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Exploring the Nexus of Renewable Energy, Ecological Footprint, and Economic Growth through Globalization and Human Capital in G7 Economics

Author

Listed:
  • Riza Radmehr

    (Department of Agricultural Economics, Ferdowsi University of Mashhad, Mashhad 9177948974, Iran)

  • Samira Shayanmehr

    (Department of Agricultural Economics, Ferdowsi University of Mashhad, Mashhad 9177948974, Iran)

  • Ernest Baba Ali

    (Department of Agricultural Economics, University for Development Studies, Tamale P.O. Box TL1350, Ghana)

  • Elvis Kwame Ofori

    (Department of Management Science and Engineering, School of Management Engineering, Zhengzhou University, 100 Kexkue Blvd, Zhongyuan District, Zhengzhou 450001, China)

  • Elżbieta Jasińska

    (Department of Operations Research and Business Intelligence, Wroclaw University of Science and Technology, 50-370 Wroclaw, Poland)

  • Michał Jasiński

    (Faculty of Electrical Engineering, Wroclaw University of Science and Technology, 50-370 Wroclaw, Poland)

Abstract

This study used panel simultaneous equations models with a generalized method of moments (GMM) estimator to examine the three-way linkages between ecological footprint (EFP), renewable energy consumption (REC), and income in the Group of Seven (G7) countries over the period 1990–2018. The outcomes of this study demonstrate a two-way association between gross domestic product (GDP) and renewable energy. The findings confirm the presence of a bidirectional link between outcome and ecological footprint, as well as between EFP and renewable energy. The results of this study demonstrate that improving human capital positively and significantly effects income, environmental quality, and REC. Ecological footprint is not significantly impacted by economic and social globalization, whereas the impact of financial globalization is negative and significant. Trade openness is positively and significantly connected with REC and income, which could contribute to reducing environmental deterioration. In conclusion, we make policy recommendations that are based on the findings of the study.

Suggested Citation

  • Riza Radmehr & Samira Shayanmehr & Ernest Baba Ali & Elvis Kwame Ofori & Elżbieta Jasińska & Michał Jasiński, 2022. "Exploring the Nexus of Renewable Energy, Ecological Footprint, and Economic Growth through Globalization and Human Capital in G7 Economics," Sustainability, MDPI, vol. 14(19), pages 1-19, September.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:19:p:12227-:d:926259
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