Energy diversification and sustainable development: insights from G20 countries
Manoranjan Pattanaik, Jitendra MahakudPurpose
This study aims to examine the impact of energy diversification on sustainable development for G20 countries. The study uses different proxies of energy diversification to examine this relationship.
Design/methodology/approach
Using a balanced panel data set for G20 countries from 2000 to 2021, based on data availability. The dependent variable is sustainable development, whereas the independent variables are the three constructed indices. The study uses linear (feasible generalized least squares, panel-corrected standard error, Driscoll−Kraay standard error) as well as nonlinear (method of moments quantile regression and bootstrap quantile regression) models and GMM to check the impact of the energy diversification on sustainable development.
Findings
This study finds that energy diversification helps in achieving sustainable development across the three developed energy diversification indices, so increasing the infusion of cleaner energy sources helps countries to achieve sustainable development.
Originality/value
This study constructs three different energy diversification indices to examine the impact of energy diversification on sustainable development in G20 countries, which play a vital role in the sustainable development of the global economy, highlighting that increased infusion of renewable energy sources in the overall energy mix plays a vital role in the path toward sustainability.