NDLI: Analysis of the Dynamic Relationships among Renewable Energy Consumption, Economic Growth, Financial Development, and Carbon Dioxide Emission in Five Sub-Saharan African Countries

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Analysis of the Dynamic Relationships among Renewable Energy Consumption, Economic Growth, Financial Development, and Carbon Dioxide Emission in Five Sub-Saharan African Countries

Content Provider	MDPI
Author	Qudrat-Ullah, Hassan Nevo, Chinedu Miracle
Copyright Year	2022
Description	This research investigates the relationships among renewable energy consumption, economic growth, and financial development in five sub-Saharan African nations utilizing panel data from 2000 to 2020. Econometric methods are used to ascertain the existence or absence of cross-sectional dependence and the short-run and long-run connections between the following factors: Pesaran cross-sectional dependence (CD) and cross-sectionally augmented IPS (CIPS) unit root tests, pooled mean group (PMG), and dynamic ordinary least squares (DOLS) estimations. The presence of cross-sectional dependence is found and represented with the CIPS unit root test. No significant short-run relationship is found between the variables of the study, yet a significant long-run relationship is present among them. A positive relationship exists between $CO_{2}$ emissions and financial development, while financial development and renewable energy consumption are found to have negative relationships with $CO_{2}$ emissions. The study also supports the scale effect of the environmental Kuznets curve hypothesis. Additionally, no causality is found among the variables, and impulse response and variance decomposition estimation are carried out to recommend future effects. Policy implications of findings are discussed, with accompanying suggestions.
Starting Page	5953
e-ISSN	19961073
DOI	10.3390/en15165953
Journal	Energies
Issue Number	16
Volume Number	15
Language	English
Publisher	MDPI
Publisher Date	2022-08-17
Access Restriction	Open
Subject Keyword	Energies Environmental Engineering Co2 Emissions Renewable Energy Consumption Economic Growth Financial Development Cross-sectional Dependence
Content Type	Text
Resource Type	Article

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