The Impact of Renewable Energy Sources on the Sustainable Development of the Economy and Greenhouse Gas Emissions

Abstract

Growing population and limited energy resources have impacted energy consumption. Limited fossil fuel resources and increased pollution threaten national and human societies. These elements emphasize energy sources. Renewable energy use affects growth. All new energy sources, including renewables, are crucial for global economic growth. Economic and environmental issues have led to new approaches in international environmental law, including the green economy. This study employs structural vector auto-regression (SVAR) to compare the effects and outcomes of increasing the use of renewable energy in the context of economic growth and greenhouse gas emissions in middle income countries (MICs) and high income countries (HICs). The results show that these indicators demonstrate that the production of energy from renewable sources has positive short-term and long-term economic effects with varying contributions. However, renewable energies have a greater impact on the green economy in selected MICs than in selected HICs. Therefore, the promotion of macroeconomic indicators is viewed as one of the reasons for the development of policies to increase energy production from renewable sources in selected countries.

Economic and Technological Efficiency of Renewable Energy Technologies Implementation

“…Since thermal energy production reached its improvement limits, those ratios are the same worldwide. The fundamental difference between traditional energy sources (e.g., coal, gas, oil) and renewable ones (e.g., sun, wind) is the limited direct impact of renewable-based energy power plants on the environment [57,58]. The thermal energy environmental losses structure is as follows: direct damages are 80% and the indirect specific damages per unit of output are 20% [59].…”

The Impact of Renewable and Non-Renewable Energy Consumption on Aggregate Output in Pakistan: Robust Evidence from the RALS Cointegration Test

“…Additionally, Muazu et al (2023) found that the dominance of non-renewable resources in certain regions, such as Africa, hinders the transition to renewable energy and negatively affects economic growth. However, Arian et al (2020), Zhang et al (2021), Aydin (2022), Chen et al (2022) and Candra et al (2023) found that the use of renewable energy has a positive impact on economic growth in both middle-and high-income countries in the short and long-term, suggesting that renewable energy contributes directly to economic growth. Other studies, such as Akram et al (2021) and Asiedu et al (2021), showed a bidirectional causal association between renewable energy and economic progress.…”

Uncovering the global ranking of greenhouse gases intensity, efficiency and structural transformation

“…The literature recommends; the usage of sustainable urbanization, research in the agriculture sector, usage of clean/renewable energy, efficient utilization of resources (circular economy), and the export of inherent GHGs emissions so the usage of clean technologies 43 to replace the production process (technical effect) and other adaptation measures. Reference 44 discussed the factors including energy resources which are influencing economic growth. Environment and economic growth nexus is leading to new international agreements for green economies.…”