The present study aims to empirically assess the effect of public–private partnerships, financial development, renewable energy consumption, and population on environmental degradation, as captured by ecological footprint, on a dataset of select Asian countries for the period 2012–2022. The study has also attempted to test the Environmental Kuznets Curve (EKC) hypothesis by analyzing the short-term and long-term impact of gross domestic product (GDP) per capita on environmental degradation. In this context, the study has relied on static and dynamic panel models, i.e., fixed effects, random effects, and system generalized method of moments. The results indicate that public–private partnerships, financial development, and population are positively related to ecological footprint. In contrast, an increase in renewable energy consumption reduces the level of ecological footprints. Further, the results show the presence of an N-shape of the EKC. The results underline the importance of promoting initiatives aimed at increasing the use of renewable energy across countries to reduce the damage caused to the environment.