Innovation, militarization, and renewable energy and green growth in OECD countries

Kazi Sohag, Shaiara Husain, Shawkat Hammoudeh, Normah Omar

Research output: Contribution to journalArticlepeer-review

10 Citations (Scopus)

Abstract

Within a framework that includes economic activity, real interest rate, grants, and subsidies, we aim to explore the role of renewable energy, technological innovation, and particularly the environmentally damaging militarization in driving green growth, which fosters sustainable economic growth by ensuring the values of natural assets, considering OECD countries. Our examination affirms a positive proposition between the development of renewable energy, technological innovation, and green growth in the long run by implementing the cross-sectional dependency panel autoregressive-distributed lags (CS-ARDL) framework in a dynamic heterogeneous panel setting. The findings also suggest that militarization is antagonistic to green growth. Our decomposed analysis is compatible with our premier analysis, indicating a conducive impact of both biomass and non-biomass types of renewable energy on green growth. We also document a negative association between the real interest rate (RIR) and green growth, while income muddles the results. The robustness tests confirm the sensitivity of our main findings to the magnitude of the subsidies and grants provided to renewable energy. The paper concludes with several policy recommendations.

Original languageEnglish
Pages (from-to)36004-36017
Number of pages14
JournalEnvironmental Science and Pollution Research
Volume28
Issue number27
Early online date8 Mar 2021
DOIs
Publication statusPublished - Jul 2021

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