The Role of Environmental Regulations, Renewable Energy, and Energy Efficiency in Finding the Path to Green Economic Growth
European Union (EU) countries pay meticulous attention to environmental issues and achieve carbon-free development. In this direction, reducing greenhouse gas emissions and extending renewable energy are the primary goals. At the same time, the energy price and declining energy efficiency increase c...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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MDPI AG
2023-03-01
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| Series: | Energies |
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| Online Access: | https://www.mdpi.com/1996-1073/16/7/3090 |
| _version_ | 1797608062843879424 |
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| author | Henryk Dzwigol Aleksy Kwilinski Oleksii Lyulyov Tetyana Pimonenko |
| author_facet | Henryk Dzwigol Aleksy Kwilinski Oleksii Lyulyov Tetyana Pimonenko |
| author_sort | Henryk Dzwigol |
| collection | DOAJ |
| description | European Union (EU) countries pay meticulous attention to environmental issues and achieve carbon-free development. In this direction, reducing greenhouse gas emissions and extending renewable energy are the primary goals. At the same time, the energy price and declining energy efficiency increase countries’ environmental expenditures and hinder their capabilities for economic growth. Against this backdrop, this research aims to examine the influence of environmental regulations, renewable energy, and energy efficiency on green economic growth. The originality of the study is twofold: first, it evaluates the green economic growth of a country, which simultaneously reveals the options for economic growth and the capability to eliminate its negative effect on the environment by applying the Global Malmquist–Luenberger productivity index; second, it develops an econometric model based on panel data for EU countries for 2000–2020 to investigate the nonlinear impact of environmental regulations, the effect of extending renewable energies, and the growth of energy efficiency on a country’s green economic growth. The study applies the following methodology: a system generalized method of moments (GMM) analysis. The empirical results confirm the U-shape, nonlinear impact of environmental regulations on a country’s green economic growth along with a gradual increase in energy efficiency. In addition, the findings indicate that renewable energy is crucial for furthering a country’s green economic growth. At the same time, environmental regulation has a significant role in extending renewable energy. The study results could be used as the basis for implementing green economic growth for EU countries and improving the policy of carbon-free development of these countries. |
| first_indexed | 2024-03-11T05:39:20Z |
| format | Article |
| id | doaj.art-e987715018824329924f477a34beb7f1 |
| institution | Directory Open Access Journal |
| issn | 1996-1073 |
| language | English |
| last_indexed | 2024-03-11T05:39:20Z |
| publishDate | 2023-03-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Energies |
| spelling | doaj.art-e987715018824329924f477a34beb7f12023-11-17T16:37:17ZengMDPI AGEnergies1996-10732023-03-01167309010.3390/en16073090The Role of Environmental Regulations, Renewable Energy, and Energy Efficiency in Finding the Path to Green Economic GrowthHenryk Dzwigol0Aleksy Kwilinski1Oleksii Lyulyov2Tetyana Pimonenko3Department of Management, Faculty of Applied Sciences, WSB University, 41-300 Dabrowa Gornicza, PolandDepartment of Management, Faculty of Applied Sciences, WSB University, 41-300 Dabrowa Gornicza, PolandDepartment of Management, Faculty of Applied Sciences, WSB University, 41-300 Dabrowa Gornicza, PolandDepartment of Management, Faculty of Applied Sciences, WSB University, 41-300 Dabrowa Gornicza, PolandEuropean Union (EU) countries pay meticulous attention to environmental issues and achieve carbon-free development. In this direction, reducing greenhouse gas emissions and extending renewable energy are the primary goals. At the same time, the energy price and declining energy efficiency increase countries’ environmental expenditures and hinder their capabilities for economic growth. Against this backdrop, this research aims to examine the influence of environmental regulations, renewable energy, and energy efficiency on green economic growth. The originality of the study is twofold: first, it evaluates the green economic growth of a country, which simultaneously reveals the options for economic growth and the capability to eliminate its negative effect on the environment by applying the Global Malmquist–Luenberger productivity index; second, it develops an econometric model based on panel data for EU countries for 2000–2020 to investigate the nonlinear impact of environmental regulations, the effect of extending renewable energies, and the growth of energy efficiency on a country’s green economic growth. The study applies the following methodology: a system generalized method of moments (GMM) analysis. The empirical results confirm the U-shape, nonlinear impact of environmental regulations on a country’s green economic growth along with a gradual increase in energy efficiency. In addition, the findings indicate that renewable energy is crucial for furthering a country’s green economic growth. At the same time, environmental regulation has a significant role in extending renewable energy. The study results could be used as the basis for implementing green economic growth for EU countries and improving the policy of carbon-free development of these countries.https://www.mdpi.com/1996-1073/16/7/3090sustainable developmentgreen economic growthinclusive growthgreen energy |
| spellingShingle | Henryk Dzwigol Aleksy Kwilinski Oleksii Lyulyov Tetyana Pimonenko The Role of Environmental Regulations, Renewable Energy, and Energy Efficiency in Finding the Path to Green Economic Growth Energies sustainable development green economic growth inclusive growth green energy |
| title | The Role of Environmental Regulations, Renewable Energy, and Energy Efficiency in Finding the Path to Green Economic Growth |
| title_full | The Role of Environmental Regulations, Renewable Energy, and Energy Efficiency in Finding the Path to Green Economic Growth |
| title_fullStr | The Role of Environmental Regulations, Renewable Energy, and Energy Efficiency in Finding the Path to Green Economic Growth |
| title_full_unstemmed | The Role of Environmental Regulations, Renewable Energy, and Energy Efficiency in Finding the Path to Green Economic Growth |
| title_short | The Role of Environmental Regulations, Renewable Energy, and Energy Efficiency in Finding the Path to Green Economic Growth |
| title_sort | role of environmental regulations renewable energy and energy efficiency in finding the path to green economic growth |
| topic | sustainable development green economic growth inclusive growth green energy |
| url | https://www.mdpi.com/1996-1073/16/7/3090 |
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