Roadmap for climate alliance economies to vision 2030: retrospect and lessons
Abstract
The United Nations Climate Conference 25, held in December 2019, reached a significant agreement against
implementing the Paris agreement come 2020. Bound by the contract, 189 countries who are party to the deal
agreed to constrain worldwide temperature to ascend to 1.5° Celsius. To this end, the present study attempts to
investigate the readiness of selected countries in the European Union to implement the agreement, which will better
the quality of the global environment. In line with this, this study appraises the connection between economic
growth, renewable and non-renewable energy consumption, on emissions in 11 countries in the European Union
from 1990 to 2016. The study utilises the Pooled Mean Group-Auto Regressive Distributed Lag (PMG-ARDL)
model estimator and Dumitrescu and Hurlin Panel Causality analysis to analyse the long-run and short-run impact
and direction of causality among these factors, respectively. The long-run study's empirical results show a U-shaped
Environmental Kuznets Curve (EKC) and a negative connection between renewable energy use and emissions in the
EU-11 countries. In the short-run, non-renewable energy use worsens CO2 emissions while renewable energy use
leads to a fall in emissions. Similarly, causality tests show a feedback mechanism between emissions and renewable
energy use and between non-renewable energy and renewable use. Also, there is unidirectional causality from
income to CO2 emissions, non-renewable energy use to CO2 emissions. The investigation recommends an expanded
proportion of renewable energy sources in the EU countries’ energy mix to cut down on emissions.
Volume
28Issue
28Collections
The following license files are associated with this item: