Modeling the impact of innovation in marine energy generation-related technologies on carbon dioxide emissions in South Korea

Abstract

South Korea has invested extensively in developing revolutionary marine and ocean technologies to accomplish renewable energy goals. Despite that, the available literature offers no insight into the environmental benefits of innovation in marine energy generation, distribution, or transmission-related technologies (IMET). This study examines the nexus between carbon dioxide emissions (CO2e) and IMET in South Korea (1990Q1-2018Q4). Control variables include international collaboration in green technology development (ICGD), gross domestic product (per capita) (GDPPC), expansionary commercial policy (ECP), and renewable energy use (REC). First, the findings validated the long-run relationship among ICGD, GDPPC, ECP, REC, IMET, and CO2e. Second, the findings asserted that increasing IMET assisted in the generation of low-carbon renewable energy, thereby contributing to the improvement of environmental quality. Third, the estimates revealed that an increase in GDPPC and ECP was positively associated with an upsurge in CO2e. Fourth, the data depicted that ICGD facilitated co-green technologies development, which de-escalated CO2e. Fifth, REC was negatively associated with a decrease in CO2e. Based on current estimates, this article recommended that governments implement policies that encourage companies and academia to participate in IMET to promote the green economy.