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The current study seeks to investigate both, the determinants of ecological footprint and economic growth to explore the effectiveness of financial development, renewable and non-renewable energy utilization in reducing the ecological footprint level and boost the economic growth during the period from 1990 to 2017 for 15 highest emitting countries. This study verifies the presence of cross-sectional dependency by utilizing second-generation tests for robust estimation. The results of augmented mean group (AMG) estimation approach revealed that financial development, renewable energy and trade openness significantly contribute to overcome the environmental degradation, while economic growth and non-renewable energy utilization are more responsible for the environmental damages. Moreover, in growth function, financial development, renewable and non-renewable energy utilization significantly …