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"The promissory note at COP-21 of sustainable energy for all" Is it converging toward economic development?

Author

Listed:
  • Muhammad Javeed Akhtar

    (University of Management and Technology)

  • Hafeez Ur Rehman

    (University of Management and Technology)

  • Qaisar Abbas

    (University of Wuhan
    Ghazi University)

Abstract

Concerns regarding current energy patterns are increasing over the period. The debate over the converging or diverging impact on energy transition for SDGs-2030 needs comprehensive empirical analysis. This study attempted to fill this research gap by considering a dataset of 82 economies of selected income levels (Low-Middle-Income & High-income countries) between 2000 and 2019. This study initiated two-stage analyses; TOPSIS is a very useful technique to rank countries as per their current level of lack in the sustainable energy transition. In this view, outcomes indicate that the overall world is converging regarding the sustainable energy gap, especially in high-income economies. However, fluctuations have been observed in low-middle-income economies. Secondly, this study empirically analyzes this lacking position in this transition on economic development. In this way, the study applied the panel's two-step system Generalized Methods of Moment (System GMM) techniques to find the regression relation between sustainable energy transition and economic development. The regression outcomes confirm the Environmental Kuznets Curve (EKC) theory regarding sustainable energy transitions and economic development. In addition, the panel quantile regression technique has been used to verify the earlier results of the model. Based on the empirical outcomes, this study suggested that low-middle-income economies need more effort to achieve sustainable energy convergence. In contrast, high-income economies need to be more consistent.

Suggested Citation

  • Muhammad Javeed Akhtar & Hafeez Ur Rehman & Qaisar Abbas, 2024. ""The promissory note at COP-21 of sustainable energy for all" Is it converging toward economic development?," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(10), pages 26557-26578, October.
    • Handle: RePEc:spr:endesu:v:26:y:2024:i:10:d:10.1007_s10668-023-03743-7
    DOI: 10.1007/s10668-023-03743-7
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    References listed on IDEAS

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