Autoregressive Distributed Lag Approach Research Articles

Population, carbon dioxide emissions and renewable energy consumption nexus: New insights from Vietnam

This academic paper investigates the intricate relationships among population dynamics, carbon dioxide (CO2) emissions and renewable energy consumption in Vietnam. The study used the Autoregressive Distributed Lag approach and fixed panel data method to examine the nexus between population, CO2 emissions and renewable energy consumption in Vietnam. The data is collected at the World Bank from 2000 to 2023. As the nation undergoes rapid economic development and urbanization, understanding the nexus between population growth, environmental impact and the transition to renewable energy sources becomes crucial. The study employs a multidimensional analytical approach that integrates demographic trends, environmental science and energy economics to unveil novel evidence into the complex interplay of these factors. The significant findings indicate a positive trajectory in renewable energy consumption, with notable contributions from solar, wind and hydropower sources. Concurrently, population growth, particularly in urban centres, correlates with increased CO2 emissions, emphasizing the role of demographic shifts in environmental impact. Policy implications derived from these results underscore the need for integrated strategies. Targeted policies promoting renewable energy in urban centres, incentivizing cleaner industrial practices and fostering community engagement emerge as crucial avenues for sustainable development. In essence, this study contributes valuable insights into the dynamic relationships among population dynamics, CO2 emissions and renewable energy consumption in Vietnam, offering a foundation for evidence-based policymaking and guiding future research endeavours in sustainable development.

BITCOIN PRICE AND CHINESE GREEN BONDS: EVIDENCE FROM THE QARDL METHOD

This article primally explores the short-term fluctuation and long-term implications of the international Bitcoin price (BP) on the Chinese green bond (GB) market, within the sample period of 2014:M10–2023:M07. Bitcoin is the most important cryptocurrency and has a carbon-intensive feature, and its price suffers from great volatility and is closely related to the green finance market. Meanwhile, although China is the largest bitcoin mining state, it is pursuing a dual carbon target, which promotes its green bond market’s development. Thus, it is valuable to investigate the influence of BP on GBs in China. Based on the quantile autoregressive distributed lag approach, this paper indicates that the positive and negative impacts of BP on the GB market are significant in the long-term but not apparent in the short-term. These results emphasize the importance for market participants to obtain a better understanding of how BP affects GB under various market circumstances. Implementing specific policies, such as regulatory mechanisms for Bitcoin trade, market-oriented reform for the bond market, and information disclosure, can alleviate shocks from BP and accelerate the development of the GB market.

Navigating the nexus: unraveling technological innovation, economic growth, trade openness, ICT, and CO2 emissions through symmetric and asymmetric analysis

In Malaysia’s rapid economic growth and industrialization, environmental degradation and carbon emissions pose significant challenges. As urbanization continues to rise, there is a growing recognition of the imperative to tackle CO2 emissions. Trade openness and globalization drive economic activity but also heighten environmental pressures, including CO2 emissions from transportation and industry. Information communication technology (ICT) usage, shaped by infrastructure and regulations, can either improve energy efficiency or increase energy consumption. The study examines the impacts of economic growth (EG), trade openness (TON), technological innovation (TIN), and ICT on CO2 emissions in Malaysia, using both symmetric and asymmetric methods from 1985 to 2021. While many studies have explored environmental degradation, focusing on CO2 emissions and ecological footprint indicators, only a limited number have delved into the combined impact of sustainable EG, TON, ICT, and TIN on Malaysia’s CO2 emissions. Notably, these studies have often neglected the utilization of both symmetric and asymmetric methodologies. Hence, this study employed auto-regressive distributed lag (ARDL) and non-linear ARDL approaches to investigate the dynamic effects of the studied variables. The key findings from the symmetric analysis demonstrate that EG, TON, and ICT together take part in the increase of CO2 emissions in both the short and long run. Particularly, technological innovation plays a significant role in reducing CO2 emissions in the short term through the adoption of cleaner technologies. However, the results of the NARDL bound test reveal asymmetric long-term consequences of technological innovation, economic growth, and ICT on CO2 emissions. The study underscores the need for CO2 reduction policies in Malaysia, advocating for measures, such as incentivizing cleaner technologies and upgrading energy infrastructure. It also recommends implementing carbon pricing mechanisms for production and trade, alongside awareness campaigns to foster behavioral changes aimed at reducing emissions.

Harnessing artificial intelligence‐driven industrial robotics for sustainability: Insights from leading green economies

AbstractIn 2023, global temperatures witnessed an alarming escalation, reaching an unprecedented 1.46°C above preindustrial levels, marking it as the hottest year on record. Simultaneously, atmospheric carbon dioxide surpassed 420 ppm, exceeding a stability maintained for over 6000 years by more than double. This troubling surge in CO2 intensifies global warming, leading to an increased frequency of extreme weather events and contributing to 24% of global deaths attributed to environmental concerns. These alarming environmental challenges demand urgent attention and the implementation of innovative policies. Responding to this imperative, the study examines the impact of artificial intelligence‐based industrial robotics (AIIR) and other control variables such as green energy, green finance, and green energy investment on CO2 emissions in economies supporting green initiatives, including Canada, Denmark, China, Japan, New Zealand, Norway, Sweden, and Switzerland. Using monthly data from 2008 to 2021 and a novel nonlinear autoregressive distributed lag approach, the results indicate that AIIR significantly reduces CO2 emissions in the sample economies. Additionally, green energy, green finance, and green energy investment also significantly decrease CO2 emissions. The study's outcomes bear policy implications for decision‐makers in the sampled economies, offering tangible insights for effective environmental management.

Quantifying the Impact of Natural Resources on Sustainable Growth in Developing Economies: Evidence from Panel Nonlinear ARDL Technique

The main purpose of current research is to analyze the impact of natural resource exploration on sustainable growth in developing economies. Annual panel data of 57 developing countries from 2000 to 2021 has been used for research analysis. First, this study uses a simple Panel Autoregressive Distributive Lag (ARDL) estimation technique to examine the long-run and short-run link among the variables. The results depict that in the long run natural resource exploration has a significant negative impact on sustainable growth. This finding supports the presence of the resource curse hypothesis. Besides this, the present study decomposes the policy variable (mining contribution index) into its two shocks i.e. positive shock and negative shock by applying a panel non-linear ARDL approach. The long-run outcomes depict that both the coefficients of partial positive and partial negative sums of natural resource rents are negative and significant. Furthermore, the research outcomes explain that financial openness and international trade have a substantial and positive impact on sustainable progress. The policy implications for current research are to avoid bad rent-seeking behaviors and to escape from non-productive activities to achieve sustainable development. Furthermore, there is a dire need to adopt and support environmentally friendly policies.

Quantifying the Impact of Natural Resources on Sustainable Growth in Developing Economies: Evidence from Panel Nonlinear ARDL Technique

The main purpose of current research is to analyze the impact of natural resource exploration on sustainable growth in developing economies. Annual panel data of 57 developing countries from 2000 to 2021 has been used for research analysis. First, this study uses a simple Panel Autoregressive Distributive Lag (ARDL) estimation technique to examine the long-run and short-run link among the variables. The results depict that in the long run natural resource exploration has a significant negative impact on sustainable growth. This finding supports the presence of the resource curse hypothesis. Besides this, the present study decomposes the policy variable (mining contribution index) into its two shocks i.e. positive shock and negative shock by applying a panel non-linear ARDL approach. The long-run outcomes depict that both the coefficients of partial positive and partial negative sums of natural resource rents are negative and significant. Furthermore, the research outcomes explain that financial openness and international trade have a substantial and positive impact on sustainable progress. The policy implications for current research are to avoid bad rent-seeking behaviors and to escape from non-productive activities to achieve sustainable development. Furthermore, there is a dire need to adopt and support environmentally friendly policies.

Does energy transition reduce carbon inequality? A global analysis.

Energy transition from fossil fuels to renewables is instrumental in mitigating climate change. Low-income countries have a higher share of renewable energy in their total energy consumption than rich countries (WDI, 2023). Thus, it is imperative to examine the role of energy transition in affecting relative CO2 emissions between rich and poor sections of the societies across income groups of the countries. In this context, our study contributes by constructing the carbon inequality models with renewable and non-renewable energy consumption as prime explanatory variables separately for 114 countries over a data period 1990-2019. The models are estimated individually for high-middle-low-income countries by controlling for foreign direct investment (FDI), economic growth, and innovations. Starting with preliminary econometric operations, we employ the dynamic simulated panel autoregressive distributed lag approach and Driscoll-Kraay standard error regression for empirical investigation. We find that energy transition reduces carbon inequality globally. Innovation has a negative impact, economic growth has a positive impact on carbon inequality, and FDI has an asymmetric impact based on the income level of the countries. The crucial global policy implications are discussed.

STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH: AN ARDL APPROACH

This research project employs the Autoregressive Distributed Lag (ARDL) approach to investigate the intricate relationship between stock market development and economic growth. The primary objective is to systematically analyze the causal links and quantify the impact of key stock market indicators on economic growth, and vice versa. The methodology encompasses a thorough literature review to establish a theoretical framework, followed by the collection and examination of relevant data over a defined timeframe. Unit root tests and cointegration analysis are applied to assess the stationarity and long-term relationships between the variables. The ARDL model is then employed to estimate the dynamic interactions, considering lagged values of the indicators. Diagnostic tests are conducted to ensure the robustness of the findings. The project aims to contribute empirical insights into both short- and long-term dynamics, shedding light on the complex interplay between stock market development and economic growth. The results are expected to offer valuable implications for policymakers and researchers, providing evidence-based guidance for fostering sustainable economic development. Ultimately, this research seeks to advance our understanding of the mechanisms driving economic growth in the context of stock market development. Keywords: Stock Market Development, Economic Growth, ARDL Approach, Causal Relationship, Lagged Variables, Unit Root Tests, Cointegration Analysis, Empirical Insights, Sustainable Economic Development, Policy Implications.

Exploring the role of spending on malaria incidence in Uganda using the auto-regressive distributed lag approach.

Malaria has remained a persistent global health problem. Despite multiple government and donor initiatives to eradicate malaria and its detrimental effects on Uganda's health outcomes, the incidence of malaria is worrying as it appears higher than the average of 219 cases per 1000 for sub-Saharan Africa for the period 2017-2018. This study investigated the effect of public and private healthcare spending on the incidence of malaria in Uganda. Employing time series data spanning over 20years from the first quarter of 2000 to the last quarter of 2019, the study builds a model based on the Grossman framework for analysing demand for health. The estimation technique used was the ARDL approach that takes into account reverse causality and incidental relationships. Prior to the adoption of the technique, a bounds test was performed to determine whether the variables contained in the model have a long-term relationship. Several diagnostic tests for serial correlation, functional normality, and heteroskedastic specification error were carried out to verify the ARDL model's goodness of fit. Additionally, the cumulative sum of recursive (CUSUM) and cumulative sum of squares of recursive residuals (CUSUMSQ) were used to test model stability. The results indicate that in the long run, an increase in public spending of one percent significantly reduces malaria incidence by 0.196 at the 10 percent level of significance. On the other hand, there is no significant evidence of private health expenditure's effect on malaria incidence. However, in the short run, public spending reduces malaria incidence by a smaller magnitude of 0.158 percent relative to the long-run. Still, private expenditure is found to exhibit no significant effect. Additional findings point to the importance of GDP per capita and urban population growth in reducing malaria incidence, whereas female unemployment, income inequality, as well as female-headed household. In the short run, however, the female-headed households and urban population growth are found to significantly reduce malaria incidence while an improvement in regulatory quality decreases malaria incidence by 0.129 percent. There is need for further government interventions to reduce malaria incidence in the country via budget allocation, as well as the strengthening of programmes to raise household income to support private health spending, in addition to the development of strategies to promote well-planned and organized urban centres.

Examining the Role of Trade on the Relationship between Environmental Quality and Energy Consumption: Insights from Sub Saharan Africa

This study looks at the relationship between energy consumption and environmental quality in Sub-Saharan Africa (SSA) and how trade with other countries affects it. It examines data from 35 SSA economies between 1996 and 2020, categorized into low-income (LICs) and middle-income (MIC) countries. Using the cross-sectional augmented autoregressive distributed lag (CS-ARDL) approach, the results show that energy use, especially in MICs, negatively affects environmental quality. Trade, however, considerably lessens these detrimental environmental implications of energy consumption. According to the study, legislative actions intended to stop environmental deterioration in Sub-Saharan Africa should take into account the unique political and economic circumstances of each country. In addition, authorities should strike a balance between economic interests and environmental concerns, particularly in sectors dependent on the importation of used goods, and trade and environmental regulatory agencies must work together to enforce age restrictions on imported used items.

How do R&D and remittances affect economic growth? Evidence from middle-income countries

Sustainable development through technical progress for middle-income countries (MICs) is overlooked in growth allied studies. Despite their crucial role in alleviating poverty and resource shortages, MICs encounter challenges in global economic competition, driving persistent efforts to find practical solutions. Therefore, this study explores the integrated impact of R&D expenditure and remittances on economic growth in MICs. Using data from 25 MICs between 1996 and 2021, this study employs the “2nd generation unit root” and “panel autoregressive distributed lag (ARDL)” methods. The “feasible generalized least square (FGLS)” techniques and the “Dumitrescu-Hurlin (D-H)” causality test are employed to verify the robustness of the panel ARDL estimation. The Westerlund cointegration tests confirm a long-term cointegration between variables. The findings of the panel ARDL approach show that R&D expenditure and remittances positively and significantly influence economic growth. The robustness of the panel ARDL results is confirmed by the FGLS estimation, which produces similar outcomes. The outcomes from the FGLS and the ARDL methods are additionally validated by the D-H causality check. Therefore, encouraging R&D and remittances is crucial to accelerate middle-income nations' economic growth. The study reveals a novel mechanism of R&D expenditures, remittances, and economic growth in MICs, shaping their mutual influence on this economic landscape. The study supports middle-income countries' policymakers in creating effective policies for their financial institutions regarding R&D expenditure and remittances.

Dynamics of resource allocation–firm performance relationship: Panel autoregressive distributed lag approach

Dynamics of resource allocation–firm performance relationship: Panel autoregressive distributed lag approach

Do positive and negative shocks of tourism development affect income inequality in a developed country?

Income inequality is an essential cause of violence, stagnant development, and political instability. This study will examine the positive and negative shocks in tourism development, and the distribution of the interaction between tourism development, economic growth, human capital, globalization, and income inequality will be discussed in Singapore, a developed and top-visited country. By adopting autoregressive distributed lag and non-linear autoregressive distributed lag approaches for panel data from 1978 to 2022, the results indicate an asymmetric cointegration among variables, and positive and negative changes in tourism development lead to decreased income inequality. More specifically, the asymmetric effect of tourism is found both in the short- and long-term, and positive shock has a greater impact than negative shock. At the same time, the findings also reveal that economic growth and globalization enhance, while human capital negatively affects income inequality in Singapore. These findings strengthen the belief of Singapore policy-makers and recommend several significant lessons for developing countries to promote tourism, sustainable development, and reduce income inequality.

Unraveling the complexity! Exploring asymmetries in climate change, political globalization, and food security in the case of Pakistan

Climate change and global politics pose potential threats to food security by impacting crop productivity and food availability. Short-term variability resulting from climate change and global politics may disrupt the stability of entire food systems. The regional implications of these factors remain uncertain, prompting this study to investigate the relationship between climate change, global politics, global inflation, and food security. Using time series data spanning from 1981 to 2021, the Non-linear Auto Regressive Distributive Lag (NARDL) approach was used to examine the asymmetric effects of political globalization (proxied by political globalization) and environmental change (proxied by CO2 and Mean Temperature) on food security. Our findings indicate that mean temperature (MT), CO2 emissions, and political globalization (POLG) had an asymmetrical effect on food security as CO2_POS, CO2_NEG, and MT_POS, MT_NEG had a positive relationship with food security while POLG_POS, POLG_NEG had a negative relationship with food security. The current research proposes that Pakistan needs a holistic approach to address climate and food security, including sustainable farming, water management, climate-resilient infrastructure, social safety nets, and local food production. Government subsidies and incentives can encourage heat-tolerant crop cultivation, while international collaboration and alliances are needed to strengthen domestic agriculture, invest in research, implement social safety nets, and manage exchange rate fluctuations.

Role of financial openness in Ghana’s financial sector development episode

PurposeThis paper aims to reexamine the relationship between financial openness and financial development in Ghana.Design/methodology/approachThe study applied maximum likelihood estimation and autoregressive distributed lag approach and tested Granger causality using quarterly data from 1990:1 to 2020:4.FindingsThis study revealed a long-run equilibrium relationship between financial openness and development, indicating that financial openness is a critical factor in Ghana’s financial development. Therefore, the study recommends with caution that policies aimed at promoting financial openness could be an effective way to encourage sustainable financial development in Ghana, as financial openness alone may not bring the desired outcome.Research limitations/implicationsThe study contributes to the existing body of knowledge by providing empirical evidence of the link between financial openness and financial sector development in Ghana. Future research could delve deeper into the mechanisms through which financial openness affects financial development, exploring potential channels and transmission mechanisms.Practical implicationsThe findings suggest that policymakers, particularly the Ministry of Finance and the Bank of Ghana, should prioritize policies aimed at promoting financial openness. This includes continued efforts toward financial liberalization and creating an environment conducive to domestic and international financial transactions. Moreover, policies aimed at increasing trade openness, boosting real GDP and maintaining moderate real interest rates are essential for fostering financial sector development.Social implicationsEnhancing financial sector development can have significant implications for society, including increased access to financial services, improved economic opportunities and enhanced overall economic stability. By promoting financial openness and development, policymakers would contribute to poverty reduction, job creation and overall socio-economic development. The study bridges the gap between theory and practice by providing empirical evidence supporting the theoretical proposition that financial openness stimulates financial sector development.Originality/valueThis study fills a crucial gap in the literature on the effects of financial openness on Ghana’s financial sector development. It focuses on Ghana, which liberalized its financial sector in 1988 as part of the overall economic reforms in 1983, and this justifies the starting point of this paper in 1990, as there are no adequate data before 1990. The study uses principal component analysis to construct an index that measures financial development. The study considers the recent financial crises in Ghana in 2017 and underscores the importance of understanding the link between financial openness and financial development, which becomes useful for policymakers and researchers studying financial system development in sub-Saharan Africa which includes Ghana.

Do foreign direct investment inflows affect tax revenue in developed and developing countries?

PurposeThis study aims to examine the effect of foreign direct investment (FDI) inflows on tax revenue in 34 developed and developing countries from 2006 to 2020.Design/methodology/approachFeasible generalised least squares (FGLS), a dynamic panel of a two-step system generalised method of moments (GMM) system and a pool mean group (PMG) panel autoregressive distributed lag (ARDL) approach were used to compare the developed and developing countries. Basic estimators were used as pre-estimators and diagnostic tests were used to increase robustness.FindingsThe FGLS, a two-step system of GMM, PMG–ARDL estimator’s results showed that there was a significant negative long and positive short-term in most countries relationship between FDI inflows and tax revenue in developed countries. This study concluded that attracting investments can improve the quality of institutions despite high tax rates, leading to low tax revenue. Meanwhile, there was a significant positive long and negative short-term relationship between FDI inflows and tax revenue in the developing countries. The developing countries sought to attract FDI that could be used to create job opportunities and transfer technology to simultaneously develop infrastructure and impose a tax policy that would achieve high tax revenue.Originality/valueThe present study sheds light on the effect of FDI on tax revenue and compares developed and developing countries through the design and implementation of policies to create jobs, transfer technology and attain economic growth in order to assure foreign investors that they would gain continuous high profits from their investments.

Role of Remittance on Sustainable Economic Development in Developing and Emerging Economies: New Insights from Panel Cross-Sectional Augmented Autoregressive Distributed Lag Approach

In this study, we aim to investigate the effects of remittance on sustainable economic development in 52 developing and emerging economies from 1996 to 2021. The study uses other variables such as real GDP per capita, total natural resource rents, globalization, and foreign direct investment. To achieve the mentioned objective, we apply a series of second-generation panel estimation approaches. These include CIPS unit root, Westerlund cointegration, cross-sectional augmented autoregressive distributed lag (CS-ARDL), and robustness using augmented mean group (AMG) and common correlated mean group (CCEMG). These methods are useful provided they are robust towards cross-country dependencies, slope heterogeneity, endogeneity, and serial correlation, which are disregarded in the conventional panel estimations. The empirical findings indicate that remittance accelerates sustainable economic development. Additionally, real GDP per capita and globalization also positively contribute towards sustainable economic development. However, total resource rents deteriorate sustainable economic development. This study offers key policy implications based on the empirical findings for the developing and emerging economies.

Empirical Exploration of Economic Policy in the Middle East and North Africa (MENA) Region: An ARDL Approach

This article delves into the analysis of the effectiveness of economic policies implemented in 20 countries in the Middle East and North Africa (MENA) region. The countries considered include Algeria, Saudi Arabia, the Palestinian Authority, Bahrain, Djibouti, the United Arab Emirates, Egypt, Iraq, Iran, Jordan, Kuwait, Lebanon, Libya, Morocco, Mauritania, Oman, Qatar, Syria, Tunisia, and Yemen. The study is based on an Autoregressive Distributed Lag (ARDL) regression model, employing the Ordinary Least Squares (OLS) method. This model is suitable for non-stationary time series and those with a mixed order of integration. The analysis covers the period from 2000 to 2023.The results obtained highlight the diversity of the impacts of economic policies, strongly influenced by the specific economic and social contexts of each country. Governments, in their pursuit of efficiency and sustainability, are often faced with the delicate balance between multiple objectives. Among the measures considered are the money supply, inflation rate, government spending, and structural reforms. These measures have demonstrated their effectiveness in stimulating economic growth, promoting economic activity, encouraging investment, and creating employment opportunities. Monetary and fiscal policies are also crucial levers aimed at maintaining macroeconomic stability. This is expressed notably through controlling inflation, managing budget deficits, and ensuring the stability of the financial system. The results of econometric tests converge towards unanimous conclusions, suggesting the existence of one-directional causal relationships between economic growth and specific indicators of economic policy. This in-depth understanding of regional economic dynamics provides valuable insights for tailoring economic policies to each national context within the MENA region.

Monetary Policy Measures and Commodity Price in Nigeria: An Auto-Regressive Distributive Lag Approach

This study investigated the impact of monetary policy measures on commodity price in Nigeria from 1990 to 2022. Data for the study were obtained from the Central Bank of Nigeria data source and the World Bank’s World Development Indicators 2022. Real interest rate, cash reserve ratio, Broad money supply, Treasury bill rate, and exchange rate are adopted to proxy monetary policy while commodity price index is employed to capture commodity price. The individual series were subjected to unit root tests using the Augmented Dickey Fuller approach and the diagnoses established mixed orders of I(0) and I(1) integrations, thereby necessitating application of the Auto-Regressive Distributive lag bounds test as well as the long-run and error correction versions. The analyzed model’s result established that real interest rate is positive but statistically insignificant with commodity price in the long-run and the most current year period of the short-run while cash reserve ratio had a positive and significant relationship with regress and in the long-run. Also, it was evident that broad money supply had a negative but significant relationship with commodity price in the current period of the short-run. Moreso, Treasury bill rate and commodity price revealed that the former had a negative but significant relationship with the latter in the current period of the short-run. Finally, the official exchange rate exerted a positive but insignificant ramification on commodity price both in the long-run and previous year period of the short-run. Hence, it is concluded that monetary policy fundamentals as captured here had significant push-up effect on commodity price in Nigeria. Thus, the need for suggesting amongst others that the monetary policy authority should attractively peg the price of federal government’s securities, moderate money supply and interest rate to enhance monetary stability for driving diversified private sector investments which if sustained will dampen commodity price in the long-run. Keywords: Monetary Policy, Commodity Price, Real Interest Rate, Cash Reserve Ratio, Treasury Bill, Exchange Rate Broad Money Supply.

The Dynamic Impact of Renewable Energy Consumption on Economic Growth in Zimbabwe: An ARDL Approach

Motivated by the study country’s active involvement in the reduction of global greenhouse gas emissions and the positive strides it has made domestically in increasing renewable energy in its energy mix, on the one hand, and the need to find out whether renewable energy consumption can also assist in reviving the economy, on the other hand, this study empirically examines the dynamic impact of renewable energy consumption on economic growth in Zimbabwe. Using annual time-series data from 1990 to 2019, and the autoregressive distributed lag approach, the results of the study show that in Zimbabwe, renewable energy consumption has apositive impact on economic growth, both in the short and long run. Increasing the usage of renewable energy increases the growth of the economy in the country of study. These results imply that Zimbabwe can achieve two goals using one strategy – increasing renewable energy consumption to decrease the negative impact climate change and greenhouse gas emission have on the environment and the economy, and increasing economic growth. Policy makers in Zimbabwe are, therefore, recommended to supportincreased use of renewable energy over alternative energy sources, as this would have positive implications on the economy, both in the short and long term.