Abstract
Most countries consume more non-renewable energy to generate economic activities. Hence, economic growth plays a vital role in contributing to higher CO2 emissions. Therefore, this type of energy has reduced and replaced by renewable energy. Renewable energy is said not to be detrimental to the environment. Consequently, it is imperative to examine the effects of renewable energy consumption and economic growth on CO2 emissions in selected countries by per capita income. Using a sample of high-income, upper-middle-income, and lower middle -income, and low-income countries for the period of 1990-2017, and the estimation method of the panel ARDL, the main results show that in the long run, overall renewable energy consumption can reduce CO2 emissions. However, economic growth and population growth can result in higher CO2 emissions in the long term. In the short run, the results show that higher overall economic growth can contribute to higher CO2 emissions. Contrarily, higher population growth, and renewable energy consumption can help reduce CO2 emissions in the short run.
Highlights
Energy consumption has increased to boost economic growth
The findings revealed that economic growth does not affect CO2 emissions
This study aims to examine the effects of renewable energy consumption and economic growth on CO2 emissions in selected countries (Canada, the United States, Poland, Belgium, Saudi Arabia, Algeria, Gabon, Iran, Malaysia, Turkey, Bangladesh, Egypt, Indonesia, Nigeria, Pakistan, Benin, Comoros, Senegal, Tajikistan & Uganda) by per capita GNI
Summary
Energy consumption has increased to boost economic growth. Bildieci (2014), in his study, found that economic growth has intimately connected with energy consumption. This finding suggests that depletion in energy sources can serve a stumbling block for economic development. The importance of energy in generating economic activities is on par with the stress of labor and capital. The demand for all energy sources such as coal, gas, and oil in all economics sectors exhibits a steady rise every year. According to the International Energy Agency (2018), the transportation and industrial sectors in Malaysia consume the largest share of total energy. Silva (2018) stated that higher economic activities require more energy. In the absence of energy, economic development has disrupted, and high unemployment ensues
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