How does the energy transition shape inclusive green growth in the European Union?

Paul, Arindam and Sahoo, Dukhabandhu and Mohapatra, Souryabrata and Behera, Manash Kumar (2025): How does the energy transition shape inclusive green growth in the European Union? Published in: Journal of Economics and Statistics

Abstract

Amidst the growing issues of global warming and non-inclusiveness, inclusive green growth (IGG) has become an aspiration for all countries. Countries worldwide, including those in the European Union (EU), are transitioning from non-renewable to renewable energy to preserve the environment. However, there is currently a lack of comprehensive research investigating the nexus between energy transition and IGG. This paper aims to explore the impact of energy transition on IGG in 25 EU countries from 1995–2021. We develop composite indices for both IGG and renewable energy transition targeted to EU economies and employ advanced econometric approaches such as the pooled mean group-autoregressive distributed lag (PMG-ARDL) model, Driscoll-Kraay standard errors (DKSE) method, feasible generalised least square (FGLS) method, panel corrected standard errors (PCSE) method, to uncover relevant associations. The PMG-ARDL deals with potential endogeneity and simultaneously provides short-run and long-run estimates, while the DKSE, FGLS, and PCSE methods provide consistent outcomes in the presence of cross-sectional dependence, autocorrelation, and heteroscedasticity among the error terms. Results indicate that the renewable energy transition hampers IGG in the short run but fosters it in the long run in the EU economies. Additionally, financial development and internet access enhance IGG, whereas government expenditure, inflation, and economic globalisation have negative impacts. The findings suggest that EU countries should stimulate investment by public-private partnerships in renewable energy technologies and promote the use of renewable energy to make their economic growth green and inclusive.

• Item Type: MPRA Paper
• Language: English
• Keywords: Energy transition, Inclusive green growth, European Union, Panel analysis
• Subjects: C - Mathematical and Quantitative Methods > C2 - Single Equation Models ; Single Variables > C23 - Panel Data Models ; Spatio-temporal Models; N - Economic History > N3 - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy > N34 - Europe: 1913-; O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O44 - Environment and Growth; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q3 - Nonrenewable Resources and Conservation > Q30 - General

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