Empirical Evidence of Environmental Technologies, Renewable Energy and Tourism to Minimize the Environmental Damages: Implication of Advanced Panel Analysis

The motivation behind this research is to investigate the determinants of the ecological footprint in MENA countries and find appropriate solutions. We updated the STIRPAT model and applied sophisticated panel techniques to data from 1996 to 2020. According to the findings, economic expansion along with urbanization and tourism is to blame for these countries’ huge environmental footprints. In addition, when it comes to environmental degradation remedies, environmental innovation and the use of renewable energy play an important role in minimizing these environmental externalities. The results of post Saudi Vison 2030 analysis confirmed the significance of urban population and renewable energy in minimizing the environmental footprint. In light of the findings, it is advised that policymakers should revise the legislative framework to attract not only private sector investment, but also foreign investment to utilize the full potential of renewable energy generation.

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