Economic and social impacts of the green energy transition: A pathway towards 100% renewable energy agenda

Abstract

Despite the world economy's tremendous growth, significant environmental and sustainability concerns need adequate attention. Ecological, environmental conservation is facilitated by “green production” and the promotion of 100% renewable energy development goals.” The 100% renewable energy development goal is hailed in the developed economies as a fresh set of policy initiatives that, primarily via the use of renewable energy and resource efficiency, seek to achieve social objectives, including socio‐economic impacts and the reduction of economic inequality. This study examines the potential energy transition based on current technology and the green productivity of 40 industrialized nations from 1990 to 2020. In most industrialized nations, green growth is positive, efficiency change is negative and technology advancement is the primary factor behind economic and environmental improvement. Furthermore, our empirical findings show that trade between nations encourages green output in developed nations. The potential energy transition rate across industrialized nations is 5.21% on average. This suggests that, on average, 5.11% of each advanced nation's total energy usage can be changed from dirty to clean energy.