Abstract
Amidst escalating environmental challenges, the imperative for sustainable development and environmental preservation has become central in contemporary discourse. Where the consumption of fossil fuels poses a significant threat to the global sustainability, the global shift towards renewable energy sources is recognized as a key strategy for nations to confront climate change, enhance economic prosperity, and contribute to global sustainability by promoting green economic growth. In this context, our study makes a momentous contribution to the existing disclosure by investigating the impact of renewable and non-renewable energy consumption on the green economic growth of, not only in the implementing country, but also on the surrounding economies across the South Asian Region. To achieve this objective, the study collected the data from the member states of the South Asian Region for the period of 2000-2020. We took the support from Spatial Durbin Model to empirically estimate the results. Our findings reveal that fossil fuels not only harm the green economic growth of the home country but also exhibit a negative spatial spillover effect, adversely affecting the sustainability efforts of the surrounding economies. In contrast, renewable energy not only benefits the home country but also has a positive spatial spillover effect, promoting sustainability in nearby economies. The results highlight the critical need for cooperative regional initiatives and the interdependence of environmental policies. The study's conclusions, aligned with international agreements such as COP28 and Sustainable Development Goals, provide essential guidance for policymakers addressing the challenges of sustainable growth.
Published Version
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