TY - JOUR
T1 - The dynamic links among energy transitions, energy consumption, and sustainable economic growth
T2 - A novel framework for IEA countries
AU - Khan, Irfan
AU - Hou, Fujun
AU - Zakari, Abdulrasheed
AU - Tawiah, Vincent Konadu
N1 - Publisher Copyright:
© 2021 Elsevier Ltd
PY - 2021/5/1
Y1 - 2021/5/1
N2 - The role of renewable energy in protecting the environment is well established. This study explores the dynamic links among energy transitions, energy consumption, and sustainable economic growth in thirty-eight International Energy Agency (IEA) countries. We apply advanced econometric methodologies for empirical analysis from 1995 to 2015 and find long-run relationships among the variables. However, the effect of energy transitions on economic growth is significant only in the long run, and economic sustainability influences economic growth in both the short run and the long run. Moreover, the energy transition is negatively associated with host countries’ economic growth, while economic sustainability, renewable energy consumption, non-renewable energy consumption, labor, and capital are positively related to that growth. Policymakers in the IEA countries are encouraged to settle carbon costs and taxation, provide continuous support to research and development, commercialize low–CO2–emission technologies, reduce subsidies on non-renewable energy, offer cooperative programs for technology transfers, and generate a green trade policy to procure sustainable development. Study limitations and directions for future research in the area are presented.
AB - The role of renewable energy in protecting the environment is well established. This study explores the dynamic links among energy transitions, energy consumption, and sustainable economic growth in thirty-eight International Energy Agency (IEA) countries. We apply advanced econometric methodologies for empirical analysis from 1995 to 2015 and find long-run relationships among the variables. However, the effect of energy transitions on economic growth is significant only in the long run, and economic sustainability influences economic growth in both the short run and the long run. Moreover, the energy transition is negatively associated with host countries’ economic growth, while economic sustainability, renewable energy consumption, non-renewable energy consumption, labor, and capital are positively related to that growth. Policymakers in the IEA countries are encouraged to settle carbon costs and taxation, provide continuous support to research and development, commercialize low–CO2–emission technologies, reduce subsidies on non-renewable energy, offer cooperative programs for technology transfers, and generate a green trade policy to procure sustainable development. Study limitations and directions for future research in the area are presented.
KW - Economic growth
KW - Economic sustainability
KW - Energy consumptions
KW - Energy transitions
KW - IEA countries
UR - http://www.scopus.com/inward/record.url?scp=85100431564&partnerID=8YFLogxK
U2 - 10.1016/j.energy.2021.119935
DO - 10.1016/j.energy.2021.119935
M3 - Article
AN - SCOPUS:85100431564
SN - 0360-5442
VL - 222
JO - Energy
JF - Energy
M1 - 119935
ER -