Renewable Energy, Urbanization, Fossil Fuel Consumption, and Economic Growth Dilemma in Romania: Examining the Short- and Long-Term Impact

The primary objective of this research was to determine the impact of renewable energy, alternative and nuclear energy, urbanization, energy use, and fossil fuel energy consumption on Romanian economic development. To investigate the relation between variables, we employed the Autoregressive Distrib...

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Published in:Energies (Basel) 2022-10, Vol.15 (19), p.7180
Main Authors: Rehman, Abdul, Radulescu, Magdalena, Cismaș, Laura Mariana, Cismaș, Cristian-Mihai, Chandio, Abbas Ali, Simoni, Smaranda (Toma)
Format: Article
Language:English
Subjects:
Alternative energy sources
Climate change
Economic development
Economic growth
Emissions
Energy consumption
Energy industry
Energy policy
Energy usage
environmental sustainability
Fossil fuels
Fuel consumption
Impact analysis
Natural resources
Nuclear energy
Nuclear reactor components
renewable energy
Urbanization
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Summary:The primary objective of this research was to determine the impact of renewable energy, alternative and nuclear energy, urbanization, energy use, and fossil fuel energy consumption on Romanian economic development. To investigate the relation between variables, we employed the Autoregressive Distributed Lag (ARDL) technique in conjunction with FMOLS (Fully Modified Least Squares) and CCR (Canonical Cointegrating Regression). Long-run and short-run findings suggest that alternative and nuclear energy, as well as fossil fuel consumption, has a positive association with economic growth, but renewable energy, urbanization, and energy usage have an adversative relationship with economic growth. Similarly, FMOLS and CCR statistics indicate that alternative and nuclear energy and fossil fuel consumption have a favorable impact on economic development. Renewable energy consumption, urbanization, and energy use, on the other hand, revealed a negative connection with economic progress. Conservative solutions are necessary to implement appropriate policies to address energy consumption concerns in Romania in order to improve economic development.
ISSN:1996-1073
1996-1073
DOI:10.3390/en15197180