Investigating the determinants of ecological and carbon footprints. Evidence from high-income countries

High-income countries have experienced rapid economic growth, urbanization, consumption of renewable and non-renewable energy, increased trade dependency, and the attainment and maintenance of higher living standards over the last four decades, while also experiencing an increasing trend in environmental degradation. These experiences have fueled our desire to learn more about the factors that influence the ecological footprint and carbon footprint of high-income countries. The purpose of the present study is to investigate the effects of natural resources, urbanization, GDP per capita, population, and fossil fuels on ecological and carbon footprint for 34 high-income countries over the period 2003-2015. Using the STIRPAT model, the results confirm the environmental Kuznets curve hypothesis in the case of total ecological footprint while the link between economic growth and carbon footprint is in U-shape. In terms of total ecological footprint determinants, population reduction as well as efficient urban design, are viable solutions. The findings support the positive and statistically significant influence of population, urbanization, and fossil fuels on total ecological footprint, as well as the negative impact of ecological efficiency. The findings of the carbon footprint suggest that reduction in coal and oil consumption, as well as increasing the use of gas as a source of energy, are all viable choices to mitigate carbon footprint. Furthermore, increasing ecological efficiency could be a viable policy option for reducing high-income countries' footprints.