Asymmetric Role of Economic Growth, Globalization, Green Growth, and Renewable Energy in Achieving Environmental Sustainability

Abstract

This study fills the gap in the literature by applying novel quantile regression and spectral Granger causality frameworks to evaluate the asymmetric effect of GDP, globalization, green growth, and renewable energy consumption on CO2 emissions in India. The results suggest that in all quantiles, green growth, globalization, and renewable energy consumption impact environmental quality negatively, and the effect of economic growth on CO2 emissions is positive in most of the quantiles. In addition, the nexus between the regressors and CO2 emissions is significant across different time horizons. More specifically, the results from the spectral Granger causality test unveil that all the indicators would predict CO2emissions across various time scales. Several policy implications have been proposed based on the research’s findings so that India might move toward achieving sustainable development. Doi: 10.28991/ESJ-2024-08-02-05 Full Text: PDF

Keywords

• green growth
• renewable energy
• globalization
• co2 emissions
• quantile regression.