“…The main purpose of the analysis is to investigate the multiple-linkages between RE and the four pillars of sustainable development using a simultaneous-equation modeling approach. Lee (2017, 2019) and Hao et al (2019) argue that this modeling approach, which relies on a GMM estimator, allows simultaneous examination of the following combined causality effects: (i) from RE, economic growth, IQ, environmental quality to the MHDI; (ii) from RE, economic growth, IQ, MHDI to economic growth; (iii) from economic growth, RE, MHDI, IQ to environmental quality; (iv) from economic growth, IQ, environment, MHDI to RE; and (v) RE, economic growth, MHDI, environmental quality to IQ. Simultaneous equation modeling requires us to use a generalized method of moments (GMM), which is the most commonly used for panel data and multiple-ways linkage frameworks.…”