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Energy Diversification: A Friend or Foe to Economic Growth in Nordic Countries? A Novel Energy Diversification Approach

Nihal Ahmed, Adnan Ahmed Sheikh, Farhan Mahboob, Muhammad Sibt e Ali, Elżbieta Jasińska, Michał Jasiński, Zbigniew Leonowicz and Alessandro Burgio
Additional contact information
Nihal Ahmed: Orléans Institute of Economics, University of Orléans, CNRS, LEO, FRE, 2014, F-45067 Orléans, France
Adnan Ahmed Sheikh: Department of Business Administration, Air University Multan Campus, Multan 59300, Pakistan
Farhan Mahboob: Department of Finance and Economics, Mohammad Ali Jinnah University, Karachi 75100, Pakistan
Muhammad Sibt e Ali: School of Business, Zhengzhou University, Zhengzhou 450052, China
Elżbieta Jasińska: Department of Operations Research and Business Intelligence, Wrocław University of Science and Technology, 50-370 Wrocław, Poland
Michał Jasiński: Faculty of Electrical Engineering, Wroclaw University of Science and Technology, 50-370 Wroclaw, Poland
Zbigniew Leonowicz: Faculty of Electrical Engineering, Wroclaw University of Science and Technology, 50-370 Wroclaw, Poland
Alessandro Burgio: Independent Researcher, 87036 Rende, Italy

Energies, 2022, vol. 15, issue 15, 1-15

Abstract: Energy is essential to achieving economic growth, yet the production of energy results in the emission of carbon dioxide, the primary factor in the deterioration of the environment and the acceleration of climate change. In this sense, the diversity of energy sources can contribute to achieving both environmentally sustainable development. This study investigates the relationship between energy diversification and economic growth in Nordic nations by employing a unique measure of energy diversity. The Nonlinear Panel Autoregressive Distributed Lag (NPARDL) approach is utilized in the research, and it looks at data from 1998 through 2018. According to our results, these nations experience favorable economic growth when there is an increase in the long-term diversity of their energy sources. However, in the near term, they have seen negative economic development due to the diversification of their energy sources. According to these findings, energy diversification benefits Nordic economic growth; however, further research is required for developing economies. As a result, further preventative actions must be implemented while simultaneously diversifying energy sources.

Keywords: energy diversification; renewable energy; sustainable development; economic growth; SDGs; climate change; environment (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2022
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