The Impact of Renewable Energy Sources on the Sustainable Development of the Economy and Greenhouse Gas Emissions

Oriza Candra, Abdeljelil Chammam, José Ricardo Nuñez Alvarez, Iskandar Muda () and Hikmet Ş. Aybar ()
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Oriza Candra: Department Teknik Elektro, Universitas Negeri Padang, Padang 20506, Indonesia
Abdeljelil Chammam: College of Engineering, Department of Electrical Engineering, Prince Sattam Bin Abdulaziz University, Alkharj 11942, Saudi Arabia
José Ricardo Nuñez Alvarez: Department of Energy, Universidad de la Costa, Barranquilla 080002, Colombia
Iskandar Muda: Department of Doctoral Program, Faculty Economic and Business, Universitas Sumatera Utara, Medan 20222, Indonesia
Hikmet Ş. Aybar: Department of Mechanical Engineering, Eastern Mediterranean University, TRNC, Via Mersin 10, Famagusta 99628, Turkey

Sustainability, 2023, vol. 15, issue 3, 1-11

Abstract: Growing population and limited energy resources have impacted energy consumption. Limited fossil fuel resources and increased pollution threaten national and human societies. These elements emphasize energy sources. Renewable energy use affects growth. All new energy sources, including renewables, are crucial for global economic growth. Economic and environmental issues have led to new approaches in international environmental law, including the green economy. This study employs structural vector auto-regression (SVAR) to compare the effects and outcomes of increasing the use of renewable energy in the context of economic growth and greenhouse gas emissions in middle income countries (MICs) and high income countries (HICs). The results show that these indicators demonstrate that the production of energy from renewable sources has positive short-term and long-term economic effects with varying contributions. However, renewable energies have a greater impact on the green economy in selected MICs than in selected HICs. Therefore, the promotion of macroeconomic indicators is viewed as one of the reasons for the development of policies to increase energy production from renewable sources in selected countries.

Keywords: renewable energy source; GDP; CO 2 emission; economy (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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