Energy-focused policies mitigate climate change: evidence from global leaders in clean energy technologies
摘要
Past studies have overlooked the responsiveness of energy-focused policies (EFP) embedded in clean energy technologies (solar and wind energy) in mitigating greenhouse gases (GHG), carbon dioxide (CO₂), and nitrogen oxides (NOₓ) produced from fossil fuel combustion. This study examines the responsiveness of clean energy technologies and real economic growth to various types of emissions. The novel aspect of this study lies in its consideration of two global panels of top countries that have effectively deployed solar and wind energy as part of their EFP to enhance environmental quality across different models. Cross-sectional autoregressive distributed lags and quantile regression approaches were employed on panels of 44 countries and 41 countries for solar and wind energy, respectively. The main findings reveal that solar energy, wind energy, and the aggregate of clean energy technologies significantly mitigate GHG and CO₂ emissions. However, while the consumption of solar and wind energy shows divergent effects on NOₓ mitigation, the aggregate of renewable energies reasonably reduces NOₓ emissions. Real economic growth is observed to promote GHG, CO₂, and NOₓ emissions, and the results reject the Environmental Kuznets Curve hypothesis. The findings confirm the positive impact of EFP on climate change mitigation, although further attention is needed regarding NOₓ emissions. This study suggests effective policy implications and mechanisms to accelerate climate action through targeted emission reductions.