Pathways to decarbonization: Assessing the influence of government effectiveness, economic dynamics, and wind and...

To achieve the 1.5 °C global warming limit, leading economies must holistically revisit the interplay between economic dynamics, government effectiveness (GOVE), and the accelerated adoption of wind and solar power for comprehensive sustainable development. This effort is vital for meeting COP28's ambitious targets of a 43 % emission cut and a 300 % renewable energy boost by 2030. In this regard, this research uses some advanced regression methods, such as the method of moments quantile regression (MM-QR), the bootstrapped simultaneous quantile regression (BS-QR), and the Driscoll-Kraay (DK) standard error, to trace the combined effects of government effectiveness, economic growth, wind and solar electricity (WESE) generation, and gross fixed capital formation (GFF) on CO₂ emissions in 10 leading economies. Results reveal that GOVE boosts the spread of emissions in the analyzed countries. More specifically, it is disclosed that countries with middle and high levels of per capita CO₂ face adverse environmental effects of GOVE showing a potential mismatch between economic and environmental objectives. The findings also unveil the inadequacy of sustainable growth strategies since rising growth levels escalate environmental pollution. WESE decreases CO₂ at every quantile of CO₂ signaling that WESE can be adopted by all countries regardless of differences in their CO₂ levels. GFF is also found to intensify the CO₂ emissions in sample nations. Policy interventions should promote sustainable energy adoption through financial incentives, regulatory frameworks, and wind-solar infrastructure development, while simultaneously phasing out fossil fuel dependence and fostering green growth.