Journal
RENEWABLE ENERGY
Volume 177, Issue -, Pages 689-699Publisher
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.renene.2021.05.132
Keywords
Renewable energy; Sustainable economic growth; Panel smooth transition regression model
Funding
- Guangdong 13th-Five-Year-Plan Philosophical and Social Science Fund [GD20CGL28]
- Natural Science Foundation of GuangdongdGuangdong Basic and Applied Basic Research Foundation [2021A1515011894]
- National Natural Science Foundation of China [71572115]
- Major Program of Social Science Foundation of Guangdong [2016WZDXM005]
- Natural Science Foundation of SZU [836]
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This study investigates the threshold level and asymmetric relationship between renewable energy and economic development in different income regimes of 122 countries using the Panel Smooth Transition Regression Model. Results suggest a nonlinear relationship between renewable energy and economic growth, with most countries showing a significant and positive relationship, especially in the high-income nations. Recommendations include adopting energy-efficient resources and reducing conventional energy consumption for a sustainable future.
In the 21st century, climate change is a severe threat to the survival of the planet and humanity; to counter this threat, the significant role of renewable energy cannot be denied for sustainable development worldwide. The motive of this study is to examine the threshold level and asymmetric relationship between renewable energy and economic development in different regimes of the different income levels of 122 countries from 1995-2018 by using the novel technique Panel Smooth Transition Regression Model (PSTR). The results of the PSTR model suggest that the relationship between Renewable Energy and the Economic Growth of these selected countries is nonlinear. Furthermore, in most countries, there is a significant and positive relationship between renewable energy and economic growth in the high regime, except the higher-income nations has a significant and positive relationship in both low and high regimes. Overall full sample shows a significant and positive relationship between renewable energy and economic growth. Recommendations based on this study for these countries include: 1) energy-efficient resources should be adopted to increase renewable energy consumption. 2) The conventional energy consumption share should be reduced to improve the environmental quality for a sustainable future. (c) 2021 Elsevier Ltd. All rights reserved.
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