Can renewable energy transition drive green growth? The role of good governance in promoting carbon emission-adjusted economic growth in Next Eleven countries

Muntasir Murshed
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Abstract

This study emphasizes green growth establishment in the Next Eleven countries, especially by boosting their economic output production rates while simultaneously containing their carbon emission growth figures. Notably, considering the novel concept of ‘emission growth-adjusted economic growth rate’ for selecting the proxy for green growth, the impacts exerted by renewable energy transition, good governance, globalization, urbanization, industrialization, and financial development on the process of greening the economies of the Next Eleven countries are evaluated in this study. Overall, the results derived from the econometric analyses endorse that undergoing renewable energy transition does not promote green growth unless the quality of governance in the Next Eleven countries is improved in tandem. Thus, good governance is observed to act as a mediator between renewable energy transition and green growth establishment in these emerging countries. Besides, the results confirm the green growth-hampering effects of international trade, urbanization, industrialization, and financial development. Conversely, financial globalization is found to be ineffective in influencing the objective of establishing green growth in the Next Eleven countries. Furthermore, conducting the analyses separately for the lower-middle and upper-middle income categories, the green growth-influencing determinants appear to be mostly heterogeneous across the alternative sub-samples of Next Eleven countries. Therefore, considering these critically important findings, several green growth-stimulating policies are suggested to the concerned governments.

可再生能源转型能否推动绿色增长?善治在促进 "十一五 "国家碳排放调整后经济增长中的作用
本研究强调在 "未来十一国 "建立绿色增长,尤其是在提高经济产出生产率的同时控制碳排放增长数字。值得注意的是,本研究采用了 "排放增长调整后的经济增长率 "这一新颖的概念来选择绿色增长的替代指标,并评估了可再生能源转型、良好治理、全球化、城市化、工业化和金融发展对 "未来十一国 "经济绿色化进程的影响。总体而言,计量经济学分析得出的结果表明,除非 "未来十一国 "的治理质量得到同步改善,否则可再生能源转型并不能促进绿色增长。因此,在这些新兴国家,良好的治理是可再生能源转型与绿色增长之间的中介。此外,研究结果还证实了国际贸易、城市化、工业化和金融发展对绿色增长的阻碍作用。相反,金融全球化对 "未来十一国 "实现绿色增长的目标没有影响。此外,在对中低收入和中高收入类别分别进行分析后发现,影响绿色增长的决定因素在 "后十一国 "的其他子样本中似乎大多是异质的。因此,考虑到这些极为重要的研究结果,我们向相关政府提出了若干绿色增长刺激政策建议。
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