Can Technological Advancement Empower the Future of Renewable Energy? A Panel Autoregressive Distributed Lag Approach

Manal Elhaj, Jihen Bousrih () and Hind Alofaysan
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Manal Elhaj: Department of Economics, College of Business Administration, Princess Nourah Bint Abdulrahman University, P.O. Box 84428, Riyadh 11671, Saudi Arabia
Jihen Bousrih: Department of Economics, College of Business Administration, Princess Nourah Bint Abdulrahman University, P.O. Box 84428, Riyadh 11671, Saudi Arabia
Hind Alofaysan: Department of Economics, College of Business Administration, Princess Nourah Bint Abdulrahman University, P.O. Box 84428, Riyadh 11671, Saudi Arabia

Energies, 2024, vol. 17, issue 20, 1-18

Abstract: Energy is pivotal in achieving sustainable development’s economic, social, and environmental objectives. However, to attain this crucial goal, it is essential to focus on the type of energy we generate and the methods by which we use them. The availability, accessibility, and use of green technologies have improved significantly since the Fourth Industrial Revolution (4IR). This paper applies the pooled mean group Autoregressive Distributed Lag (PMG ARDL) model from 2000 to 2021 to 11 countries that, according to the Climate Council, are most affected by environmental degradation issues and are taking new initiatives to reduce their emissions. The results indicate a significant relationship between renewable energy consumption and technological advancements in the short and long term. However, there needs to be more of the literature about the negative impact of research and development on renewable energy consumption. The findings of this paper can assist policymakers in determining effective strategies in the renewable energy sector, as any technological advancement is an innovative way to transform the renewable energy industry completely. By optimizing energy production and reducing costs, technological advancement can help a country achieve its renewable energy goals.

Keywords: technological advancement; renewable energy; CO 2 emissions; panel ARDL approach (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: 2024
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