Journal
ENERGY
Volume 222, Issue -, Pages -Publisher
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.energy.2021.119935
Keywords
Energy transitions; Economic sustainability; Energy consumptions; Economic growth; IEA countries
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The study found that the impact of energy transition on economic growth is significant in the long run, while economic sustainability influences economic growth in both the short term and long term. Policymakers are encouraged to take measures to promote energy transition and achieve sustainable development.
The role of renewable energy in protecting the environment is well established. This study explores the dynamic links among energy transitions, energy consumption, and sustainable economic growth in thirty-eight International Energy Agency (IEA) countries. We apply advanced econometric methodologies for empirical analysis from 1995 to 2015 and find long-run relationships among the variables. However, the effect of energy transitions on economic growth is significant only in the long run, and economic sustainability influences economic growth in both the short run and the long run. Moreover, the energy transition is negatively associated with host countries' economic growth, while economic sustainability, renewable energy consumption, non-renewable energy consumption, labor, and capital are positively related to that growth. Policymakers in the IEA countries are encouraged to settle carbon costs and taxation, provide continuous support to research and development, commercialize loweCO(2) eemission technologies, reduce subsidies on non-renewable energy, offer cooperative programs for technology transfers, and generate a green trade policy to procure sustainable development. Study limitations and directions for future research in the area are presented. (C) 2021 Elsevier Ltd. All rights reserved.
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