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Empirical Research on the Relationship amongst Renewable Energy Consumption, Economic Growth and Foreign Direct Investment in Kazakhstan and Uzbekistan

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  • Janusz Grabara

    (The Management Faculty, Czestochowa University of Technology, 42-201 Czestochowa, Poland)

  • Arsen Tleppayev

    (Faculty of Economics and Business, Kazakh-German University, Pushkin St., 111, Almaty 050010, Kazakhstan)

  • Malika Dabylova

    (Higher School of Economics and Business, Al-Farabi Kazakh National University, 71 al-Farabi Ave., Almaty 050010, Kazakhstan)

  • Leonardus W. W. Mihardjo

    (School of Business Management, Bina Nusantara University, Jalan Hang Lekir I No. 6, Senayan, Jakarta 10270, Indonesia)

  • Zdzisława Dacko-Pikiewicz

    (Faculty of Applied Sciences, WSB University, Zygmunta Cieplaka 1c, 41-300 Dabrowa Gornicza, Poland)

Abstract

In this contemporary era, environmental problems spread at different levels in all countries of the world. Economic growth does not just depend on prioritizing the environment or improving the environmental situation. If the foreign direct investment is directed to the polluting industries, they will increase pollution and damage the environment. The purpose of the study is to consider the relationship between foreign direct investment in Kazakhstan and Uzbekistan and economic growth and renewable energy consumption. The study is based on data obtained from 1992 to 2018. The results show that there is a two-way link between foreign direct investment and renewable energy consumption in the considered two countries. The Granger causality test approach is applied to explore the causal relationship between the variables. The Johansen co-integration test approach is also employed to test for a relationship. The empirical results verify the existence of co-integration between the series. The main factors influencing renewable energy are economic growth and electricity consumption. To reduce dependence on fuel-based energy sources, Kazakhstan and Uzbekistan need to attract energy to renewable energy sources and implement energy efficiency based on rapid progress. This is because renewable energy sources play the role of an engine that stimulates the production process in the economy for all countries.

Suggested Citation

  • Janusz Grabara & Arsen Tleppayev & Malika Dabylova & Leonardus W. W. Mihardjo & Zdzisława Dacko-Pikiewicz, 2021. "Empirical Research on the Relationship amongst Renewable Energy Consumption, Economic Growth and Foreign Direct Investment in Kazakhstan and Uzbekistan," Energies, MDPI, vol. 14(2), pages 1-18, January.
    • Handle: RePEc:gam:jeners:v:14:y:2021:i:2:p:332-:d:477413
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