Can economic development & environmental sustainability promote renewable energy consumption in India?? Findings from novel dynamic ARDL simulations approach
One of the strategies for achieving sustainable development goals is to close the gap between environmental vulnerability and economic progress (SDGs). The significance of renewable energy in harmonizing environmental and economic conditions is becoming a touchy subject in current debates. Against t...
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| Published in | Renewable energy Vol. 189; pp. 221 - 230 |
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| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
Elsevier Ltd
01.04.2022
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| Abstract | One of the strategies for achieving sustainable development goals is to close the gap between environmental vulnerability and economic progress (SDGs). The significance of renewable energy in harmonizing environmental and economic conditions is becoming a touchy subject in current debates. Against this backdrop, the major objective of this paper is to assess whether economic growth and environmental sustainability can promote renewable energy consumption in the Indian economy by using ARDL and Novel Dynamic ARDL estimation techniques. The results obtained from both the methodology shows that rising efficiency in the economic growth coupled with environmental sustainability leads to an increase in renewable energy consumption. We also find, from the frequency domain causality test, that there is a unidirectional causality between renewable energy consumption and economic growth & renewable energy consumption and environmental sustainability in both the short- and long run. The former causation validating the conservation hypothesis for the Indian economy. |
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| AbstractList | One of the strategies for achieving sustainable development goals is to close the gap between environmental vulnerability and economic progress (SDGs). The significance of renewable energy in harmonizing environmental and economic conditions is becoming a touchy subject in current debates. Against this backdrop, the major objective of this paper is to assess whether economic growth and environmental sustainability can promote renewable energy consumption in the Indian economy by using ARDL and Novel Dynamic ARDL estimation techniques. The results obtained from both the methodology shows that rising efficiency in the economic growth coupled with environmental sustainability leads to an increase in renewable energy consumption. We also find, from the frequency domain causality test, that there is a unidirectional causality between renewable energy consumption and economic growth & renewable energy consumption and environmental sustainability in both the short- and long run. The former causation validating the conservation hypothesis for the Indian economy. |
| Author | Bera, Pinki Panda, Deepak Das, Narasingha |
| Author_xml | – sequence: 1 givenname: Narasingha orcidid: 0000-0002-4203-5653 surname: Das fullname: Das, Narasingha email: narasinghadas@gmail.com organization: Indian Institute of Technology-Kharagpur, India – sequence: 2 givenname: Pinki orcidid: 0000-0002-3893-4883 surname: Bera fullname: Bera, Pinki email: pinkibera123@gmail.com organization: Vidyasagra University, India – sequence: 3 givenname: Deepak surname: Panda fullname: Panda, Deepak email: deepak.panda.d1@gmail.com organization: Indian Institute of Technology-Kharagpur, India |
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| Keywords | Environmental sustainability Novel dynamic ARDL Simulations Conservation hypothesis Economic growth Renewable energy consumption Frequency domain causality |
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| Title | Can economic development & environmental sustainability promote renewable energy consumption in India?? Findings from novel dynamic ARDL simulations approach |
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