, and CT can reduce carbon footprints in both the short and long term, while GDP and financial inclusion only affect carbon footprints in the long term. The results further endorsed the pollution haven hypothesis by showing that GDP positively affects carbon footprint. As a result, leading polluting economies need to strengthen their financial sectors, create green technology, migrate to renewable energy, and limit financial inclusion to improve environmental quality.

过去数十年来，多数南亚国家的经济实现了显著增长。然而，结合各国的环境可持续发展目标来看，南亚国家此类增长的质量却因同步出现的环境质量退化而备受质疑。因此，应对这些国家面临的环境挑战已成为相关主管部门的优先议事事项。
本研究旨在分析2000年至2022年间，全球污染最严重的11个国家的金融普惠（financial inclusion）水平、技术创新、可再生能源消费以及气候技术（climate technology）应用对环境退化的影响。据此，本研究拟采用前沿的面板数据计量经济学方法，探究全球污染最严重国家碳足迹（carbon footprint）高企的驱动因素。
研究结果证实，经济增长与碳足迹之间存在倒U型关系，印证了环境库兹涅茨曲线（Environmental Kuznets Curve）假说。此外，研究表明，技术创新、可再生能源消费与气候技术均可在短期与长期内降低碳足迹；而国内生产总值（Gross Domestic Product）与金融普惠仅在长期层面影响碳足迹。研究结果还进一步证实了污染天堂假说（Pollution Haven Hypothesis）：国内生产总值对碳足迹具有正向影响。据此，主要污染经济体需强化金融体系建设、研发绿色技术、转向可再生能源消费，并合理管控金融普惠水平，以改善环境质量。