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Revisiting Renewable and Non-Renewable Energy Consumption and CO_2 Emissions in Caspian Basin

A. Z. Isiksal, A. Samour, H. Isiksal

Abstract



The aim of this research is to examine the impact of real income (GDP), renewable and non-renewable energy on carbon dioxide (CO2) emissions on the Northern Caspian basin countries, namely Russia, Kazakhstan, and Azerbaijan, by using the Environmental Kuznets Curve (EKC) model for the period from 1992 to 2015. The ARDL bounds test of co-integration shows that there is a long-run relationship between CO2 emissions, real income, quadratic real income, renewable energy and non-renewable energy in all three countries. The long-run coefficients of ARDL, FMOLS, DOLS and CCR indicate that the use of non-renewable energy increases environmental pollution and renewable energy can mitigate the effects of climate change. The EKC hypothesis does not hold for all three countries. It is concluded that the governments of Russia, Kazakhstan, and Azerbaijan are required to increase the use of renewable energy and make more investments in environmentally-friendly technologies.

Keywords


renewable energy, nonrenewable energy, Caspian Basin, EKC.

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