Abstract
Purpose - This study analyzed the Environmental Kuznets Curve (EKC) hypothesis between CO2 emissions and economic growth using panel data from 37 OECD countries from 1998 to 2015, and investigated the impact of tourism and renewable energy consumption on CO2 emissions. Design/Methodology/Approach - We used AMG (augmented mean group) estimation and Dumitrescu-Hurlin Bootstrap panel causality test considering the cross-sectional dependence and heterogeneity of panel data for long-term and short-term analysis. Findings - As a result of the long-term analysis, we confirmed that the EKC hypothesis was established between CO2 emission and economic growth. And it has been estimated that tourism increases CO2 emissions, and renewable energy consumption reduces CO2 emissions. As a result of the short-term analysis, we found that economic growth, tourism and renewable energy consumption affect CO2 emissions. Research Implications - It implies suggest that sustainable economic growth is possible through the development of eco-friendly tourism industry policies along with policies to increase renewable energy consumption. OECD countries should develop eco-friendly tourism industries using renewable energy in the short and the long term, and come up with measures to improve the efficiency of resource utilization in the tourism industry by closely reviewing and cooperating with other countries.
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