Title: A systematic review of environmental sustainability and economic growth

Authors: Sukhwinder Singh; Manoj Sharma; Yogesh Gupta

Addresses: Department of Humanities and Social Sciences, National Institute of Technology, Hamirpur, Himachal Pradesh, India ' Department of Humanities and Social Sciences, National Institute of Technology, Hamirpur, Himachal Pradesh, India ' Department of Humanities and Social Sciences, National Institute of Technology, Hamirpur, Himachal Pradesh, India

Abstract: With the deadline for sustainable development goals nearly a decade away, it becomes relevant to conduct a cost-benefit analysis and ascertain the cost of a sustainable economy. Divergent discourses reveal that elements responsible for economic growth and environmental sustainability constantly interact with each other in an inefficient manner. For instance, an increase in foreign direct investment (FDI) in polluting industries deteriorates the environment, and then changing climatic conditions with high pollution levels impact the output, health, and quality of life. Whereas this effect will be larger for developing countries who are keeping the environment at toe with their detrimental policies. Developed countries are also giving a disadvantage to lower-income countries by utterly exploiting their natural capital stock and worsening their ecological footprint. Analysing extensive literature by using PRISMA analysis makes it practicable for developing countries to understand the causality between indicators of economic growth and environment and draft policies accordingly.

Keywords: abatement cost; climate change; ecological footprint; economic development; EKC hypothesis; energy consumption; environmental economics; environmental pollution; environmental taxes; industrial activities; social cost of pollution; sustainable development.

DOI: 10.1504/WREMSD.2024.141885

World Review of Entrepreneurship, Management and Sustainable Development, 2024 Vol.20 No.6, pp.683 - 715

Received: 11 Apr 2022
Received in revised form: 01 Jul 2022
Accepted: 25 Jul 2022
Published online: 03 Oct 2024 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article