Interconnection between the Dynamic of Growing Renewable Energy Production and the Level of CO2 Emissions: A Multistage Approach for Modeling

Abstract

The global reduction of carbon dioxide emissions is one of the critical priorities for implementing the Sustainable Development Goals by 2030 and the Paris Agreement 2015. Therefore, it stimulates and increases the ability of countries to implement green imperatives in policies to force the anthropogenic environment, reduce use of fossil fuels, and simultaneously develop alternative energy. Thus, it is crucial to understand the impact of renewable energy development on the dynamic of CO2 pollution. Countries can increase or decrease the development of renewable energy depending on the effectiveness of its impact on the level of CO2 pollution. This paper aims to analyze the influence of the growth dynamics of renewable energy production in countries on CO2 emissions. The article uses Ward’s method to test the research hypothesis. Empirical results allowed us to conclude the interdependence of renewable energy production and CO2 emissions. The results indicate a strong relationship between the level of renewable energy production and carbon emissions in countries. For the global development of renewable energy technologies, governments must understand their impact on changing the scale of environmental pollution and expand the awareness of state leadership, the business sector, and society.