Abstract
This study provides a theoretical framework for the role of renewable energy in mitigating the climate change in the Gulf Cooperation Council (GCC) countries. The abundancy of renewable resources and widely accessible technology are the key drivers for the renewable energy business in the GCC. However, lack of effective policies and regulations, along with subsidized fuel prices, are slowing down the implementation of renewable resource options. This study will illustrate the potential, the challenges, and the barriers of implementing renewable energy technologies in the GCC region. In addition, this research empirically examines the impact of Renewable Energy Sources (RSS) and other factors in the GCC countries in reducing the carbon dioxide emissions, using pooled OLS regression analysis with fixed effect specification. The results indicate that renewable energy consumption, GDP per capita, and electrical power consumption have a statistically significant impact on CO2 emissions.Keywords: Renewable Energy, Electrical Power, GCC CountriesJEL Classifications: Q20, Q30, Q40DOI: https://doi.org/10.32479/ijeep.8477
Highlights
The Gulf Cooperation Council (GCC) economies rely overly on hydrocarbons for energy production
The magnitude and positive sign suggest that for a 1% increase in GDPC, the CO2 emissions will increase by 17.2%
The estimated coefficient for renewable energy consumption (REC) is statistically significant but with negative sign. This coefficient suggests that for a 1% increase in REC, the CO2 emissions will decrease by 41.16%, leading to less Greenhouse Gas (GHG)
Summary
The Gulf Cooperation Council (GCC) economies rely overly on hydrocarbons for energy production. The rapid socio-economic growth, characterized by increasing population, high rates of urbanization and substantial industrialization, consumes more and more energy to fulfil basic requirements. Demand for electricity is accelerating; it doubled during the last decade and is expected to keep growing by approximately 7-8% annually (Aloughani, 2015). The high demand for energy in the GCC region causes excessive and inefficient hydrocarbon use that in turn is damaging the environment and human health. Scientists and researchers have studied the influence of Greenhouse Gas (GHG) on the atmosphere. CO2 concentration has increased to reach about 400 parts per million (ppm) of atmospheric concentration
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