engleski

In searching for greener economic outcomes; Identification of factors influencing Green GDP

The recent slowdown in CO2 emission is largely result of three factors ; weaker economic growth due to global crisis aftermaths, continual improvements in energy intensity and shifts to lower carbon energy thus higher carbon footprint of energy. Various approaches such as IPAT and/or KAYA identities are used to analyze the input factors of CO2 emissions, playing a crucial role in the creation of distinct emission forecasts. In addition, Environmental Kuznets curve hypothesizes a positive relation between income and environmental quality. Arguments that came out of the controversies regarding the validity of these identities provided relevant theoretical discussion for the claim that economic growth can be achieved on sustainable and green foundations. Based on a scarce number of papers related to Green GDP – energy intensity – carbon footprint nexus, we want to analyze how major environmental factors (GDP per capita, emissions of CO2, energy consumption per GDP and carbon intensity per unit energy) affect the so-called green growth perspective. Long-run empirical assessment is founded on a panel cointegration modelling for the period 2007-2019 for the sample of 37 European countries. The results confront some established environmental stances, confirming the negative effect of GDP per capita and CO2 emissions, and a positive effect of both energy intensity and carbon footprint on the green growth developments.

Green GDP ; green growth ; energy intensity ; CO2 ; panel cointegration ; European countries

This paper is a result of scientific – research projects “Accounting for the Future, Big Data and Economic Measurement” and “The Determinants and Challenges of Competitiveness” supported by the Faculty of Economics and Tourism „Dr. Mijo Mirković“, Juraj Dobrila University of Pula. Any opinions, findings, and conclusions or recommendations expressed in this paper are those of the authors and do not necessarily reflect the views of the Faculty of Economics and Tourism „Dr. Mijo Mirković“, Pula.