From Fossil to Future: The Transformative Role of Renewable Energy in Shaping Economic Landscapes
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62690094%3A18450%2F24%3A50021777" target="_blank" >RIV/62690094:18450/24:50021777 - isvavai.cz</a>
Result on the web
<a href="https://econjournals.com/index.php/ijeep/article/view/16006" target="_blank" >https://econjournals.com/index.php/ijeep/article/view/16006</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.32479/ijeep.16006" target="_blank" >10.32479/ijeep.16006</a>
Alternative languages
Result language
angličtina
Original language name
From Fossil to Future: The Transformative Role of Renewable Energy in Shaping Economic Landscapes
Original language description
In recent years, numerous countries have embarked on a transformative journey to reshape their energy portfolios by transitioning from fossil-based resources to renewable sources, significantly impacting economic growth. This study aims to scrutinize the influence of renewable energy consumption (REC) on GDP growth responsiveness in the top 20 renewable energy-consuming countries over the period from 1990 to 2021. To ensure robust panel analysis, the study addresses cross-sectional dependence using the diagnostic test proposed by Pesaran (2004). The long-run perspective reveals that both conventional factors of production, encompassing both renewable and non-renewable energy (Fossil Fuel Energy-FEF) consumption, make positive contributions to GDP growth in the sampled countries. Single-country time series analyses further underscore the positive long-run output elasticities concerning renewable energy in the majority of these nations. These findings highlight the pivotal role of renewable energy as a key determinant of sustained GDP growth, indicating that these countries are on a trajectory of sustainable development. The study’s implications extend to policy considerations, urging collaborative efforts among governments, international organizations, and energy planners. There is a pressing need for the implementation of strategic renewable energy initiatives across nations. Governments are encouraged to adopt incentive-based policies to optimize the harnessing of renewable energy resources, fostering not only economic growth but also contributing to the global pursuit of sustainable and environmentally conscious practices. © 2024, Econjournals. All rights reserved.
Czech name
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Czech description
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Classification
Type
J<sub>SC</sub> - Article in a specialist periodical, which is included in the SCOPUS database
CEP classification
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OECD FORD branch
50206 - Finance
Result continuities
Project
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Continuities
S - Specificky vyzkum na vysokych skolach
Others
Publication year
2024
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
International Journal of Energy Economics and Policy
ISSN
2146-4553
e-ISSN
2146-4553
Volume of the periodical
14
Issue of the periodical within the volume
4
Country of publishing house
TR - TURKEY
Number of pages
10
Pages from-to
606-615
UT code for WoS article
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EID of the result in the Scopus database
2-s2.0-85199641169