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Correlation between Economic Growth and Carbon Emissions in the Context of the Transition to a Zero-Carbon Economy

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  • Topa Răzvan

    (Bucharest University of Economic Studies, Bucharest, Romania)

Abstract

The energy sector is increasingly popular today and plays a vital role in our everyday lives. That is why, in this paper I am trying to analyze the existing literature and find a correlation between economic growth and carbon emissions. I utilized various scenarios for this research. The first direction is based on a study seeks to scrutinize earlier literature encompassing economic growth, energy consumption, and carbon emissions, encompassing both individual country analyses and multi-country studies spanning until the year 2019. The second one on usage of both growth and environmental functions to illustrate the efficacy of renewable energy in fostering economic growth and mitigating carbon emissions in the context of the 15 primary renewable energy-consuming nations. Exploring the impact of disaggregated energy consumption, technological innovations, and capital on economic output and CO2 emissions in India from 1990 to 2018 is the third direction, while the fourth has at its base the influence of Information and Communication Technology (ICT) on renewable energy consumption using panel data from 90 countries spanning the period 2000-2014. The fifth scenario is about the effects of climate change and technological innovation on economic growth, energy consumption, and carbon emissions by analyzing annual observations of diverse variables across Asian and European countries from 1996 to 2021. The final perspective investigates the factors influencing Energy Mix Diversification (EMD) by utilizing a panel sample encompassing seven major emerging (E7) economies—Brazil, China, India, Indonesia, Mexico, Russia, and Turkey—observed from 1995 to 2018.

Suggested Citation

  • Topa Răzvan, 2024. "Correlation between Economic Growth and Carbon Emissions in the Context of the Transition to a Zero-Carbon Economy," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 18(1), pages 1486-1494.
    • Handle: RePEc:vrs:poicbe:v:18:y:2024:i:1:p:1486-1494:n:1018
    DOI: 10.2478/picbe-2024-0122
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    References listed on IDEAS

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    1. Cosimo Magazzino, 2017. "Renewable Energy Consumption-Economic Growth Nexus in Italy," International Journal of Energy Economics and Policy, Econjournals, vol. 7(6), pages 119-127.
    2. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    3. Lv, Zhike & Liu, Wangxin & Xu, Ting, 2022. "Evaluating the impact of information and communication technology on renewable energy consumption: A spatial econometric approach," Renewable Energy, Elsevier, vol. 189(C), pages 1-12.
    4. Aqib, Muhammad & Zaman, Khalid, 2023. "Greening the Workforce: The Power of Investing in Human Capital," MPRA Paper 116263, University Library of Munich, Germany, revised 05 Feb 2023.
    5. Shang, Yunfeng & Han, Ding & Gozgor, Giray & Mahalik, Mantu Kumar & Sahoo, Bimal Kishore, 2022. "The impact of climate policy uncertainty on renewable and non-renewable energy demand in the United States," Renewable Energy, Elsevier, vol. 197(C), pages 654-667.
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