Technological Innovation and Green Growth: Evidence from South Asia

Green growth means promote economic development and growth, while certify that natural assets continue to provide the resources and ecological. This research analyzes that how green growth is affected by technological innovation for South Asia (Bangladesh, Pakistan, India, Sri Lanka, and Nepal) economies during 1990 to 2019. Basic econometric tests such as Cross-section dependence test, Panel unit root tests and Wester Lund co-integration test is applied. Furthermore, we use the FMOLS and DOLS models for estimating the impact of CO 2 emissions on patent by resident, renewable energy consumption, foreign direct investment, and GDP per capita. The results of all panel unit root tests reveal that all the variables are stationary at a 1 st difference. Westerlund panel co-integration test conrmed the long-run relationship. In both the FMOLS and DOLS models, the ndings show that patent application by residents and renewable energy consumption have negative and statistically signicant impacts on CO2 emissions. While GDP has positive and statistically signicant effect on CO 2 emissions and FDI has no effect on CO 2 emissions in both the long run and short run. The results recommend that government needs to take sustainable energy related source, for instance, renewable energy consumption which are benecial to ecosystem as it increases green economy. statistically The outcome of our estimation is according to the previous literature. The results of all panel tests reveal that all the variables are stationary at a 1 st difference. Westerlund panel co-integration test conrmed the long-run relationship. The ndings of the study show that Patent application by residents and renewable energy consumption has a negative and statistically signicant impact on CO 2 emissions in both the model's FMOLS and DOLS. While GDP is a positive and statistically signicant effect on CO 2 emissions and FDI does not affect CO 2 emissions in both the models' FMOLS and DOLS.

Renewable energy consumption is the part between gross inland consumption of energy by renewable sources and aggregate (essential) gross inland energy consumption determined for a scheduled year. It is determined as the amount of the gross inland consumption of energy from in nite sources. Renewable energy source is characterized as inexhaustible non-fossil fuel sources: hydroelectric, solar, geothermal, biomass, nuclear electric power, natural gas, petroleum, and biogases. The all characterization of renewable energy consumption shows in the pie-chart is given bellow: Source: U.S Energy Information Administration (2019) The above pie-chart shows the share of renewable energy consumption characterization supply in 2019. Renewable energy sources (i.e., Biomass, geothermal hydropower solar) consider for 17.95% of net domestic generation in the rst eight months of 2019 earlier renewable (EIAs, 2019).
Moving towards foreign direct investment (FDI) is an investment made by a rm or individual in one country into business interests arranged in another country. Although, FDI are recognized from portfolio bene t in which a nancial expert simply buys the values of foreign-based organization. A few investigations set up that foreign direct investment enhances ecological supremacy (Zhu et al. 2016).
General research has been investigated on technological advance and green growth focuses on green innovation and consumption by the invention of green technologies also use clean energy. Technological development in this manner tends to both demand-based and creation-based emissions subsequently observed the guideline of the modern advancement (Yao, et al., 2018).
A research was conducted on the connection between the environmentally associated with the tariff on green development. The researchers observed that ecologically connected tax produced a positive impact on economic and green growth. However, the investigation discarded of the trade naturally connected nancial plan on green development. They are concentrating on supply chain and ecological features (Rodriguez et al., 2019).
Similarly, a study (Schumpeter, 1982) shows that technological modi cation is fundamental to permit a total response to natural de lement lacking sacri cing money related growth. Although, the issues are how can make this modi cation possible.
Sustainable energy sources are fuel sources which are constantly supplanted commonly and obtain directly or in a roundabout way from the sun or other normal developments and components of the climate (Ellabban et al., 2014), (Baul and Alam, 2018).
One tool that has been successfully utilized to understand and improve the performance of economic growth is green growth where all resources inputs and output are associated with low carbon emissions. For this purpose, many climate change technologies have been developed and in use at global level. The policies are being made effect to the climate change technologies on green economic growth. Considering the effect of technological innovations on green development in the economy is bene cial for the way that, environmental change reduction of the innovations is ceaselessly imagined by these economies. Changing the energy sources will advance economic growth and improvement lacking of intensity environmental pollution. Technological innovations are a predominant channel to accomplish this underlying change toward economic growth. In the current study nd the effect of technological innovation on green growth and how technological innovations improve green growth in selected ve South Asian countries that are (Bangladesh, Pakistan, India, Nepal, and Sri Lanka) during 1990 to 2019. More speci cally, the study aims to; 1) To access the impact of patent by a resident on carbon dioxide (CO 2 ) emissions in South Asian countries. 2) To explore the impact of renewable energy consumption on carbon dioxide (CO 2 ) emissions. 3)To analyze the impact of foreign direct investment on carbon dioxide (CO 2 ) emissions. 4) To nd the impact of GDP per capita on carbon dioxide (CO 2 ) emissions. Moreover we found most of the study related to green growth This study focused on the effects of technological innovation on green growth. Most of the innovation factors focused on some developed countries like Germany, South Korea, Switzerland, Japan, and Austria, etc. This arises a question of their role for or rest of the world like lower income countries. Therefore, the study focuses on south Asian countries. Thirdly, the study employees new and updated techniques of estimation like cross sectional dependence, CADF and CIPS stationarity tests and Westerlund Cointegration test.
Section two discusses review of literature; section three explores model and methodology, section four discusses data analysis and results and section ve deals with conclusion and policy implications.

Review Of Literature
Analysis on the effect of technological innovation on green growth in different countries has been subjected by an economist in the past.
Impact of technological innovation on green growth for selected South Asian countries is based on the endogenous growth model. Endogenous growth models his signi cant hypothetical system for understanding the growth cycle.
These theories are signi cant because that they underscore that capital collection and innovations can instigate economic growth while diminishing returns can reduce it. This model shows how long-run economic growth can be achieve through spillovers and the scale effect of ideas and research within the economy (Onyimadu, 2015).
According to the endogenous growth model, the roles and dynamics of innovation and discovery and all of the variables, Carbon dioxide emission (CO 2 ), Patent by the resident (PR), Renewable energy consumption (REC), Foreign direct investment (FDI), and GDP per capita (GDPPC). Thus endogenous growth theory investigates the long-run economic growth through technological transfers is provided. Lee & Min, (2015) inspected that utilization an example of Japanese assembling rms during 2000 to 2010, and nds that the green R&D for Eco development can diminish carbon out ows and increment rm esteem. Amongst different ecological development factors, market management and legislative guideline are progressively considered to diminish carbon emanations. Zhang & Da, (2015) showed that to locate the effective approaches to diminish carbon out ow power in China, the study used the LMDI method to break down the progressions of Chinas carbon emanations and carbon discharge force from 1996 to 2010, from the viewpoints of vitality sources and mechanical structure individually. At that point, the study acquaints the decoupling record by investigating the decoupling connection between carbon emanations and nancial development in China. The outcomes demonstrate that, from one viewpoint, nancial development showed up as the primary driver of carbon out ows increment in the previous decades, while the diminishing of vitality power and the cleaning of conclusive vitality utilization structure assumed critical parts in controlling carbon emanations; then, the auxiliary business demonstrated the chief wellspring of carbon discharges decrease among the three enterprises and had generally higher potential. Then again, when the decoupling relationship is thought of, most years during the investigation time frame saw the relative decoupling impact between carbon discharges and monetary development, which showed that the decreasing impact of hindering components of carbon emissions was not exactly the driving impact of nancial development, and the economy developed with expanded carbon out ows; there showed up the total decoupling impact in 1997, 2000 and 2001, which suggested that the economy developed while carbon out ows diminished; while no decoupling impact was distinguished in 2003. Sannassee et al., (2016 the studied observationally breaks down the effect of exchange on environmentally for the instance of the Small Island Developing State of Mauritius during 1976-2013. Since it's time-series data to represent plausibility of dynamism, an autoregressive dispersed slack model is utilized to show the determinant of Carbon dioxide (CO 2 ) emanation with a speci c spotlight on exchange receptiveness. Investigation of the outcomes shows that exchange has contributed decidedly and altogether to the measure of (CO 2 ) in the nation in both the since quite a while ago run and short run. Such outcomes for Mauritius can be clari ed by the occurrence of the assembling segment as a signi cant supporter of development since the mid-1980s. The nation, being an island absolutely without common assets, has laid an unmistakable focus on encouraging exchange receptiveness, which has prompted extended fare gures, most remarkably in the piece of clothing and material industry, supported by positive outer conditions, for example, special admittance to the EU and US markets, which have served to pull in FDI from East Asian NICs.
Ali et al., (2017) this research analyzed the effect of urbanization on carbon dioxide emission in Singapore during 1970-2015. The autoregressive distributive lags (ARDL) approach is implied inside the examination. This study shows that uncovers a negative and huge effect of urbanization on carbon emanations in Singapore, which implies that metropolitan advancement in Singapore isn't a boundary to the development of ecological quality. In this manner, urbanization improves natural quality by diminishing carbon out ows in the example nation. The outcome likewise featured that nancial development has a positive and critical effect on carbon emission, which recommends that monetary development diminishes ecological quality through its immediate impact of expanding carbon discharges in the nation. Notwithstanding the elevated level of urbanization in Singapore, this implies that 100 % of the general population is living in the metropolitan place; it doesn't prompt more natural debasement.
Henceforth, urbanization won't be viewed as an impediment while starting approaches that will be utilized to lessen ecological corruption in the nation. Strategy creators ought to consider the nation's degree of nancial development rather than urbanization while detailing arrangements to lessen ecological corruption, because of its immediate effect on expanding carbon dioxide emissions.
Zugravu-Soilita, (2017) this study analyzed that the effect of Foreign direct investments on industrial pollutants (CO 2 , SO 2 , NOx, and BOD emanations) on an enormous example of exceptionally heterogeneous nations. By utilizing board information on assembling foreign direct investments from France, Germany, Sweden, and the UK, during 1995 to 2008, and by building up an observational model with " rst" and "second request" cooperation conditions, the study explored the presence and the restriction of the most disputable FDI-instigated impacts on modern discharges, like, contamination refuge, Factor Endowments and contamination Halo speculations. The study has three fundamental discoveries: (1) focal theories connecting pollutant to FDI are found to act at the same time, with restricting impacts; (2) FDIs are related with contamination decrease, i.e., prevailing contamination radiance initiated impact, in nations with low to average cash-ow to-work proportion yet not very remiss natural guideline; (3) foreign direct investments have establish to expand contamination, like, winning contamination shelter and additionally aspect blessings incited impacts, in nations with normal capital enrichments and careless ecological guidelines, just as in all the capital bountiful nations, however with a littler size in nations having exacting natural guidelines as well as a high-gifted work power. Some particular and intriguing discoveries are examined concerning various FDIbeginning nations and FDI-have nation gatherings. Kwon et al., (2017) investigated that both specialized productivity and virtual environmental control (VEC) of 12 European nations during 1990 to 2015. The study utilizes a two-phase information envelopment examination (DEA).
In the primary stage, the examination estimated the specialized pro ciency of environmentally friendly power vitality advances (GET) related to petroleum derivatives, sustainable power source, and capacity advances of every nation for vitality age as to Carbon dioxide (CO 2 ) emanations by studying GET-related licenses. Utilizing the logarithmic mean Divisia list (LMDI), the investigation decayed Carbon dioxide (CO 2 ) out ows into the accompanying mechanical components: vitality power, fuel blend, and Carbon dioxide (CO 2 ) emanation coe cient. In the subsequent stage, they evaluated the VEC in every nation by examining GET patent changes using innovative work (R&D) venture at given changes in (CO 2 ) discharges. The outcomes found that various angles for every nation regarding specialized productivity and VEC, recommending possible degrees of both effective Carbon dioxide (CO 2 ) decreases and attractive GET improvement by utilizing reference nations as a benchmark. The examination results can add to setting up a powerful public innovation strategy and help in calls for normal duty and the dynamic investment of countries intending to environmental change. Yii and Geetha, et al., (2017) analyze the connection between the carbon dioxide emission and technological innovation for Malaysia during 1971 to 2013, the contributory relationship between technology innovation and carbon dioxide (CO 2 ) emission. The result of the VAR model shows that carbon dioxide (CO 2 ) emission is negatively connected to technology innovation in the short term. The results recommended that policy-makers should promote innovation analysis to help economic growth and ecological sustainability.
Kahouli et al., (2018) study investigated that the four-route connection among electricity utilization, Carbon dioxide emissions, R&D stocks, and nancial growth during 1990 to 2016, by executing a few methods: SUR, 3SLS, and GMM. The empirical methods determine that the four arrangements of conditions (power, CO 2 , R&D, and development models) are assessed together with the arrangement of conditions. These methods make it conceivable to assess all the boundaries of the models simultaneously and tackle the issue of endogeneity.
Nonetheless, the outcomes uphold the event of unidirectional causality among power and R&D stocks while different connections exist. From one perspective, there is unidirectional causality between R&D stocks and monetary development just as unidirectional causality between R&D stocks and CO 2 out ows, then again. Mensah et al., (2019) investigation shows the technological advance impact on green growth in (28) Organization for Economic Cooperation and development (OECD) economies during 2000 to 2014. Utilizing STIRPAT and IPAT models, the outcome discovered vehicle connected technology is useful for green growth in the Oceania sub-area.
OECD Asia's innovations of the creation and preparation of merchandise has been useful for green growth.
Environmental change innovations corresponding to age and broadcast of vitality are unfavorable to green growth in the OECD economies yet its effect is noticeable in Asia and Europe sub-boards. Extensive research has been done on CO 2 emissions. But up till now, no study has been found to use empirically CO 2 emissions for green growth in the south Asian countries. Additionally, there is a gap of study on the effect of technological innovation on green growth the countries. Hence, this investigation empirically seeks to make most important contributions to existing literature.

Model And Methodology
This section is composed of the detail about model and methodology. The secondary data is collected from World Development Indicators (WDI 2020) for South Asian countries that are; Bangladesh, Pakistan, India, Nepal, and Sri Lanka during 1990 to 2019. The carbon dioxide (CO 2 ) emission is measure in (metric tons per capita) that act as dependent variable while patent by resident (resident), Renewable energy consumption (%of total nal energy consumption), foreign direct investment (% of GDP), and GDP per capita (constant 2010USS) are independent variable.
Analyzing the connection between technological innovations related to green growth, econometric model takes the form.
The econometric model state that carbon dioxide (CO 2 ) emissions, PR represent patent by resident, REC represent the renewable energy consumption, FDI represent the foreign direct investment, GDPPC represent the GDP per capita

Econometrics Methodology
The following econometric techniques are applied on the panel data.

Panel Unit Root and Co-integration Test
The panel unit root is a test used to check the stationary of the data. In this recent examination of panel data, one element root of the panel variable is recognized to the concern proportion. Although test performs the cross-sectional dependence (Pesaran, 2004) in arrange to be capable a proper unit root and co-integration this could decrease crosssection vulnerability issues. In the current existing for cross-section vulnerability, cross-section augmented Dickey-Fuller (CADF) panel unit root examination (Pesaran, 2007) would worthy for the reason that it's very powerful in the existence of cross section consequence.

Cross-sectional dependence Test
Bai and Ng (2001,2004) the studies investigated the considering that dependence for cross-sectional unit arises from few related elements and apply the principle ingredient way to calculate. The general factor (therefore the correlation of cross-sectional units) after that put in the ADF test. The main purpose of this test is that we apply this test in thesis methodology for the use to nd out the cross-sectional units.

Wester Lund Panel Co-integration Test
The main purpose of this test is to apply during studies to suggest that Co-integration tests are required to determine strong worthy consequences between variables. If in the existence of cross-sectional vulnerability is veri ed in the current line, normal co-integration tests (Johansen 1988, & Kao 1999 have few prejudices that can destroy the result. To over whelmed would bed is advantages, (Westerlund, 2007) co-integration test apply for the reason it would be eradicate cross-section vulnerability changes between the variable with the help of bootstrap skills than other co-integration would be (Johansen, 1988) and (Kao, 1999) with may not be properties. Yet, co-integration test statistic is Ga, (among categories), Gt, (between groups), Pt (among panels), even Gt an Ga numerical related statistics test null suggestion of would no co-integration panel series in opposition to presence of co-integration in single cross-sectional unit approximately. Pt, Pa, examination null of not existence co-integration in summarize of all panel section, in case evidence of co-integration for the wall panels.

Analysis And Results
This is the main part in the entire research concentrate as it offers all the possible responses to this study. Table 1 indicates descriptive analysis of the variables. The mean value of CO 2 emissions is 0.63 while standard deviation that shows deviation from the mean is 0.4442. The average value of foreign direct investment is 0.889 where as standard deviation that reveals deviation from the mean is 0.7433. The mean value of economic growth is 1132.6 while the value of standard deviation is 812.6 which indicate deviation from the average. The average value of patent by residents is 1292.5, though the standard deviation that reveals deviation from the mean is 3282.7. The mean value of the last variable i.e. renewable energy consumption is 59.78 whilst the value of standard deviation is 17.60 which indicate deviation from the mean. The jarque bera shows that the residual of the entire variable are normally distributed. All the variables are positively skewed. Kurtosis statistic of the variables shows that the entire variable is palty-kurtic except patent application by resident.  Table 2 reveals the correlation matrix among the study variables. Correlation matrix has two functions, one is shows relationship between the variables and the second is indicate multicollinearity problem. If the correlation coe cient between the variables is 0.8% or 80% or more than this then there exist multicollinearity. Multicollinearity is an issue when one or more than one variable related each other's. And it is di cult to tell that which variable is affect the dependent variable (Koop, 2004). In our model no variable is reveals multicollinearity. And this suggesting nomulticollinearity problem exists in the proposed variables in the model. The outcome of our estimation is according to the previous literature. The variable of renewable energy consumption is negative relationship with CO 2 emissions.
While the remaining variables have a positive relationship with CO 2 emissions.  Table 3 shows the results of cross-sectional dependence test (Pesaran 2004) and it clearly supports the presence of the cross-sectional dependence among the variable in Panel level. The results rejected the null hypothesis at a 1% signi cance level, and accept the alternative of cross-sectional dependence, considering the con rmation of crossarea reliance during action, we imply panel unit root test (Pesaran 2007), which is solid inside seeing cross sectional dependence. Cross sectional dependence test discovers effect of shock in one country on another country.  We applied Im, Pesaran (2007) and Shin W-stat (Im et al, 2003), Fisher Augmented Dickey Fuller (FADF, 1979). We apply the second-generation unit root test which includes CADF and CIPS test. Table 4 reveals that at level 1(0) no one variable is stationary, but at a 1 st difference i.e..1(1), all the variables are stationary leading to rejection of the null hypothesis of presence of unit root. If the existence of cross-sectional dependence is veri ed, normal co-integration tests (Johansen 1988, Kao 1999 have few prejudices that could produce invalid results. In this situation (Westerlund, 2007) co-integration test apply as it would eliminate cross-section dependence changes between the variable with the help of bootstrap skills than other co-integration would (Johansen, 1988 andKao, 1999) not have those properties. Yet, co-integration test statistic is Ga, (among, categories) Gt, (between, groups), Pa (among, panels), Pt (among, panels). The results indicate cointegration. The results are given in table 5. of the patent application (PAR) is negative and statistically signi cant. According to our results the patent application by residents used as a proxy of technological innovation increases by one percent then the CO 2 emissions used as a proxy for Green growth is decreased by 40%, which indicate that as the technological innovation increases it will lead to increases the green growth in the panel of countries during the studied period.
This nding is the same as the past studies of (Mensah et al., 2018).
Renewable energy consumption has a negative and statistically signi cant impact on CO 2 emissions. This means that a one-unit increase the renewable energy consumption lead to reduce the CO 2 emissions by 0.007%. This results are similar with the ndings of (Dogan & Seker, 2016, and Al-Mulali et al., 2015. Foreign direct investment has a positive but statistically insigni cant effect on CO 2 emissions. These ndings are in line with the results of (Dauda et al., 2019).
The coe cient of GDP is positive and statistically signi cant. A 1% increase in economic growth increases the CO 2 emissions by 0.0002%. Our results are similar with the ndings of (Mensah et al., 2018).  emissions. This implies that patent application by residents (used as a proxy for technological innovation) causes CO 2 emissions i.e. green growth; in turn CO 2 emissions causes' patent application by residents. Similarly, a bidirectional connection exists between renewable energy consumption and CO 2 emissions. This implies that renewable energy consumption causes CO 2 emissions, and in turn, CO 2 emissions cause renewable energy consumption. A bidirectional association is found between economic growth and renewable energy consumption. This implies that economic growth causes renewable energy consumption, and in turn, renewable energy consumption causes economic growth. A unidirectional relationship exists between FDI and CO 2 emissions. This implies that CO 2 emission causes FDI. Similarly, a unidirectional relationship exists between economic growth and CO 2 emissions. This means that economic growth causes CO 2 emissions. Also, the unidirectional relationship is found between patent application by residents and renewable energy consumption means a patent application by residents causes renewable energy consumption. Additionally, unidirectional causation exists from the patent application by residents to FDI. Unidirectional causation exists from the patent application by residents to GDP. The same causation exists from renewable energy consumption to FDI. In the last, unidirectional causation exists from economic growth to FDI

Conclusion And Policy Implications
This study examines the effect of technological innovation on green growth in South Asian countries during 1990 to 2019. Secondary data has been collected from the World Development Indicator (WDI 2020). The dependent variable CO 2 emissions is used as a proxy for green growth and the independent variables used in our model are patent applications by residents, renewable energy consumption, foreign direct investment, GDP per capita. This study used panel data techniques such as cross sectional dependence, panel unit root, Wester Lund co-integration fully modi ed ordinary least square (FMOLS) and dynamic ordinary least square regressions (DOLS) to examine the long-run relationship. The outcome of our estimation is according to the previous literature. The results of all panel unit root tests reveal that all the variables are stationary at a 1 st difference. Westerlund panel co-integration test con rmed the long-run relationship. The ndings of the study show that Patent application by residents and renewable energy consumption has a negative and statistically signi cant impact on CO 2 emissions in both the model's FMOLS and DOLS. While GDP is a positive and statistically signi cant effect on CO 2 emissions and FDI does not affect CO 2 emissions in both the models' FMOLS and DOLS.
Policymakers must join the technological innovation into mitigation of carbon dioxide emissions which could allow waste reuse ongoing system to diminish pollution. Countries necessary evaluate the impact of environmental cost of FDI before authorizing them into their economy. Incorporate and assimilate cutting advance technology from FDI that permit the capability of moderating CO 2 emissions.
Economic growth adds carbon dioxide emissions, and it increases the use of energy. Accordingly, government needs to take sustainable energy related source, for instance, renewable energy consumption which are bene cial to ecosystem as it increases green economy.

Declarations
Ethical Approval: This manuscript is solely submitted to the esteemed journal. Further, this article is not under consideration for publication elsewhere. Association moving from independent variables patent by resident (PR), Renewable energy consumption (REC), foreign direct investment (FDI), GDP per capita (GDPPC) and carbon dioxide emission (CO2) are dependent variable.