Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2022.2092525
What drives renewable energy in the group of seven economies? Evidence from non-parametric panel methods
Hong Wu
Urszula Mentel
Grzegorz Lew
Shizhen Wang
Sažetak
In the last few decades, the environmental degradation, global
warming, and climate change remained the life-threatening issues
across the globe. Specifically, the use of non-renewable fossil fuels
is regarded as the most significant reason of such inclined issues.
However, the policy-makers and scholars are now more concerned
about the recovery of environmental quality, where
renewable energy is considered as the primary solution to the
existing issue. The developed economies and environment related
international organizations rapidly enhances the use and promotion
of renewable energy after the taking pledge in the Kyoto
Protocol Agreement (1997). Nonetheless, the scholars are participating
in analyzing the key drivers of renewable energy. Still, the
proper drivers of renewable energy are not properly addressed in
the existing literature. To fill this gap, current study analyzed the
group of seven (G7) economies over the period 1990-2020. Using
various panel data techniques such as slope heterogeneity, crosssection
dependence, unit root, and cointegration test, the results
indicates that the slopes are heterogeneous, and the cross-section
dependence, as well as cointegration exists among the panel
economies. Besides, the irregular distribution of data leads to the
adoption of novel Method of Moments Quantile Regression
accommodating four quantiles, i.e., (Q0:25, Q0:50, Q0:75, and Q0:90).
The examined results asserted that economic growth and energy
efficiency negatively and significantly affects renewable energy
consumption (REC). Whereas, developed environmental related
technologies, environmental taxes, and composite risk index are
positively affecting REC in the study panel. Besides, improved
energy efficiency (energy efficiency squared) also contributed to
the promotion of renewable energy consumption. The Granger
causality test estimates reveals bidirectional and unidirectional
causal association between the variables. Based on the empirical
results, policies are provided that could help developed economies in the promotion of renewable energy consumption,
improve economic growth, and enhances environmental
sustainability.
Ključne riječi
Renewable energy; economic growth; environmental tax; technological innovation; energy efficiency; method of moment quantile regression
Hrčak ID:
304186
URI
Datum izdavanja:
31.3.2023.
Posjeta: 427 *