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Key Drivers of Sustainable Energy Production: A Study of High-Carbon-Dioxide-Emitting Nations

In: Business and Sustainable Development in a Globalized and Digitalized Era

Author

Listed:
  • Mirza Ahmad Ebrahimi

    (Kurukshetra University, Department of Commerce, Faculty of Commerce)

  • Tejinder Sharma

    (Kurukshetra University, Department of Commerce, Faculty of Commerce)

Abstract

The surge in climate change worldwide, caused by the emission of greenhouse gases sourced from the consumption of fossil fuels, is threatening the health of the ecosystem. This study aims to examine the macroeconomic and policy determinants of renewable energy production in major greenhouse gas emitter countries that account for more than 66% of the world’s greenhouse gas emissions. Applying a Random Effects Panel model, this study investigates the effects of per capita GDP, trade openness, foreign direct investment, electricity produced from fossil fuel, and prices of crude oil, coal, and natural gas on renewable energy production in India, China, USA, Indonesia, Russia, Germany, Japan, and Saudi Arabia for a period of 10 years (2014–2023). The empirical analysis reveals that GDP per capita, green finance, electricity from fossil fuels, and the coal price have a significant and positive effect on the production of renewable energy at a 5% significance level, while the crude oil price has a negative and significant impact at a 10% level of significance. Country-specific analysis discloses that Indonesia has better consumption of renewable energy comparing to fossil fuel-based sources. Inversely, China and the US, despite making significant investments in production of renewable energy, show a low level of production of renewable energy due to high energy production from fossil fuel sources.

Suggested Citation

  • Mirza Ahmad Ebrahimi & Tejinder Sharma, 2026. "Key Drivers of Sustainable Energy Production: A Study of High-Carbon-Dioxide-Emitting Nations," Springer Proceedings in Business and Economics, in: Zafar U. Ahmed & Nhat Tan Pham (ed.), Business and Sustainable Development in a Globalized and Digitalized Era, pages 358-378, Springer.
    • Handle: RePEc:spr:prbchp:978-3-032-29346-6_18
    DOI: 10.1007/978-3-032-29346-6_18
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