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The Role of Renewable Energy and Human Capital in Reducing Environmental Degradation in Europe and Central Asia: Panel Quantile Regression and GMM Approach

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  • Bekhzod Kuziboev

    (Faculty of Socio-Economic Sciences, Urgench State University, Urgench 220100, Uzbekistan
    School of Business, Central Asian University, Tashkent 111221, Uzbekistan)

  • Ergash Ibadullaev

    (Faculty of Economics and Humanities, Mamun University, Khiva 220900, Uzbekistan)

  • Olimjon Saidmamatov

    (Faculty of Socio-Economic Sciences, Urgench State University, Urgench 220100, Uzbekistan)

  • Alibek Rajabov

    (Faculty of Economics and Humanities, Mamun University, Khiva 220900, Uzbekistan)

  • Peter Marty

    (Institute of Natural Resource Sciences, Zurich University of Applied Sciences (ZHAW), 8820 Wädenswil, Switzerland)

  • Sherzodbek Ruzmetov

    (Faculty of Economics and Engineering Technology, Urgench Ranch University of Technology, Urgench 220100, Uzbekistan)

  • Alisher Sherov

    (Faculty of Economics and Humanities, Mamun University, Khiva 220900, Uzbekistan)

Abstract

Environmental sustainability concerns are growing worldwide. Reducing carbon dioxide (CO 2 ) emissions is crucial to combating global warming and reaching sustainable global economic development. Many recent studies have focused on key indicators of CO 2 emissions, but less consideration has been given to associated factors such as renewable energy and human capital. This article applies the two-step system FOD-GMM (Forward-Orthogonal Deviations-Generalized Method of Moments) to estimate the role of renewable energy and human capital in reducing environmental degradation in Europe and Central Asia. The results reveal that renewable energy consumption and human capital have a significant negative impact on CO 2 emissions in the EU and Central Asian countries, government efficiency has a positive effect on CO 2 emissions, and economic development has a neutral effect, confirming the strong role of renewable energy and human capital in reducing CO 2 emissions in EU and Central Asian countries. The role of human capital and renewable energy in promoting CO 2 reduction should be fully utilized. Policymakers should develop infrastructure for renewable energy and education to support the decrease in CO 2 emissions in Europe and Central Asia.

Suggested Citation

  • Bekhzod Kuziboev & Ergash Ibadullaev & Olimjon Saidmamatov & Alibek Rajabov & Peter Marty & Sherzodbek Ruzmetov & Alisher Sherov, 2023. "The Role of Renewable Energy and Human Capital in Reducing Environmental Degradation in Europe and Central Asia: Panel Quantile Regression and GMM Approach," Energies, MDPI, vol. 16(22), pages 1-12, November.
    • Handle: RePEc:gam:jeners:v:16:y:2023:i:22:p:7627-:d:1282387
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