Towards sustainable development in African countries: Are modern and combustible renewable energies effective?

Abstract

AbstractEnvironmental degradation and climate change problems in the African continent seriously hit country economies and human health, negatively affecting the achievement of the Sustainable Development Goals (SDGs). African countries have the potential to use economic development and renewable energy as a tool for their environmental sustainability. In this context, this study examines the effects of economic growth, modern renewable energy, and combustible renewable energy on ecological footprint (EF) in five African countries. To this end, the study uses novel regularization common correlated effects and half‐panel jackknife approaches on data from 2006 to 2020. The findings of the study show that economic progress effectively reduces the EF of African countries, but renewable energy does not contribute to ecological progress. Due to their insufficient and ineffective utilization, renewable energies are not an important tool for improving ecological systems. Therefore, African countries should prioritize their economic development as a priority goal. Based on the results, African countries experiencing economic advancement should bolster for SDGs objectives through green financial incentives.