How Solar, Wind, and Biomass Energy Create Sustainable Pathways Towards Green Economic Growth? Insights From the Top Five Global Renewable Energy Economies

The global transition towards cleaner energy such as solar, wind and biomass play a crucial role in mitigating environmental damage and fostering green economic growth. This study explores the impact of solar, wind and biomass energy on green economic growth in the top five renewable energy-consuming economies, namely China, United States, Germany, India and Brazil based on data from 1995 to 2022. To empirically analyze the results and the robustness of our findings, we employ the fully modified least squares (FMOLS) and dynamic least squares (DOLS) methods respectively. We find that solar, wind and biomass energy significantly contribute to green economic growth. Furthermore, it emerges that solar energy has the highest positive and statistically significant effect on green economic growth, followed by wind and biomass energy. The policy recommendations are to establish an integrated energy network, increase energy investments in research and development and focus on international cooperation for efficient utilization of renewable energy resources. This research presents recommendations for policymakers on how they can support the green economy for the achievement of sustainable development goals.