Nexus between Nuclear Energy Consumption and Carbon Footprint in Asia Pacific Region: Policy toward Environmental Sustainability

Abstract

The distribution of energy sources is regarded to be an act of compassion in many of the Sustainable Development Goals outlined by the United Nations. In order to build a firm foundation for competitiveness and prosperity, nations should maintain equilibrium with the three key aspects of the global energy trilemma, which are energy affordability, energy access, and ecological balance. In light of this, the purpose of this research was to investigate the impact that nuclear energy, technological advancements, renewable energy, non-renewable energy, and natural resources have had on carbon footprints. We selected the top five nuclear energy countries by consumption in the Asia Pacific region, including China, India, Japan, Pakistan, and South Korea. We devised an exhaustive and all-encompassing empirical inquiry and used contemporary econometric methods. The second-generation panel’s long-run cointegration promotes the idea of long-term relationships between the series. According to the data, using nuclear and renewable sources of energy significantly contributes to an improvement in environmental quality. On the other hand, advancements in technology and the use of energy sources that do not replenish themselves considerably decrease environmental sustainability. In addition, natural resources end up playing a negative role in the long term. The results of the panel’s investigation into the chain of events that led to the development of nuclear power showed that the chain of events was unidirectional. In addition, there is causality that runs in both directions between technological innovation, renewable energy sources, non-renewable energy sources, and natural resources that have a carbon footprint. In light of this, it is recommended that these countries should combine energy policy actions and build energy strategy consistency by harmonizing the essential features of global nuclear energy in order to aid in the development of a well-calibrated energy structure.