Abstract
In the context of sustainable development, economies are struggling to attain economic development and environmental sustainability. Emerging economies are mostly dependent on natural resource extraction to expand their economic sector while ignoring the environmental cost incurred by the use of nonrenewable energy sources. However, few determinants of renewable energy use have been explored in the literature. Nevertheless, a comprehensive analysis of renewable energy factors while considering the role of natural resources is of paramount importance. The present research explores the nexus of economic development, carbon emissions, research and development, and natural resources with renewable energy in emerging economies between 1989 and 2021. Using novel nonparametric estimation methodologies, this study revealed cointegration between the mentioned variables. Based on the nonlinearity of information, this research employs the moment's quantile regression and asserts that economic expansion is the sole important factor influencing renewable energy use. However, focusing on increased (quadratic) economic growth, natural resource exploitation, carbon emissions, and R&D for economic expansion dramatically diminishes the amount of renewable energy usage. Based on the empirical findings, this report recommends efficient natural resource management, carbon neutrality, and increasing investment in renewable energy-related R&D.
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