Impact of energy intensity, renewable energy, and economic growth on CO2 emissions: Evidence from Africa across regions and income levels

Namahoro, Jean Pierre; Wu, Qunli; Zhou, Na; Song, Xue

doi:10.1016/j.rser.2021.111233

Cited by 161 publications

(65 citation statements)

References 52 publications

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“…The results prove that higher energy intensity, a proxy for energy efficiency, accelerates CO 2 emissions, implying that among the Green Leaders, a 1% increase in energy intensity (contribution of energy to economic size) accelerates pollutant emissions by approximately 0.09% in the long term. This is consistent with Shahbaz et al ( 2015 ) and Namahoro et al ( 2021 ) for select African countries.…”

Section: Resultssupporting

confidence: 92%

Role of green finance in improving energy efficiency and renewable energy development

2022

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Section: Resultssupporting

confidence: 92%

Role of green finance in improving energy efficiency and renewable energy development

2022

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“…According to Table 4, emissions seem to increase with economic growth, while they decrease with government expenses. This conclusion is consistent with the literature [95][96][97]. At the same time, it appears that foreign direct investment does not have a statistically significant effect; thus, we cannot confirm the pollution halo hypothesis, or the pollution haven hypothesis [98][99][100].…”

Section: Core Model Resultssupporting

confidence: 86%

“…We found some similarities in the two subcategories, as common determinants of gas emissions are economic growth, government expenses, and the independence of central banks. The result is interpretable and in line with the literature [95,97,116,117], as the primary goal of all economies (developing and developed), and, especially, after the financial crisis of 2008-2009, is to maintain high growth rates. Achieving this goal requires large government expenditures as well as the contribution of central banks.…”

Section: Discussionsupporting

confidence: 87%

Carbon Dioxide and Greenhouse Gas Emissions: The Role of Monetary Policy, Fiscal Policy, and Institutional Quality

et al. 2022

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Environmental control remains a salient aspect of states’ policies in the present decade. To reduce emissions, governments and central banks tend to adopt various strategies. The present research quantifies the nexus between fiscal and monetary policy, institutions’ quality, central bank characteristics, and carbon dioxide and greenhouse gas emissions. Data has been sourced from 95 countries during the period from 1998 to 2019. According to the empirical results, the main determinants of gas emissions in developing countries are economic growth, government expenses, and central bank independence, whereas, in developed countries, they are economic growth, government efficiency, and central bank transparency and independence. Economic growth is a significant deteriorating factor in the state of the environment. By contrast, institutional and bureaucratic quality, measured through government effectiveness and expansionary fiscal policies as well as central bank independence and transparency, are ameliorating factors, as they decrease emissions. To conclude, governments must first reduce control over central banks and target government spending on the energy transition.

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“…Previous studies have either concentrated on developed countries or mostly centered around BRICS countries, as compared to the present study whose panel data cover a wide range of geographical regions of the world and which focuses on sustainable economic development. This is important, as these developing economies are pursuing the transition from conventional sources of energy mainly based upon the use of fossil fuels to renewable sources of energy to contribute to global efforts of environmental protection and sustainable economic development [15,16]. The present study aims to explore the impact of changes in the consumption and production of energy obtained from renewable sources on the overall growth of the economy, as through a thorough study of literature it was found that there was no comprehensive study that addresses this fundamental question in the context of economies of BRICS countries.…”

Section: Gini Index Of Brics Nationsmentioning

confidence: 99%

Impact of Renewable Energy on Economic Growth and CO2 Emissions—Evidence from BRICS Countries

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et al. 2021

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The global focus on the use of renewable energy resources was mainly reignited by the signing of the Kyoto Protocol Agreement in 1997. Since then, the world has seen a great deal of progress in terms of the production and consumption of renewable energy. This in turn is rapidly powering economic growth and social development around the globe. Contrary to popular belief, the use of renewable energy is not limited to developed countries only. The developing countries are also rapidly endorsing renewable energy as a vital engine of economic growth and societal development. In this regard, even though renewable energy production and consumption are in their infancy in BRICS, these countries are taking concrete steps towards the development of renewable energy resources. The results of previous studies have indicated that with an increase in the GDP of a country its carbon footprint also tends to increase; the Brazil, Russia, India, China, and South Africa (BRICS) countries are no exception in this regard. One of the main challenges in research related to measuring the contribution of renewable energy towards economic growth is the use of a singular model or techniques that may not be appropriate for the generalization of the results. This study intends to overcome this challenge by application of multiple econometric-based models which include the “Cross Dependency” test, the unit root test, and “CIPS” (cross-sectional augmented IPS). Besides these the second generation, stochastic models based upon econometrics, such as the DOLS test (dynamic ordinary least square) and the FMOLS (fully modified ordinary least square) are also applied for verification of the contribution of renewable energy towards the economic growth of the BRICS countries. The novelty of the study mainly stems from fact that these models are seldom applied in tandem and especially in the BRICS countries. The results of the study indicate that the existence of the bi-directional relationship between the use of renewable energy and economic growth is mainly indicated by the increase in GDP, thus lending support to the feedback hypothesis. Moreover, the conservation hypothesis was proven by the existence of a unidirectional causality relationship between the use of renewable energy and CO2 emissions. Alongside these, the study also included sensitivity analysis to gauge the impact of the growth of GDP on the CO2 emissions of BRICS countries, and regression analysis was performed to create an EKC curve which was used to gauge not only the sensitivity but also to help in highlighting the impact of using renewable energy in controlling and reducing CO2 emissions, thus proving the EKC theory. Thus, it can be deduced that increase in CO2 emissions is of major concern for the BRICS countries, which has led them to increase the production of renewable energy. Based upon the findings of the present study it is recommended that policymakers should encourage the use of renewable energy by offering incentives in financial terms, such as interest-free or low-interest loans, subsidies and feed-in tariffs.

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Impact of energy intensity, renewable energy, and economic growth on CO2 emissions: Evidence from Africa across regions and income levels

Cited by 161 publications

References 52 publications

Role of green finance in improving energy efficiency and renewable energy development

Role of green finance in improving energy efficiency and renewable energy development

Carbon Dioxide and Greenhouse Gas Emissions: The Role of Monetary Policy, Fiscal Policy, and Institutional Quality

Impact of Renewable Energy on Economic Growth and CO2 Emissions—Evidence from BRICS Countries

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