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Proven Reserve Oil and Renewable Energy Nexus: Efficacy of Policy Stringency

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  • Shaiara Husain

    (Business School, University of Western Australia)

  • Kazi Sohag

    (Graduate School of Economics and Management, Ural Federal University, Russia)

  • Yanrui Wu

    (Business School, The University of Western Australia)

Abstract

Pro-environmental technologies, environmental taxes and environmental protection expenditure are three important policy tools for patronizing renewable energy production (REP) in OECD countries. With this background, we evaluate the efficacy of environmental policies in promoting renewable energy production by applying the CS-ARDL method and panel data of 24 OECD economies incorporating the role of proven reserve oil during 1990-2022. The empirical analysis of this study demonstrates that the environmental policy stringency, encompassing market and non-market approaches, is positively affiliated with the growth in REP. Our findings also affirm the proposition that proven oil reserves are antagonistic to the growth of renewable energy production considering the intergenerational energy security aspect. Positive shock in oil price augments the renewable energy production validating the substitution effect between renewable energy and non-renewable energy. Our findings are robust when alternative measures of policy stringency, considering both supply-side (cost-push) and demand-side (demand-pull) socio-technical incentives are used. The empirical findings reinforce existing market-based mitigation policies to promote renewable energy production adhering to the energy security agenda of sustainable development goals.

Suggested Citation

  • Shaiara Husain & Kazi Sohag & Yanrui Wu, 2024. "Proven Reserve Oil and Renewable Energy Nexus: Efficacy of Policy Stringency," Economics Discussion / Working Papers 24-02, The University of Western Australia, Department of Economics.
    • Handle: RePEc:uwa:wpaper:24-02
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    Keywords

    Renewable Energy; Environmental Policy Stringency; Panel Data Analysis; OECD Countries;
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    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • Q21 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Demand and Supply; Prices
    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy

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