Spatial impact of renewable energy production on the economic growth of Asian countries
摘要
The development of renewable energy is recognized as a key driver of sustainable economic growth, offering benefits such as reduced energy costs, job creation, increased investment, reduced dependence on fossil fuels, and positive environmental outcomes. In addition to these direct advantages, neighboring countries may benefit through shared infrastructure and regional cooperation, enabling cost-efficient cross-border energy solutions. Accordingly, assessing the spillover effects of renewable energy production on the economic development of adjacent nations is essential to fully understand its regional implications. This study investigates the spatial impact of renewable energy production on economic growth in both developing and developed countries across Asia. Employing an econometric approach with data from 2000 to 2023, the analysis utilizes the Spatial Durbin Model to capture spatial dependencies in economic growth. The results reveal that renewable energy production has a statistically significant positive effect on the economic growth of neighboring countries, ranging from 3% in developing nations to 19% in developed ones. Other significant contributing factors include gross fixed capital formation, nonrenewable energy activities, and employment in the service sector. These findings underscore the importance of renewable energy production in enhancing national economic performance, fostering regional economic integration, and promoting growth.