The Simultaneous Impacts of Renewable Energy Consumption on Economic Growth and CO2 Emissions in ASEAN Countries

Nanda, Oktaviana (2025) The Simultaneous Impacts of Renewable Energy Consumption on Economic Growth and CO2 Emissions in ASEAN Countries. S1 thesis, Universitas Andalas.

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Abstract

This study investigates the joint impact of renewable energy consumption on economic growth and CO₂ emissions in seven ASEAN nations, applied from 2001 to 2021, based on the Instrumental Variables-Three Stage Least Squares (IV-3SLS) technique. The method deals with endogeneity and accounts for feedback effects between GDP per capita, CO2 emissions, and renewable energy consumption. Findings suggest that renewable energy consumption contributes positively to economic growth and negatively to CO2 emissions, thus supporting feedback hypothesis and Ecological Modernization Theory. Rapid economic growth also drives the introduction of renewable energy technology, promoting a virtuous cycle. Findings from this study are enlightening for transitioning toward renewable energy paths to achieve sustainable development in developing countries and offer important policy recommendations for ASEAN policy-makers and stakeholders to develop integrated strategies that ensure simultaneous development and environment sustainability.

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