Oriza Candra, Abdeljelil Chammam, José Ricardo Nuñez Alvarez, Iskandar Muda, Hikmet Ş. Aybar
Growing population and limited energy resources have impacted energy consumption. Limited fossil fuel resources and increased pollution threaten national and human societies. These elements emphasize energy sources. Renewable energy use affects growth. All new energy sources, including renewables, are crucial for global economic growth. Economic and environmental issues have led to new approaches in international environmental law, including the green economy. This study employs structural vector auto-regression (SVAR) to compare the effects and outcomes of increasing the use of renewable energy in the context of economic growth and greenhouse gas emissions in middle income countries (MICs) and high income countries (HICs). The results show that these indicators demonstrate that the production of energy from renewable sources has positive short-term and long-term economic effects with varying contributions. However, renewable energies have a greater impact on the green economy in selected MICs than in selected HICs. Therefore, the promotion of macroeconomic indicators is viewed as one of the reasons for the development of policies to increase energy production from renewable sources in selected countries. © 2023 by the authors.
Department Teknik Elektro, Universitas Negeri Padang, Padang, 20506, Indonesia; College of Engineering, Department of Electrical Engineering, Prince Sattam Bin Abdulaziz University, Alkharj, 11942, Saudi Arabia; Department of Energy, Universidad de la Costa, Barranquilla, 080002, Colombia; Department of Doctoral Program, Faculty Economic and Business, Universitas Sumatera Utara, Medan, 20222, Indonesia; Department of Mechanical Engineering, Eastern Mediterranean University, Via Mersin 10, Famagusta, 99628, Cyprus; Department of Medical Research, China Medical University Hospital, China Medical University, Taichung, 404, Taiwan
