The impact of transition from fossil fuels to renewable energy on carbon emissions: The case of the European Union

Öz

The aim of the study is to examine the effects of fossil fuel consumption and renewable energy consumption on carbon emissions (CO2). In this context; energy consumption and carbon emission data of European Union countries for the period 1990-2015 are analysed using Descriptive Statistics, Time Series Regression Analysis (Least Squares - OLS) and Heteroskedasticity Control (Huber-White HC1 Correction) methods. According to the results of the regression analysis evaluating the impact of fossil fuel consumption on carbon emissions, an increase in fossil fuel consumption increases carbon emissions at a statistically significant level (p = 0.0000). It was determined that a 1% increase in fossil fuel consumption rate increases carbon emissions by approximately 0.167 metric tonnes. This result clearly demonstrates the role of fossil fuel use in carbon emissions and its environmental damage. This finding is consistent with the direct effect of fossil fuel use on greenhouse gas emissions, which is frequently emphasised in the literature. According to the results of the analysis examining the effect of renewable energy consumption on carbon emissions, the increase in renewable energy use significantly reduces carbon emissions (p = 0.0000). A 1% increase in renewable energy consumption rate leads to a decrease of 0.155 metric tonnes in carbon emissions. This finding proves the undeniable importance of renewable energy sources in combating climate change. The results reveal that renewable energy investments are important not only for energy supply security but also for environmental sustainability. It provides strong evidence that the European Union's renewable energy targets should be raised and policy support mechanisms should be maintained.

Anahtar Kelimeler

• Fossil fuel consumption
• Renewable energy consumption
• Carbon emissions
• Descriptive statistics
• Time series regression analysis
• Huber-white hc1 correction.

Kaynakça

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