Impact of green energy production for sustainable economic growth and green economic recovery

Abstract

Green energy (GE) is frequently associated with sustainable development, which seeks to reduce global warming and its adverse effects on the environment, economy, and social justice. This study examines the impact of green energy on economic prosperity, green economic recovery, and long-term sustainability. This study analyses 33 industrialized and developing nations between 1991 and 2022 in the context of green energy, sustainable economic growth, and green economic recovery. Pooled Ordinary Least Squares (OLS), the Fixed Effects Model (FEM), and the Random Effects Model (REM) are employed for analysis, and outcomes are analyzed using the Hausman specification test. The results show that both population increase and gross domestic product per capita significantly affect sustainable development. When compared, a hike in green energy prices contributes considerably to and positively to sustainable development. These results are helpful for policymakers and newcomers interested in green energy and renewable energy sources since they provide a framework to conduct more research and develop policy.

Keywords

• Green energy
• Green economic recovery
• Sustainable development
• Natural resources