The Role of Renewable Energy as a ‘Green Growth’ Strategy for the Built Environment

Abstract

Green growth has emerged as a strategy for addressing environmental concerns while also promoting economic development. This study assesses the impact of renewable energy technologies and policies on green growth in the built environment. It investigates 20 developed and 20 developing countries from 2010 to 2021. Panel data estimators such as generalized least squares and generalized method of moments are employed. The results reveal that the contribution of renewable energy sectors to green growth varies between developed and developing countries. In developed countries, solar, wind, and biomass capacities have facilitated green growth, while hydroelectric capacities have not. By contrast, in developing countries, wind capacity has not been effective, while other sectors show a positive contribution. The study also confirms the criticality of judicious renewable energy policies in stimulating investment and technological innovation required for a sustainable built environment.