Renewable Energy Development as a Driver of Economic Growth: Evidence from Multivariate Panel Data Analysis
By Nadia Singh, Richard B. Nyuur, B. Richmond. Sustainability, 2019
124 citations recorded by the source corpus.
Renewable energy is being increasingly touted as the “fuel of the future,” which will help to reconcile the prerogatives of high economic growth and an economically friendly development trajectory. This paper seeks to examine relationships between renewable energy production and economic growth and the differential impact on both developed and developing economies. We employed the Fully Modified Ordinary Least Square (FMOLS) regression model to a sample of 20 developed and developing countries for the period 1995–2016. Our key empirical findings reveal that renewable energy production is associated with a positive and statistically significant impact on economic growth in both developed and developing countries for the period 1995–2016. Our results also show that the impact of renewable energy production on economic growth is higher in developing economies, as compared to developed economies. In developed countries, an increase in renewable energy production leads to a 0.07 per cent rise in output, compared to only 0.05 per cent rise in output for developing countries. These findings have important implications for policymakers and reveal that renewable energy production can offer an environmentally sustainable means of economic growth in the future.
Subfields: Economics and Econometrics, Pollution, Renewable Energy, Sustainability and the Environment
View Paper: https://www.semanticscholar.org/paper/9abff8554e82fb7b30dd8251907949bfe7bf75cc
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Citations in the corpus
- The Linkage between Economic Growth, Renewable Energy, Tourism, CO2 Emissions, and International Trade: The Evidence for the European Union (2020, unknown): “[64], and considering the results reported in Table 8, it is possible infer the following conclusion.”
- The impact of renewable energy consumption and environmental sustainability on economic growth in Africa (2021, background): “This study intends to include several control variables including access to electricity (Dogan et al., 2016), gross fixed capital formation and labor force participation (Singh et al., 2019).”