The Interplay Between Energy Factors and Economic Growth in OECD Countries

Abstract

This study examines the interplay between energy consumption, environmental impact, and economic development by analyzing the relationship between GDP per capita and electric power consumption, energy use, renewable energy consumption, and research and development expenditure. The study uses panel ARDL methodology, analyzing data from OECD countries covering the period from 1996 to 2020. The results suggest that electric power consumption and energy use have a positive long-run relationship with GDP per capita, while renewable energy consumption and research and development expenditure have a negative relationship. The findings of this study provide valuable insights for policymakers seeking to promote sustainable economic growth while mitigating environmental degradation. The chapter concludes by highlighting the need for a holistic approach that takes into account the complex interplay between these variables and promotes policies that foster sustainable economic growth and environmental sustainability.