Driving Sustainable Growth: The Integration Between Renewable Energy, Carbon Footprint and Economic Expansion in India
Journal Title: Journal of Economics, Finance and Management Studies - Year 2025, Vol 8, Issue 05
Abstract
This study examines the impact of renewable energy consumption on economic growth and carbon emissions in India over the period 2000–2023. Using annual time-series data sourced from the World Bank, IEA, and MNRE, the analysis employs the Autoregressive Distributed Lag (ARDL) bounds testing approach to investigate the short-run and long-run relationships among GDP, renewable energy consumption and CO₂ emissions per capita. Stationarity tests (ADF and PP) confirmed a mixed order of integration, validating the ARDL model application. The findings reveal a positive and significant impact of renewable energy consumption on economic growth, while carbon emissions negatively affect GDP performance. The Error Correction Term (ECT) confirms rapid convergence towards the long-run equilibrium. Diagnostic tests indicate that the model is free from serial correlation, heteroscedasticity and structural instability. Policy recommendations include scaling up renewable investments, promoting decentralised renewable systems, modernising energy storage infrastructure, and implementing carbon pricing mechanisms. Examples from Germany, Sweden, Bangladesh, and Australia provide practical lessons for India's transition to a low-carbon economy. The study adds to the empirical evidence on the green growth nexus and offers actionable insights for policymakers striving toward sustainable development.
Authors and Affiliations
Manisha Singh , Dr Nikhil Bhardwaj,
Keywords
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- EP ID EP767060
- DOI 10.47191/jefms/v8-i5-34
- Views 8
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