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All Journal Social Science Studies Social, Ecology, Economy for Sustainable development goals Journal
Camila, Elmira Mufliha
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Humanities Economics, Econometrics & Finance Education Energy Environmental Science Social Sciences Other

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Economic growth in OPEC nations: The role of renewable energy consumption, CO2 emissions, and foreign direct investment Camila, Elmira Mufliha; Agustin, Grisvia; Sumarsono, Hadi
Social, Ecology, Economy for Sustainable Development Goals Journal Vol. 2 No. 1: (July) 2024
Publisher : Institute for Advanced Science Social, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/seesdgj.v2i1.2024.994

Abstract

Background: The nations that make up OPEC (the Organization of the Petroleum Exporting Countries) have traditionally depended on gas and oil export earnings. However, there is a significant global shift towards renewable energy in an effort to reduce the impact of climate change. This research aims to analyze the effect of Renewable Energy Consumption, CO2 Emissions, and Foreign Direct Investment (FDI) on the Economic Growth in OPEC Nations partially and simultaneously. Methods: In this research, panel data regression analysis techniques are combined with quantitative research approaches. Secondary data from the World Development Indicators (WDI) for the years 2001–2020 were used in this research. Finding: This research showed that the Renewable Energy Consumption and CO2 Emissions variables do not affect economic growth in OPEC countries. Meanwhile, the foreign direct investment variable has a positive and significant effect on economic growth in OPEC countries. Conclusion: OPEC countries need to diversify their economies and CO2 reduce their dependence on oil as there is a global shift towards cleaner energy. Novelty/Originality of this article:  This study analyzes the impact of Renewable Energy Consumption, CO2 Emissions, and Foreign Direct Investment on Economic Growth in OPEC countries using panel data regression analysis. The study's findings show that only Foreign Direct Investment positively and significantly impacts economic growth.
Analysing the Environmental Consequences of Economic Dynamics: Oil Rents, Economic Growth, and Foreign Direct Investment on CO2 Emissions in OPEC Countries Camila, Elmira Mufliha; Grisvia Agustin; Hadi Sumarsono
Social Science Studies Vol. 4 No. 5 (2024): Issue: September
Publisher : Profesional Muda Cendekia Publishing

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Abstract

of economic activities in OPEC countries by examining how oil rents, economic growth, and foreign direct investment (FDI) influence CO2 emissions. It seeks to understand the individual and combined effects of these factors on environmental outcomes. The study will investigate how revenue from oil production, the rate of economic growth, and the level of foreign investment contribute to carbon dioxide emissions. Additionally, the research aims to provide policy recommendations to help mitigate CO2 emissions in these countries while considering their economic dynamics. Design/methodology/approach: This research uses quantitative methods, which are methods designed to test theories, show relationships between variables, provide statistical descriptions, and interpret the results Research Findings: Based on the results of the research conducted on the effect of Oil Rents, Economic Growth, and Foreign Direct Investment on CO2 Emissions in OPEC countries, the conclusion is that the variables of Oil Rents, Economic Growth, and Foreign Direct Investment individually do not affect CO2 Emissions in OPEC countries. However, when considered simultaneously, the variables of Oil Rents, Economic Growth, and Foreign Direct Investment do affect CO2 Emissions in OPEC countries Theoretical Contribution/Originality: The implications of the results from this study can provide valuable insights for policymakers in OPEC countries on how to manage Oil Rents, foster sustainable economic growth, and attract environmentally friendly FDI. The urgency is to equip policymakers with the necessary information to design and implement policies that support the energy transition, reduce CO2 emissions, and improve long-term economic welfare
Co-Authors Grisvia Agustin Hadi Sumarsono