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

descriptionPublicationkeyboard_double_arrow_right Article , Other literature type 27 Sep 2022Publisher:MDPI AGJournal:Sustainability, volume 14, page 12,227 (eissn: 2071-1050,

Authors: Riza Radmehr; Samira Shayanmehr; Ernest Baba Ali; Elvis Kwame Ofori; Elżbieta Jasińska; Michał Jasiński;

doi: 10.3390/su141912227

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

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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.

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Keywords

Environmental effects of industries and plants, environmental quality, trade openness, TJ807-830, TD194-195, Renewable energy sources, natural resources rents, Environmental sciences, simultaneous equations models, human capital, GE1-350, globalization, environmental quality; globalization; human capital; trade openness; natural resources rents; simultaneous equations models

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	citations This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	57
	popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.	Top 1%
	influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	Top 10%
	impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.	Top 1%