Impact of Economic growth, Economic Innovation and Environmental quality on Renewable Energy Consumption in OECD Countries

Abstract

The utilization and subsequent deployment of resources characterize economic
growth. A hallmark of economic development is the deployment of resources after their
utilization. Due to the scarcity of energy sources and the unpredictability of energy
pricing, it is essential to analyze past changes in energy value while developing an energy
strategy. Energy plans must take into account the ever-changing energy pricing and the
scarcity of energy supplies by studying the variations in energy values throughout history.
Renewable energy utilization in OECD nations is examined in this research, along with the
effects of innovation, economic advancement, and environmental quality. For the model
estimation, we relied on GMM. The results shows that GDP is positively linked to the
renewable energy consumption while CO2 emissions, trade and inflation are negatively
and significantly related to the renewable energy consumption in OECD countries.