From Fossil to Future: The Transformative Role of Renewable Energy in Shaping Economic Landscapes

Kód výsledku v 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>

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

From Fossil to Future: The Transformative Role of Renewable Energy in Shaping Economic Landscapes

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

From Fossil to Future: The Transformative Role of Renewable Energy in Shaping Economic Landscapes

Popis výsledku anglicky

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.

Druh

J_SC - Článek v periodiku v databázi SCOPUS

CEP obor

—

OECD FORD obor

50206 - Finance

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2024

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

International Journal of Energy Economics and Policy

ISSN

2146-4553

e-ISSN

2146-4553

Svazek periodika

14

Číslo periodika v rámci svazku

4

Stát vydavatele periodika

TR - Turecká republika

Počet stran výsledku

10

Strana od-do

606-615

Kód UT WoS článku

—

EID výsledku v databázi Scopus

2-s2.0-85199641169