The impact of hydro-biofuel-wind-solar energy consumption and coal consumption on carbon emission in G20 countries

Globally, as a renewable source of energy, biofuel, wind, solar, and hydro energy have been increasingly valued by a range of businesses. There is no denying the advantages of using renewable energy in terms of preventing climate change and protecting the environment. Therefore, this article investigates the relationship among hydro, solar, biofuel, wind, coal consumption, and CO₂ emissions in 19 G20 member countries between 2000 and 2019. The results of dynamic fixed effects and the system-generalized method of moments suggest that solar energy and biofuel usage have a negative and statistically significant influence on carbon emissions. On the other hand, the impact of wind energy consumption on carbon dioxide emissions is positive and statistically significant. However, hydro energy consumption is statistically insignificant. The significance of this study is to include wind energy, solar energy, and hydro energy as new indicators for a group of 19 G20 member countries. Furthermore, this research paper also includes coal consumption in the existing model to confirm that CO2 emissions may rise if more coal is consumed. Growing the solar-hydro-biofuel-wind industry can reduce nonrenewable energy consumption and has tremendous potential to diminish carbon dioxide emissions.