Energy Consumption, Energy RD and Economic Growth in OECD Economies

摘要

The economic growth of OECD countries has been fostered by fossil fuel consumption and R&D. How-ever, renewable energy consumption and R&D could promote economic growth and various climaticpolicies are meant to promote the transitions towards renewable energy-based economies. Nonethe-less, the transitions towards renewable energy-based economies were restrained by the high levels offossil fuel consumption and R&D. Using causality tests and Solow growth framework on OECD datafrom period 1977 to 2007, this study ?nds that renewable energy consumption appears to stimulateoutput per worker in the Netherlands amongst the countries examined; and renewable energy R&Dappears to promote economic growth for both countries with and without oil reserves. In contrast, forcountries without oil endowment, fossil fuel R&D appears to restrict economic growth. To e¤ectivelyfacilitate the shift towards renewable energy-based economies with high level of renewable energyusage and low level of fossil fuels, environmental policies such as o¤ering tax incentives for renewableenergy innovations and imposing environmental taxes are suggested to be employed.