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Title Linking between Renewable Energy, CO2 Emissions, and Economic Growth: Challenges for Candidates and Potential Candidates for the EU Membership
Authors Bilan, Yurii Valentynovych  
Стреймикиене, Далия
Стреймикиене, Далия
Streimikiene, Dalia
Vasylieva, Tetiana Anatoliivna
Liulov, Oleksii Valentynovych  
Pimonenko, Tetiana Volodymyrivna  
Pavlyk, Anatolii Volodymyrovych
Keywords стійкість
устойчивость
sustainability
відновлювальна енергія
возобновляемая энергия
renewable energy
викиди CO2
выбросы CO2
CO2 emissions
причинно-наслідкові зв’язки
причинно-следственная связь
causal relationship
зростання
рост
growth
стабільність
стабильность
stability
панельні модульні кореневі тести
панельные модульные корневые тесты
panel unit root tests
Type Article
Date of Issue 2019
URI https://essuir.sumdu.edu.ua/handle/123456789/80226
Publisher MDPI
License Copyright not evaluated
Citation Bilan, Y. Linking between Renewable Energy, CO2 Emissions, and Economic Growth: Challenges for Candidates and Potential Candidates for the EU Membership [Текст] / Y. Bilan, D. Streimikiene, T. Vasylieva, O. Lyulyov, T. Pimonenko, A. Pavlyk // Sustainability. - 2019. - № 11(6), 1528. - doi:10.3390/su11061528.
Abstract This paper investigates the impact of renewable energy sources (RESs), CO2 emissions, macroeconomics, and the political stability in a country on the Gross Domestic Product (GDP). The authors analyse the dynamics of RESs use, CO2 emissions, and GDP development and also test the following hypotheses: (1) The country’s economic growth is related to the energy consumption, in terms of both human resources and capital; (2) the share of the renewable energy consumption of the total energy consumption has a positive impact on the economic growth; and (3) the share of the renewable energy consumption of the total energy consumption is unrelated to the economic growth. To test the above hypotheses, the authors use the modified Cobb-Douglas production function, which also considers RES production volumes, CO2 emissions, and economic growth. The study employs data between 1995 to 2015 from the candidate and potential candidate countries for the EU membership. The data are drawn from the World Bank and Eurostat. The analyses entail panel unit root tests, Pedroni panel cointegration tests, fully modified OLS (FMOLS), dynamic OLS (DOLS) panel cointegration techniques, and the Vector Error Correction model (VECM). The findings confirm the relationship between RESs, CO2 emissions, and the GDP. For the EU countries, RESs as human resources and capital have an impact on the GDP. Moreover, the results reveal a correction retraction when the economic growth leads to an increase in renewable energy consumption. The investigation also finds that candidate and potential candidate countries for the EU membership should foster renewable energy development. The authors conclude that developing affordable and effective instruments and mechanisms to boost the RES implementation is necessary to decrease the anthropogenic impact on the environment (in particular, decreasing CO2 emissions) without any attendant reduction in the economic growth.
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