The causal links between green energy, uncertainty, remittances, FDI, and ecological footprint: Evidence using structural breaks and multiple wavelet approach

Abstract

Policies encouraging green energy adoption promote environmental sustainability, particularly in devel-oping countries where the remittances boost household consumption. This research aims to empirically examine the impact of green energy, output, uncertainty, remittances, and Foreign Direct Investment (FDI) on the ecological footprint in Ecuador during 1990-2023. The research contributes to the green energy-environmental sustainability nexus debate by capturing the effect of external and internal shocks in the series and assessing the time-frequency dimension. This research is pioneering in examining the causal relationship between green energy, the uncertainty index, and the ecological footprint using com-bined cointegration and the multiple wavelet approach in the context of a remittance-dependent coun-try. Notably, cointegration techniques with structural breaks, long-run elasticities using Dynamic Ordinary Least Square (DOLS), Fully Modified Ordinary Least Square (FMOLS), and Canonical Cointegrating Regression (CCR) models, partial and multiple wavelet analysis, and Fourier causality are used for estimation purposes. Accordingly, the results confirm cointegrating relationships in the presence of structural breaks among green energy, GDP, uncertainty, remittances, FDI, and environmental sustain-ability. Besides, it is found that output and uncertainty increase the ecological footprint, while remit-tances, FDI, and green energy reduce it. Hence, policymakers should consider remittances, FDI, and green energy as mechanisms to achieve Sustainable Development Goals (SDG) agenda so that environ-mental sustainability can be promoted in Ecuador.

Keywords

Green energy / Uncertainty index / Remittances / Ecological footprint / Foreign direct investment (FDI) / Wavelet approach

CRediT authorship contribution statement

Brayan Tillaguango: Software, Methodology, Investigation, Data curation. Rafael Alvarado: Writing - original draft, Supervi- sion, Formal analysis. Abdul Rehman: Validation, Investigation, Formal analysis. Muntasir Murshed: Visualization, Validation, Supervision, Methodology, Formal analysis. Cem Isik: Validation, Investigation, Formal analysis.

Declaration of competing interest

The authors declare that they have no known competing finan-cial interests or personal relations hips that could have appeared to influence the work reported in this paper.

References

[1] Abdulraqeb, O.A., Erbao, C., Aloqab, A., Naji, H., 2025. The dynamic influence of green technology and environmental taxes on consumption-based carbon emissions in Brazil. Econ. Anal. Policy 85, 1595-1612. https://doi.org/10.1016/j. eap.2025.02.014.

[2] Abulibdeh, A., 2022. Time series analysis of environmental quality in the state of Qatar. Energ. Policy 168, 113089. https://doi.org/10.1016/j.enpol.2022.113089. Ahir, H., Bloom, N., Furceri, D., 2022. The World Uncertainty Index (No. w29763). National Bureau of Economic Research.

[3] Ahmad, M., Pata, U.K., Ahmed, Z., Zhao, R., 2024. Fintech, natural resources management, green energy transition, and ecological footprint: empirical insights from EU countries. Resour. Policy. 92, 104972. https://doi.org/ 10.1016/j.resourpol.2024.104972.

[4] Ahmad, W., Ozturk, I., Majeed, M.T., 2022. How do remittances affect environmental sustainability in Pakistan? Evidence from NARDL approach. Energy 243, 122726. https://doi.org/10.1016/j.energy.2021.122726.

[5] Ahmed, Z., Ahmad, M., Rjoub, H., Kalugina, O.A., Hussain, N., 2022. Economic growth, renewable energy consumption, and ecological footprint: exploring the role of environmental regulations and democracy in sustainable development. Sustain Dev. 30 (4), 595-605. https://doi.org/10.1002/sd.2251.

[6] Ali, A., Faisal, F., Zhakanova Isiksal, A., Maktoumi, I.S.A.A., 2025. Do green finance and health expenditures lessen the ecological footprint to ensure sustainable development? Innov. Green Dev. 4 (2), 100223. https://doi.org/10.1016/j. igd.2025.100223.

[7] Ali, M., Kirikkaleli, D., Sharma, R., Altuntas¸ M., 2022. The nexus between remittances, natural resources, technological innovation, economic growth, and environmental sustainability in Pakistan. Environ. Sci. Pollut. Res. 29 (50), 75822-75840. https://doi.org/10.1007/s11356-022-21228-4.

[8] Al-Mulali, U., Weng-Wai, C., Sheau-Ting, L., Mohammed, A.H., 2015. Investigating the environmental Kuznets curve (EKC) hypothesis by utilizing the ecological footprint as an indicator of environmental degradation. Ecol. Indic. 48, 315-323. https://doi.org/10.1016/j.ecolind.2014.08.029.

[9] Alvarado, R., Deng, Q., Tillaguango, B., Méndez, P., Bravo, D., Chamba, J., Alvarado- Lopez, M., Ahmad, M., 2021. Do economic development and human capital decrease non-renewable energy consumption? Evidence for OECD countries. Energy 215, 119147. https://doi.org/10.1016/j.energy.2020.119147.

[10] Appiah, M., Li, M., Naeem, M.A., Karim, S., 2023. Greening the globe: uncovering the impact of environmental policy, renewable energy, and innovation on ecological footprint. Technol. Forecast. Soc. 192, 122561. https://doi.org/ 10.1016/j.techfore.2023.122561.

[11] Arévalo, P., Cano, A., Benavides, D., Aguado, J.A., Jurado, F., 2024b. Energy transition in Ecuador, a proposal to improve the growth of renewable energy and storage systems in a developing country. In: Abdel Aleem S.H.E., Balci M.E., Rawa M.J. H. (Eds.),Energy Efficiency of Modern Power and Energy Systems. Elsevier, pp. 19-31. https://doi.org/10.1016/B978-0-443-21644-2.00002-6.

[12] Arévalo, P., Cano, A., Jurado, F., 2024a. Large-scale integration of renewable energies by 2050 through demand prediction with ANFIS, Ecuador case study. Energy 286, 129446. https://doi.org/10.1016/j.energy.2023.129446.

[13] Arogundade, S., Mduduzi, B., Hassan, A.S., 2022. Spatial impact of foreign direct investment on ecological footprint in Africa. Environ. Sci. Pollut. Res. 29 (34), 51589-51608. https://doi.org/10.1007/s11356-022-18831-w.

[14] Azizi, S., 2020. Impacts of remittances on financial development. J. Econ. Stud. 47 (3), 467-477. https://doi.org/10.1108/JES-01-2019-0045.

[15] Azizi, S., 2021. The impacts of workers’ remittances on poverty and inequality in developing countries. Empir. Econ. 60 (2), 969-991. https://doi.org/10.1007/ s00181-019-01764-8.

[16] Bai, J., Perron, P., 1998. Estimating and testing linear models with multiple structural changes. Econometrica 66, 47-78. https://doi.org/10.2307/2998540.

[17] Baigorri, B., Montañés, A., Simón-Fernández, M.B., 2025. The influence of the great recession on the relationship between ecological footprint, renewable energy and economic growth. Environ. Sustain. Ind. 25, 100556. https://doi.org/ 10.1016/j.indic.2024.100556.

[18] Bali, T.G., Subrahmanyam, A., Wen, Q., 2021. The macroeconomic uncertainty premium in the corporate bond market. J. Financ. Quant. Anal. 56 (5), 1653-1678. https://doi.org/10.1017/S0022109020000538.

[19] Balsalobre-Lorente, D., Nur, T., Topaloglu, E.E., Evcimen, C., 2023a. Assessing the impact of the economic complexity on the ecological footprint in G 7 countries: fresh evidence under human development and energy innovation processes. Gondwana Res. 127, 226-245. https://doi.org/10.1016/j.gr.2023.03.017.

[20] Balsalobre-Lorente, D., Topaloglu, E.E., Nur, T., Evcimen, C., 2023b. Exploring the linkage between financial development and ecological footprint in APEC countries: a novel view under corruption perception and environmental policy stringency. J. Clean. Prod. 414, 137686. https://doi.org/10.1016/j. jclepro.2023.137686.

[21] Banerjee, A., Dolado, J., Mestre, R., 1998. Error-correction mechanism tests for cointegration in a single-equation framework. J. Time. Ser. Econ. 19 (3), 267-283. https://doi.org/10.1111/1467-9892.00091.

[22] Bashir, M.A., Qing, L., Syed, Q.R., Barwin´ ska-Małajowicz, A., Hashmi, S.M., 2024. Resources policy from extraction to innovation: the interplay of minerals, geothermal energy, technological advancements, and ecological footprint in high-ecological footprint economies. Resour. Policy 95, 105182. https://doi.org/ 10.1016/j.resourpol.2024.105182.

[23] Bayer, C., Hanck, C., 2013. Combining non-cointegration tests. J. Time. Ser. Econ. 34 (1), 83-95. https://doi.org/10.1111/j.1467-9892.2012.00814.x.

[24] Bergougui, B., Aldawsari, M.I., 2024. Asymmetric impact of patents on green technologies on Algeria’s ecological future. J. Environ. Manag. 355, 120426. https://doi.org/10.1016/j.jenvman.2024.120426.

[25] Boswijk, H.P., 1995. Efficient inference on cointegration parameters in structural error correction models. J. Econometr. 69 (1), 133-158. https://doi.org/10.1016/ 0304-4076(94)01665-M.

[26] Buasan, P., Sajjakulnukit, B., Bowonthumrongchai, T., Gheewala, S.H., 2024. Greenhouse gas emission estimation using extended input-output tables for Thailand’s biomass pellet industry. Energies 17 (21), 5355. https://doi.org/ 10.3390/en17215355.

[27] Çakmak, E.E., Acar, S., 2022. The nexus between economic growth, renewable energy and ecological footprint: an empirical evidence from most oil-producing countries. J. Clean. Prod. 352, 131548. https://doi.org/10.1016/j. jclepro.2022.131548.

[28] Chen, J., Chen, Z., 2024. How does environmental regulations affect digital green innovation of high-pollution enterprises? Empirical evidence from China. Heliyon 10 (13), e33725. https://doi.org/10.1016/j.heliyon.2024.e33725.

[29] Chen, S., Wang, F., Haroon, M., 2023a. The impact of green economic recovery on economic growth and ecological footprint: a case study in developing countries of Asia. Resour. Policy 85, 103955. https://doi.org/10.1016/j.resourpol.2023.103955.

[30] Chen, Y., Raza, K., Alharthi, M., 2023b. The nexus between remittances, education, and energy consumption: evidence from developing countries. Energy Strateg. Rev. 46, 101069. https://doi.org/10.1016/j.esr.2023.101069.

[31] Chishti, M.Z., 2023. Exploring the dynamic link between FDI, remittances, and ecological footprint in Pakistan: evidence from partial and multiple wavelet based-analysis. Res. Glob. 6, 100109. https://doi.org/10.1016/j.resglo.2022.100109.

[32] Choi, S.Y., 2022. Credit risk interdependence in global financial markets: evidence from three regions using multiple and partial wavelet approaches. J. Int. Financ. Mark. Inst. Money 80, 101636. https://doi.org/10.1016/j.intfin.2022.101636.

[33] Chowdhury, M.A.F., Shanto, P.A., Ahmed, A., Rumana, R.H., 2021. Does foreign direct investments impair the ecological footprint? New evidence from the panel quantile regression. Environ. Sci. Pollut. Res. 28, 14372-14385. https://doi.org/ 10.1007/s11356-020-11518-0.

[34] Chung, W., Li, C., 2025. Performance evaluations of the goal of APEC’s doubling the modern renewables proportion in 2021. Renew. Energ. 239, 121994. https://doi.org/10.1016/j.renene.2024.121994.

[35] Dam, M.M., Durmaz, A., Bekun, F.V., Tiwari, A.K., 2024. The role of green growth and institutional quality on environmental sustainability: a comparison of CO 2 emissions, ecological footprint and inverted load capacity factor for OECD countries. J. Environ. Manag. 365, 121551. https://doi.org/10.1016/j.jenvman.2024.121551.

[36] Dao, N.B., Chu, L.K., Shahbaz, M., Tran, T.H., 2024a. Natural resources-environmental technology-ecological footprint nexus: does natural resources rents diversification make a difference? J. Environ. Manag. 359, 121036. https://doi. org/10.1016/j.jenvman.2024.121036.

[37] Dao, N.B., Truong, H.H.D., Shahbaz, M., Chu, L.K., 2024b. The impacts of natural resources rents diversification, uncertainty, and environmental technologies on ecological sustainability: empirical evidence from OECD countries. Resour. Policy 91, 104895. https://doi.org/10.1016/j.resourpol.2024.104895.

[38] Dar, A.B., Bhanja, N., Paul, M., Farooq, U., 2024. Shaping a greener tomorrow: Analysing the impact of environment-friendly technology on ecological footprints in emerging Asian economies. J. Clean. Prod. 452, 142130. https:// doi.org/10.1016/j.jclepro.2024.142130.

[39] Dash, R.K., Gupta, D.J., Singh, N., 2024. Remittances and environment quality: asymmetric evidence from South Asia. Res. Glob. 8, 100182. https://doi.org/ 10.1016/j.resglo.2023.100182.

[40] Dickey, D.A., Fuller, W.A., 1981. Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica 49, 1057-1072. https://doi.org/10.2307/ 1912517.

[41] Enders, W., Jones, P., 2016. Grain prices, oil prices, and multiple smooth breaks in a VAR. Stud. Nonlinear Dyn. E 20 (4), 399-419. https://doi.org/10.1515/snde-2014-0101.

[42] Engle, R.F., Granger, C.W., 1987. Co-integration and error correction: representation, estimation, and testing. Econometrica 55, 251-276. https://doi.org/10.2307/ 1913236.

[43] Essandoh, O.K., Islam, M., Kakinaka, M., 2020. Linking international trade and foreign direct investment to CO 2 emissions: any differences between developed and developing countries? Sci. Total Environ. 712, 136437. https://doi.org/10.1016/j.scitotenv.2019.136437.

[44] Famanta, M., Randhawa, A.A., Jiang, Y.J., 2024. The impact of green FDI on environmental quality in less developed countries: a case study of load capacity factor based on PCSE and FGLS techniques. Heliyon 10 (7), e28217. https://doi.org/10.1016/j.heliyon.2024.e28217.

[45] Fisher, R., 1932. Statistical Methods for Research Workers. Oliver and Boyd, London. https://doi.org/10.1007/978-1-4612-4380-9_6.

[46] Georgescu, I., Kinnunen, J., 2024. Effects of FDI, GDP and energy use on ecological footprint in Finland: an ARDL approach. World Dev. Sustain. 4, 100157. https:// doi.org/10.1016/j.wds.2024.100157.

[47] Global Footprint Network, 2024. National footprint accounts. Available at https://data.footprintnetwork.org/?_ga=2.165189243.559400423.1628103515-1899215781.1624279645#/.

[48] Granger, C.W., 1969. Investigating causal relations by econometric models and cross-spectral methods. Econometrica 37, 424-438. https://doi.org/10.2307/1912791.

[49] Grossman, G.M., Krueger, A.B., 1991. Environmental Impacts of a North American Free Trade Agreement Working Paper 3914. NBER. National Bureau of Economic Research, Cambridge. https://doi.org/10.3386/w3914.

[50] Grossman, G.M., Krueger, A.B., 1995. Economic growth and the environment. Quart. J. Econ. 110 (2), 353-377. https://doi.org/10.2307/2118443.

[51] Hakkak, M., Altintas¸ N., Hakkak, S., 2023. Exploring the relationship between nuclear and renewable energy usage, ecological footprint, and load capacity factor: a study of the Russian Federation testing the EKC and LCC hypothesis. Renew. Energ. Focus. 46, 356-366. https://doi.org/10.1016/j.ref. 2023.07.005.

[52] Haro, D.M.L., Solís, O.P.L., Romo, M.D.C.G., Morales, T.P.M., 2023. Remittances and their effect on income distribution in Ecuador under a macroeconometric approach, 1990-2018. LATAM Revista Latinoamericana de Ciencias Sociales y Humanidades 4 (1), 3348-3366. https://doi.org/10.56712/latam.v4i1.492.

[53] Hassan, A., Haseeb, M., Bekun, F.V., Yazdi, A.H., Ullah, E., Hossain, M.E., 2024. Does nuclear energy mitigate CO 2 emissions in the USA? Testing IPAT and EKC hypotheses using dynamic ARDL simulations approach. Prog. Nucl. Energy 169, 105059. https://doi.org/10.1016/j.pnucene.2024.105059.

[54] Hathroubi, S., Aloui, C., 2022. Oil price dynamics and fiscal policy cyclicality in Saudi Arabia: new evidence from partial and multiple wavelet coherences. Q. Rev. Econ. Financ. 85, 149-160. https://doi.org/10.1016/j.qref.2020.12.002.

[55] Huang, B., Punzi, M.T., 2024. Macroeconomic impact of environmental policy uncertainty and monetary policy implications. J. Clim. Fin. 7, 100040. https:// doi.org/10.1016/j.jclimf.2024.100040.

[56] Huang, Y., Haseeb, M., Usman, M., Ozturk, I., 2022. Dynamic association between ICT, renewable energy, economic complexity and ecological footprint: is there any difference between E-7 (developing) and G-7 (developed) countries? Technol. Soc. 68, 101853. https://doi.org/10.1016/j.techsoc.2021.101853.

[57] Huo, S., Ni, L., Basheer, M.F., Al-Aiban, K.M., Hassan, S.G., 2024. The role of fintech, mineral resource abundance, green energy and financial inclusion on ecological footprint in E 7 countries: new insight from panel nonlinear ARDL cointegration approach. Resour. Policy 94, 105083. https://doi.org/10.1016/j.resourpol.2024.105083.

[58] Hussain, M.M., Pal, S., Villanthenkodath, M.A., 2023. Towards sustainable development: the impact of transport infrastructure expenditure on the ecological footprint in India. Innov. Green Dev. 2 (2), 100037. https://doi.org/10.1016/j.igd.2023.100037.

[59] Icaza-Alvarez, D., Jurado, F., Østergaard, P.A., Tostado-Véliz, M., Flores, C., 2025. Cornerstones for greater participation of smart renewable energy on clustered islands: the case of Guayas in Ecuador towards 2050. Energy. Rep. 13, 1350-1368. https://doi.org/10.1016/j.egyr.2025.01.006.

[60] IEA, 2025. Global Energy Review 2025 Dataset. IEA, Paris https://www.iea.org/data-and-statistics/data-product/global-energy-review-2025-dataset.

[61] Islam, M.S., 2022. Do personal remittances cause environmental pollution? Evidence from the top eight remittance-receiving countries. Environ. Sci. Pollut. Res. 29 (24), 35768-35779. https://doi.org/10.1007/s11356-021- 18175-x.

[62] Iyke-Ofoedu, M.I., Nwonye, N.G., Abner, I.P., Ezeaku, H.C., Ubani, O., 2023. Impact of carbon footprint of bank loans and fossil fuel subsidies on ecological footprint in Tunisia: a contingency and asymmetric analysis. J. Clean. Prod. 426, 139026. https://doi.org/10.1016/j.jclepro.2023.139026.

[63] Jarque, C.M., Bera, A.K., 1980. Efficient tests for normality, homoscedasticity and serial independence of regression residuals. Econ. Lett. 6 (3), 255-259. https:// doi.org/10.1016/0165-1765(80)90024-5.

[64] Jiang, L., Zhou, H.F., Bai, L., Zhou, P., 2018. Does foreign direct investment drive environmental degradation in China? An empirical study based on air quality index from a spatial perspective. J. Clean. Prod. 176, 864-872. https://doi.org/ 10.1016/j.jclepro.2017.12.048.

[65] Johansen, S., 1991. Estimation and hypothesis testing of cointegration vectors in Gaussian vector autoregressive models. Econometrica 59, 1551-1580. https:// doi.org/10.2307/2938278.

[66] Kartal, M.T., Mukhtarov, S., Kirikkaleli, D., 2025. Achieving environmental quality through stringent environmental policies: Comparative evidence from G 7 countries by multiple environmental indicators. Geosci. Front. 16 (1), 101956. https://doi.org/10.1016/j.gsf.2024.101956.

[67] Kirikkaleli, D., Kalmaz, D.B., 2020. Testing the moderating role of urbanization on the environmental Kuznets curve: empirical evidence from an emerging market. Environ. Sci. Pollut. Res. 27 (30), 38169-38180. https://doi.org/10.1007/s11356-020-09870-2.

[68] Kirikkaleli, D., Sofuog˘ lu, E., Ojekemi, O., 2023. Does patents on environmental technologies matter for the ecological footprint in the USA? Evidence from the novel Fourier ARDL approach. Geosci. Front. 14 (4), 101564. https://doi.org/10.1016/j.gsf.2023.101564.

[69] Kristoufek, L., 2015. What are the main drivers of the Bitcoin price? Evidence from wavelet coherence analysis. PlosOne 10 (4), e0123923. https://doi.org/10.1371/ journal.pone.0123923.

[70] Li, X., Li, S., Li, C., Shi, J., Wang, N., 2023. The impact of high-quality development on ecological footprint: an empirical research based on STIRPAT model. Ecol. Indic. 154, 110881. https://doi.org/10.1016/j.ecolind.2023.110881.

[71] Liu, B., Tian, J., 2023. Natural resources led innovation: Employing structural break approach to explore USA’s natural resources sector. Resour. Policy 85, 103852. https://doi.org/10.1016/j.resourpol.2023.103852.

[72] Lv, W., Qi, J., Feng, J., 2023. Economic policy uncertainty and environmental governance company volatility: evidence from China. Res. Int. Bus. Financ. 64, 101875. https://doi.org/10.1016/j.ribaf.2023.101875.

[73] Malik, M.Y., Latif, K., Khan, Z., Butt, H.D., Hussain, M., Nadeem, M.A., 2020. Symmetric and asymmetric impact of oil price, FDI and economic growth on carbon emission in Pakistan: evidence from ARDL and non-linear ARDL approach. Sci. Total Environ. 726, 138421. https://doi.org/10.1016/j. scitotenv.2020.138421.

[74] Mehmood, K., Tauseef Hassan, S., Qiu, X., Ali, S., 2024. Comparative analysis of CO₂ emissions and economic performance in the United States and China: navigating sustainable development in the climate change era. Geosci. Front. 15 (5), 101843. https://doi.org/10.1016/j.gsf.2023.101689.

[75] Mihanović H., Orlić M., Pasarić Z., 2009. Diurnal thermocline oscillations driven by tidal flow around an island in the Middle Adriatic. J. Mar. Syst. 78, S157-S168. https://doi.org/10.1016/j.jmarsys.2009.01.021.

[76] Mondal, R.K., Khanam, R., 2018. The impacts of international migrants’ remittances on household consumption volatility in developing countries. Econ. Anal. Policy 59, 171-187. https://doi.org/10.1016/j.eap.2018.07.001.

[77] Murshed, M., Elheddad, M., Ahmed, R., Bassim, M., Than, E.T., 2021. Foreign direct investments, renewable electricity output, and ecological footprints: do financial globalization facilitate renewable energy transition and environmental welfare in Bangladesh? Asia-Pac. Financ. Mark. 29, 33-78. https://doi.org/10.1007/s10690-021-09335-7.

[78] Nanziri, L.E., Mwale, M.L., 2023. Remittances, crowd-in effect and household welfare. Sci. Afr. 19, e01521. https://doi.org/10.1016/j.sciaf.2022.e01521.

[79] Nathaniel, S.P., Bekun, F.V., 2021. Electricity consumption, urbanization, and economic growth in Nigeria: new insights from combined cointegration amidst structural breaks. J. Public Aff. 21 (1), e2102. https://doi.org/10.1002/ pa.2102.

[80] Nathaniel, S.P., Solomon, C.J., Khudoykulov, K., Fakher, H.A., 2025. Linking resource richness, digital economy, and clean energy to ecological footprint and load capacity factor in emerging markets. Nat. Resour. Forum., in press. doi:10.1111/ 1477-8947.12590.

[81] Nazlioglu, S., Gormus, N.A., Soytas, U., 2016. Oil prices and real estate investment trusts (REITs): gradual-shift causality and volatility transmission analysis. Energ. Econ. 60, 168-175. https://doi.org/10.1016/j.eneco.2016.09.009.

[82] Ng, E.K., Chan, J.C., 2012. Geophysical applications of partial wavelet coherence and multiple wavelet coherence. J. Atmos. Ocean. Tech. 29 (12), 1845-1853. https:// doi.org/10.1175/JTECH-D-12-00056.1.

[83] Nketiah, E., Song, H., Adjei, M., Obuobi, B., Adu-Gyamfi, G., 2024. Assessing the influence of research and development, environmental policies, and green technology on ecological footprint for achieving environmental sustainability. Renew. Sustain. Energ. Rev. 199, 114508. https://doi.org/10.1016/j. rser.2024.114508.

[84] Oxelheim, L., Ghauri, P., 2008. EU-China and the non-transparent race for inward FDI. J. Asian Econ. 19 (4), 358-370. https://doi.org/10.1016/j. asieco.2008.04.001.

[85] Özbek, S., Naimog lu, M., 2025. The effectiveness of renewable energy technology under the EKC hypothesis and the impact of fossil and nuclear energy investments on the UK’s Ecological Footprint. Energy 322, 135351. https://doi. org/10.1016/j.energy.2025.135351.

[86] Ozcan, B., Apergis, N., Shahbaz, M., 2018. A revisit of the environmental Kuznets curve hypothesis for Turkey: new evidence from bootstrap rolling window causality. Environ. Sci. Pollut. Res. 25, 32381-32394. https://doi.org/10.1007/ s11356-018-3165-x.

[87] Ozturk, I., Farooq, S., Majeed, M.T., Skare, M., 2024. An empirical investigation of financial development and ecological footprint in South Asia: bridging the EKC and pollution haven hypotheses. Geosci. Front. 15 (4), 101588. https://doi.org/10.1016/j.gsf.2023.101588.

[88] Panayotou, T., 1993. Empirical Tests and Policy Analysis of Environmental Degradation at Different Stages of Economic Development ( No. 992927783402676). International Labour Organization.

[89] Pao, H.T., Tsai, C.M., 2011. Multivariate Granger causality between CO 2 emissions, energy consumption, FDI (foreign direct investment) and GDP (gross domestic product): evidence from a panel of BRIC (Brazil, Russian Federation, India, and China) countries. Energy 36 (1), 685-693. https://doi.org/10.1016/j. energy.2010.09.041.

[90] Park, J.Y., 1992. Canonical cointegrating regressions. Econometrica 60, 119-143. https://doi.org/10.2307/2951679.

[91] Pata, U., Aydin, M., 2020. Testing the EKC hypothesis for the top six hydropower energy-consuming countries: evidence from Fourier Bootstrap ARDL procedure. J. Clean. Prod. 264, 121699. https://doi.org/10.1016/j.jclepro.2020.121699.

[92] Pedroni, P., 2001. Fully modified OLS for heterogeneous cointegrated panels. Nonstation. Panels Panel Cointegr. Dyn. Panels 15, 93-130. https://doi.org/ 10.1016/S0.731-9053(00)15004-2.

[93] Percival, D.B., Walden, A.T., 2000. Wavelet Methods for Time Series Analysis, vol. 4. Cambridge University Press, Cambridge. https://doi.org/10.1017/ CBO9780511841040.

[94] Phillips, P.C., Hansen, B.E., 1990. Statistical inference in instrumental variables regression with I (1) processes. Rev. Econ. Stud. 57 (1), 99-125. https://doi.org/ 10.2307/2297545.

[95] Phillips, P.C., Perron, P., 1988. Testing for a unit root in time series regression. Biomet 75 (2), 335-346. https://doi.org/10.1093/biomet/75.2.335.

[96] Rahman, M.M., Hosan, S., Karmaker, S.C., Chapman, A.J., Saha, B., 2021. The effect of remittance on energy consumption: panel cointegration and dynamic causality analysis for South Asian countries. Energy 220, 119684. https://doi.org/ 10.1016/j.energy.2020.119684.

[97] Raihan, A., 2023. The influences of renewable energy, globalization, technological innovations, and forests on emission reduction in Colombia. Innov. Green Dev. 2 (4), 100071. https://doi.org/10.1016/j.igd.2023.100071.

[98] Reinoso-Avecillas, F.Z., Moreno-Gamboa, F., Nieto-Londoño, C., 2024. Renewable energy technology diffusion model: evaluation of financial incentives in the electricity market of Ecuador. Int. J. Thermofluids 24, 100884. https://doi.org/ 10.1016/j.ijft.2024.100884.

[99] Sabir, S., Gorus, M.S., 2019. The impact of globalization on ecological footprint: empirical evidence from the South Asian countries. Environ. Sci. Pollut. Res. 26, 33387-33398. https://doi.org/10.1007/s11356-019-06458-3.

[100] Sadiq, M., Chau, K.Y., Ha, N.T.T., Phan, T., Ngo, T.Q., Huy, P.Q., 2024. The impact of green finance, eco-innovation, renewable energy and carbon taxes on CO 2 emissions in BRICS countries: evidence from CS ARDL estimation. Geosci. Front. 15 (4), 101689. https://doi.org/10.1016/j.gsf.2023.101689.

[101] Saqib, N., Ozturk, I., Usman, M., Sharif, A., Razzaq, A., 2023. Pollution haven or halo? How European countries leverage FDI, energy, and human capital to alleviate their ecological footprint. Gondwana Res. 116, 136-148. https://doi.org/ 10.1016/j.gr.2022.12.018.

[102] Shair, W., Anwar, M., 2023. Effect of internal and external remittances on expenditure inequality in Pakistan. Cogent. Econ. Financ. 11 (1), 2178121. https://doi.org/10.1016/j.gr.2022.12.018.

[103] Sharif, A., Bashir, U., Mehmood, S., Cheong, C.W., Bashir, M.F., 2024. Exploring the impact of green technology, renewable energy and globalization towards environmental sustainability in the top ecological impacted countries. Geosci. Front. 15, 101895. https://doi.org/10.1016/j.gsf.2024.101895.

[104] Shu, T., Hossain, M., Tillaguango, B., Alvarado, R., Is¸ık, C., Murshed, M., Chen, Z., 2024. Geo-political risks, uncertainty, financial development, renewable energy, and carbon intensity: empirical evidence from countries at high geo-political risks. Appl. Energ. 376, 124321. https://doi.org/10.1016/j. apenergy.2024.124321.

[105] Soti, N., Kumar, A., Gupta, S., Ahuja, S., 2025. Towards a sustainable future: the interplay of trade globalization and regulatory quality on environmental outcomes in India. Sustain. Futures 9, 100578. https://doi.org/10.1016/j. sftr.2025.100578.

[106] Soto, G.H., 2024. The effects of foreign direct investment on environmentally related technologies in Latin America. Resour. Policy. 90, 104711. https://doi.org/ 10.1016/j.resourpol.2024.104711.

[107] Stock, J.H., Watson, M.W., 1993. A simple estimator of cointegrating vectors in higher order integrated systems. Econometrica 61 (4), 783-820. https://doi.org/ 10.2307/2951763.

[108] Tariq, G., Sun, H., Ali, S., 2024. Environmental footprint impacts of green energies, green energy finance and green governance in G 7 countries. Car. Foot. 3 (1), 5. https://doi.org/10.20517/cf.2023.48.

[109] Tillaguango, B., Hossain, M.R., Cuesta, L., Ahmad, M., Alvarado, R., Murshed, M., Rehman, A., Is¸ık, C., 2024. Impact of oil price, economic globalization, and inflation on economic output: evidence from Latin American oil-producing countries using the quantile-on-quantile approach. Energy 302, 131786. https://doi.org/10.1016/j.energy.2024.131786.

[110] Toda, H.Y., Yamamoto, T., 1995. Statistical inference in vector autoregressions with possibly integrated processes. J. Econometr. 66 (1-2), 225-250. https://doi.org/ 10.1016/0304-4076(94)01616-8.

[111] Torrence, C., Webster, P.J., 1999. Interdecadal changes in the ENSO-monsoon system. J. Clim. 12 (8), 2679-2690. https://doi.org/10.1175/1520-0442.

[112] Udemba, E.N., 2020. Mediation of foreign direct investment and agriculture towards ecological footprint: a shift from single perspective to a more inclusive perspective for India. Environ. Sci. Pollut. Res. 27 (21), 26817-26834. https:// doi.org/10.1007/s11356-020-09024-4.

[113] Udemba, E.N., Magazzino, C., Bekun, F.V., 2020. Modeling the nexus between pollutant emission, energy consumption, foreign direct investment, and economic growth: new insights from China. Environ. Sci. Pollut. Res. 27 (15), 17831-17842. https://doi.org/10.1007/s11356-020-08180-x.

[114] Ullah, S., Lin, B., Zhu, R., 2025. Developing a new sustainable policy perspective for Pakistan: an intricate nexus between green innovation, financial structure and ecological footprint. Energy 316, 134496. https://doi.org/10.1016/j. energy.2025.134496.

[115] Uzar, U., 2024. The dynamic effect of income distribution, natural resources, and freedom of press on ecological footprint: theory and empirical evidence for emerging economies. Resour. Policy 89, 104682. https://doi.org/10.1016/j. resourpol.2024.104682.

[116] Villamarín-Jácome, A., Saltos-Rodríguez, M., Espín-Sarzosa, D., Haro, R., Villamarín, G., Okoye, M.O., 2025. Deploying renewable energy sources and energy storage systems for achieving low-carbon emissions targets in hydro-dominated power systems: a case study of Ecuador. Renew. Energ. 241, 122198. https://doi.org/ 10.1016/j.renene.2024.122198.

[117] Villanthenkodath, M.A., Pal, S., 2024. Environmental degradation in geopolitical risk and uncertainty contexts for India: a comparison of ecological footprint, CO 2 emissions, and load capacity factor. Energy Clim. Chang.-Uk 5, 100122. https:// doi.org/10.1016/j.egycc.2023.100122.

[118] Voumik, L.C., Rahman, M., Rahman, M., Ridwan, M., Akter, S., Raihan, A., 2023. Toward a sustainable future: examining the interconnectedness among Foreign Direct Investment (FDI), urbanization, trade openness, economic growth, and energy usage in Australia. Reg. Sustain. 4 (4), 405-415. https://doi.org/10.1016/ j.regsus.2023.11.003.

[119] Vu, T.L., Paramaiah, C., Tufail, B., Nawaz, M.A., Xuyen, N.T.M., Huy, P.Q., 2023. Effect of financial inclusion, eco-innovation, globalization, and sustainable economic growth on ecological footprint. Inz. Ekon. 34 (1), 46-60. https://doi.org/ 10.5755/j01.ee.34.1.32402.

[120] Wackernagel, M., Beyers, B., 2019. Ecological Footprint:Managing Our Biocapacity Budget. New Society Publishers, New York.

[121] Wackernagel, M., Rees, W., 1998. Our Ecological Footprint: Reducing Human Impact on the Earth ( Vol. 9). New Society Publishers, New York, p. 160. https://doi.org/ 10.5070/G31710273.

[122] Wang, C., Uctum, M., 2024. Ecological footprint of FDI inflows and income threshold effect: new results with a new approach to income classification. Environ. Sustain. Ind. 22, 100356. https://doi.org/10.1016/j.indic.2024.100356.

[123] Wang, E., Padhan, H., Pruseth, S.K., Ma, J., 2024. Government efficiency, green technology, and ecological footprint: strategic framework for natural resource management efficiency targets. Resour. Policy 91, 104826. https://doi.org/ 10.1016/j.resourpol.2024.104826.

[124] Wang, Y., Kang, L., Wu, X., Xiao, Y., 2013. Estimating the environmental Kuznets curve for ecological footprint at the global level: a spatial econometric approach. Ecol. Indic. 34, 15-21. https://doi.org/10.1016/j.ecolind.2013.03.021.

[125] Wang, Z., Peng, X., 2025. How monetary policy and supply chain shocks impact the consumer energy prices using nonlinear ARDL and wavelet coherence approach. Energ. Econ. 147, 108598. https://doi.org/10.1016/j.eneco.2025.108598.

[126] World, Bank, 2024. World Development Indicators Data. World Bank Group, Washington DC. Wu, X., Ma, J., Gao, Y., Li, B., Chen, X., Song, M., 2023. Policy uncertainty and air pollution: evidence from the turnover of local officials in China. Econ. Anal. Policy 80, 532-543. https://doi.org/10.1016/j.eap.2023.08.017.

[127] WUI, 2025. World Uncertainty Index. Available at

[128] Yadou, B.A., Ntang, P.B., Baida, L.A., 2024. Remittances-ecological footprint nexus in Africa: do ICTs matter? J. Clean. Prod. 434, 139866. https://doi.org/10.1016/j. jclepro.2023.139866.

[129] Yakubu, I.N., Kapusuzoglu, A., Ceylan, N.B., 2022. Investigating the role of export diversification, remittances, and environmental sustainability in accordance with clean energy and zero emission. In: Dinçer H., Yüksel S. (Eds.),Circular Economy and the Energy Market—Contributions to Economics. Springer, Cham. https://doi.org/10.1007/978-3-031-13146-2_5.

[130] Yang, B., Jahanger, A., Ali, M., 2021. Remittance inflows affect the ecological footprint in BICS countries: do technological innovation and financial development matter? Environ. Sci. Pollut. Res. 28 (18), 23482-23500. https:// doi.org/10.1007/s11356-021-12400-3.

[131] Yang, B., Jahanger, A., Khan, M.A., 2020. Does the inflow of remittances and energy consumption increase CO 2 emissions in the era of globalization? A global perspective. Air. Qual. Atmos. Health 13, 1313-1328. https://doi.org/10.1007/ s11869-020-00885-9.

[132] Yang, L., 2025. Economic policy uncertainty and foreign exchange market implied volatility: a complex partial wavelet coherence approach. J. Int. Money. Financ. 156, 103356. https://doi.org/10.1016/j.jimonfin.2025.103356.

[133] Yilanci, V., Cutcu, I., Cayir, B., Saglam, M.S., 2023. Pollution haven or pollution halo in the fishing footprint: evidence from Indonesia. Mar. Pollut. Bull. 188, 114626. https://doi.org/10.1016/j.marpolbul.2023.114626.

[134] Yu, N., Sun, R., Yang, S., 2024a. Multi-dimensional factor coupling-driven mechanism of spatio-temporal evolution of energy ecological footprint: evidence from China. Ecol. Indic. 159, 111701. https://doi.org/10.1016/j. ecolind.2024.111701.

[135] Yu, Y., Jian, X., Won, D., Jahanger, A., 2025. Breaking the carbon bind: how digitalization and energy transformation reshape carbon dependency based on wavelet and machine learning approaches. Environ. Dev. 55, 101226. https:// doi.org/10.1016/j.envdev.2025.101226.

[136] Yu, Z., Zhang, K., Wang, Z., Liu, C., 2024b. Immigration remittances, agricultural investment, and household wealth accumulation. Financ. Res. Lett. 68, 105991. https://doi.org/10.1016/j.frl.2024.105991.

[137] Zafar, M.W., Saleem, M.M., Destek, M.A., Caglar, A.E., 2022. The dynamic linkage between remittances, export diversification, education, renewable energy consumption, economic growth, and CO2 emissions in top remittance- receiving countries. Sustain. Dev. 30 (1), 165-175. https://doi.org/10.1002/ sd.2236.

[138] Zhang, H., Hu, J., Hao, F., Zhang, Y., 2024. Spatio-temporal evolution of provincial ecological footprint and its determinants in China: a spatial econometric approach. J. Clean. Prod. 434, 140331. https://doi.org/10.1016/j. jclepro.2023.140331.

[139] Zhou, D., Kongkuah, M., Twum, A.K., Adam, I., 2024. Assessing the impact of international trade on ecological footprint in belt and road initiative countries. Heliyon 10 (4), e26459. https://doi.org/10.1016/j.heliyon.2024.e26459.

[140] Zhou, W., Cao, X., Dong, X., Zhen, X., 2023a. The effects of carbon-related news on carbon emissions and carbon transfer from a global perspective: evidence from an extended STIRPAT model. J. Clean. Prod. 425, 138974. https://doi.org/ 10.1016/j.jclepro.2023.138974.

[141] Zhang, L., Yang, B., Jahanger, A., 2022. The role of remittance inflow and renewable and non-renewable energy consumption in the environment: Accounting ecological footprint indicator for top remittance-receiving countries. Environ. Sci. Pollut. Res. 29 (11), 15915-15930. https://doi.org/10.1007/s11356-021- 16545-z.

[142] Zhou, Y., Adebayo, T.S., Yin, W., Abbas, S., 2023b. The co-movements among renewable energy, total environmental tax, and ecological footprint in the United Kingdom: evidence from wavelet local multiple correlation analysis. Energ. Econ. 126, 106900. https://doi.org/10.1016/j.eneco.2023.106900.

[143] Zivot, E., Andrews, D.W.K., 1992. Further evidence on the great crash, the oil-price shock, and the unit-root hypothesis. J. Bus. Econ. Stat. 20 (1), 25-44. https://doi.org/10.2307/1391541.