Abstract
The aim of our study was to analyze whether the increase in the use of renewable energy can help GDP growth. The research carried out shows that renewable energy has the ability to decrease or neutralize the negative impact of greenhouse gases (GHG), but also to maintain economic growth. We focused our analysis on the EU-28 as we know that the EU Commission’s aim, in the near future, is to join forces to reduce the GHG used and move to renewable sources. We used a panel analysis with data between 2000 and 2019 from all Member States, and our results showed that their economic growth is influenced positively by the production of renewable energy, the GHG per capita, and the GHG intensity per GDP.
Highlights
The current climate and global energy context have led to unprecedented actions taken by the responsible factors in the field of energy and environment
The aim of our study was to analyze whether the increase in the use of renewable energy over the GHG can help gross domestic product (GDP) growth based on the correlations between green energy consumption, greenhouse gases, and economic growth in EU-28 countries from 2000 to
Another study [32] focused on the same relationship with a specific emphasis on the role of fossil energy prices in determining renewable energy consumption in seven OECD Europe countries, where no Granger causality was found between renewable energy consumption and the crude oil price
Summary
The current climate and global energy context have led to unprecedented actions taken by the responsible factors in the field of energy and environment. The forecast on the types of fossil resources available is even more worrying, in the sense that the somewhat clean fossil reserves have an even closer depletion horizon [12] In this situation, the effective solution remains as the large-scale recovery of renewable and recoverable energy, known as green energy. The aim of our study was to analyze whether the increase in the use of renewable energy over the GHG can help GDP growth based on the correlations between green energy consumption, greenhouse gases, and economic growth in EU-28 countries from 2000 to. A confirmation of the fact that green energy sources have a good impact on the economy regardless of their type; Validation of the role of the increase in the production of renewable energy on the economic growth and on the GHG emissions. The importance of this topic is proved by the fact that, in the recent years, renewable energy, sustainable development, and environmental protection have continued to be main topics for governments and international bodies, and for many conferences and research articles
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