Environmental Stewardship and Economic Prosperity: A Comprehensive Assessment of CO2 Emissions and Sustainable Development Goals in European Countries

Abstract

Recently, there has been a growing worldwide imperative for the increase in CO2 emissions. Every nation endeavors to attain this fundamental objective, which garners the interest of scholars and decision-makers. The present study aims to examine the influence of environmental impact and economic impact on the achievement of sustainable development goals within EU countries to enhance the progress of the country. This study utilizes the CUP-FM and CUP-BC methodologies to investigate the correlation between various variables. The findings indicate that environmental impacts, including CO2 emissions and renewable energy production, exhibit good connections with gross domestic product per capita. There is a positive correlation between the economic variables of population growth rate, gross savings, gross fixed capital formation, and the achievement of sustainable development targets (% of sustainable development in the GDPPC). Based on the available information, the EU area must augment the volume of CO2 emissions as an integral component of sustainability to improve its GDP. This financial metric would provide sufficient returns for private investors.