Biomass energy is an important source of energy consumption. It is a renewable, abundant, and easily produced energy source. Its usage supports economies in reducing their dependence on fossil fuels and safeguards national energy security. The literature has extensively explored the association between biomass energy and environmental quality. However, the influence of biomass energy on sustainable development is overlooked. Against this background, the objective of this research study is to empirically scrutinize the utility of biomass consumption as a source of renewable energy for sustainable development in the Asian region. The panel data used in the study is taken from World Development Indicators and Global Material Flows Database for twenty-one Asian countries covering the time 1990-2017. Numerous econometric techniques are used in the study to ensure the robustness of the results. To know the nature of cointegration, the tests designed by Kao (1999) and Pedroni (1999) and second-generation tests, inter alia, have been employed. Furthermore, the cointegration test of Westerlund (2007), among others, is used in this research. Moreover, fully modified ordinary least square, dynamic ordinary least square, and Driscoll and Kraay methods are used to estimate the model. Finally, the conclusion of the study proves the argument that the consumption of biomass as a source of renewable energy has a significantly positive impact on sustainable development in the selected Asian economies. It is recommended that the region should efficiently utilize biomass to the maximum extent to travel on the path of sustainable development.
Keywords: Biomass energy; Driscoll-Kraay; Renewable energy; Sustainable development.
© 2022. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.