Towards carbon-neutral world: The effect of renewable energy investments and technologies in G7 countries

ERDOĞAN S., PATA U. K., Solarin S. A.

Renewable and Sustainable Energy Reviews, cilt.186, 2023 (SCI-Expanded) identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 186
  • Basım Tarihi: 2023
  • Doi Numarası: 10.1016/j.rser.2023.113683
  • Dergi Adı: Renewable and Sustainable Energy Reviews
  • Derginin Tarandığı İndeksler: Science Citation Index Expanded (SCI-EXPANDED), Scopus, Academic Search Premier, PASCAL, Aerospace Database, CAB Abstracts, Communication Abstracts, Compendex, Greenfile, INSPEC, Public Affairs Index, Veterinary Science Database, Civil Engineering Abstracts
  • Anahtar Kelimeler: CO2 emissions, Governance, Panel data analysis, Renewable energy investments, Renewable energy technologies
  • Hatay Mustafa Kemal Üniversitesi Adresli: Evet

Özet

Can renewable energy investments and technologies help achieve carbon neutrality goals? The answer to this question has been neglected until now due to a lack of data. The novelty of this study lies in its exploration of the influence of renewable energy investments and renewable energy technologies on reducing petroleum-derived carbon emissions for the first time in the Group of seven (G7) countries. An additional novel aspect of the study is to discuss how governance indicators, such as regulatory quality, political stability, and democracy, can influence the carbon neutrality targets of the G7 nations. To this end, the study applies second-generation panel data methods, such as the cross-sectionally augmented Dickey-Fuller unit root test, the Durbin-Hausmann panel cointegration test, and the panel augmented mean group estimator. The findings illustrate that renewable energy investments and technologies help reduce carbon emissions in different models. Additionally, while economic growth is beneficial to the environment, governance indicators have no effect on carbon emissions. Overall, the outcomes suggest that G7 countries should increase their investments in renewable energy and support clean technologies to achieve their carbon neutral targets. The study also points out that reducing oil consumption by promoting renewable energy technologies and investments is a critical step toward carbon neutrality for G7 policymakers.