Exploring the Nexus of Renewable Energy, Ecological Footprint, and Economic Growth through Globalization and Human Capital in G7 Economics

Reza Radmehr, Samira Shayanmehr, Ernest Ali, Elvis Kwame Ofori, Elżbieta Jasińska and Michał Jasiński
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Samira Shayanmehr: Department of Agricultural Economics, Ferdowsi University of Mashhad, Mashhad 9177948974, Iran
Elvis Kwame Ofori: Department of Management Science and Engineering, School of Management Engineering, Zhengzhou University, 100 Kexkue Blvd, Zhongyuan District, Zhengzhou 450001, China
Elżbieta Jasińska: Department of Operations Research and Business Intelligence, Wroclaw University of Science and Technology, 50-370 Wroclaw, Poland
Michał Jasiński: Faculty of Electrical Engineering, Wroclaw University of Science and Technology, 50-370 Wroclaw, Poland

Sustainability, 2022, vol. 14, issue 19, 1-19

Abstract: This study used panel simultaneous equations models with a generalized method of moments (GMM) estimator to examine the three-way linkages between ecological footprint (EFP), renewable energy consumption (REC), and income in the Group of Seven (G7) countries over the period 1990–2018. The outcomes of this study demonstrate a two-way association between gross domestic product (GDP) and renewable energy. The findings confirm the presence of a bidirectional link between outcome and ecological footprint, as well as between EFP and renewable energy. The results of this study demonstrate that improving human capital positively and significantly effects income, environmental quality, and REC. Ecological footprint is not significantly impacted by economic and social globalization, whereas the impact of financial globalization is negative and significant. Trade openness is positively and significantly connected with REC and income, which could contribute to reducing environmental deterioration. In conclusion, we make policy recommendations that are based on the findings of the study.

Keywords: environmental quality; globalization; human capital; trade openness; natural resources rents; simultaneous equations models (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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