ABSTRACT
This study aims to analyse the relationship between renewable energy, non-renewable energy, economic growth and sustainable development in high-income countries. This analysis uses data from 20 high-income countries covering the 1990–2015 period and finds that there is a cointegration relationship among the considered variables. According to the estimation of long-term coefficients for the cointegrated variables, renewable energy consumption has a statistically significant positive effect on sustainable development in the long run. In high-income countries, a 1% increase in renewable energy consumption increases sustainable development by 0.326%. In contrast, non-renewable energy consumption has a statistically significant negative effect on sustainable development in the long run. In high-income countries, a 1% increase in non-renewable energy consumption reduces sustainable development by 1.004%. According to the Granger causality estimates obtained in this study, renewable energy is the cause of sustainable development in both the short and long term. These findings demonstrate the importance of renewable energy consumption to sustainable development in high-income countries. Therefore, while high-income countries increase renewable energy consumption, they should decrease non-renewable energy consumption as much as possible.
Disclosure statement
No potential conflict of interest was reported by the authors.
Notes
1. According to 2019 data. The carbon dioxide emissions mentioned here are those that result from cement production and the burning of fossil fuels. In addition to the consumption of liquid, gaseous and solid fuels, it includes the carbon dioxide produced by the combustion of gaseous substances.
2. These figures use World Bank country classifications.
3. In addition, the following studies can be examined: Soytaş and Sari (Citation2003), Apergis and Payne (Citation2010), Ozturk and Acaravci (Citation2011), Tugcu et al. (Citation2012), Ocal et al. (Citation2013), Apergis and Danuletiu (Citation2014), Sinha (Citation2015), Busu (Citation2019). In addition, the following studies can be considered for the relationship between renewable energy and carbon emissions: Shabani and Shahnazi (Citation2019), Sharif et al. (Citation2019), Ozcan and Ozturk (Citation2019), Pao and Chen (Citation2019), Gorus and Aydin (Citation2019), Aydın (Citation2019).
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https://orcid.org/0000-0002-7201-2057
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