Oil prices, renewable energy, CO2 emissions and economic growth in OECD countries
Taha Zaghdoudi ()
Economics Bulletin, 2017, vol. 37, issue 3, 1844-1850
This paper examines the casual relationship between oil prices , renewable energy, carbon dioxide emissions and economic growth for the OECD countries over the period 1990-2015. By performing panel cointegration models, we found strong evidence of a negative and significant long-run relationship between oil prices, renewable energy and CO2 emissions. Findings indicate also that there is a quadratic long run relationship between CO2 emissions and economic growth, confirming the existence of an Environmental Kuznets Curve (EKC) for OECD countries. The Granger-causality results indicate bidirectional causality between CO2 emissions and oil prices in both short and long-run. This paper supports the view that an increase of oil prices decreases CO2 emissions in OECD countries.
Keywords: Oil prices; Renewable energy; CO2 emissions; Economic growth; Panel cointegration (search for similar items in EconPapers)
JEL-codes: Q4 Q5 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ebl:ecbull:eb-17-00582
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