Green growth a pathway to sustainable growth in developed countries

Abstract

The quest by countries to drive to maturity stage of development especially by industrialize nations continued to impact on green economy despite policy framework and strategy implementation to curtail the activities. Emissions endanger the existence of secured environment. It is in the light of this literatures have concentrated on the area. This study seeks to investigate the determinants of green growth in 13 developed countries spanning 2010 to 2020. This study employed the ordinary least square regression with robust option, country specific effect and time fixed option, fixed effect and random effect estimation with time varying effect estimation options. This study also employed the generalized square regression technique with several robust option and post estimation test. The result of the study posit that CO2 emissions from gaseous fuel consumption which is (% of total) has a positive and significant relationship with green growth indicating that the consumption of this energy increases green growth. The coefficient Renewable energy consumption (% of total final energy consumption) revealed a positive effect on green growth. The coefficient Fossil fuel energy consumption (% of total energy) revealed a negative effect on green growth. In addition, Combustible renewable and waste (% of total energy) posit a negative relationship on green growth. A caveat for policy shows that in spite strategies and deliberate policy reform put in place to mitigate the effect on green growth, much is needed in terms of investment in clean energy. No doubt deliberate policy reform need to strengthen and enforced in this respect cannot be underscored