Role of Energy Sources, Globalization, and Economic Freedom on Environmental Sustainability of G7 Countries: New Evidence from PMG-ARDL Approach
DOI:
https://doi.org/10.15173/esr.v28i3.6685Abstract
The attainment of sustainable development goals mostly depends on economic and environmental factors. In line with this rationale, this study aims to analyze the effect of renewable and non-renewable energy consumption, globalization, economic freedom, and trade openness on the load capacity factor (LCF). The outcomes demonstrate that renewable energy usage increases environmental sustainability both in the short and long run. However, non-renewable energy leads to the deterioration of the environmental quality by decreasing LCF both in the short run and long run. Furthermore, the results demonstrate that economic expansion degrades environmental quality both in the short and long run, with the long-run effect being insignificant. This study also finds that globalization mitigates LCF in the long term, but an insignificant reverse relationship is detected in the short run. In the short run, trade openness has a negative impact on LCF, but in the long run, it has a positive impact on LCF. Furthermore, the study reveals that the role of economic freedom on LCF is negative.
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