SavedAdd your journal

Journals / Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi / 2023 / Volume: 24 Issue: 4

DOES CLIMATE POLICY UNCERTAINTY IN THE US AFFECT RENEWABLE ENERGY CONSUMPTION?

ABD'DE İKLİM POLİTİKASI BELİRSİZLİĞİ YENİLENEBİLİR ENERJİ TÜKETİMİNİ ETKİLER Mİ?

Özlem Gül Dinç0000-0003-4237-0088
Pages
—
Publication Date
2023-12-27
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

From this perspective, we can indicate that raising awareness of climate change is one of the first steps to be undertaken to reduce climate policy uncertainty.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This study aims to examines the relationship between climate policy uncertainty and renewable energy consumption, CO2 emissions, and economic growth by sectors in the 2000M1-2021M12 period of the USA.
📊
Key Findings & Data:According to the findings, there is a strong relationship between CO2 emissions and climate policy uncertainty in the electricity and industry sector, while there is a strong relationship between climate policy uncertainty to CO2 emissions in the housing sector.
💡
Conclusion & Impact:From this perspective, we can indicate that raising awareness of climate change is one of the first steps to be undertaken to reduce climate policy uncertainty.
🔬Design:Research Article
📍Scope:Comprehensive Sample
⚙️Variables:Climate Policy Uncertainty · CO2 Emissions · Renewable Energy Consumption

Abstract

This study aims to examines the relationship between climate policy uncertainty and renewable energy consumption, CO2 emissions, and economic growth by sectors in the 2000M1-2021M12 period of the USA. For this purpose, the recursive evolving window causality test, which is a new time-varying causality test, was used in this study. According to the findings, there is a strong relationship between CO2 emissions and climate policy uncertainty in the electricity and industry sector, while there is a strong relationship between climate policy uncertainty to CO2 emissions in the housing sector. However, in the commercial sector, there is a strong relationship between climate policy uncertainty and renewable energy consumption. The results of the analysis show that the steps to be taken to reduce climate policy uncertainty will especially affect carbon dioxide emissions and renewable energy consumption. From this perspective, we can indicate that raising awareness of climate change is one of the first steps to be undertaken to reduce climate policy uncertainty.

Özet

Bu çalışmanın amacı ABD’nin 2000M1-2021M12 döneminde sektörlere göre iklim politikası belirsizliği ile yenilenebilir enerji tüketimi, CO2 emisyonu ve ekonomik büyüme arasındaki ilişkiyi incelemektir. Bu amaç doğrultusunda çalışmada yeni bir zamana göre değişen nedensellik testi olan özyinelemeli gelişen pencere nedensellik testi kullanılmıştır. Elde edilen bulgulara göre elektrik ve sanayi sektöründe CO2 emisyonundan iklim politikası belirsizliğine doğru güçlü ilişki bulunurken, konut sektöründe iklim politikası belirsizliğinden CO2 emisyonuna doğru güçlü ilişki bulunmaktadır. Öte yandan ticari sektörde ise iklim politikası belirsizliğinden yenilenebilir enerji tüketimine doğru güçlü bir ilişki bulunmaktadır. Analiz sonuçlarına göre iklim politikası belirsizliğinin azaltılmasına yönelik olarak yapılacak adımların özellikle karbondioksit emisyonunu ve yenilenebilir enerji tüketimini etkileyeceği göstermektedir. Buradan hareketle, iklim politikası belirsizliğini azaltmaya yönelik olarak atılacak adımların başında iklim değişikliği farkındalığının artırılmasını gösterebiliriz.

🔖

Cite This Article

Dinç, Ö. G. (2023). DOES CLIMATE POLICY UNCERTAINTY IN THE US AFFECT RENEWABLE ENERGY CONSUMPTION?. Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, Volume: 24 Issue: 4. https://doi.org/10.53443/anadoluibfd.1260702

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (60)

  1. Abbasi, K. R., Shahbaz, M., Jiao, Z., & Tufail, M. (2021). How energy consumption, industrial growth, urbanization, and CO2 emissions affect economic growth in Pakistan? A novel dynamic ARDL simulations approach. Energy, 221, 1-12. doi: 10.1016/j.energy.2021.119793
  2. Abbasi, K., Jiao, Z., Shahbaz, M., & Khan, A. (2020). Asymmetric impact of renewable and non-renewable energy on economic growth in Pakistan: New evidence from a nonlinear analysis. Energy Exploration & Exploitation, 38(5), 1946-1967. doi: 10.1177/01445987209464
  3. Adebayo, T. S., Awosusi, A. A., & Adeshola, I. (2020). Determinants of CO2 emissions in emerging markets: An empirical evidence from MINT economies. International Journal of Renewable Energy Development, 9(3), 411-422. doi: 10.14710/ijred.2020.31321
  4. Adebayo, T. S., Awosusi, A. A., Kirikkaleli, D., Akinsola, G. D., & Mwamba, M. N. (2021). Can CO2 emissions and energy consumption determine the economic performance of South Korea? A time series analysis. Environmental Science and Pollution Research, 28(29), 38969-38984. doi: 10.1007/s11356-021-13498-1
  5. Akram, R., Majeed, M. T., Fareed, Z., Khalid, F., & Ye, C. (2020). Asymmetric effects of energy efficiency and renewable energy on carbon emissions of BRICS economies: evidence from nonlinear panel autoregressive distributed lag model. Environmental Science and Pollution Research, 27(15). 18254-18268. doi: 10.1007/s11356-020-08353-8
  6. Avrupa Birliği Türkiye Delegasyonu (2016). Geleceğe dair: Paris iklim anlaşması. https://www.iklimin.org/wp-content/uploads/2016/12/paris-iklim-anla%C5%9Fmas%C4%B1-EUD-Brochure.pdf adresinden erişildi.
  7. Awodumi, O. B., & Adewuyi, A. O. (2020). The role of non-renewable energy consumption in economic growth and carbon emission: Evidence from oil producing economies in Africa. Energy Strategy Reviews, 27, 1-19. doi: 10.1016/j.esr.2019.100434
  8. Aydoğan, B., & Vardar, G. (2020). Evaluating the role of renewable energy, economic growth and agriculture on CO2 emission in E7 countries. International Journal of Sustainable Energy, 39(4), 335-348. doi: 10.1080/14786451.2019.1686380
  9. Balcilar, M., Z. A. Ozdemir, & Y. Arslanturk (2010). Economic growth and energy consumption causal nexus viewed through a bootstrap rolling window. Energy Economics, 32, 1398–1410. doi: 10.1016/j.eneco.2010.05.015
  10. Banday, U. J., & Aneja, R. (2018). Energy consumption, economic growth,and CO2 emissions: Evidence from G7 countries. World Journal of Science, Technology and Sustainable Development, 16(1), 22-39. doi: 10.1108/WJSTSD-01-2018-0007
  11. Ben Jebli, M., Ben Youssef, S., & Apergis, N. (2019). The dynamic linkage between renewable energy, tourism, CO2 emissions, economic growth, foreign direct investment, and trade. Latin American Economic Review, 28(1), 1-19. doi: 10.1186/s40503-019-0063-7
  12. Bhat, J. A. (2018). Renewable and non-renewable energy consumption—impact on economic growth and co2 emissions in five emerging market economies. Environmental Science and Pollution Research, 25(35), 35515-35530. doi: 10.1007/s11356-018-3523-8
  13. BP. (2021). Statistical review of world energy. https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy/power-by-fuel.html adresinden erişildi.
  14. Charfeddine, L., & Kahia, M. (2019). Impact of renewable energy consumption and financial development on CO2 emissions and economic growth in the MENA region: A panel vector autoregressive (PVAR) analysis. Renewable Energy, 139, 198-213. doi: 10.1016/j.renene.2019.01.010
  15. Chen, Y., Wang, Z., & Zhong, Z. (2019). CO2 emissions, economic growth, renewable and non-renewable energy production and foreign trade in China. Renewable Energy, 131, 208-216. doi: 10.1016/j.renene.2018.07.047
  16. Chontanawat, J. (2020). Dynamic modelling of causal relationship between energy consumption, CO2 emission, and economic growth in SE Asian countries. Energies, 13(24), 6664. doi: 10.3390/en13246664
  17. Doğan, B., Driha, O. M., Balsalobre Lorente, D., & Shahzad, U. (2021). The mitigating effects of economic complexity and renewable energy on carbon emissions in developed countries. Sustainable Development, 29(1), 1-12. doi: 10.1002/sd.2125
  18. Doğanlar, M., Mike, F., Kızılkaya, O., & Karlılar, S. (2021). Testing the long-run effects of economic growth, financial development and energy consumption on CO2 emissions in turkey: new evidence from RALS cointegration test. Environmental Science and Pollution Research, 28(25), 32554-32563. doi: 10.1007/s11356-021-12661-y
  19. Dolado, J. J., & Lutkepohl, H. (1996). Making Wald tests work for cointegrated VAR systems. Econometric Reviews 15, 369–386. doi: 10.1080/07474939608800362
  20. Economic Policy Uncertainty (2022) Climate Policy Uncertanity Index, https://www.policyuncertainty.com/climate_uncertainty.html adresinden erişildi.
  21. EIA (2022) Total energy. https://www.eia.gov/totalenergy/data/monthly/ adresinden erişilid.
  22. EPA (2022). Global greenhouse gas emissions data. https://www.epa.gov/ghgemissions/global-greenhouse-gas-emissions-data adresinden erişildi.
  23. Erdoğan, S. (2020). Enerji, çevre ve sera gazları. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 10(1), 277-303. doi: 10.18074/ckuiibfd.670673
  24. Eren, B. M., Taspinar, N., & Gokmenoglu, K. K. (2019). The impact of financial development and economic growth on renewable energy consumption: empirical analysis of India. Science of the Total Environment, 663, 189-197. doi: 10.1016/j.scitotenv.2019.01.323
  25. FRED (2022) Industrial production: Total index. https://fred.stlouisfed.org/series/INDPRO adresinden erişildi. Gavriilidis, K. (2021). Measuring climate policy uncertainty. SSRN Electronic Journal, 1-9. doi: 10.2139/ssrn.3847388
  26. Gorus, M. S., & Aydin, M. (2019). The relationship between energy consumption, economic growth, and Co2 emission in MENA countries: Causality analysis in the frequency domain. Energy, 168, 815-822. doi: 10.1016/j.energy.2018.11.139
  27. IEA (2022). Global energy review: CO2 emissions in 2021. https://iea.blob.core.windows.net/assets/c3086240-732b-4f6a-89d7-db01be018f5e/GlobalEnergyReviewCO2Emissionsin2021.pdf adresinden erişildi.
  28. IEA (2022). Greenhouse gas emissions from energy data explorer. https://www.iea.org/data-and-statistics/data-tools/greenhouse-gas-emissions-from-energy-data-explorer adresinden erişildi.
  29. Iqbal, A., Tang, X., & Rasool, S. F. (2022). Investigating the nexus between CO2 emissions, renewable energy consumption, FDI, exports and economic growth: Evidence from BRICS countries. Environment, Development and Sustainability, 25, 1-30. doi: 10.1007/s10668-022-02128-6
  30. İnal, V., Addi, H. M., Çakmak, E. E., Torusdağ, M., & Çalışkan, M. (2022). The nexus between renewable energy, CO2 emissions, and economic growth: Empirical evidence from African oil-producing countries. Energy Reports, 8, 1634-1643. doi: 10.1016/j.egyr.2021.12.051
  31. Kahia, M., Ben Jebli, M., & Belloumi, M. (2019). Analysis of the impact of renewable energy consumption and economic growth on carbon dioxide emissions in 12 MENA countries. Clean Technologies and Environmental Policy, 21(4), 871-885. doi: 10.1007/s10098-019-01676-2
  32. Khan, H., Khan, I., & Binh, T. T. (2020). The heterogeneity of renewable energy consumption, carbon emission and financial development in the globe: A panel quantile regression approach. Energy Reports, 6, 859-867. doi: 10.1016/j.egyr.2020.04.002
  33. Khan, M. K., Khan, M. I., & Rehan, M. (2020). The Relationship between energy consumption, economic growth, and carbon dioxide emissions in Pakistan. Financial Innovation, 6(1), 1-13. doi: 10.1186/s40854-019-0162-0
  34. Koengkan, M., Fuinhas, J. A., & Santiago, R. (2020). The Relationship between CO2 emissions, renewable and non-renewable energy consumption, economic growth, and urbanisation in the southern common market. Journal of Environmental Economics and Policy, 9(4), 383-401. doi: 10.1080/21606544.2019.1702902
  35. Lee, J. W. (2019). Long-Run dynamics of renewable energy consumption on carbon emissions and economic growth in the European union. International Journal of Sustainable Development & World Ecology, 26(1), 69-78. doi: 10.1080/13504509.2018.1492998
  36. Mardani, A., Streimikiene, D., Cavallaro, F., Loganathan, N., & Khoshnoudi, M. (2019). Carbon Dioxide (CO2) emissions and economic growth: a systematic review of two decades of research from 1995 to 2017. Science of the Total Environment, 649, 31-49. doi: 10.1016/j.scitotenv.2018.08.229
  37. Mohsin, M., Kamran, H. W., Nawaz, M. A., Hussain, M. S., & Dahri, A. S. (2021). Assessing the impact of transition from non-renewable to renewable energy consumption on economic growth-environmental nexus from developing Asian economies. Journal of Environmental Management, 284, 1-8. doi: 10.1016/j.jenvman.2021.111999
  38. Muhammad, I., Ozcan, R., Jain, V., Sharma, P., & Shabbir, M. S. (2022). Does environmental sustainability affect the renewable energy consumption? Nexus among trade openness, CO2 emissions, income inequality, renewable energy, and economic growth in OECD countries. Environmental Science and Pollution Research, 29(60), 90147-90157. doi: 10.1007/s11356-022-22011-1
  39. Nguyen, K. H., & Kakinaka, M. (2019). Renewable energy consumption, carbon emissions, and development stages: some evidence from panel cointegration analysis. Renewable Energy, 132, 1049-1057. doi: 10.1016/j.renene.2018.08.069
  40. Nguyen, V. C. T. & Le, H. Q. (2021). Renewable energy consumption, nonrenewable energy consumption, CO2 emissions and economic growth in Vietnam. Management of Environmental Quality: An International Journal, 33(2), 419-434. doi: 10.1108/MEQ-08-2021-0199
  41. Odugbesan, J. A., & Rjoub, H. (2020). Relationship among economic growth, energy consumption, CO2 emission, and urbanization: Evidence from MINT countries. Sage Open, 10(2). doi: 10.1177/2158244020914648
  42. Ozcan, B., & Ozturk, I. (2019). Renewable energy consumption-economic growth nexus in emerging countries: A bootstrap panel causality test. Renewable and Sustainable Energy Reviews, 104, 30-37. doi: 10.1016/j.rser.2019.01.020
  43. Pao, H. T., & Tsai, C. M. (2011). Modeling and forecasting the CO2 emissions, energy consumption, and economic growth in Brazil. Energy, 36(5), 2450-2458. doi: 10.1016/j.energy.2011.01.032
  44. Pata, U. K. (2021). Renewable and non-renewable energy consumption, economic complexity, CO2 emissions, and ecological footprint in the USA: Testing the EKC hypothesis with a structural break. Environmental Science and Pollution Research, 28(1), 846-861. doi: 10.1007/s11356-020-10446-3
  45. Phillips, P. C. (1995). Fully modified least squares and vector autoregression. Econometrica: Journal of the Econometric Society, 63(5), 1023-1078. doi: 10.2307/2171721
  46. Phillips, P. C., Shi, S., & Yu, J. (2015). Testing for multiple bubbles: historical episodes of exuberance and collapse in the S&P 500. International Economic Review, 56(4), 1043-1078. doi: 10.1111/iere.12132
  47. Rahman, M. M., & Velayutham, E. (2020). Renewable and non-renewable energy consumption-economic growth nexus: new evidence from South Asia. Renewable Energy, 147, 399-408. doi: 10.1016/j.renene.2019.09.007
  48. Raihan, A., & Tuspekova, A. (2022). Toward a sustainable environment: Nexus between economic growth, renewable energy use, forested area, and carbon emissions in Malaysia. Resources, Conservation & Recycling Advances, 15, 1-11. doi: 10.1016/j.rcradv.2022.200096
  49. Saidi, K., & Omri, A. (2020). The impact of renewable energy on carbon emissions and economic growth in 15 major renewable energy-consuming countries. Environmental Research, 186, 1-11. doi: 10.1016/j.envres.2020.109567
  50. Saudi, M. H. M. (2019). The role of renewable, non-renewable energy consumption and technology innovation in testing environmental Kuznets curve in Malaysia. International Journal of Energy Economics and Policy, 9(1), 299-307. doi: 10.32479/ijeep.7295
  51. Shi, S., Hurn, S., & Phillips, P. C. (2020). Causal change detection in possibly integrated systems: revisiting the money–income relationship. Journal of Financial Econometrics, 18(1), 158-180. doi: 10.1093/jjfinec/nbz004
  52. Swanson, N. R. (1998). Money and output viewed through a rolling window. Journal of Monetary Economics, 41, 455–474. doi: 10.1016/S0304-3932(98)00005-1
  53. Thoma, M. A. (1994). Subsample instability and asymmetries in money–income causality. Journal of Econometrics, 64, 279–306. doi: 10.1016/0304-4076(94)90066-3
  54. Toda, H. Y., & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of Econometrics, 66, 225–250. doi: 10.1016/0304-4076(94)01616-8
  55. Türkiye Cumhuriyeti Dışişleri Bakanlığı (2022). Kyoto Protokolü. https://www.mfa.gov.tr/kyoto-protokolu.tr.mfa adresinden erişildi.
  56. Ummalla, M., & Samal, A. (2019). The impact of natural gas and renewable energy consumption on CO2 emissions and economic growth in two major emerging market economies. Environmental Science and Pollution Research, 26(20), 20893-20907. doi: 10.1007/s11356-019-05388-4
  57. Vo, A. T., Vo, D. H., & Le, Q. T. T. (2019). CO2 emissions, energy consumption, and economic growth: new evidence in the ASEAN countries. Journal of Risk and Financial Management, 12(3), 145. doi: 10.3390/jrfm12030145
  58. Waheed, R., Sarwar, S., & Wei, C. (2019). The survey of economic growth, energy consumption and carbon emission. Energy Reports, 5, 1103-1115. doi: 10.1016/j.egyr.2019.07.006
  59. Wang, Q., & Wang, L. (2020). Renewable energy consumption and economic growth in OECD countries: a nonlinear panel data analysis. Energy, 207, 1-11. doi: 10.1016/j.energy.2020.118200
  60. WB (2022). CO2 Emissions. https://data.worldbank.org/indicator/EN.ATM.CO2E.KT?most_recent_value_desc=true&type=shaded&view=map/ adresinden erişildi.