A statistical study for the impact of REMS and nuclear energy on carbon dioxide emissions reductions in G20 countries

Abstract

Renewable and nuclear energy are seen as clean and eco-friendly substitutes for energy derived from fossil fuels. Which of the two is better, though, is still up for debate. In order to meet their combined global energy objectives and perhaps become carbon neutral or even carbon negative in the near future, a shift to additional renewable energy sources and nuclear energy will be necessary. One such method of improving energy usage through the implementation of a renewable energy management system (REMS) that will help attain a continuous and reliable source of energy, allowing for the proactive and effective management of renewable assets and dependable supply. This article investigates attitudes and opinions about nuclear and renewable energy production technologies by analyzing the dependence of carbon dioxide (CO2) emissions on non-renewable energy sources, renewable energy sources, and nuclear energy in the group of twenty (G20) countries, over the period from 2000 to 2021. This study employs advanced panel data econometric techniques in the presence of outliers in the G20 dataset, utilizing a robust random coefficient regression (RRCR) model via the M-estimation approach to study the impacts of non-renewable, renewable, and nuclear energy use with respect to CO2 emission mitigation in G20 countries. The overall conclusions of the econometric analysis confirm renewable and nuclear energy's importance in reducing CO2 emissions. We can conclude that the robust M-estimate approach is the best estimation technique for the G20 dataset, as compared to the classical estimation methods in the presence of outliers. The results show that for every percentage point of energy consumption that falls into the category of non-renewable energy, CO2 emissions will increase by 2.5737% for all G20 countries. Also, A 1% rise in renewable energy consumption reduces CO2 emissions by 1.0566% for all G20 countries. Similarly, a 1% increase in nuclear energy consumption will reduce CO2 emissions by 5.5703% for all G20 countries. Therefore, we can conclude that energy derived from renewable sources and nuclear energy greatly cuts CO2 emissions in all G20 countries. Total energy consumption, on the other hand, increases CO2 emissions in the long run. According to these findings, it is pivotal for the G20 countries to increase nuclear energy use and employ REMS to reduce the majority of G20 country's reliance on fossil fuels in order to minimize CO2 emissions. These findings are vital for understanding the relationship between these variables and the implementation of new or revised policies and initiatives supporting carbon neutrality at the G20 countries and national levels.