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The influences of renewable energy, globalization, technological innovations, and forests on emission reduction in Colombia

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  • Raihan, Asif

Abstract

The utilization of fossil fuels and deforestation are the primary causes of global warming and climate change. Innovation is therefore essential to achieve green energy and sustainable development. As part of the Paris Agreement, Colombia has pledged to cut 51% of its emissions by 2030 and achieve net zero emissions by 2050. Thus, the present study examined the emission reduction potential of economic growth, renewable energy utilization, globalization, technological innovations, and forests in Colombia by employing the Dynamic Ordinary Least Squares (DOLS) technique utilizing time series data from 1990 to 2020. The empirical results revealed that a rise in economic growth is connected with a boost in emissions, while a boost in the consumption of renewable energy, technical innovation, globalization, and forest cover might cut Colombia's carbon emissions in the long run. Furthermore, a credibility test was conducted by utilizing total greenhouse gas emissions as other measurements of emission reduction. The DOLS results are stable while applying the fully modified least squares (FMOLS) and canonical cointegrating regression (CCR) techniques. This article includes policy ideas aiming at a low-carbon economy, promotion of renewable energy, financing technical innovation, globalization, and sustainable forest management to meet Colombia's goal of emission reduction.

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  • Raihan, Asif, 2023. "The influences of renewable energy, globalization, technological innovations, and forests on emission reduction in Colombia," Innovation and Green Development, Elsevier, vol. 2(4).
    • Handle: RePEc:eee:ingrde:v:2:y:2023:i:4:s2949753123000395
    DOI: 10.1016/j.igd.2023.100071
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    12. Asif Raihan & Rawshan Ara Begum & Mohd Nizam Mohd Said & Joy Jacqueline Pereira, 2022. "Relationship between economic growth, renewable energy use, technological innovation, and carbon emission toward achieving Malaysia’s Paris agreement," Environment Systems and Decisions, Springer, vol. 42(4), pages 586-607, December.
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    3. Ahakwa, Isaac & Tackie, Evelyn Agba & Tackie, Faustina Korkor & Mangudhla, Tinashe & Baig, Jibal & Islam, Sartaj ul & Sarpong, Francis Atta, 2024. "Greening the path to carbon neutrality in the post-COP26 era: Embracing green energy, green innovation, and green human capital," Innovation and Green Development, Elsevier, vol. 3(3).
    4. Wen, Jun & Zhang, Sen & Chang, Chun-Ping & Anugrah, Donni Fajar & Affandi, Yoga, 2023. "Does climate vulnerability promote green investment under energy supply restriction?," Energy Economics, Elsevier, vol. 124(C).
    5. Zhou, Hao & Zheng, Mingbo, 2024. "Foreign direct investment and green innovation in China: An examination of quantile regression," Innovation and Green Development, Elsevier, vol. 3(3).
    6. Azizul Hakim Rafi & Abdullah Al Abrar Chowdhury & Adita Sultana & Abdulla All Noman, 2024. "Unveiling the Role of Artificial Intelligence and Stock Market Growth in Achieving Carbon Neutrality in the United States: An ARDL Model Analysis," Papers 2412.16166, arXiv.org.
    7. Raihan, Asif, 2024. "A review of the potential opportunities and challenges of the digital economy for sustainability," Innovation and Green Development, Elsevier, vol. 3(4).
    8. Niu, Bingcheng, 2024. "Government environmental protection expenditure and national ESG performance: Global evidence," Innovation and Green Development, Elsevier, vol. 3(2).
    9. Wang, Jun-Zhuo & Feng, Gen-Fu & Yin, Hua-Tang & Chang, Chun-Ping, 2023. "Toward sustainable development: Does the rising oil price stimulate innovation in climate change mitigation technologies?," Economic Analysis and Policy, Elsevier, vol. 79(C), pages 569-583.
    10. Juan Pablo Vallejo Mata & María Gabriela González Bautista & Luis Eduardo Solis Granda & Eduardo Germán Zurita Moreano, 2024. "Evaluating the Environmental Kuznets Curve: The Role of Renewable Energy, Economic Growth, Urban Density and Trade Openness on CO2 Emissions. An Analysis for High-Income Countries Using the CS-ARDL Mo," International Journal of Energy Economics and Policy, Econjournals, vol. 14(6), pages 580-596, November.
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