How renewable and non- renewable affect the development
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The model revealed that renewable energy sources speed up economic growth while non-renewable ones have virtually no effect on it. In the long run, the increase of green energy use by 1 unit would result in economic growth by 0.3 units
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Specifically, the results show that while both renewable and non-renewable energy have significant positive effect on economic growth, non-renewable energy has a greater growth enhancing effect than renewable energy. A 10% increase in renewable energy consumption is associated with an increase in economic growth by 0.27%, while a 10% increase in non-renewable energy consumption leads to an increase in growth by 2.11% ceteris paribus. Further, the findings of the study show that democratic states experience higher growth rates than autocratic states.
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