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Economic Change and Restructuring

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01-04-2024

The role of solar energy in achieving net-zero emission and green growth: a global analysis

Authors: Jingbing Sun, Youmu Xie, Sheng Zhou, Jiali Dan

Published in: Economic Change and Restructuring | Issue 2/2024

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Abstract

This study explores sustainable development and achieving net-zero emissions by assessing the impact of solar energy adoption on carbon emissions in 40 high and upper middle-income nations and 22 low and lower middle-income countries from 2000 to 2021. Dynamic GMM analysis reveals substantial potential in mitigating emissions, with a 1% increase in solar energy consumption corresponding to a 0.25% reduction in wealthier nations and a 0.10% reduction in lower-income countries. Green power generation positively influences emission reduction in both income groups. However, challenges arise in the green trade mechanism, where increased solar energy trade paradoxically links to higher CO2 emissions. Promising opportunities for environmental sustainability in high-income economies include prioritizing the development of a digital green finance market. In low-income economies, establishing a regulatory framework for the green finance market is crucial, emphasizing standards, guidelines, responsible lending, and incentives for environmentally friendly projects.

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Title: The role of solar energy in achieving net-zero emission and green growth: a global analysis
Authors: Jingbing Sun
Youmu Xie
Sheng Zhou
Jiali Dan
Publication date: 01-04-2024
Publisher: Springer US
Published in: Economic Change and Restructuring / Issue 2/2024
Print ISSN: 1573-9414
Electronic ISSN: 1574-0277
DOI: https://doi.org/10.1007/s10644-024-09641-w

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