Hydropower’s Role in Renewable Energy and Environmental Sustainability: From Blue to a Greener Future
摘要
The global shift towards sustainable energy systems necessitates phasing out fossil fuels, with renewable energy emerging as a cost-effective, cleaner, and more efficient alternative. Hydropower, recognized as the world’s leading renewable energy source, offers significant environmental benefits through its green production methods, crucial for achieving a 100% low-carbon energy paradigm. Using data from the World Bank between 1990 and 2023, the study aims to examine Norway’s economic growth, technological innovation, CO2 emissions, hydropower production, and renewable energy utilization. Employing DOLS, FMOLS, and CCR. We unveil significant relationships among economic growth, CO2 emissions, and technological innovation that negatively impact renewable energy. Conversely, hydropower exhibits a positive influence on renewable energy. Our findings highlight the importance of prioritizing policies that mitigate CO2 emissions, foster economic growth through innovation, and strategically invest in hydropower infrastructure. It is recommended that effective environmental regulations and incentives for clean energy technologies be crucially implemented to achieve sustainable energy transitions in Norway and globally.