Innovation and Green Development 3 (2024) 100134

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Innovation and Green Development

journal homepage: www.journals.elsevier.com/innovation-and-green-development

Full Length Article

Greening the path to carbon neutrality in the post-COP26 era:

Embracing green energy, green innovation, and green human capital
Isaac Ahakwa a, *, Evelyn Agba Tackie b, Faustina Korkor Tackie c, d, Tinashe Mangudhla a,
Jibal Baig a, Sartaj ul Islam a, Francis Atta Sarpong e
a
School of Management, University of Science and Technology of China, Hefei, PR China
b
School of Management, Jiangsu University, Zhenjiang, PR China
c
Environmental Protection Agency, Akim Oda, Birim Central, Eastern Region, Ghana
d
Faculty of Development Studies, Presbyterian University, Akropong, Ghana
e
School of Finance, Zhongnan University of Economics and Law, Wuhan, PR China

A R T I C L E I N F O A B S T R A C T

Keywords: The COP26 Glasgow conference stressed the importance of all nations committing to more ambitious targets for
Carbon neutrality reducing emissions to keep global temperatures from rising more than 1.5
C above pre-industrial levels. This is
Green energy consumption crucial since any temperature greater than that will have grave and irreversible climatic repercussions. This
Green innovation
research, utilizing data from Ghana from 1980 to 2018, investigates the role of green innovation, green energy
Green human capital
Quantile-on-quantile approach
consumption, and green human capital in mitigating carbon dioxide (CO2) emissions to achieve carbon neutrality
within the environmental Kuznets curve (EKC) framework while using natural resources and industrialization as
additional variables in the study model. Current econometric techniques are employed for accurate and reliable
analyses, and the findings reveal the study variables as stationary and co-integrated in the long run. The novel
quantile-on-quantile regression is adopted, and the empirical discoveries reveal that green energy consumption,
green innovation, and green human capital mitigate CO2 emissions. However, the findings indicate that natural
resources and industrialization escalate CO2 emissions in the country. The findings also validate the N-shape EKC
hypothesis between economic growth and CO2 emissions in Ghana. Policy recommendations are offered based on
these insights.

1. Introduction including carbon neutralization objectives in their legal frameworks,

Despite numerous mitigation initiatives, global temperatures have
been escalating, with carbon dioxide (CO2) emissions reaching a record
high level, creating an increasing variety of climate-related problems and
rapidly intensifying global warming (Raihan, 2023a; Yi et al., 2023). The
international community agreed, through the Paris Agreement (COP21),
to strive to limit the global temperature increase to below 2
C and even
further to 1.5
C compared to pre-industrial levels, which posits that any
residual emissions must be offset via extraction of CO2 from the envi-
ronment (IPCC, 2018). The 1.5
C limit has been highlighted as a crucial
upending threshold above which the danger of severe droughts, food
insecurity, floods, and wildfires, among other things, would drastically
rise (Lam et al., 2021). Achieving the 1.5
C goal requires quick and
far-reaching structural reforms. Countries all over the globe are steadily
policy declarations, and initiatives, stimulating various enterprises and
organizations to devise carbon neutrality strategies to hasten this trans-
formation (Dong et al., 2022). Leading economies like Japan, the UK,
Canada, China, and France have made net-zero emissions commitments,
aligning with COP21's suggestions for capping global warming at 1.5
C
(Iyer et al., 2021). Despite these commitments, global emissions continue
to rise, casting doubt on the world's ability to fulfill COP21's objectives.
Specifically, between 2020 and 2021, yearly worldwide CO2 emissions
rose from 33.3 GtCO2 to 34.9 GtCO2, representing a 4.8% rise (Liu et al.,
2022).
The Glasgow Climate Pact (COP26) marked a critical juncture where
nations revisited their pledges from COP21, recognizing the widening
gap amid current efforts and the more ambitious targets required to avert
catastrophic warming (Ahakwa et al., 2023d). COP26 emphasized the

* Corresponding author.
E-mail addresses: isaacahakwa@gmail.com (I. Ahakwa), tackieevelyna@gmail.com (E.A. Tackie), faustina.tackie@epa.gov.gh (F.K. Tackie), timangu@mail.ustc.
edu.cn (T. Mangudhla), jibalbaig@mail.ustc.edu.cn (J. Baig), sartajafridi300@mail.ustc.edu.cn (S. Islam), francis.sarpong@stu.ucc.edu.gh (F.A. Sarpong).

https://doi.org/10.1016/j.igd.2024.100134
Received 24 September 2023; Received in revised form 2 January 2024; Accepted 2 January 2024
Available online xxxx
2949-7531/© 2024 The Author(s). Published by Elsevier B.V. on behalf of Business School, Zhengzhou University. This is an open access article under the CC BY
license (http://creativecommons.org/licenses/by/4.0/).
I. Ahakwa et al.
urgency for nations to not just recommit to their prior goals to cap the
global temperature increase but also to propose revised and more strin-
gent Nationally Determined Contributions (NDCs). These enhanced
commitments aim to propel the global community towards a more sus-
tainable, low-emission future, including a 45% reduction in CO2 emis-
sions worldwide by 2030, leading to achieving net-zero emissions by
mid-century. This emphasizes the crucial demand for more efficient
and impactful strategies to lower CO2 emissions, aiming to restrain the
rising levels of CO2 in the atmosphere and to fulfill the crucial targets of
capping the temperature increase to 1.5
C and reaching net-zero
emissions.
There is an escalating need for augmenting investments in green
initiatives, aiming to diminish greenhouse gas (GHG) emanations and
endorse sustainable development (Dey et al., 2022; Sarpong, Boubacar,
et al., 2023; Yolcan, 2023). Among these initiatives, green energy con-
sumption (GEC) is considered a vital solution to restrain the global
temperature increase below the 1.5
C limit and realize the net-zero
emissions objectives (Ahakwa et al., 2023c). Tong et al. (2019) posited
that transitioning from fossil fuels to clean energy sources is essential to
curb the global temperature increase beyond 1.5
C. However, there have
been inconsistent findings in empirical research. Adams and Nsiah
(2019) contended that GEC does not significantly contribute to reducing
CO2 emissions. Cordroch et al. (2022) also concluded that the global shift
towards clean energy sources is inadequate to meet carbon neutrality
goals. Although many studies, such as Adebayo et al. (2023) and Ahakwa
et al. (2023c), have underscored the positive impacts of GEC in reducing
CO2 emissions. The impact of GEC on CO2 secretions is yet to be
conclusively determined, highlighting the need for more research on
these variables.
Further, studies posit that green innovation (GIN) is the world's
fundamental necessity for addressing climate and other environmental
issues and steering the globe toward carbon neutrality (Ahakwa et al.,
2023d; Lee & Hussain, 2022). Several nations strive to boost industrial
output via GIN-driven production processes, industrial optimization, and
quality enhancement (Suki et al., 2022). While technologies related to
climate innovation are designed to alleviate the adverse effects of climate
change, prevailing research has produced divergent results. Ahakwa
et al. (2021) found that GIN could reduce environmental degradation
(ED) while advancing economic modernization. However, Wang et al.
(2012) questioned GIN's role in reducing emissions. Weina et al. (2016)
confirmed the use of GIN for enhancing eco-friendly production but
raised questions about its effectiveness in reducing CO2 emissions. Zhang
et al. (2017) inferred that GIN could increase CO2 emanations. Previous
studies using linear estimates in panel or time series analyses often miss
the complex non-linear dynamics and tend to provide only average
outcomes. Thus, this study's adoption of a non-linear estimation
approach introduces a nuanced perspective to the ongoing discourse on
GIN's influence on CO2 emissions.
Utilizing green human capital (GHC) represents a significant tactic to
align global efforts with carbon neutrality objectives (Ahakwa et al.,
2023b). Nonetheless, the available empirical evidence does not present a
clear consensus. Isiksal et al. (2022) and Ahakwa et al. (2021) argued
that individuals educated in ecological studies are likely to have a higher
awareness of the detrimental impacts of climate change, thereby showing
a higher propensity to participate in initiatives that reduce ED.
Conversely, Rahman et al. (2021) and Haini (2021) questioned GHC's
efficacy in dipping CO2 emanations. Similarly, Ahakwa et al. (2023b)
confirmed that GHC contributes to increased CO2 emissions in the short
term. These varying conclusions underscore the pressing need for more
nuanced and diversified research in this area.
GEC, GIN, and GHC are fundamental in the global stride toward
carbon neutrality. Studies have affirmed that GIN and GEC diminish CO2
secretions (Musah et al., 2022, 2023). The interplay between these ele-
ments is critical, with GHC providing the expertise and skills necessary
for developing and implementing green technologies and innovations
2
Innovation and Green Development 3 (2024) 100134
(Ahakwa et al., 2023b). GHC encompasses the expertise of the workforce
in environmental management and the creation of sustainable processes,
facilitating the effective adoption of GIN and expediting progress toward
carbon neutrality (Long & Liao, 2023). Green development necessitates a
workforce adept in renewable energy and energy efficiency. However,
challenges such as skill shortages and the need for substantial in-
vestments in training and development can impede the roll-out of green
initiatives. Nevertheless, the interdependent relationship among GHC,
GEC, and GIN is central to the concerted global endeavor to curb CO2
emissions and advance toward carbon neutrality.
To keep the global temperature rise below 1.5
C and lessen CO2
secretions to net zero by 2050, all nations, including Ghana, must pri-
oritize the fight against climate change and ensure a healthy natural
environment for current and future generations. Ghana pledged to reduce
GHG emissions by at least 15% by 2030 under COP21. The country
reaffirmed its commitment in the COP26 to reduce its emissions by 64
MtCO2e by 2030 through a combination of unconditional actions, which
are expected to reduce emissions by 24.6 MtCO2e, and conditional ac-
tions, which have the potential to further reduce emissions by 39.4
MtCO2e by 2030 (UNFCCC, 2021). However, Ghana's growth and
expansion hinge on natural resources (NAR), and industrial activity that
depends on polluting energy sources is pushing up the nation's CO2
footprint (Kwakwa, 2022). In 2016, Ghana's CO2 emissions increased by
1.84% from the previous year, followed by a 5.85% hike in 2017, a
9.82% rise in 2018, and a 7.28% increase in 2019 (Ahakwa et al., 2023b).
These rising emissions amplify solar radiation absorption, leading to
higher global temperatures, which distracts weather patterns and water
resources, alters the timing of crop planting, and poses a threat to coastal
regions due to rising sea levels (Ahakwa et al., 2023a; Sarpong, Sappor,
et al., 2023).
Moreover, rainfall has decreased over the years across all ecological
zones in Ghana, and the anticipated rise in sea level threatens the
country's agriculture, exacerbating food insecurity (World Bank, 2021).
The decrease in seafood production has led to significant imports to
satisfy domestic needs (World Bank, 2021). Ghana has experienced
devastating floods and droughts in the past twenty years, impacting the
economy and social structure. Climate change is expected to stress
Ghana's dam systems, potentially affecting river runoff and over 1.3
million people, mainly women and children (Adshead, 2022). It is pro-
jected that climate threats could incur $3.9 billion in damages to the
transportation sector by 2050. Ghana's reliance on hydropower, which
faces power shortages and might operate at half capacity by mid-century
due to reduced rainfall, underscores the challenges ahead (World Bank,
2021). Climate-induced changes in water conditions could also lead to an
uptick in cholera and malaria cases. Malaria, in particular, is a public
health crisis, causing significant morbidity and mortality, especially in
children under five (Yankson et al., 2019). Ghana's susceptibility to
climate variability demands urgent and effective mitigation strategies to
achieve carbon neutrality and join the global effort to counter climate
change.
This research is driven by the urgent need to tackle the repercussions
of escalating ED, evidenced by substantial economic, health, and
ecological setbacks in Ghana. Recognizing the impact of GEC, GIN, and
GHC on CO2 emissions is vital in aiding developing nations like Ghana in
the global climate fight and in fulfilling Sustainable Development Goals
(SDGs). This study aims to devise effective and cost-efficient strategies
for climate change mitigation to protect emerging economies from the
detrimental economic and health impacts of CO2 emissions. The study
answers whether GEC, GIN, and GHC can help Ghana achieve carbon
neutrality by lowering CO2 emissions.
This research contributes novel insights to the empirical body of
literature in several significant ways. Firstly, it investigates the effect of
GEC, GIN, and GHC on Ghana's CO2 emissions within the environmental
Kuznets curve (EKC) framework, which has remained relatively unex-
plored. Secondly, this study utilized the novel quantile-on-quantile
I. Ahakwa et al.
regression (QQR) technique to address potential non-linearities and ir-
regularities in the data. This technique thoroughly examines the in-
teractions between different quantiles of the variables of interest,
offering a more reliable and nuanced understanding than traditional
models. It enables a detailed exploration of the dynamics between the
study's variables, which conventional econometric approaches could
obscure. Lastly, utilizing this novel methodology, this study provides
actionable policy recommendations to help reduce CO2 emissions and
achieve carbon neutrality.
The subsequent sections are structured in the following manner:
Section 2 delves into the “Literature review”; Section 3 delineates the
“Materials and methods” utilized in the study; Section 4 presents the
“Empirical findings and discussion”; and Section 5 deals with “Conclu-
sion and policy suggestions.”
2. Literature review
2.1. Green energy and CO2 emissions
The influence of GEC on CO2 secretions has been the subject of several
recent studies. Raihan (2023b) analyzed the effect of GEC on CO2 ema-
nations in Colombia, utilizing data from 1990 to 2020. The study
employed the dynamic ordinary least squares (DOLS) technique, and the
results affirm that GEC mitigates CO2 emissions. Also, Raihan (2023c)
examined the influence of GEC on ED in South Korea using data from
1990 to 2021 and employing the autoregressive distributed lag (ARDL)
model. The findings confirm that GEC mitigates ED. Ahakwa et al.
(2023c) assessed the influence of GEC on CO2 secretions in Ghana from
1990 to 2020. The study used the dynamic ARDL simulation method to
reveal that GEC diminishes ED by reducing CO2 emissions. Raihan
(2023d) investigated the effect of GEC on CO2 emanations in Chile using
the DOLS approach with data from 1990 to 2020, and the findings
confirm that GEC leads to a reduction in CO2 emissions. Li et al. (2023)
analyzed the influence of GEC on CO2 secretions among BRICS countries
using data from 1990 to 2020, employing the common correlated effects
mean group (CCEMG) and augmented mean group (AMG) estimators,
with results affirming that an increase in GEC lessens ED by reducing CO2
emissions. Lastly, Raihan et al. (2023) investigated the effect of GEC on
CO2 secretions in Indonesia using the DOLS approach and data from 1990
to 2020, where the outcomes also confirm that GEC contributes to CO2
emissions reduction.
2.2. Green innovation and CO2 emissions
The role of GIN in curtailing CO2 emissions has been scrutinized
across various countries and regions. Raihan (2023b) examined the
influence of GIN on Colombia's CO2 secretions from 1990 to 2020.
Employing the DOLS method, the study's outcomes suggest that GIN
contributes to dipping CO2 emanations. Ali, Phoungthong, et al.
(2022) explored the influence of GIN on ED within BRICS nations,
using data from 1990 to 2014. Through the application of the AMG
estimator, the research indicated a significant negative association
between GIN and ED. Habiba et al. (2022) analyzed how GIN impacts
ED among the top twelve emitting countries, utilizing data from 1991
to 2018. Utilizing second-generation econometric methods, the evi-
dence pointed toward GIN's role in lessening ED. Raihan (2023c)
probed into the effects of GIN on ED in South Korea, drawing on data
from 1990 to 2021 and utilizing the ARDL model. The findings
corroborate the assertion that GIN reduces ED. Ahakwa et al. (2023d)
evaluated the influence of GIN on CO2 emanations in Asia, analyzing
data from 1990 to 2019 with AMG and CCEMG regression estimators.
The results indicated that GIN curbs ED by curtailing CO2 emissions.
Raihan et al. (2023) delved into the influence of GIN on CO2 se-
cretions in Indonesia, applying the DOLS method to time series data
from 1990 to 2020. The findings support the notion that GIN is
instrumental in reducing CO2 emissions.
3
Innovation and Green Development 3 (2024) 100134
2.3. Green human capital and CO2 emissions
Numerous investigations have delved into the influence of GHC on ED;
however, the outcomes of these studies have yielded uncertain conclu-
sions. Zhu (2023) investigated the relationship between GHC and
ecological degradation in China from 1986 to 2019, employing the ARDL
method. The study highlighted an adverse connection between GHC and
CO2 emanations. Ahakwa et al. (2023b) analyzed the impact of GHC on ED
in Ghana from 1990 to 2019. Utilizing the dynamic ARDL simulation
method, the findings revealed that GHC escalates ED in the short run but
mitigates it in the long run. Jabeen et al. (2023) delved into the influence
of GHC on ecological degradation among BRI nations from 1990 to 2018.
Using the fully modified ordinary least squares (FMOLS) and DOLS esti-
mation techniques, the research uncovered a negative association amid
GHC and ED. Appiah-Twum and Long (2023) examined the interplay amid
GHC and ED across nations in the Asia-Pacific region from 1990 to 2018.
The study unveiled a favorable impact of GHC on ecological sustainability.
Wang et al. (2023) explored the connection between GHC and ED from
1990 to 2018. Employing the generalized method of moments (GMM) and
FMOLS estimators, the study proved that GHC positively improves
ecological health. Pata and Ertugrul (2023) delved into the intricate rela-
tionship between India's GHC and ED from 1988 to 2018, utilizing the
ARDL approach. The outcomes posited that GHC reduces ED.
Table 1 summarizes studies exploring how GEC, GIN, and GHC impact
CO2 emissions across different countries and regions.
3. Materials and methods
3.1. Theoretical underpinning
Most countries have boosted their investments in clean energy sour-
ces to realize the 1.5
C and net-zero emissions objectives (Ahakwa et al.,
2023d). Clean energy sources, such as biomass, solar, wind, hydropower,
and geothermal power, enhance energy efficiency and environmental
health due to their low to zero CO2 emissions (Ghorbani et al., 2022).
Therefore, GEC is a recurrent theme in studies tackling climate change
(Zhang & Chen, 2022). This study integrates GEC as an independent
parameter and anticipates a beneficial effect on CO2 emissions reduction.
Research reveals that GIN is critical in reducing CO2 emissions (Ahakwa
et al., 2023d). GIN can directly reduce CO2 emissions with technologies
such as carbon capture and storage and indirectly through air quality and
water pollution management solutions. Innovations in energy conserva-
tion, like heat recovery, energy storage, waste treatment, and recycling
technologies, contribute to CO2 reduction. GIN fosters more
cost-effective and flexible business practices with cleaner processes and
technologies, leading to diminished ED, enhanced resource efficiency,
opportunities for sustainable business, and lessened ED (Meirun et al.,
2021). Mirroring previous studies (Ahakwa et al., 2023d; Xie et al.,
2022), this study integrates GIN as an independent variable in its model,
expecting it to affect CO2 emission reduction positively.
Research suggests that GHC is a potent and efficient means for
reducing CO2 emissions (Huang et al., 2022; Isiksal et al., 2022). The
argument is that individuals educated in environmental practices are
more conscious of the negative impacts of CO2 emissions and are thus
more inclined to participate in behaviors that foster ecological sustain-
ability by lowering emissions (Ahakwa et al., 2023e). Consistent with
earlier research, this study expects a favorable effect of GHC on reducing
CO2 emissions. The intensification of NAR consumption driven by eco-
nomic growth poses significant ecological issues (Ahakwa et al., 2023c).
As economies progress and industrialize, they tend to increase the
exploitation of NAR. Excessive use of these resources reduces a nation's
biocapacity and results in an ecological deficit (Ling et al., 2022). Such
economic activities accelerate the diminution of NAR and the quantity
and toxicity of waste generated, contributing to heightened CO2 emis-
sions (Ahakwa et al., 2023d). Thus, this study model integrates NAR and
anticipates an escalating impact on CO2 emissions. Previous studies have
I. Ahakwa et al. Innovation and Green Development 3 (2024) 100134

Table 1
Summary of relevant studies.
Author(s) Country Period Estimator Key findings

GEC on CO2 emissions

1. Miao et al. (2022) Malaysia 1980–2017 MMQR ↑ GEC ↓ CO2
2. Iqbal et al. (2021) OECD countries 1970–2019 AMG ↑ GEC ↓ CO2
3. Anwar et al. (2021) ASEAN countries 1990–2018 MMQR ↑ GEC ↓ CO2
4. Du et al. (2022) MINT countries 1990–2018 MMQR ↑ GEC ↓ CO2
5. Ali, Tursoy, et al. (2022) South Africa 1990–2019 ARDL ↑ GEC ↓ CO2
6. Ahakwa et al. (2023c) Ghana 1990–2020 DARDL ↑ GEC ↓ CO2
7. Sun et al. (2022b) MENA countries 1991–2019 CUB-C ↑ GEC ↓ CO2
8. Akram et al. (2022) MINT countries 1990–2014 NARDL ↑ GEC ↓ CO2
GIN on CO2 emissions
1. Sun et al. (2022a) Top 10 polluted countries 1991–2018 MMQR ↑ GIN ↓ CO2
2. Ahakwa et al. (2023d) Asian countries 1990–2019 AMG ↑ GIN ↓ CO2
3. Meirun et al. (2021) Singapore 1990–2018 BARDL ↑ GIN ↓ CO2
4. Mughal et al. (2022) South Asian countries 1990–2019 FMOLS ↑ GIN ↓ CO2
5. Khan et al. (2020) BRICS countries 1985–2014 FMOLS ↑ GIN ↓ CO2
6. Esquivias et al. (2022) Emerging Asian countries 1990–2019 QR ↑ GIN ↓ CO2
7. Suki et al. (2022) Malaysia 1980–2018 BARDL ↑ GIN ↓ CO2
8. Xie et al. (2022) China 1985–2019 ARDL ↑ GIN ↓ CO2
GHC on CO2 emissions
1. Ahakwa et al. (2023b) Ghana 1990–2019 DARDL ↑ GHC ↓ CO2
2. Bano et al. (2018) Pakistan 1971–2014 ARDL ↑ GHC ↓ CO2
3. Isiksal et al. (2022) Central Asia countries 1995–2018 PMG ↑ GHC ↓ CO2
4. Haini (2021) ASEAN countries 1996–2019 PFER ↑ GHC ↑ CO2
5. Hao et al. (2021) G7 countries 1991–2017 CS-ARDL ↑ GHC ↓ CO2
6. Iorember et al. (2021) South Africa 1990–2016 ARDL ↑ GHC ↓ CO2
7. Huang et al. (2022) Emerging countries 1995–2018 CS-ARDL ↑ GHC ↓ CO2
8. Pata and Caglar (2021) China 1980–2016 ARDL ↑ GHC ↓ CO2

Note: “↑” and “↓” represent increase and decrease, respectively. Variables: carbon dioxide (CO2), green energy consumption (GEC), green innovation (GIN), green
human capital (GHC). Methods: method of moment quantile regression (MMQR), augmented mean group (AMG), autoregressive distributed lag (ARDL), dynamic
autoregressive distributed lag (DARDL), continuously updated bias-corrected (CUB-C), non-linear panel autoregressive distributive lag (NARDL), bootstrap autore-
gressive distributed lag (BARDL), fully modified ordinary least squares (FMOLS), quantile regression (QR), pooled mean group (PMG), panel fixed effects regression
(PFER), cross-sectional autoregressive distributed Lag (CS-ARDL). Countries: Mexico, Indonesia, Nigeria, and Turkey (MINT), Middle East and North African (MENA),
Brazil, Russia, India, China, South Africa (BRICS).

determined that industrialization (IND) increases ED (Ahakwa et al.,
2023c; Wang et al., 2022). The shift from an agriculturally based society
to an industrial one supports economic growth but at an environmental
cost. Chen et al. (2022) asserted that industries, being significant con-
tributors to GDP, account for over half of global energy consumption. The
primary energy sources for transportation, production, and industrial
processes are fossil fuels, which lead to increased CO2 emissions (Tackie
et al., 2023). As many developing countries strive to industrialize, there
is an increase in coal mining and the utilization of harmful fuels for
transportation, production, and energy generation, further escalating
CO2 emissions (Ahakwa et al., 2023c). This study expects IND to have a
detrimental effect on CO2 emissions reduction.
Nation-building necessitates economic development to elevate
financial performance, income, and the quality of life for its populace.
The traditional growth theory posits a correlation between heightened
economic activity, increased energy usage, and pollution (Aust et al.,
2020). The N-shaped hypothesis suggests that while initial economic
expansion leads to ED through elevated CO2 emissions, there is a sub-
sequent reduction in emissions once a certain level of growth is attained.
Nonetheless, after surpassing the second threshold, further economic
expansion increases ED. The connection amid GDP and CO2 secretions
can be explored using this N-shaped framework. This paradigm has
informed the analytical approach of several studies (Abbasi et al., 2023;
Jahanger et al., 2023; Musah et al., 2022; Sun et al., 2022c). The study
model includes GDP, its square, and its cube as variables with the
expectation that GDP will initially increase CO2 emissions, decrease them
at a squared level, but increase them again when cubed.
3.2. Data
This investigation relies on time series data from Ghana from 1980 to
2018, with all missing datasets addressed through extrapolation and
interpolation techniques to ensure consistency and avoid estimation er-
rors. The response parameter is CO2 emissions, while the primary inde-
pendent parameters are GEC, GIN, and GHC. NAR and IND are included
as control variables to curtail the risk of omitted variable bias. Addi-
tionally, the model incorporates GDP, GDP2, and GDP3 to examine the
potential N-shaped relationship between GDP and CO2 emanations in
Ghana. The data for GHC come from the Penn World Tables (PWT),
whereas all other data are sourced from the World Development In-
dicators (WDI) database. Detailed descriptions of the parameters under
study are provided in Table 2.
3.3. Analytical procedure
Time series data is usually coupled with stationarity difficulties.
Therefore, the stationary attributes of the series are tested in the first
phase of the analytical approach via the ADF unit root test (Dickey &
Fuller, 1981), PP unit root test (Perron, 1989), and KPSS unit root test
(Kwiatkowski et al., 1992). Suppose the factors are stationary at their
first difference but non-stationary at levels. In that case, a
co-integration test is applied to ascertain the existence of long-term
relationships among the variables. The Johansen co-integration test
introduced by Johansen (1991) is used in the second stage of the
analytical procedure to establish if long-term associations exist amid
the parameters. The Johansen test is particularly significant because it
allows for multiple co-integration relationships, unlike other tests,
which limit to only one. The Johansen test involves both the maximum
eigenvalue and trace tests, with the hypothesis for the trace test out-
lined in Equations 1 and 2:
H0 : P ¼ P 0 (1)
H0 : P > P0 (2)

4
I. Ahakwa et al. Innovation and Green Development 3 (2024) 100134

Table 2
Data source and variable definition.
Variables Abbr. Measurement Source Empirical studies

Carbon emissions CO2 Metric tons per capita WDI Ahakwa (2023); Chen et al. (2022)
Green energy consumption GEC Renewable energy consumption (% of total final energy consumption) WDI Ahakwa et al. (2023c); Raihan et al. (2023)
Green innovation GIN Research and development (% of GDP) WDI Musah et al. (2022)
Green human capital GHC Human capital index PWT Ahakwa et al. (2023b)
Natural resources NAR Total natural resource rent includes oil, gas, coal, minerals, and forests WDI Shahid et al. (2024); Tackie et al. (2023)
Industrialization IND Industry (including construction), value added (% of GDP) WDI Tackie et al. (2023)
Economic growth GDP GDP per capita (constant 2015 US$) WDI Ahmad et al. (2023); Musah et al. (2021)
Economic growth square GDP2 Finding the square of GDP Authors Ahakwa et al. (2023b)
Economic growth cube GDP3 Finding the cube of GDP Authors Sun et al. (2022c)

Co-integration occurs amid the parameters if the null presumption is
disregarded and P0 is set to zero to determine whether the null
assumption is rejected. The maximum eigenvalue test assertion is out-
lined in Equations 3 and 4:
H0 : P ¼ P 0
H0 : P > P0 þ 1
The study employs the novel QQR method, presented by Sim and
Zhou (2015), to test the hypotheses in the final phase of the analysis. This
method is regarded as an effective tool for bivariate analysis, particularly
suited for asymmetrical data distributions. It allows for the adjustment of
structural differences and provides a detailed investigation of the asso-
ciations between lower and higher quantiles of the data series. By uti-
lizing this technique, the study moves beyond the assumptions of a linear
relationship inherent in traditional quantile regression, allowing for the
exploration of non-linearities between independent and dependent var-
iables. The QQR also offers a more nuanced portrayal of the data
compared to conventional methods. Significantly, it addresses the
endogeneity concern by considering the time lag effects of the predictors
on the response parameter, enhancing the robustness of the model. Given
these advantages, environmental research has widely adopted the QQR
approach (Ahakwa et al., 2023e; Haseeb et al., 2021; Xu et al., 2021; Yu
et al., 2022). Accordingly, the study utilizes this novel approach to
scrutinize how different quantiles of independent variables (X) influence
various dependent variable (Y) quantiles, as outlined in the model pre-
sented in Equation (5).
Yt ¼ Y r Xt þ εrt
where Yt is the endogenous parameter in period t and Xt stands for the
exogenous parameter in period t. The calculated r th quantile is equal to
zero, and εrt shows the quantile error term.
recorded the lowest mean value. GHC exhibits the smallest variation,
evidenced by the lowest standard deviation, in contrast to the GDP3,
which shows the greatest variation. The distribution patterns reveal that
CO2 emissions, GDP, GDP2, and GDP3 are positively skewed, meaning
their distributions have longer right tails with substantial data on the left.
(3) However, GEC, GIN, GHC, NAR, and IND all exhibit negative skewness,
indicating more data is concentrated on the right with longer left tails. All
(4) variables, except IND, show negative excess kurtosis, implying a flatter
distribution than the normal curve. The Jarque-Bera test affirms normal
distribution for all parameters except IND and the GDP3. The Q-Q plot in
Fig. 1 suggests that the parameters are not evenly distributed.
Fig. 2 exhibits the correlation matrix among the series, showing that
increased GEC contributes positively to achieving the targets of limiting
global warming to 1.5
C and reaching net-zero emissions by lowering
CO2 emissions by 0.9621% for each unit increase, holding all other
variables constant. Conversely, the findings indicate that enhancements
in GIN, GHC, NAR, IND, GDP, GDP2, and GDP3 are linked to a setback in
these environmental goals due to their association with CO2 emissions
increases of 0.6003%, 0.5455%, 0.3429%, 0.2797%, 0.8236%, 0.8262%,
and 0.8285%, respectively, when all other factors are held steady.
4.2. Unit root and co-integration test results
Stationarity is critical in time series analysis because it is a prereq-
uisite for many statistical tests and modeling techniques (Tackie et al.,
2022). Table 4 presents the stationarity results, and the findings indicate
that while the series are non-stationary at levels, they become stationary
at their first difference. This indicates potential co-integration among the
(5) variables, which could imply a long-term equilibrium relationship.
Table 5 displays the co-integration test results, confirming the long-term
relationship among the series with statistically significant equations.
Therefore, this research explores the relationships between the study
variables using the novel QQR approach.

4. Empirical findings and discussions 4.3. Novel quantile-on-quantile regression results

4.1. Preliminary results Fig. 3a–h illustrates the influence of exogenous parameters on the
response variable using the novel QQR method. The color bar to the
Table 3 presents the descriptive statistics of various elements, high- right indicates the degree of the association amid the parameters, with
lighting that GDP3 has the highest average value, whereas CO2 emissions different shades representing the effect of various exogenous

Table 3
Descriptive statistics.
Statistics lnCO2 lnGEC lnGIN lnGHC lnNAR lnIND lnGDP lnGDP2 lnGDP3

Mean 1.100 4.142 0.565 0.709 2.244 3.001 7.020 49.358 347.586
Median 1.101 4.167 0.613 0.741 2.312 3.172 6.936 48.105 333.641
Maximum 0.466 4.418 1.016 0.915 2.791 3.529 7.586 57.546 436.541
Minimum 1.782 3.725 0.076 0.413 1.456 1.832 6.631 43.965 291.510
Std. Dev. 0.362 0.209 0.320 0.135 0.349 0.401 0.280 3.984 42.574
Skewness 0.031 0.437 0.387 0.548 0.413 1.315 0.685 0.727 0.769
Kurtosis 2.107 1.948 2.006 2.375 2.245 4.500 2.198 2.245 2.295
Jarque-Bera 1.301 3.039 2.581 2.589 2.034 14.895 4.091 4.361 4.647
Probability 0.522 0.219 0.275 0.274 0.362 0.001*** 0.129 0.113 0.098*

Note: *** and * denote significance at 1% and 10% levels, respectively.

5
I. Ahakwa et al.
Fig. 1. Q-Q plot.
parameters' quantiles on the endogenous parameter's corresponding
quantiles. Specifically, the color spectrum ranges from orange for the
smallest slope coefficient value to red for the largest, denoting the
strength of influence.
Fig. 3a shows that GEC negatively influences CO2 emissions across all
quantiles of both variables. This negative impact is moderate in the lower
to medium quantiles of GEC (0.20–0.60) and all quantiles of CO2 emis-
sions, but it becomes weak at the medium to higher quantiles of GEC
(0.70–0.95). This finding suggests that GEC decreases Ghana's ED by
reducing CO2 emissions. The rationale is that clean energy sources such as
solar and wind power emit little to no CO2 during electricity production,
unlike burning fossil fuels, which release significant amounts of CO2. This
outcome aligns with Ahakwa et al. (2023c), who recommend replacing
energy sources that emit high levels of CO2 with clean energy like hy-
dropower, wind, and solar to lessen ED. Similar conclusions were made by
Raihan (2023b) in Colombia and Raihan (2023c) in South Korea, con-
firming that embracing clean energy leads to lower CO2 emissions.
Fig. 3b shows that all GIN and CO2 emissions quantiles demonstrate a
negative relationship. The negative influence is moderate at the lower to
higher quantiles of GIN (0.40–0.95) and the lower quantiles of CO2
emissions (0.20–0.50). However, the impact is weak at the medium and
higher quantiles of CO2 secretions (0.55–0.95) and the lower to higher
quantiles of GIN (0.20–0.95). According to this discovery, Ghana's GIN
strategies are consistent with the nation's ambition to have a net-zero
economy. The country's investment in research and development and
6
Innovation and Green Development 3 (2024) 100134
the adoption of more efficient technologies support this goal. This result
supports Ahakwa et al. (2023d), who highlighted GIN's importance in
reducing GHGs, mainly through transportation investments like electric
vehicles, which significantly cut down the CO2 emissions from conven-
tional transportation fuels. Studies by Lisha et al. (2023) on BRICS
economies and Zhao et al. (2023) on BRICS-T countries found that GIN
lowers energy use, increases energy efficiency, and, as a result, decreases
CO2 emissions. This finding is further supported by Zhang and Liu (2022)
regarding China and Dong et al. (2022) for developed nations, which
verified that green technology innovation lessens ED. However, this
research's outcomes differ from Adebayo et al. (2022), who observed that
GIN contributed to ED in Portugal.
Fig. 3c shows the effect of GHC on CO2 emanations, confirming a
negative impact for all quantiles of both variables. The lower to medium
quantiles of GHC (0.20–0.70) and all quantiles of CO2 emissions show a
moderate negative impact. The higher quantiles of GHC and all quantiles of
CO2 emissions also reveal a weak negative influence. This outcome sug-
gests that GHC aligns with the nation's goal of achieving a net-zero econ-
omy. Individuals with green knowledge and skills tend to be more efficient
and innovative, contributing to the development of cleaner production
technologies and reducing ED. This finding is supported by Yao et al.
(2021) for China and Isiksal et al. (2022) for Central Asian economies, both
identifying a negative impact of GHC on ED. Nevertheless, this contrasts
the outcomes of Sarkodie et al. (2020) for China and Ahakwa et al. (2023b)
for Ghana, where an increase in GHC is associated with rising ED.
I. Ahakwa et al. Innovation and Green Development 3 (2024) 100134

Fig. 2. Correlation matrix.

Table 4
Unit root test results.
Variables ADF PP KPSS

At level At 1st Diff. At level At 1st Diff. At level At 1st Diff.

lnCO2 2.303 5.323*** 0.260 4.740*** 0.162 0.124*

lnGEC 2.593 7.629*** 3.028 7.440*** 0.146 0.229***
lnGIN 2.998 5.312** 2.519 4.373*** 0.204 0.844***
lnGHC 1.025 6.327*** 1.819 4.028*** 0.153 0.833***
lnNAR 2.591 7.259*** 2.717 7.245*** 0.147 0.237***
lnIND 1.948 4.215*** 2.200 4.069*** 0.134 0.225***
lnGDP 2.305 3.776** 1.552 3.578** 0.155 0.252***
lnGDP2 2.477 3.413** 3.026 3.589** 0.160 0.126*
lnGDP3 2.650 3.352** 2.782 3.602** 0.197 0.179**

Note: ***, **, and * denote significance at 1%, 5%, and 10% levels, respectively.

Table 5 quantiles of CO2 emissions. This outcome is unsurprising given that

Johansen co-integration test results. NAR helps reduce the country's dependence on fossil fuels, the largest
No. of CE(s) Trace Statistic Prob.** Max-Eigen Statistic Prob.**
source of GHG emissions. This result aligns with Ling et al. (2022) for
China, who acknowledge the mitigating impact of NAR on ED. How-
None * 839.983 0.000 477.520 0.000
ever, the outcome contradicts Awosusi et al. (2022) for BRICS countries
At most 1 * 362.463 0.000 100.413 0.000
At most 2 * 262.050 0.000 78.466 0.000 and Jiang et al. (2022) for BRI economies, revealing that NAR con-
At most 3 * 183.585 0.000 51.986 0.006 tributes to ED.
At most 4 * 131.599 0.000 41.845 0.019 Across all quantiles, Fig. 3e reveals that industrialization positively
At most 5 * 89.754 0.000 28.481 0.031
affects CO2 emissions. The positive impact is generally moderate across
At most 6 * 61.273 0.000 27.425 0.031
At most 7 * 33.848 0.004 19.323 0.041
all quantiles, indicating that Ghana's industrial operations are detri-
At most 8 * 14.525 0.023 14.525 0.023 mental to the environment. This outcome can be attributed to Ghana's
industrial activities, which predominantly depend on fossil fuels for en-
Note: Trace and Max-Eigen test indicates nine co-integrating equation(s) at the
ergy, resulting in ED. This aligns with the observations made by Chikezie
0.05 significance level, * denotes rejection of the hypothesis at the 0.05 signifi-
cance level, ** denotes Mackinnon (1999) p-values. Ekwueme et al. (2022) in Asian nations and Rahman and Alam (2022) in
Australia, where industrial growth has been linked to increased ED.
Fig. 3d depicts how NAR affects CO2 emissions, and the outcomes However, this finding is at odds with the assertions made by Elfaki et al.
show a negative relationship for all quantiles. A moderate negative (2022), who emphasize the vital role of IND in mitigating ED.
influence is witnessed at lower to medium quantiles of NAR (0.20–0.60) Fig. 3f shows how GDP affects CO2 secretions, and the outcomes
and lower to higher quantiles of CO2 emanations (0.40–0.95). How- validate a positive impact for all quantiles of both variables. Lower to
ever, there is a strong negative impact at all quantiles of NAR and lower medium quantiles of CO2 emissions (0.40–0.60) and lower to higher

7
I. Ahakwa et al. Innovation and Green Development 3 (2024) 100134

Fig. 3. Novel quantile-on-quantile regression estimates. Note: The color bar represents the slope coefficients in the z-axis, the x-axis is the exogenous parameter, and
the y-axis is the endogenous one.

8
I. Ahakwa et al.
quantiles of GDP (0.40–0.95) establish a moderately positive impact.
However, for all quantiles of both elements, GDP2 influence on CO2
emissions is negative, as depicted in Fig. 3g. Lower quantiles of CO2 se-
cretions (0.20–0.50) and the higher quantiles of GDP2 (0.75–0.95) wit-
ness a strong negative influence. All GDP2 quantiles and the medium to
higher quantiles of CO2 emanations (0.50–0.80) display a moderately
negative impact. Nevertheless, a weak negative effect is established for
the higher quantiles of CO2 emissions (0.80–0.95) and all quantiles of
GDP2 (0.20–0.95). A positive influence at all CO2 secretions and GDP3
quantiles is confirmed, as shown in Fig. 3h. All quantiles of CO2 emissions
(0.20–0.95) and the GDP3 medium to higher quantiles (0.60–0.95)
demonstrate a moderate positive influence. The observed N-shaped
connection amid economic growth and CO2 emissions in Ghana is
affirmed by the initial positive effect of GDP on CO2 emissions, followed
by a negative influence when GDP is squared, and a subsequent positive
impact when GDP is cubed. This suggests that initially, economic
development leads to a rise in CO2 emissions until a certain point is
reached, where further economic progress reduces emissions, aligning
with the goal of carbon neutrality. Beyond a second critical point, any
additional gains in economic expansion lead to increased CO2 emissions.
This pattern aligns with findings from Sun et al. (2022c) for Nanjing City
and Shahbaz et al. (2020) for the UK, supporting the N-shaped EKC hy-
pothesis linking economic development with CO2 emissions.
5. Conclusion and policy suggestions
5.1. Conclusion
This research investigates how GEC, GIN, and GHC impact CO2
emissions in Ghana, using data from 1980 to 2018. Factors like NAR and
IND are considered to address potential bias from omitted variables. The
research also explores the possibility of an N-shaped connection between
Ghana's economic expansion and CO2 secretions by incorporating GDP
and its squared and cubed terms. Employing the novel QQR method, the
study reveals that GEC, GIN, and GHC contribute positively to achieving
climate targets by reducing emissions, while NAR and IND hinder these
goals by increasing CO2 emissions. The research also confirms an N-
shaped curve linking economic development with CO2 emissions in
Ghana. Consequently, the study offers crucial policy recommendations
for Ghana to advance toward carbon neutrality.
5.2. Policy suggestions
The study indicates that GEC benefits Ghana's climate targets by
reducing CO2 emissions. Consequently, the study recommends that au-
thorities enhance investments in clean energy sources and integrate them
more thoroughly into the national energy portfolio, which could boost
GEC across various economic sectors. The study advises that as the de-
mand for energy increases with economic advancement, it should be met
with GEC to avoid ED. It also calls on policymakers to develop the clean
energy sector in a cost-effective manner, balancing the costs of CO2
reduction with those of clean energy investment. Widespread adoption of
clean energy is vital to fostering a carbon-neutral economy and ensuring
sustained economic health. To this end, the government should enact
policies to raise public awareness about environmental issues and the
benefits of using clean energy.
The study's discoveries highlight the mitigating impact of GIN on CO2
emissions. The study advocates for increased investment in research and
development and patent filings for novel green technologies to curtail CO2
emissions. It also suggests that the government should foster the
commercialization of patents and innovation in sustainable and renewable
energy technologies. National policies should prioritize the development
of green technologies that promote sustainable energy usage, which uses
fewer resources and generates less waste and pollutants, leading to a
cleaner environment. For example, energy-efficient hybrid vehicles and air
9
Innovation and Green Development 3 (2024) 100134
conditioning systems can provide the same service and comfort while
saving energy and costs. Creating biodegradable plastics from corncob and
sugarcane bagasse can reduce pollution and outperform traditional
petroleum-based plastics. The government should offer subsidies to
encourage companies to engage in GIN research aimed at energy conser-
vation, emission reduction, and low-carbon technology development,
which can have a positive social, economic, and environmental impact.
Ghana should also focus on identifying specific emission sources and
applying advanced technologies to reduce ED. The country should harness
the benefits of globalization and partner with high-tech countries to adopt
and explore cutting-edge green technologies effectively.
The study's conclusions affirm that nurturing GHC is crucial for Ghana
to lower its CO2 footprint. It recommends enacting more robust policies
and initiatives to strengthen the GHC framework, which would spur
innovation, modernize industry, and bolster sustainable economic
development and environmental health. Lifelong environmental educa-
tion must be enhanced to align individual competencies with zero-
emission goals. The development of GHC should be a governmental
priority, starting from primary education to higher levels. This could
involve increased funding for environmentally-focused education and
better access to educational resources, which would pave the way for a
societal shift towards GIN and conservation. Integrating topics such as
global climate change, industrial pollution, and ED into the national
curriculum could enlighten citizens about environmental issues and the
measures to mitigate global climate change.
The study's results reveal that the overexploitation of NAR is
impeding Ghana's efforts to reduce CO2 emissions. The country's failure
to implement effective conservation and management strategies has led
to an unsustainable reliance on NAR, jeopardizing ecosystem stability.
The research advises against excessive dependence on NAR for economic
development and calls for robust governance and management to limit
their overuse. It emphasizes the importance of institutional account-
ability in ensuring transparent and sustainable NAR use, which is crucial
for maintaining ecological balance and preventing overconsumption. The
government is urged to reinforce NAR taxation to mitigate over-
exploitation. The study also recommends that the government promote
the efficient and sustainable use of NAR and increase the adoption of
green and renewable energies to reduce ED and support sustainable
economic development.
The study indicates that IND hinders Ghana's climate goals by
increasing CO2 emissions. The industrial sector must be transformed
and improved to support net-zero emissions goals. Green IND hinges on
the sustainable consumption and production of clean energy. The
government could employ policy instruments to reorient heavy-
polluting industries and promote industries with zero or low emis-
sions, encouraging industrial variety. Adopting eco-friendly technolo-
gies should become mandatory in the industrial sector while phasing
out outdated and polluting technologies. The government should assist
companies in acquiring green technology to reduce emissions. Envi-
ronmental taxes could be levied on sectors lagging in adopting green
technologies.
The study validates the existence of an N-shaped association amid
economic development and CO2 emanations, suggesting that economic
development can have both beneficial and adverse effects on Ghana's
CO2 footprint. Therefore, it advocates for Ghana to aim for an economic
development stage where the trade-off between economic progress and
ecological harm can be eliminated. Given that Ghana is still developing,
the research underscores the necessity for strengthening the institutional
frameworks supporting economic development and environmental pro-
tection in alignment with zero-emission milestones.
5.3. Limitations of the study
Despite its limitations, this research adds value to the pertinent field
of study and offers substantial understanding of the factors influencing
I. Ahakwa et al. Innovation and Green Development 3 (2024) 100134

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