Abstract
Understanding the dynamic nexus between CO2 emissions and economic growth in the sustainable environment helps the economies in developing resources and formulating apposite energy policies. In the recent past, various studies have explored the nexus between CO2 emissions and economic growth. This study, however, investigates the nexus between renewable energy production, CO2 emissions, and economic growth over the period from 1995 to 2016 for seven Association of Southeast Asian Nations (ASEAN) countries. Fully Modified Ordinary Least Square (FMOLS) and Dynamic Ordinary Least Square (DOLS) methodologies were used to estimate the long- and short-run relationships. The panel results revealed that renewable energy production has a significant long term effect on CO2 emissions for Vietnam (t = −2.990), Thailand (t = −2.505), and Indonesia (t = −2.515), and economic growth impact for Malaysia (t = 2.050), Thailand (t = −2.001), and the Philippines (t = −2.710). It is, therefore, vital that the ASEAN countries implement policies and strategies that ensure energy saving and continuous economic growth without forsaking the environment. This study, as such, recommends that ASEAN countries should take measures to decrease the reliance on fossil fuels for achieving these objectives. Future research should consider the principles of circular economy and clean energy development mechanisms integrated with renewable energy technologies.
Highlights
The promotion of sustainable development and combating climate change is altogether an integral and challenging aspect of energy planning and policy development
The empirical model developed in this study examined the relationships among renewable energy production (RWt ), CO2 emissions (CO2t ), and economic growth (Gt ) for seven Association of Southeast Asian Nations (ASEAN) countries: Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam
The results further indicated that the coefficients of renewable energy production were statistically significant and negative, indicating a nonlinear relationship with per capita CO2 emissions and per capita Gross Domestic Product (GDP) in the sampled ASEAN countries considered in this study
Summary
The promotion of sustainable development and combating climate change is altogether an integral and challenging aspect of energy planning and policy development. There is a great abundance of CO2 in the atmosphere compared to other greenhouse gases and it is estimated rise in the 100 years [4]. This situation has prompted the consideration and research on the measures to reduce CO2 emissions. One of the key measures to reduce CO2 emissions is to reduce fossil fuel consumption and maintain economic growth by meeting part of the energy needs by harnessing renewable energy sources [3]. In order to substantiate this measure, the literature has sufficiently maintained the establishment of relationships among renewable energy production, CO2 emissions, and economic growth [5,6,7].
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