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Green transition and economic growth in G20 countries: evidence from disaggregated energy sources

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Abstract

Green transitioning through renewable energy sources is the most effective strategy for any economy. This study investigates the extent to which G20 countries are shifting towards a green economy compared to prioritizing economic growth. To this end, the present study analyzes the nodes between income and renewable (solar, wind, hydro, and biomass) and nonrenewable (oil, coal, and gas) energy sources for the period of (1997–2020) in G20 countries. The energy–environmental Kuznets curve method is applied to study their behavior at various stages of growth. The main findings showed that wind, solar, and biomass energies have an inverted N-shaped relationship with income. The hydroelectricity did not follow any traditional EKC shape, showing a steady positive trend and growth. While nonrenewable energy consumption, i.e., coal, oil, and gas, follows an N-shaped EKC curve. The impact of foreign direct investment in the solar and wind sectors is positive. The varying outcomes concerning foreign direct investment (FDI) indicate that although G20 countries strive to achieve their green transition objectives by discouraging environmentally harmful investments, their success remains limited. The study indicates that G20 nations are progressing toward a green transition; however, additional technological innovations are required to transform these economies from brown to green. Governments can establish research institutions, offer grants and incentives, and encourage collaboration between academia, industry, and government to support green technology R&D.

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Data availability

Data can be found at:

• BP Statistical Review of World Energy

• World Development Indicators

Notes

  1. https://www.foundations-20.org/wp-content/uploads/2022/08/F20_Renewable-Energy-Target-Mapping_G20.pdf

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Funding

2022 Humanities and Social Sciences Research Project of the Chinese Ministry of Education - Youth Fund Project (No. 22YJCZH069). Zhejiang Shuren University Basic Scientific Research Special Funds. Grant Number (2023XZ026).

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Authors and Affiliations

  1. School of Management, Zhejiang Shuren University, Hangzhou, China

    Wasi Ul Hassan Shah

  2. School of Economics and Management, Panzhihua University, Panzhihua, 617000, Sichuan, China

    Xuhui Zhang & Rizwana Yasmeen

  3. Department of Economics, Federal Urdu University of Arts, Science and Technology, 44000, Islamabad, Pakistan

    Ihtsham Ul Haq Padda

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  1. Wasi Ul Hassan Shah
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Rizwana Yasmeen: conceptualization, formal analysis, writing—original draft. Zhang Xuhui; Wasi Ul Hassan Shah, supervision, methodology. Ihtsham Ul Haq Padda, writing—review.

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Shah, W.U.H., Zhang, X., Yasmeen, R. et al. Green transition and economic growth in G20 countries: evidence from disaggregated energy sources. Environ Sci Pollut Res 30, 92206–92223 (2023). https://doi.org/10.1007/s11356-023-28781-6

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