Green Economy and Sustainable Development: An Empirical Study of Renewable Energy Investments

Abstract

In the context of the green economy, this research study looks into the link between investments in renewable energy and long-term growth. As the fight against climate change gets tougher around the world, green energy has become an important part of both economic growth and protecting the environment. using data from 2000 to 2023 from a sample of developed and developing countries, this study looks at how investments in renewable energy affect economic success, environmental quality, and social well-being, as well as other indicators of sustainable development. The study looks at how renewable energy can help lower carbon emissions, make green jobs, and strengthen the economy by using a panel data method. The results show that investing more in green energy leads to better sustainability scores. This is especially true in countries with strong rules and good cooperation between the public and private sectors. However, the study also points out problems, like a lack of funding and inconsistent policies, that make it harder to fully utilize the promise of renewable energy. The results make it clear that strong policy actions and international unity are needed to increase investments in renewable energy. This will speed up the move to a green economy and help reach long-term sustainable development goals.