Impact of Non-renewable, Renewable Energy Consumption and Economic Growth on CO2 Emissions: Empirical Study of ASEAN-5

Simon, Hiew (2024) Impact of Non-renewable, Renewable Energy Consumption and Economic Growth on CO2 Emissions: Empirical Study of ASEAN-5. Masters thesis, Universiti Malaysia Sarawak.

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Abstract

This study explores the impact of energy consumption on CO2 emissions in ASEAN-5, aiming to deepen understanding of non-renewable and renewable energy's influence, along with economic growth, on CO2 emissions. The objectives include (i) analysing the short and long-run impact of consumption of energy types and economic growth on CO2 emissions, (ii) investigating the non-linear effects of both energies consumption on CO2 emissions, and (iii) assessing the Environmental Kuznets Curve (EKC) hypothesis. Using Pooled Mean Group (PMG) and panel Non-linear Autoregressive Distributed Lag (NARDL) estimators, we examine data from ASEAN-5 (Thailand, Malaysia, Singapore, Indonesia, Philippines) over 31 years (1990–2020). The PMG results reveal that non-renewable energy consumption and economic growth increase CO2 emissions, while renewable energy reduces them in the long run. Economic growth alone causes short-term environmental degradation. Panel NARDL findings indicate that higher unclean energy consumption leads to environmental degradation, decreasing it helps to reduce environmental problem in the long run, while increased clean energy consumption reduces CO2 emissions in long run. Economic growth contributes to higher CO2 emissions initially, decreasing when growth declines, supporting the EKC theory's long-run applicability. Therefore, policymakers should prioritize green investment for an unclean to green energy transition, with government and non-government agencies playing a crucial role in Communication, Education, and Public Awareness (CEPA) programs.

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