Abstract
In the pursuit of sustainable development, the G7 countries face the double challenge of curbing CO2 emissions to promote economic growth. This study examines the relationship between renewable energy (REC), R&D expenditure (RDE), globalization (GI), energy intensity (EI), and GDP in the G7 context from 1990 to 2022. Novel econometrics such as the Moment quantile regression Method (MMQR) is the sophisticated environmental research method, and Dumitrescu-Herlin (2012) panel causality tests are applied. Also, Fully Modified Ordinary Least Squares (FMOLS), dynamic ordinary least squares (DOLS), and Driscoll-Kraay standard errors (DKSE) confirm the robustness of the outcome. The MMQR results show that RECs reduce carbon emissions in all quantiles. In contrast, globalization increases emissions between quantiles 0.05 and 0.75, EI increases carbon emissions between quantiles 0.25 and 0.75, and GDP increases carbon emissions between quantiles 0.25 and 0.95. The results of FMOLS, DOLS, and DKSE validated the robustness of the outcome, whereas causality tests suggest bilateral causality in REC, RDE, EI and CO2 emissions. The study findings send a clear message to policymakers and other decision-makers that concrete actions are needed to reduce CO2 emissions while helping to achieve the Sustainable Development Goals (SDGs). By meeting SDGs 7, 9, 13 and 17 through targeted interventions, G7 countries can significantly reduce CO2 emissions and create a more sustainable future and economic prosperity. Collaboration and innovation are essential to achieving these global sustainability goals.
Presenters
Kashif Raza AbbasiPostdoctoral Researcher, School of Business and Management, Shenzhen University, Guangdong, China
Details
Presentation Type
Paper Presentation in a Themed Session
Theme
KEYWORDS
Renewable Energy, Globalization, Research and Development Expenditure, Energy Intensity, MMQR
