investigating the role of renewable and non-renewable

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New Economy and Trade, Institute forHumanities and Cultural Studies (IHCS) Quarterly Journal, Vol. 15, No. 3, Autumn 2020, 107-137 doi: 10.30465/jnet.2020.6298 Investigating the Role of Renewable and Non-Renewable Energy and Economic Growth on Carbon Emission in OECD Countries Mohammadreza Arefian * Sajjad Faraji Dizaji ** , Sahar Ghasemi *** Abstract Increased exploitation and consumption of fossil resources in the last century and competitive efforts for economic growth and development have led to excessive emissions of carbon dioxide, resulting in widespread environmental degradation and climate changes. Therefore, it is necessary to study the relationship between the level of economic activities and environmental indicators for optimal management and protection of the environment along with attention to economic progress. Achieving the goal of controlling global warming depends on a significant reduction in greenhouse gas emissions, which in turn is significantly related to energy consumption, especially fossil fuels. In this study, the effects of renewable energy and non-renewable energy consumption along with economic growth, trade openness, and financial development on Carbon dioxide emissions have been investigated using the panel method to show the interactions and interactive behavior of variables. This study was conducted using data available for the OECD countries and the period from 1990 to 2014. The results show that there is a positive and significant relationship between increased carbon dioxide emissions and the consumption of non- renewable energy. Economic growth, renewable energy consumption, trade openness, and * PhD Student in Economics, Faculty of Management and Economics, Tarbiat Modares University (Corresponding Author), [email protected] ** Assistant Professor of Economics, Faculty of Management and Economics, Tarbiat Modares University, [email protected] *** Master of Economics, Faculty of Management and Economics, Tarbiat Modares University, [email protected] Date received: 23/02/2020, Date of acceptance: 30/06/2020 Copyright © 2010, IHCS (Institute for Humanities and Cultural Studies). This is an Open Access article. This work is licensed under the Creative Commons Attribution 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/ or send a letter to Creative Commons, PO Box 1866, Mountain View, CA 94042, USA..

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New Economy and Trade, Institute forHumanities and Cultural Studies (IHCS)

Quarterly Journal, Vol. 15, No. 3, Autumn 2020, 107-137

doi: 10.30465/jnet.2020.6298

Investigating the Role of Renewable and Non-Renewable

Energy and Economic Growth on Carbon Emission in

OECD Countries

Mohammadreza Arefian*

Sajjad Faraji Dizaji**

, Sahar Ghasemi

***

Abstract

Increased exploitation and consumption of fossil resources in the last century and

competitive efforts for economic growth and development have led to excessive emissions

of carbon dioxide, resulting in widespread environmental degradation and climate changes.

Therefore, it is necessary to study the relationship between the level of economic activities

and environmental indicators for optimal management and protection of the environment

along with attention to economic progress. Achieving the goal of controlling global

warming depends on a significant reduction in greenhouse gas emissions, which in turn is

significantly related to energy consumption, especially fossil fuels. In this study, the effects

of renewable energy and non-renewable energy consumption along with economic growth,

trade openness, and financial development on Carbon dioxide emissions have been

investigated using the panel method to show the interactions and interactive behavior of

variables. This study was conducted using data available for the OECD countries and the

period from 1990 to 2014. The results show that there is a positive and significant

relationship between increased carbon dioxide emissions and the consumption of non-

renewable energy. Economic growth, renewable energy consumption, trade openness, and

* PhD Student in Economics, Faculty of Management and Economics, Tarbiat Modares University

(Corresponding Author), [email protected]

** Assistant Professor of Economics, Faculty of Management and Economics, Tarbiat Modares University,

[email protected]

*** Master of Economics, Faculty of Management and Economics, Tarbiat Modares University,

[email protected]

Date received: 23/02/2020, Date of acceptance: 30/06/2020

Copyright © 2010, IHCS (Institute for Humanities and Cultural Studies). This is an Open Access article.

This work is licensed under the Creative Commons Attribution 4.0 International License. To view a copy of

this license, visit http://creativecommons.org/licenses/by/4.0/ or send a letter to Creative Commons, PO Box

1866, Mountain View, CA 94042, USA..

108 � � ���� ��� ����� �� ���� ����� �������� ������ 1399

financial development reduce carbon dioxide emissions and improve environmental

conditions.

Keywords: Carbon Dioxide, Economic Growth, Renewable Energy, Non-Renewable

Energy

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-�����"��"� �K�� :�,=�@� �� �+93 %3 i�C� ��$ � ��3p� �%+��7��$ �/. :��G�� 2��o9C��@� ��( �� ��1 ��( %� �C�QF 2� �� :�(��

1 ��<'F���4� �P�/ . Rp'��� �'E�� ��'.+/ �'� �� ��<'F�/���4� �P�'/ � 2��'3 ��'�3Rp��� �� ��.+/ �� #O\� .��� 2��3 ���3

2 M0�� �� ��� +$ �(� .%,-"� �K+��#��1 %�G�� I��@� � "'3 �@�6� �'g�� �+/1 ��.+/ �C�3�� �3�� 2��3 �� .�"(

3�� ��.+/ �C�3 )*"� :��4� ��1S . �� 2��3 ���3 .�"( 4�� ��.+/ �C�3 )*"� �=�� %,-"� . �� 2��3 ���3 .�"(

�8� ���- %�� �� %=�J� ��C%� :�"� A��1�- ��1 �� �C� �'-��� %� �� �8� :�/"( I�J6� %��.�F � z"G"� :������ ��� � H�� A"�g �� "- �8� .�1��F I'�J6� �'-��(

H�� ���,� M��(l�8+/ ��( 2�'98� �4/ ��� ���,� � %,=�@� ��� A"'�1S � �'C ��'C�� 5O��� A"�1S � H�� ���S�� %� %*"� �� ���L �8� � ��+/ �� .�(�� ��"'� �� ����S ��C

%4�+/ �C��;+� 2�� 5��� ���7#- ��(.

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2��( .�� �� �!+� ,�-�(

1.2 �>�� �E�@

9C�# Mk��� 1�#� 6��@� �� 7�/1� A�'�* 1��'� �'g�� ��'( �1"'0 A�/���' +$ ��'C

y�+8� Mk��� �� +$ 6��5 1�#� � ��"� 4��% �6���M ��$ ��C�. � �1"'0 2 ��'C �* '�� �� +$ 6��5 1��#� 1�t ��r %� Mk�'�� ��' +$ �'8� �"'9g� 7�"'=S �'�/��� +,�'��

��C�0� ="���� � 1 ��r ���K %� Mk��� ��' +$ ���'�� Or� ',� �'-�� �'�/���� � q�'�

:���� ��C ��� %� MK�* �C 5O��� #-. %+O= z"G"� Mk�'�� 1� #'� 6�� '@� %'� �'0�O�

%,-"� �� +$ /� 5�� ��� #- ��(. �+/1"3 %�G�� �� 2��o9C N�O�� ��2 �(� ���' +$

� 3�E�# 6��5 1�#� �;+� �&/ �� �%+��7 #- ��(. �&/1 N�O�� �� 3�E�# 6��5 1�#� � �(� ��� +$ �� �/"� #O\� �� E��� .�(�� �2 A�9C �6�� � '6��5 1� +'�� �+/1"'3)EKC(

�� �(�� %3 �� AS � %� MU(U T"U,�i�4� ��"9/ #-. 9C ���2 N�O�� �� A"� "�E�

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%� -��� �"&��� %@�� � �g#� �A�� %'� ���� �"'*� #=�0 �� ��S�� � ��.+/ �"'r� %'3 ,��� ��.+/� ��S�� 1�� ,��'� ��S��� '� .�'(�� ��'.+/ 1� %'@�� A"'� � %'� � H� A"'�g

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�+/1"3 (EKC) ��2� �,�� � �� %3 �"� �C"��� ��S�� �.3 ��S��� �E'� %'� ��'.+/� �C�3� ���� %/�+'-S ��S�� ?@- 1 �,� �� 'E��� '�� %'� .�"'( :��'Og � ��'K� ,'G�#�

��.+/ 7�"=S� %� ��S�� �(� �� �"� A"�g�� %� �� � 1 ���[� 1t� m�'3� ���'G� %'�t� m�3� ;� #�F��� �� G�� .��3%� � EKC �'U� �������'3�F 12� C�'E�i� �'�� �6� M'�

%@�� � 7�"=S� � MU( %� %3 #- ��S�� U � T"U,�� �'� � �(��� '=�2� � �� ��'� M'� %C� � � �"/���� J6� �� I'� 29'-��7 ) �'7��3 �1991 ��'RS ��"'� �� ( #'��16� �'@�

��S �1S :��4���U� =�9(�(North American Free Trade Agreement) �( ��@�.

"�"�� #$%�� &'� (��%) "�"�� #$%�� �%�*� � %�*��� ) ...-�%.�� � -��/��0 �1�"�23( 115

%@�� � %� � ��.+/ � �� %� � ��S�� � #�g A"�g ;+� A"�g�� �R <F�� '� �'&/ ��� 7 '��� � %3� �� �/"��t %@�� � ="��� �� .�(�� %+(� #=m��2 ����) 7�"'=S ��.+/� '�t ���'�/

���G� ��� ���4 �J� .#- ��S���%� �2 �E��� 'G�� �'��% � ECK ="� ��+��'- �� '��� F � 4�� ����'. '�� '=� .�'�3�2 �'�S�� �"@'- �'� ��+��'-� �'F��2 �'� 1 %/�+'-S �'�S��

IO@�� � %� ��S�� �(� AS �� %3 #-�� 7�"=S ��.+/� /�1� �� �� ��+��- .��� �"@'-��S��� m��� � �� %3 #- IO@�� %/�+-S ��S���7Q� �'�S�� �'(� �'� ��'9C ��.+/ �C�3

B8.� � � ��/"3) #- ��(��� �2002 :h �353( � m�� �6��C�7�� %@�� 1 ���- � 7�"'=S ��.+/� ��' � �'&/1 �'�S�� � '�� �'&/1

���4 ="�) ��S����7�"=S ��.+/ �� |#- (� � #- 2U9�% A"�g�t m�'3� �"'9g� ��'���� � %� � ����3 A"�g�t 1�4� ����/� ���4 Rp'� #6� � ��S���� %'� .�'C� ��'$ �"'&��

-���� ��%@ � 7�"=S � ��S���� �� A"��t m�3 t� �� +$�� AS �� %'3 #��7 �&/ �� �6� B��(�5 1�#� �� �"�@� ?@- �/"��# ="� ��� Rp� #6� ��� �'C� ��'$;+� .� �'C��

C(t) ،E(t)، K(t) %�6� B��( ��� ��5 1�#� � ��A ���-�% A��1 ��t � #=m�� .�'��3 ��� ���2 %3ϒ 7�"'=S ��/� �θ )1<θ< 0 ���'- i�'- (�% ="� �� '�� i�'- ��'(�� m�'3

$��� ��/�� ���-�% )θ -1�� (� 6� �"O���5 1�#� � ���E+-� �"( '� l�'8+/ %�`'�� .� �'/"�%� "�1 :��� ��A� ��7�:

Maximize : W= ∫

� ����U(C(t),E(t))dt

S.t : �� (t)=f(θK(t),E(t))-C(t) )1(

#� (t)=g[ 1( -θ)K(t),E(t)]-ϒf[θK(t),E(t)]

%''� �"''r� %''3 ρ *�''� ��''/�? /�''�1� � f(0) � g(0) ="� ���''�''�� �"''O�� ���''� �6��5 1�#� �� ���6� .�(���# U.� �� H��M ���-�% � ���U� ���6� ��# ;� �� �� '���

1 B��(�#� 6��@� ="� #�g %��� / �� '6� �"'O���5 1� #'� ��'� �'� .#'- 5O��'��(�5 �� H"9,�� ="� ������ �"�@� ���# �(��� 5�%� �'�� %'� m�'� %�`'�� 1 :�"'� '�� %� � #-�� S��:

α(t) % � (�)

%(�) + β(t)

Ė(�)

)(�) =ɸ(t) )2(

α(t)=%(�)+,,

+,,β(t)=

)(�)+,-

+,,ɸ(t)=(-

./0/

0/1ϒ./+ρ)

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3% �3%% �3%) ��� %��) I+.� �C� k*� %O��� � ���� �� � H� U(0) �� � �'(�� 45 �65 k* I+.�� ���� f(0) �g(0) ��%*"� %�K �( .��+�C�5 � m���A� �� '�� %'3 ��3�� ���%� � ;+�C��� ���� %���U��K � �(�� %+��� '�2 '�,� %'�� '�t %'@�� � '�g� "'-���% ��2 /�'�1 .#- ��.+/ � ��S��� %'3=0 3%% �≠0 3%) '�� ��'(���� ��� %'� � �� �'�S

(C(E)) ��''.+/ %''� � � �"''� �''C"� MJ+''��''��� ���%''� � ��''.+/ (E(C)) %''� �''�S��%+��� �C"��g � �"��# �t %��r � #=�0 �� .#(� �C"� �"*� ��.+/ %� ��S�� 1� �'K

''+$�� ≠ 0 3%% �=0 3%) %''� ��''(�� �g A"''�g''�# ''�t %''��r �''�S�� %''� ��''.+/ 1%+��7�&/�� �� �"(.

��� -���� %@�� � =��,�� � :�������2 ;+�� �'C� �� %�`'�� T�'- �'�� %'� 1�'-� m�'��� A"��t �� M0��+� � ��A� ��� �� .#��7 �&/ �� 2��3 ��.+/ � ��S���2 3 %3�E '�#

6��5 1�#� 6@- %�� �F��� #-� �%+�� ) #-��,�=0 =7� Ė ( �8� ��/�) '6��5 1� #'� %� ="� %@-��� ���� :�(�� AS �"O�� ��/ �� ����

g((1-θ)K,E)=ϒf(θK,E) → ℎ<(K,E)=0 )3(

���2 ����) ��θ ,��2 �t %@�� � '��2 E � K '�� �'( �� .�"'( B8'.� �'/"��5 � ��� :�OR��� %3 �"(=σ �� �t �� ��(�� #��R ��J��2 ::�"�

f(θK,E)-C=σ → ℎ?(K,E,C)=0 )4(

3�� ���) ℎ< �ℎ? %@�� � =��,�� � :�������2 C � E � #-� %�� S��:

ℎ@(E,C)=0 → E=h(C) )5(

�� J0�#J �g z"/�# %@�� �� � 7�"'=S � ��S��� '��� %'�� �� '7Q� �'C� ��+��'-� -�����"� �� +$� /� K+��� %�9*1 .����2 �"gM '� i��� P�'/ ��' � %'� A"'�� �

�1S� ��4�� K/"'KL .��3 ���( %,=�@���"� �� +$ ��� ="� '�� M'��0 1 ���E+'- � �'C� P�''/� �''8� �� �''C� 7�"''=S %''� �''4�� y''�+8�� J� ��''�T� ''�6��� %''J@�� � �

��2 ��9=� �� .�"(2��o9C �r 1 :��4��I ��# O�/� - ��".3 ���#-� 1�#� 6�� '@� C��� ��RS �� �� � �� 6� �� �����3�5 1� #'� '� �'R� � �'��F"3 ��� T�'- �'� .��<'7

���"�)2004�� (� ,���2 :��4� �J/ (T) 6� ���5 1��#� ) %=��,� ��1%� ( �'*� ���' �$�#9 (p) ��S�� �)I( ./�* ��2 �"�@� ���� � %+��-�# ��J+����i )V( � #-� %�� S��.

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Maximize V=V(I,P,E) )6(

%� �"r� %3 ,��� ��S��� ="� 1�� M3 (Q) #-: C=

E

F , I=

G

H )7(

:��4� �� � ���� �� |��� �'R �� ��'��3� 'U� � � m�'3 ��'J� �'� 5O��'� �'R� �'K� ;���� 3�E�# 6��5 1�#�� �� .�� $ :��4��#9 ���� m�3� ;� %'/"9/ '��� '�� .�'�3 �'�

��� $ #� � :����#9 ���� 7�"=S �m�3� �'R #'�g %� � �C�3 ��+��- �R #�g %�J��T� ��� �� ����m�3 �7 .$ �"( ���� �#9 ���� ��� �� ���� iC � 7�"'=S A�'�1�

� #�g %��� ="��� m�3� mS���� ��� �� � �'�� / �"3<'� ��'RS . '� '�� %'O�* 1 �'/"� � G���% ;���� ��� A�U��� G��)�% � 7�"=S ��KC��F�G"� (�? ��'� #'3�0 %� %3 �"( �����

����� mS���� �C�"'.3 1� ��� :��'J� �'(�� �C�"'.3 %'�� ��� ,'G :��'J��y �4�� �� K/"KL .�"(� �� +$ �(� 5����� 6� � :��4��5 1�#� ' E� �'��M �� M'��3���� -��� :�,=�@�� ��( #-.

7�"=S� ���(��4 6� �"O�� ���� MG�E� ���5 1� #'� �8� ���'� 1 '�) ="� �'R ��) AS '�� �Cm�3� ���� P�/ �� � �� %� N"��� ��RS �� #-� %� (:��4�� S�� 2+��'7 �&/ �� �� .

�� M0��+� %@�� I��@� � )39,� �(�i :��'4� A�"'9/ ��'6= �'� 5'��� (T) P�'/ �� (F)

�4/ �� 7���A�9C . �3 � ��� %3 �"r� )2008� (�A� �� 7�"=S ���3� +O�/� A��� ="� 1 1 '�� ''�o9C ��2 %''� ��'' � +O''�/ :�"''�� ="� 1''�� $ ��#''9 �''C %''3) / ��''� 1 �Rp''+�

:��4� ��+�C( �� � �/"��A� ��� �� .�"(�2 %3 K �'(�� #'��R� C=C(I(Q),P(T)) ��'(��:i���

f(θK,E,F)-C(Q,T)=σ )8(

→ ℎ?´ (K,E,Q,F,T)=0 → ℎ@

´ (E,Q,F,T)=0 )9(

�R :��4� %� N"���)T( $ %��#9 /��*� �G ��) %� .#- %+��� :��4� ,��"r H"'9 #3�0�2 �G�) #9- %��t %� � A"�g�� �1S� ��4�� � ���� .�"(

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1.1.2 ���� ��� � ���� ����� ��� � �������� � !�"#��$�%&��

�� ''r� %''C� �''C� �''��� 1 Mk�''���#''� 6��''@� %''O�* 1 �''C� ''E�+8�� %''*"���"�%+��7��$ �"'9g %'*"� �"'� 1�'�S .#-� 1 Mk�'�� %'�� #'� 6�� '@� 'r� %'C� 1960 �

%� z"'$� F� #'-" ��'9g '3�9� � '�2 �� :�'�*"�� 7�"'=S� �'C� +,�'��� %'� %@'-��(� �C�� +$ A��1��� +,��� %C� ��� �� .�"�70 ����� :��'4� %'� N"��� Mk���6� ��5 1�#� '6� A��'��r � #��7 ���5 1� #'� ,'G� %'� ��'+g ���# q��E'-

6��5 1�#� (�/� � A��1�� %,-"� 1#E=�8� �:��4 #'�./ � �'C �'C� ���+'�7 � ��C�/���- A��* y�+8� N�J/� Jg %'� .�/��3 '��� AS 1�'-�1S �'R �� ��'C� ��'4��� i'40

=�,��# �C� +$�� � =�,� %�9*1)�# �C� mS������+�7 ( �%+�� P�'/ � ���'�� 1 ���E+- �� O-����/ MU( %�� ��� �� �����o9C .�2 '6� A��'��r�5 1� #'� 1�'-�1S A�'E=�8� ��

� � �1S :��4� ��+�7 %3 ��+(� A�gn �:��4��� �C��.�� +��'$�� '��2 ��'K�� �'C� ���� �O$� �� *����� �� %��i - A�(�#-� �C� 1�#� 6��@� �+�� )-���� �� � �"'(

+0� " ��) �* �� /"$�2 1�#� 6��@� ��� �� �� %�*"� �� ���� 1�'-�1S� ��'4�� �� �p��� � ��9C� ��� �� |��3� %/ ��1S :��4� A����r 1 �� �����2 ����7� 1�'-�1S %3�

��4�� �8� )O-�) 6��5 1�#� #- y=�'8� � �'/ 1�'-�1S %'U��� ��'4�� )'*"� �,G� �"O���# 6��5 1�#� ��,�� �� AS Hm�+- T�- �� .���3 ��'3� %'� %'*"� �'� ��'C

�C��.� %� �C�".3� ��$�+� (�/� '-�+-� � �1S :��'4� ��+'�7 1� � %'� '�# O'�/�� �� � #- ��( ��3 ������ 1 ���E+-�2 ����) P�/ � ����� ���� mS �� 7�'�� %'� N"'���

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