IDEAS home Printed from https://ideas.repec.org/a/eee/eneeco/v127y2023ipbs0140988323005248.html
   My bibliography  Save this article

The future of Green energy: A panel study on the role of renewable resources in the transition to a Green economy

Author

Listed:
  • Li, Baolin
  • Wang, Jia
  • Nassani, Abdelmohsen A.
  • Binsaeed, Rima H.
  • Li, Zeyun

Abstract

Sustainable progress and green energy (GE) are closely associated with ideas that carry a common goal to promote environmental stability, economic prosperity, and social equity while mitigating the detrimental impacts on the world. In this regard, the present study analyses the link between economic affluence and sustainable development by considering the role of green energy. A panel of 33 developed and developing countries have been selected based on the intensity of disease there for the period 1990–2021. The Pooled OLS, fixed effects model (FEM), and Random effects (REM) have been used, while the results of fixed effects have been discussed according to the Hausman specification test. The findings indicate that gross domestic per capita and population growth have a negative significant impact on sustainable development. In contrast, green energy and inflation have a positive significant effect on sustainable development. These findings are helpful for newbies to explore this dimension along with governing bodies who intend to design policies related to green energy and the use of renewable energy resources.

Suggested Citation

  • Li, Baolin & Wang, Jia & Nassani, Abdelmohsen A. & Binsaeed, Rima H. & Li, Zeyun, 2023. "The future of Green energy: A panel study on the role of renewable resources in the transition to a Green economy," Energy Economics, Elsevier, vol. 127(PB).
    • Handle: RePEc:eee:eneeco:v:127:y:2023:i:pb:s0140988323005248
    DOI: 10.1016/j.eneco.2023.107026
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0140988323005248
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.eneco.2023.107026?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Rennings, Klaus & Wiggering, Hubert, 1997. "Steps towards indicators of sustainable development: Linking economic and ecological concepts," Ecological Economics, Elsevier, vol. 20(1), pages 25-36, January.
    2. Toke S. Aidt, 2009. "Corruption, institutions, and economic development," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 25(2), pages 271-291, Summer.
    3. Easterly, William & Kremer, Michael & Pritchett, Lant & Summers, Lawrence H., 1993. "Good policy or good luck?: Country growth performance and temporary shocks," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 459-483, December.
    4. Farid, Saqib & Karim, Sitara & Naeem, Muhammad A. & Nepal, Rabindra & Jamasb, Tooraj, 2023. "Co-movement between dirty and clean energy: A time-frequency perspective," Energy Economics, Elsevier, vol. 119(C).
    5. Bhowmik, Chiranjib & Bhowmik, Sumit & Ray, Amitava & Pandey, Krishna Murari, 2017. "Optimal green energy planning for sustainable development: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 71(C), pages 796-813.
    6. Aihua Wu & Tianfu Li, 2020. "Gaining sustainable development by green supply chain innovation: Perspectives of specific investments and stakeholder engagement," Business Strategy and the Environment, Wiley Blackwell, vol. 29(3), pages 962-975, March.
    7. Zhiyong Li & Ying Tang & Jingya Wu & Junfeng Zhang & Qi Lv, 2020. "The Interest Costs of Green Bonds: Credit Ratings, Corporate Social Responsibility, and Certification," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(12), pages 2679-2692, September.
    8. Maliszewska,Maryla & Mattoo,Aaditya & Van Der Mensbrugghe,Dominique, 2020. "The Potential Impact of COVID-19 on GDP and Trade : A Preliminary Assessment," Policy Research Working Paper Series 9211, The World Bank.
    9. Nick Johnstone & Ivan Haščič & Julie Poirier & Marion Hemar & Christian Michel, 2012. "Environmental policy stringency and technological innovation: evidence from survey data and patent counts," Applied Economics, Taylor & Francis Journals, vol. 44(17), pages 2157-2170, June.
    10. Sen, Souvik & Ganguly, Sourav, 2017. "Opportunities, barriers and issues with renewable energy development – A discussion," Renewable and Sustainable Energy Reviews, Elsevier, vol. 69(C), pages 1170-1181.
    11. Przychodzen, Wojciech & Przychodzen, Justyna, 2020. "Determinants of renewable energy production in transition economies: A panel data approach," Energy, Elsevier, vol. 191(C).
    12. Hausman, Jerry, 2015. "Specification tests in econometrics," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 38(2), pages 112-134.
    13. Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(2), pages 407-443.
    14. Wang, Qiang & Wang, Lili, 2020. "Renewable energy consumption and economic growth in OECD countries: A nonlinear panel data analysis," Energy, Elsevier, vol. 207(C).
    15. Wang, Kai-Hua & Zhao, Yan-Xin & Jiang, Cui-Feng & Li, Zheng-Zheng, 2022. "Does green finance inspire sustainable development? Evidence from a global perspective," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 412-426.
    16. Arfaoui, Nadia & Naeem, Muhammad Abubakr & Boubaker, Sabri & Mirza, Nawazish & Karim, Sitara, 2023. "Interdependence of clean energy and green markets with cryptocurrencies," Energy Economics, Elsevier, vol. 120(C).
    17. Huaping Sun & Rehmat Ullah Awan & Muhammad Atif Nawaz & Muhammad Mohsin & Abdul Khaliq Rasheed & Nadeem Iqbal, 2021. "Assessing the socio-economic viability of solar commercialization and electrification in south Asian countries," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 23(7), pages 9875-9897, July.
    18. Muhammad Kamran Khan & Muhammad Imran Khan & Muhammad Rehan, 2020. "The relationship between energy consumption, economic growth and carbon dioxide emissions in Pakistan," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 6(1), pages 1-13, December.
    19. Naeem, Muhammad Abubakr & Gul, Raazia & Farid, Saqib & Karim, Sitara & Lucey, Brian M., 2023. "Assessing linkages between alternative energy markets and cryptocurrencies," Journal of Economic Behavior & Organization, Elsevier, vol. 211(C), pages 513-529.
    20. Dincer, Ibrahim & Rosen, Marc A., 2005. "Thermodynamic aspects of renewables and sustainable development," Renewable and Sustainable Energy Reviews, Elsevier, vol. 9(2), pages 169-189, April.
    21. Yushchenko, Alisa & Patel, Martin Kumar, 2016. "Contributing to a green energy economy? A macroeconomic analysis of an energy efficiency program operated by a Swiss utility," Applied Energy, Elsevier, vol. 179(C), pages 1304-1320.
    22. Sena Amewu & Seth Asante & Karl Pauw & James Thurlow, 2020. "The Economic Costs of COVID-19 in Sub-Saharan Africa: Insights from a Simulation Exercise for Ghana," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 32(5), pages 1353-1378, December.
    23. Lv, Chengchao & Bian, Baocheng & Lee, Chien-Chiang & He, Zhiwen, 2021. "Regional gap and the trend of green finance development in China," Energy Economics, Elsevier, vol. 102(C).
    24. Huaping Sun & Rehmat Ullah Awan & Muhammad Atif Nawaz & Muhammad Mohsin & Abdul Khaliq Rasheed & Nadeem Iqbal, 2021. "Correction to: Assessing the socio-economic viability of solar commercialization and electrification in south Asian countries," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 23(8), pages 12659-12660, August.
    25. Ozili, Peterson K, 2020. "COVID-19 in Africa: socioeconomic impact, policy response and opportunities," MPRA Paper 99617, University Library of Munich, Germany.
    26. Siddique, Md Abubakar & Nobanee, Haitham & Karim, Sitara & Naz, Farah, 2023. "Do green financial markets offset the risk of cryptocurrencies and carbon markets?," International Review of Economics & Finance, Elsevier, vol. 86(C), pages 822-833.
    27. Du, Juntao & Shen, Zhiyang & Song, Malin & Vardanyan, Michael, 2023. "The role of green financing in facilitating renewable energy transition in China: Perspectives from energy governance, environmental regulation, and market reforms," Energy Economics, Elsevier, vol. 120(C).
    28. Theodoros Anagnostopoulos & Grigorios L. Kyriakopoulos & Stamatios Ntanos & Eleni Gkika & Sofia Asonitou, 2020. "Intelligent Predictive Analytics for Sustainable Business Investment in Renewable Energy Sources," Sustainability, MDPI, vol. 12(7), pages 1-11, April.
    29. Muhammad Haseeb & Irwan Shah Zainal Abidin & Qazi Muhammad Adnan Hye & Nira Hariyatie Hartani, 2019. "The Impact of Renewable Energy on Economic Well-Being of Malaysia: Fresh Evidence from Auto Regressive Distributed Lag Bound Testing Approach," International Journal of Energy Economics and Policy, Econjournals, vol. 9(1), pages 269-275.
    30. Md. Sanwar Hossain & Khondoker Ziaul Islam & Abu Jahid & Khondokar Mizanur Rahman & Sarwar Ahmed & Mohammed H. Alsharif, 2020. "Renewable Energy-Aware Sustainable Cellular Networks with Load Balancing and Energy-Sharing Technique," Sustainability, MDPI, vol. 12(22), pages 1-33, November.
    31. Hussain Ali Bekhet & Nor Hamisham Harun, 2017. "Elasticity and Causality among Electricity Generation from Renewable Energy and Its Determinants in Malaysia," International Journal of Energy Economics and Policy, Econjournals, vol. 7(2), pages 202-216.
    32. Bouri, Elie & Iqbal, Najaf & Klein, Tony, 2022. "Climate policy uncertainty and the price dynamics of green and brown energy stocks," Finance Research Letters, Elsevier, vol. 47(PB).
    33. Sitara Karim & Norlida Abdul Manab & Rusmawati Binti Ismail, 2023. "Assessing the Governance Mechanisms, Corporate Social Responsibility and Performance: The Moderating Effect of Board Independence," Global Business Review, International Management Institute, vol. 24(3), pages 550-562, June.
    34. World Bank, 2021. "Global Economic Prospects, January 2021," World Bank Publications - Books, The World Bank Group, number 34710, December.
    35. Stephanie S. Lau & Katherine Bokenkamp & Aleksander Tecza & Elizabeth D. Wagner & Michael J. Plewa & William A. Mitch, 2023. "Toxicological assessment of potable reuse and conventional drinking waters," Nature Sustainability, Nature, vol. 6(1), pages 39-46, January.
    36. Rodrigo Zeidan, 2022. "Obstacles to sustainable finance and the covid19 crisis," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 12(2), pages 525-528, April.
    37. Wang, Yang & Taghizadeh-Hesary, Farhad, 2023. "Green bonds markets and renewable energy development: Policy integration for achieving carbon neutrality," Energy Economics, Elsevier, vol. 123(C).
    38. Jennifer Morris & David Hone & Martin Haigh & Andrei Sokolov & Sergey Paltsev, 2023. "Future energy: in search of a scenario reflecting current and future pressures and trends," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 25(1), pages 31-61, January.
    39. Thouraya Boujelbène Dammak & Kamel Helali, 2017. "Threshold Effects on the Relationship Between Inflation Rate and Economic Growth in Tunisia," International Economic Journal, Taylor & Francis Journals, vol. 31(2), pages 310-325, April.
    40. Ayesha Afzal & Ehsan Rasoulinezhad & Zaki Malik, 2022. "Green finance and sustainable development in Europe," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 35(1), pages 5150-5163, December.
    41. Wang, Tianyang & Umar, Muhammad & Li, Menggang & Shan, Shan, 2023. "Green finance and clean taxes are the ways to curb carbon emissions: An OECD experience," Energy Economics, Elsevier, vol. 124(C).
    42. Jeffrey M. Wooldridge, 2008. "Instrumental variables estimation of the average treatment effect in the correlated random coefficient model," Advances in Econometrics, in: Modelling and Evaluating Treatment Effects in Econometrics, pages 93-116, Emerald Group Publishing Limited.
    43. C. T. Vidya & K. P. Prabheesh, 2020. "Implications of COVID-19 Pandemic on the Global Trade Networks," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(10), pages 2408-2421, August.
    44. Appiah, Michael & Li, Mingxing & Naeem, Muhammad Abubakr & Karim, Sitara, 2023. "Greening the globe: Uncovering the impact of environmental policy, renewable energy, and innovation on ecological footprint," Technological Forecasting and Social Change, Elsevier, vol. 192(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Naeem, Muhammad Abubakr & Hamouda, Foued & Karim, Sitara & Vigne, Samuel A., 2023. "Return and volatility spillovers among global assets: Comparing health crisis with geopolitical crisis," International Review of Economics & Finance, Elsevier, vol. 87(C), pages 557-575.
    2. Most Asikha Aktar & Mukaramah Binti & Md Mahmudul Alam, 2021. "Green Path Development and Green Regional Restructuring for Sustainable Development," Post-Print hal-03520061, HAL.
    3. Naeem, Muhammad Abubakr & Karim, Sitara & Abrar, Afsheen & Yarovaya, Larisa & Shah, Adil Ahmad, 2023. "Non-linear relationship between oil and cryptocurrencies: Evidence from returns and shocks," International Review of Financial Analysis, Elsevier, vol. 89(C).
    4. Rao, Amar & Lucey, Brian & Kumar, Satish & Lim, Weng Marc, 2023. "Do green energy markets catch cold when conventional energy markets sneeze?," Energy Economics, Elsevier, vol. 127(PA).
    5. Most. Asikha Aktar & Mukaramah Binti Harun & Md. Mahmudul Alam, 2020. "Green Energy and Sustainable Development," Post-Print hal-03518462, HAL.
    6. Mbarki, Imen & Khan, Muhammad Arif & Karim, Sitara & Paltrinieri, Andrea & Lucey, Brian M., 2023. "Unveiling commodities-financial markets intersections from a bibliometric perspective," Resources Policy, Elsevier, vol. 83(C).
    7. Rui HAO & Zheng WEI, 2009. "Sources Of Income Differences Across Chinese Provinces During The Reform Period: A Development Accounting Exercise," The Developing Economies, Institute of Developing Economies, vol. 47(1), pages 1-29, March.
    8. Koopman, Eline & Wacker, Konstantin M., 2023. "Drivers of growth accelerations: What role for capital accumulation?," World Development, Elsevier, vol. 169(C).
    9. Hajamini, Mehdi & Falahi, Mohammad Ali, 2018. "Economic growth and government size in developed European countries: A panel threshold approach," Economic Analysis and Policy, Elsevier, vol. 58(C), pages 1-13.
    10. Rui Hao, 2011. "Sources of income differences across Chinese provinces during the reform period: a development accounting exercise," CERDI Working papers halshs-00557001, HAL.
    11. Naeem, Muhammad Abubakr & Gul, Raazia & Farid, Saqib & Karim, Sitara & Lucey, Brian M., 2023. "Assessing linkages between alternative energy markets and cryptocurrencies," Journal of Economic Behavior & Organization, Elsevier, vol. 211(C), pages 513-529.
    12. Cooray, Arusha, 2011. "The role of the government in financial sector development," Economic Modelling, Elsevier, vol. 28(3), pages 928-938, May.
    13. Kar, Sabyasachi & Pritchett, Lant & Raihan, Selim & Sen, Kunal, 2013. "Looking for a break: Identifying transitions in growth regimes," Journal of Macroeconomics, Elsevier, vol. 38(PB), pages 151-166.
    14. V. V. Chari & Patrick J. Kehoe & Ellen R. McGrattan, 1996. "The Poverty of Nations: A Quantitative Exploration," NBER Working Papers 5414, National Bureau of Economic Research, Inc.
    15. Mao, Qian & Ma, Xinyuan & Sun, Yunpeng, 2023. "Study of impacts of blockchain technology on renewable energy resource findings," Renewable Energy, Elsevier, vol. 211(C), pages 802-808.
    16. Ahtasham Nasir & Muhammad Zahir Faridi & Hammad Hussain & Khawaja Asif Mehmood, 2021. "Energy Consumption and Bi-Sectoral Output in Pakistan: A Disaggregated Analysis," iRASD Journal of Economics, International Research Alliance for Sustainable Development (iRASD), vol. 3(2), pages 68-79, September.
    17. Patel, Dev & Sandefur, Justin & Subramanian, Arvind, 2021. "The new era of unconditional convergence," Journal of Development Economics, Elsevier, vol. 152(C).
    18. Andrés Rodríguez-Pose & Yannis Psycharis & Vassilis Tselios, 2012. "Public investment and regional growth and convergence: Evidence from Greece," Papers in Regional Science, Wiley Blackwell, vol. 91(3), pages 543-568, August.
    19. Lisa Cook, 2014. "Violence and economic activity: evidence from African American patents, 1870–1940," Journal of Economic Growth, Springer, vol. 19(2), pages 221-257, June.
    20. Su, Liangjun & Lu, Xun, 2013. "Nonparametric dynamic panel data models: Kernel estimation and specification testing," Journal of Econometrics, Elsevier, vol. 176(2), pages 112-133.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:eneeco:v:127:y:2023:i:pb:s0140988323005248. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/eneco .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.