Economic Growth, Energy Consumption and CO2 Emissions in the European Union. A Panel Data Analysis
Economic Growth, Energy Consumption and CO2 Emissions in the European Union. A Panel Data Analysis

Author(s): Iva Raycheva
Subject(s): Social Sciences
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Panel data; Carbon dioxide; Economic growth; Energy consumption
Summary/Abstract: This study focuses on the impact of economic growth and energy consumption on carbon dioxide emissions. The analysis is based on panel data for the 27 member countries of the European Union for the period 2012-2021. The results show that there is a statistically significant relationship between real GDP, energy consumption and carbon dioxide emissions for the EU member states. Generally speaking, the researched relationship shows that in the last decade in the EU, successful policies have been implemented to increase the green balance between economic growth and harmful emissions in the air. It should be taken into account that the need for the implementation of the circular economy is increasing since the green measures are not applied equally in each of the countries studied.

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