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Assessing Hybrid Solar-Wind Potential for Industrial Decarbonization Strategies: Global Shift to Green Development

Author

Listed:
  • Haroon ur Rashid Khan

    (School of Engineering and Management, Nanjing University of Information Science and Technology, Nanjing 210044, China
    Faculty of Business, The University of Wollongong in Dubai, Dubai 20183, United Arab Emirates)

  • Usama Awan

    (Industrial Engineering and Management, Lappeenranta-Lahti University of Technology LUT, P.O. Box 20, FI-53851 Lappeenranta, Finland
    Department of Commerce, Mount Allison University, 62 York St, Sackville, NB E4L 1E2, Canada)

  • Khalid Zaman

    (Department of Economics, University of Haripur, Haripur 22620, Khyber Pakhtunkhwa, Pakistan)

  • Abdelmohsen A. Nassani

    (Department of Management, College of Business Administration, King Saud University, P.O. Box 71115, Riyadh 11587, Saudi Arabia)

  • Mohamed Haffar

    (Department of Management, Birmingham Business School, University of Birmingham, Birmingham B15 2TT, UK)

  • Muhammad Moinuddin Qazi Abro

    (Department of Management, College of Business Administration, King Saud University, P.O. Box 71115, Riyadh 11587, Saudi Arabia)

Abstract

The global energy mix is shifting from fossil fuels to combinations of multiple energy storage and generation types. Hybrid energy system advancements provide opportunities for developing and deploying innovative green technology solutions that can further reduce emissions and achieve net-zero emissions by 2050. This study examined the impact of an increasing share of wind and solar electricity production on reducing carbon intensity by controlling coal and lignite domestic consumption and the production of refined oil products in a world aggregated data panel. Data covering the last three decades were used for the analysis by the ARDL bounds testing approach. The results showed that an increasing share of wind and solar electricity production would be helpful to decrease carbon intensity in the short and long term. On the other hand, a 1% increase in coal and domestic lignite consumption increased carbon intensity by 0.343% in the short run and 0.174% in the long run. The production of refined oil products decreases carbon intensity by 0.510% in the short run and 0.700% in the long run. However, refining oil products is associated with positive and negative environmental externalities. The positive aspect depends upon the removal of harmful pollutants and the production of cleaner-burning fuels, while the negative part is related to the operational side of refineries and processing plants that may release contaminants into the atmosphere, affecting global air and water quality. Hence, it is crucial to improve processing and refining capacity to produce better-refined oil products by using renewable fuels in energy production. It is proposed that these are the most cost-effective pathways to achieve industrial decarbonization.

Suggested Citation

  • Haroon ur Rashid Khan & Usama Awan & Khalid Zaman & Abdelmohsen A. Nassani & Mohamed Haffar & Muhammad Moinuddin Qazi Abro, 2021. "Assessing Hybrid Solar-Wind Potential for Industrial Decarbonization Strategies: Global Shift to Green Development," Energies, MDPI, vol. 14(22), pages 1-14, November.
    • Handle: RePEc:gam:jeners:v:14:y:2021:i:22:p:7620-:d:679397
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    3. Mushtaq Taleb & Ruzelan Khalid & Ali Emrouznejad & Razamin Ramli, 2023. "Environmental efficiency under weak disposability: an improved super efficiency data envelopment analysis model with application for assessment of port operations considering NetZero," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(7), pages 6627-6656, July.
    4. Antun Meglic & Ranko Goic, 2022. "Impact of Time Resolution on Curtailment Losses in Hybrid Wind-Solar PV Plants," Energies, MDPI, vol. 15(16), pages 1-26, August.
    5. Zaman, Khalid, 2023. "A Note on Cross-Panel Data Techniques," MPRA Paper 116119, University Library of Munich, Germany, revised 15 Jan 2023.
    6. Khan, Majid, 2023. "Shifting Gender Roles in Society and the Workplace: Implications for Environmental Sustainability," MPRA Paper 116306, University Library of Munich, Germany, revised 11 Feb 2023.
    7. Aqib, Muhammad & Zaman, Khalid, 2023. "Greening the Workforce: The Power of Investing in Human Capital," MPRA Paper 116263, University Library of Munich, Germany, revised 05 Feb 2023.
    8. Yue, Xianghua & Peng, Michael Yao-Ping & Anser, Muhammad Khalid & Nassani, Abdelmohsen A. & Haffar, Mohamed & Zaman, Khalid, 2022. "The role of carbon taxes, clean fuels, and renewable energy in promoting sustainable development: How green is nuclear energy?," Renewable Energy, Elsevier, vol. 193(C), pages 167-178.
    9. Steele, Amanda Harker & Sharma, Smriti & Pena Cabra, Ivonne & Clahane, Luke & Iyengar, Arun, 2023. "A tool for measuring the system cost of replacement energy," Energy, Elsevier, vol. 275(C).
    10. Chuanxu Wang & Lingli Wang, 2023. "Green investment and vertical alliances in the maritime supply chain," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(7), pages 6657-6687, July.

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