Renewable energy and globalization influence: assessing environmental degradation in Somalia

Omar Ahmedqani Hussein and Khadija Shamsi Mohamed

Cogent Economics & Finance, 2024, vol. 12, issue 1, 2387245

Abstract: The pressing issue of environmental degradation underscores the urgent need for collective action to preserve and restore our planet’s delicate balance. This study investigates the relationships between environmental degradation, globalization, renewable energy adoption, economic growth, and domestic investment in Somalia from 1990 to 2020. It utilizes various statistical techniques, such as descriptive analysis, unit root tests, cointegration tests, ARDL analysis, FMOLS, and CCR, to examine short-term fluctuations and long-term patterns among these variables. The empirical findings reveal several key insights. Renewable energy plays a significant role in promoting environmental well-being, both in the short and long term. On the other hand, economic growth contributes to environmental degradation. Globalization has mixed impacts across different time frames, suggesting its potential to support environmental preservation in the long run. Domestic investment also has a modest positive influence on environmental sustainability. Based on these findings, the study recommends investing in renewable energy infrastructure and implementing sustainable growth strategies to mitigate environmental degradation. It emphasizes the importance of strengthening regulations and promoting eco-friendly practices to minimize adverse environmental impacts. Lastly, the study highlights the need to integrate environmental considerations into policy making processes and foster global solutions.Somalia is currently facing significant environmental and socio-economic challenges. Therefore, this study critically examines how renewable energy adaptation and globalization can mitigate the carbon dioxide emissions in Somalia. By applying advanced statistical techniques, this research revealed that renewable energy and globalization significantly enhance environmental sustainability while economic growth exacerbated environmental degradation in Somalia. The effects of the positive influence of domestic investment underscore the complexity of these dynamics, highlighting the significant role each individual and entity can play in shaping a sustainable future. The significance of this study lies in its actionable insights. It advocates for investment in renewable energy infrastructure in Somalia, implementing sustainable growth strategies, and integrating environmental considerations into policymaking in Somalia. This research highlights the need for strengthened regulations and eco-friendly practices and provides a vital roadmap for mitigating environmental degradation and fostering global environmental solutions. This study is of utmost importance in the current environmental and socio-economic context.

Date: 2024
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DOI: 10.1080/23322039.2024.2387245

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