The importance of renewable energy consumption and CO₂ emissions in formulating Sustainable Development Index: An economic-environmental analysis based on the ARDL model
-
Author(s)Dilshod KarimboevLink to ORCID Index: https://orcid.org/0009-0004-3999-9461
,
Yulduz YaqubovaLink to ORCID Index: https://orcid.org/0009-0008-0002-9504
,
Intizor MatkarimovaLink to ORCID Index: https://orcid.org/0009-0004-2518-8473
,
Majidbek JabbarovLink to ORCID Index: https://orcid.org/0009-0001-5987-0057
,
Inomjon MatkarimovLink to ORCID Index: https://orcid.org/0000-0002-6783-8591
,
Erkinbay IsmailovLink to ORCID Index: https://orcid.org/0000-0002-7320-6435
,
Anvar MatnazarovLink to ORCID Index: https://orcid.org/0009-0000-7420-8742
-
DOIhttp://dx.doi.org/10.21511/ee.16(2).2025.13
-
Article InfoVolume 16 2025, Issue #2, pp. 173-185
- 426 Views
-
174 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
This study examines the impact of renewable energy consumption, CO₂ emissions, and renewable electricity generation on the Sustainable Development Index in Uzbekistan over the period 1990–2023. Using an autoregressive distributed lag (ARDL) model, the study estimates the short- and long-run relationships between these variables. The Sustainable Development Index is constructed using indicators of primary school enrollment, life expectancy at birth, and female labor force participation using a min-max normalization method. The results indicate a long-run positive impact of renewable energy consumption (β = 0.0552, p < 0.05), underscoring its significant contribution to sustainable development. Conversely, renewable electricity generation has a significant negative impact in the long run (–0.0153, p < 0.01), which may be due to initial high transformation costs and short-term economic adjustments. CO₂ emissions did not have a statistically significant impact on the Sustainable Development Index. The model is robust, with no autocorrelation or heteroscedasticity issues, indicating reliable results. This study underscores the importance of strategic investments in renewable energy and offers valuable insights for policy development, thereby enhancing Uzbekistan’s sustainable development trajectory.
- Keywords
-
JEL Classification (Paper profile tab)Q42, Q56, C32
-
References39
-
Tables10
-
Figures0
-
- Table 1. Variables, measurements, and sources of data
- Table 2. Descriptive statistics
- Table 3. Unit root test results (Intercept)
- Table 4. Lag-order selection criteria
- Table 5. ARDL bound test results
- Table 6. ARDL (2,1,2,3) regression results
- Table 7. Breusch-Godfrey LM test for autocorrelation
- Table 8. Breusch-Pagan/Cook-Weisberg test for heteroskedasticity
- Table 9. White’s test results
- Table 10. Ramsey RESET test for omitted variables
-
- Abubakirova, A., Saimagambetova, G., Omarova, A., Saubetova, B., & Taskinbaikyzy, Z. (2024). Relationship between renewable energy and economic growth in developed countries. International Journal of Energy Economics and Policy, 15(1), 233-238.
- Ali, Q., & Zaighum, I. (2024). Employing renewable energy to promote sustainable economic growth: An analysis of the effects of investment on developing countries. Qlantic Journal of Social Sciences, 5(4), 9-17.
- Al-mohannadi, D., & Linke, P. (2014). A systematic approach to carbon footprint reduction stategries in industrial parks. Qatar Foundation Annual Research Conference Proceedings, 2014(1).
- Almulhim, A. A., Inuwa, N., Chaouachi, M., & Samour, A. (2025). Testing the impact of renewable energy and institutional quality on consumption-based CO2 emissions: Fresh insights from MMQR approach. Sustainability, 17(2).
- Caglar, A. E., Dastan, M., Ahmed, Z., Mert, M., & Bortecine Avci, S. (2024). The synergy of renewable energy consumption, green technology, and environmental quality: Designing sustainable development goals policies. Natural Resources Forum.
- Christodoulou-Volos, C., & Tserkezos, D. (2023). Sensitivity of the Ramsey’s regression specification error term test on the degree of nonlinearity of the functional form. Journal of Applied Economic Sciences, 18(16), 5-10.
- Halmuratov, G., Madraximov, Q., Zakirova, G., Xolmuratov, X., Djumabayeva, S., Yaqubova, Y., & Xolmurotov, F. (2025a). The impact of energy consumption and trade openness on economic growth in Uzbekistan: A Vecm approach. International Journal of Energy Economics and Policy, 15(2), 23-31.
- Halmuratov, G., Rustamov, K., Khankelov, T., Xolmuratov, X., Khudainazarov, S., Sabirjanov, T., & Xolmurotov, F. (2025b). The relationship between renewable energy production and economic growth: A short-term and long-term analysis in the case of Uzbekistan. International Journal of Energy Economics and Policy, 15(3), 567-575.
- Hariram, N. P., Mekha, K. B., Suganthan, V., & Sudhakar, K. (2023). Sustainalism: An integrated socio-economic-environmental model to address sustainable development and sustainability. Sustainability, 15(13).
- Hasanov, R., Kazimova, A., Mammadova, A., Salahov, R., & Vasa, L. (2025). Causal relationship between renewable energy consumption and manufacturing value added: Evidence from Kazakhstan. Environmental Economics, 16(2), 26-35.
- Horváth-Csikós, G., & Juhász, T. (2024). Enhancing the perception of a student-friendly institution through the green environment: Insights from a Hungarian university. Knowledge and Performance Management, 8(2), 65-75.
- Jagger, P., Bailis, R., Dermawan, A., Kittner, N., & McCord, R. (2019). Chapter 7 – SDG 7: Affordable and clean energy – How access to affordable and clean energy affects forests and forest-based livelihoods. In P. Katila, C.J. Pierce Colfer, W. de Jong, G. Galloway, P. Pacheco, & G. Winkel (Eds.), Sustainable Development Goals: Their Impacts on Forests and People (pp. 206-236). Cambridge University Press.
- King, M. L. (1987). Testing for autocorrelation in linear regression models: A survey. In M.L. King & D.E.A. Giles (Eds.), Specification Analysis in the Linear Model (1st ed., pp. 19-73). Routledge.
- Lentner, C., Lencses, E., Hegedűs, S., & Nagy, V. (2024). Analysis of the crisis resilience of utilities in the ownership of municipalities in Hungary between 2006 and 2022. Public and Municipal Finance, 13(2), 182-194.
- Lyeonov, S., Artyukhov, A., Bokenchina, L., Sitenko, D., Yehorova, Y., Zhytar, M., & Moroz, A. (2025). The role of feed-in tariffs in encouraging insurance companies to invest in renewables. Insurance Markets and Companies, 16(1), 115-130.
- Maji, K. (2022). Are cross-country per capita income differential and globalization cointegrated? An ARDL bounds testing approach. In R. Chandra Das (Ed.), Globalization, Income Distribution and Sustainable Development: A Theoretical and Empirical Investigation (pp. 47-56). Leeds: Emerald Publishing Limited.
- Manal, A. (2024). The role of renewable energy in driving economic transformation and sustainable development in Saudi Arabia. International Journal of Energy Economics and Policy, 15(1), 364-373.
- Minji, J. (2017). National renewable energy policy in a global world (Doctoral Thesis). School of Public Policy, University of Maryland.
- Moinuddin, M., & Olsen, S. H. (2024). Examining the unsustainable relationship between SDG performance, ecological footprint and international spillovers. Dental Science Reports, 14(1).
- Morales Pedraza, J. (2015). The current situation and perspectives on the use of renewable energy sources for electricity generation. In Electrical Energy Generation in Europe (pp. 55-92). Cham: Springer.
- Mudaser, M., Abidin, Z. ul, Khan, S. H., & Khan, A. H. (2024). Exploring how renewable energy innovations and green technologies can drive sustainable economic growth. Review of Applied Management and Social Sciences, 7(4), 1081-1096.
- Natsiopoulos, K., & Tzeremes, N. G. (2022). ARDL bounds test for cointegration: Replicating the Pesaran et al. (2001) results for the UK earnings equation using R, Journal of Applied Econometrics, 37(5), 1079-1090.
- Ohi, J. M., Unseld, C. T., Levine, A., & Silversmith, J. A. (1980). Decentralized energy studies: Bibliography. Solar Energy Research Institute.
- Pesaran, M. H., Shin, Y., & Smith, R. (2001). Bounds Testing Approaches to the Analysis of Level Relationships. Journal of Applied Econometrics, 16(3), 289-326.
- Ponnambalam, S., & Ilampoornan, M. K. (2025). Renewable energy consumption and effect of economic indicators for sustainable developing countries. In A. Ahmadi, A. Mna, & A. Slimani (Eds.), Renewable Energy and the Economic Welfare of Society (pp. 47-70). IGI Global Scientific Publishing.
- Qodirov, A., Urakova, D., Amonov, M., Masharipova, M., Ibadullaev, E., Xolmurotov, F., & Matkarimov, F. (2024). The dynamics of tourism, economic growth, and CO2 emissions in Uzbekistan: An ARDL approach. International Journal of Energy Economics and Policy, 14(6), 365-370.
- Rappaccioli-Navas, V. (2009). How to achieve global-scale climate change mitigation? An integrative global policy framework beyond Kyoto. IOP Conference Series: Earth and Environmental Science, 6, Article 582021.
- Rois, R., Basak, T., Rahman, M. M., & Majumder, A. K. (2012). Modified Breusch-Godfrey test for restricted higher order autocorrelation in dynamic linear model – A distance based approach. The International Journal of Business and Management, 7(17).
- Saribayevich, X. F., Sariyevich, X. X., Davlatov, S., Turobova, H., & Ruziyev, S. (2024). Analysis of factors affecting CO2 emissions: In the case of Uzbekistan. International Journal of Energy Economics and Policy, 14(4), 207-215.
- Senshaw, D. A., & Edwards, A. (2020). Countries progress in solar PV in support of NDC implementation and contribution to achieving SDG7. In P. Yang (Ed.), Cases on Green Energy and Sustainable Development (pp. 1-29). IGI Global Scientific Publishing.
- Sharif Zada, M. W., & Mowahed, Sh. M. (2024). How renewable energy fuels human development: Evidence from emerging markets. Vestnik MIRBIS, 4(40), 17-28.
- Singh, V. P., Singh, R., Paul, P. K., Bisht, D. S., & Gaur, S. (2024). Time series analysis. In Hydrological Processes Modelling and Data Analysis (vol. 127, pp. 35-71). Singapore: Springer.
- Sun, X., Xueyang, W., Ahmad, M., & Chen, J. (2024). Contributing to SDG7: Assessing the role of geopolitical risk, environmental degradation, technological progress, and environmental taxes. Journal of Cleaner Production, 443.
- Van Greunen, J., & Heymans, A. (2023). Determining the impact of different forms of stationarity on financial time series analysis. In P.W. Buys & M. Oberholzer (Eds.), Business Research (pp. 61-76). Singapore: Palgrave Macmillan.
- Wang, Q., Huang, R., & Li, R. (2024). Renewable energy and sustainable development goals: Insights from latent dirichlet allocation thematic and bibliometric analysis. Sustainable Development, 32(6), 6339-6359.
- Wang, T. (2024). Distinguishing short-term and long-term climate impacts in damage functions. Environmental Research, 3(4), Article 041007.
- Xolmurotov, F. S., Xolmuratov, X. S., & Yakubova, Y. R. (2024). Assessment of the impact of agriculture on the regional socio-economic development. E3S Web of Conferences, 548, Article 01003.
- Xolmurotov, F., Khamidov, O., Davlatov, S., Ibadullaev, E., Xolmuratov, X., Sherov, A., & Arabova, G. (2025). The impact of renewable energy consumption on unemployment rates in Uzbekistan: An ARDL approach. Environmental Economics, 16(1), 78-88.
- Ying, L. X., Wu, L. C., & Xing, J. W. (2011). A combined study on low-carbon economy and construction industry. Advanced Materials Research, 374-377, 374-377.
-
Impact on poverty and income inequality in Malaysia’s economic growth
Rabiul Islam 
,
Ahmad Bashawir Abdul Ghani ,
Irwanshah Zainal Abidin ,
Jeya Malar Rayaiappan
doi: http://dx.doi.org/10.21511/ppm.15(1).2017.05
Problems and Perspectives in Management Volume 15, 2017 Issue #1 pp. 55-62 Views: 12731 Downloads: 6034 TO CITE АНОТАЦІЯPoverty and income inequality are extreme issues that still exist in Malaysia. Any rise in poverty and income inequality definitely affect economic growth. There are many great efforts taken by the government of Malaysia to eradicate poverty and to reduce the gap of income inequality which occurs since 1970’s. The incidence of poverty and income inequality is higher in rural areas compared to urban areas. This paper is mainly to study the level of poverty and income inequality in Malaysia together with government intervention to develop Malaysia’s economic growth. The research is focused among the working people at Ipoh, Perak. In this paper, questionnaire forms are being distributed to get information regarding the issue of poverty and income inequality. It also looks into the strategies taken by the government of Malaysia to eradicate poverty and income inequality. Few recommendations are given in terms of education policy, financial aid and assistance from government and non-government organization (NGO) to upgrade the standard and quality of living among the poor and lower-income group of people.
-
Impact of inflation on economic growth: evidence from Nigeria
Anthony Olugbenga Adaramola ,
Oluwabunmi Dada
doi: http://dx.doi.org/10.21511/imfi.17(2).2020.01
Investment Management and Financial Innovations Volume 17, 2020 Issue #2 pp. 1-13 Views: 10478 Downloads: 6058 TO CITE АНОТАЦІЯIn an attempt to examine the influence of inflation on the growth prospects of the Nigerian economy, the study employs the autoregressive distributed lag on the selected variables, i.e. real gross domestic product (GDP), inflation rate, interest rate, exchange rate, degree of economy`s openness, money supply, and government consumption expenditures for the period 1980–2018. The study findings indicate that inflation and real exchange rate exert a significant negative impact on economic growth, while interest rate and money supply indicate a positive and significant impact on economic growth. Other variables in the model depict no influence on the economic growth of Nigeria. The causality result shows the unidirectional relationships between interest rate, exchange rate, government consumption expenditures and gross domestic product. However, inflation and the degree of openness show no causal relationship with gross domestic product. As a result, the study recommends that a more pragmatic effort is needed by the monetary authorities to target the inflation vigorously to prevent its adverse effect by ensuring a tolerable rate that would stimulate the economic growth of Nigeria.
-
Formalization of the impact of imbalances in the movement of financial resources on economic growth of countries in Central and Eastern Europe
Serhiy Kozmenko ,
Maxim Korneyev
doi: http://dx.doi.org/10.21511/afc.01(1).2017.06
Accounting and Financial Control Volume 1, 2017 Issue #1 pp. 48-58 Views: 8467 Downloads: 1526 TO CITEThe article deals with the impact of financialization on economic growth in countries of Central and Eastern Europe. It determinesthe impact of imbalances in the movement of financial resources caused by financialization on economic growth of these countries. It proves that the implementation of measures aimed at increasing the openness of the economy and maintaining solvent demand have a positive impact on economic growth of the surveyed countries in the long run. It also proves the importance of developing a set of measures of strategic nature regulating imbalances in the movement of financial resources caused by financialization.
