Relationship between Renewable Energy and Economic Growth in Developed Countries
Aktolkin AbubakirovaKhoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, KazakhstanGaukhar SaimagambetovaCaspian University of Technology and Engineering, Aktau, KazakhstanAizhan OmarovaYessenov University, Aktau, KazakhstanBibigul SaubetovaYessenov University, Aktau, KazakhstanZhanargul TaskinbaikyzyYessenov University, Aktau, Kazakhstan
2024en
ABI
Abstract
In this study, the relationship between renewable energy and economic growth in G7 countries for the period 2000-2023 was investigated with Kao and Johansen Fisher panel cointegration tests and the direction of the relationship was determined with the FMOLS and DOLS test results. The empirical findings obtained show that there is a positive relationship between renewable energy production and economic growth. According to the results of the FMOLS method application, a 1% change in renewable energy production in G7 countries will cause approximately 0.70% change in economic growth in the long term. As a result of the DOLS method application, this coefficient was estimated as 0.66.
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