An Empirical Research On The Relationship Between Renewable Energy Consumption And Low-carbon Growth

Energy is an important material basis for the economic development of all countries,and all major changes in human society have been accompanied by energy changes.As the world’s energy demand increases,traditional fossil energy sources are gradually being depleted.At the same time,the greenhouse gases produced during the use of traditional energy sources have caused catastrophic changes in the global climate,seriously hindering the sustainable development of national economies.After the financial crisis,the global economy is growing slowly,the world economy is hovering at the bottom of the long cycle of technology,and the technological revolution of the new cycle is in the breeding stage,countries take low carbon growth as the main development goal,invest in renewable energy on a large scale,continuously increase the investment in research and development and the proportion of renewable energy use,and take the development of renewable energy as a low carbon economic growth point.In this context,clarifying the relationship between renewable energy consumption and low carbon growth,and trying to propose relevant policy recommendations for government departments based on the empirical results,is of certain practical significance for countries to develop renewable energy and achieve low carbon growth.Firstly,this paper provides a realistic basis for implementing specific measures to solve the corresponding problems by analyzing the current situation of global renewable energy development and low carbon growth as well as the existing problems.Secondly,by analyzing the interaction mechanism between renewable energy consumption and low carbon growth,the relationship between renewable energy consumption and low carbon growth is analyzed qualitatively.Finally,this paper selects economic data of 27 countries and regions from 1980 to 2018 based on the Renewable Energy Attractiveness Index(RECAI),constructs a panel vector autoregressive model(PVAR)based on the panel unit root test and panel cointegration test,and uses the impulse response function,panel Granger causality test and panel variance decomposition to investigate the interaction between renewable energy consumption and low carbon The interaction between renewable energy consumption and low carbon growth is studied empirically by impulse response function,panel Granger causality test and panel variance decomposition.The results of the study show that the panel cointegration test indicates that there is a long-term stable equilibrium relationship among the variables;through the impulse response function analysis,it is known that the increase of GDP in the current period will bring a positive shock to the future renewable energy consumption,and the increase of renewable energy consumption in the current period will also give a positive shock to the future GDP.In addition,the increase in renewable energy consumption in the current period does not have a significant shock effect on carbon emissions,while the increase in GDP in the current period has a stronger positive shock effect on carbon emissions;The panel Granger causality test further shows that there is a two-way Granger causality between economic growth and renewable energy consumption,while a one-way Granger causality between carbon dioxide emissions and economic growth is also found;the variance decomposition of economic growth shows that the contribution values of renewable energy consumption and carbon dioxide emissions are9.26% and 17.96%,respectively.Governments can achieve the low-carbon growth goals of each country by optimizing the energy structure,promoting the use of renewable energy,strengthening the construction of the global carbon trading market system,and enhancing the upgrading of traditional energy industries.