The Impact of Renewable Energy Consumption on Sustainable Economic Welfare Index in Selected Countries (1990-2020)

Abstract

This research examines the impact of renewable energy consumption on the sustainable economic welfare index in selected countries using a multivariate panel model (1990-2020) and then ranks it. In addition to per capita, energy consumption and renewable energy production, among the variables; The amount of gross fixed capital formation per capita; workforce; per capita index of carbon dioxide emissions; capital rent; degree of trade openness; is used In the following, we examine the relationship between energy and growth by replacing GDP with the primary index for sustainable economic well-being and analyze the results. The results showed that renewable energy in developed countries has a positive effect and contribution to the total power and sustainable economic welfare index; On the other hand, in developed countries, Renewable energy is unilaterally effective in the level of environmental quality. In developing countries, the per capita increase in non-renewable energy consumption is effective in sustainable economic growth. There is a two-way relationship between energy consumption and pollution emissions. It was determined in the ranking discussion; That South Korea (developed) and UAE (developing) are the most stable economies, and Italy (extended) and Angola (developing) are the least stable economies.