The dynamic impact of renewable energy sources on environmental economic growth: evidence from selected Asian economies

Abstract

The linkage between renewable energy resources and environmental influences on economic growth among selected Asian economies play a vital role in sustainable economic development. This study encompasses the panel data sets for eight selected Asian countries, and the period starts from 1990 to 2018. This research relies on the panel vector error correction model (PVECM) for data estimation. The overall findings indicate that biomass, geothermal, and wind power sources of energy have a positive and significant impact on the economic advancement of Asian economies. Besides that, as opposed to the other two renewable energy sources, windpower has a greater impact on economic development. Furthermore, the empirical findings of current research have significant implications towards selected Asian countries’ energy policy related to both private and public sector enterprises as it helps in identifying the industrial sectors which have greater contribution towards the economy and their energy requirements in long term.