Do Environment-Related Policy Instruments and Technologies Facilitate Renewable Energy Generation? Exploring the Contextual Evidence from Developed Economies

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Shahzad U., Radulescu M., Rahim S., IŞIK C., Yousaf Z., Ionescu S. A.

ENERGIES, cilt.14, sa.3, 2021 (SCI-Expanded) identifier identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 14 Sayı: 3
  • Basım Tarihi: 2021
  • Doi Numarası: 10.3390/en14030690
  • Dergi Adı: ENERGIES
  • Derginin Tarandığı İndeksler: Science Citation Index Expanded (SCI-EXPANDED), Social Sciences Citation Index (SSCI), Scopus, Academic Search Premier, Aerospace Database, CAB Abstracts, Communication Abstracts, Compendex, INSPEC, Metadex, Veterinary Science Database, Directory of Open Access Journals, Civil Engineering Abstracts
  • Anahtar Kelimeler: environment-related taxes, environmental technologies, renewable energy, developed countries, panel analysis, sustainable development goals, CO2 EMISSIONS, EMPIRICAL-EVIDENCE, CARBON TAX, TRADE OPENNESS, DOUBLE DIVIDEND, OECD COUNTRIES, GROWTH, CONSUMPTION, URBANIZATION, DETERMINANTS
  • Anadolu Üniversitesi Adresli: Evet

Özet

Attaining sustainable development and cleaner production is a major challenge both for developed and developing economies; income, institutional regulations, institutional quality and international trade are the key determinants of environmental externalities. The current work attempts to study the role of environmental taxes and regulations on renewable energy generation for developed economies. For that, the authors have used the annual dataset for the period 1994 to 2018. More specifically, the study investigates the impacts of environmental taxes, environment-related technologies and the environmental policy stringency index on renewable electricity generation in 29 developed countries. Given the short available data of these countries, the authors have developed panel cointegration and panel regressions models (fully modified ordinary least square (FMOLS), quantile regressions). The heterogeneous panel empirics stated that environmental regulations and income level support renewable electricity generation. The conclusions further mention that bureaucratic qualities such as decision making and trade openness tend to reduce renewable energy generation. The empirical findings allowed us to draw new narrative and implications. Overall, the conclusions argue that innovative regulations and policies can be useful for attaining specific sustainable development goals (e.g., SDG-7: cleaner and cheap energy).