Renewable Energy and Clean Environment: A Panel data Augmented Renewable Consumption Energy Solow Growth Model approach
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Date
2024
Journal Title
Journal ISSN
Volume Title
Publisher
Ilorin Journal of Science
Abstract
As the global community need to transit from the fossil fuels era to a green economy with the use of renewable
energy, this is an attempt to minimize the effect of global warming which occur due to war in the middle east,
defunct USSR and as well as depletion of ozone layer which resulted from industrial revolution to this era of
information revolution. Clean Renewable energy (CRE) proffers an essential panacea to the Structural
Development Goal (SDP) problem. The motive of this study is to examine cohesively the growth rate renewable
energy consumption to the (SDG) with respect to gross domestic product of west African countries. To achieve
this laudable objective, the study employed a panel data Augmented Renewable Energy Solow growth model
approach, obviously, the Solow growth model transforms Cobb Douglas production function.
The data used in the study were extracted from world bank database containing population, gross domestic
products, gross fixed capital formation and renewable energy consumption for countries in west Africa. The period
of study spanned between 2010 and 2022 across sixteen west Africa countries. A novel model named Augmented
Solow growth model was proposed and adopted in the study. The findings of the study showed that renewable
energy consumption and its allied variables contributed positively towards the SDG.
Description
Keywords
renewable, sustainable, GDP, Solow, growth