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Investigating the role of environmental taxes and regulations for renewable energy consumption: evidence from developed economies

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  • Muhammad Farhan Bashir
  • Benjiang MA
  • Muhammad Adnan Bashir
  • Magdalena Radulescu
  • Umer Shahzad

Abstract

The current study aims to explore the role of environmental taxes and regulations for the renewable energy consumption, focusing on reporting policy suggestions to overcome climate change issues and achieve environmental sustainability. The main objective of this paper is to examine the relation between renewable energy, environmental taxes, environmental technologies, and environmental regulations in 29 OECD countries during 1996–2018. More precisely, we inspect the impact of the environmental regulations and environmental technologies on the renewable energy consumption. The authors employ CIPS and CADF unit root tests, panel Westerlund co-integration test, FMOLS, and Quantile regression methods for the econometric analysis. The econometric analysis suggests that the environmental regulations impede the renewable energy consumption in OECD economies. The study suggests that environmental policy initiatives should focus on implementing environmental strategies to inspire cohesiveness between environmental regulations and the development of environmental technologies in order to promote the renewables industry in the developed countries.

Suggested Citation

  • Muhammad Farhan Bashir & Benjiang MA & Muhammad Adnan Bashir & Magdalena Radulescu & Umer Shahzad, 2022. "Investigating the role of environmental taxes and regulations for renewable energy consumption: evidence from developed economies," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 35(1), pages 1262-1284, December.
    • Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1262-1284
    DOI: 10.1080/1331677X.2021.1962383
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    Cited by:

    1. Liu, Wei & Shen, Yedan & Razzaq, Asim, 2023. "How renewable energy investment, environmental regulations, and financial development derive renewable energy transition: Evidence from G7 countries," Renewable Energy, Elsevier, vol. 206(C), pages 1188-1197.
    2. Bashir, Muhammad Farhan & Shahbaz, Muhammad & Malik, Muhammad Nasir & Ma, Beiling & Wang, Jianming, 2023. "Energy transition, natural resource consumption and environmental degradation: The role of geopolitical risk in sustainable development," Resources Policy, Elsevier, vol. 85(PA).
    3. Li, Hongmei & Xu, Ruizhe, 2023. "Impact of fiscal policies and natural resources on ecological sustainability of BRICS region: Moderating role of green innovation and ecological governance," Resources Policy, Elsevier, vol. 85(PB).
    4. Zheng, Lei & Hao, Jia & Ban, Nannan, 2023. "Do recycling and regulations influence trade-adjusted resource consumption? Exploring the role of renewable energy," Resources Policy, Elsevier, vol. 81(C).
    5. Chishti, Muhammad Zubair & Patel, Ritesh, 2023. "Breaking the climate deadlock: Leveraging the effects of natural resources on climate technologies to achieve COP26 targets," Resources Policy, Elsevier, vol. 82(C).
    6. Tii N. Nchofoung & Nathanael Ojong, 2023. "Natural resources, renewable energy, and governance: A path towards sustainable development," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(3), pages 1553-1569, June.
    7. Ullah, Sami & Luo, Rundong & Nadeem, Muhammad & Cifuentes-Faura, Javier, 2023. "Advancing sustainable growth and energy transition in the United States through the lens of green energy innovations, natural resources and environmental policy," Resources Policy, Elsevier, vol. 85(PA).
    8. Alsagr, Naif, 2023. "How environmental policy stringency affects renewable energy investment? Implications for green investment horizons," Utilities Policy, Elsevier, vol. 83(C).
    9. Zhang, Cuifang & Xiang, Xiandeng, 2023. "Fiscal decentralization, environmental policy stringency, and resource sustainability: Panacea or Pandora's box in high resource consuming countries," Resources Policy, Elsevier, vol. 83(C).
    10. Aydin, Mucahit & Bozatli, Oguzhan, 2023. "The effects of green innovation, environmental taxes, and financial development on renewable energy consumption in OECD countries," Energy, Elsevier, vol. 280(C).
    11. Wang, Haohui & Peng, Gang & Luo, Yan & Du, Hongmei, 2023. "Asymmetric influence of renewable energy, ecological governance, and human development on green growth of BRICS countries," Renewable Energy, Elsevier, vol. 206(C), pages 1007-1019.
    12. Hailiang, Zeng & Chau, Ka Yin & Waqas, Muhammad, 2023. "Does green finance and renewable energy promote tourism for sustainable development: Empirical evidence from China," Renewable Energy, Elsevier, vol. 207(C), pages 660-671.

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