Determinants of Biofuels Production and Consumption, Green Economic Growth and Environmental Degradation in 6 Asia Pacific Countries: A Simultaneous Panel Model Approach
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AbstractThis study aims to fill the gaps in previous research in the form of development studies between production and consumption biofuels, green economic growth and environmental degradation in 6 selected Asia Pacific countries (Australia, China, India, Indonesia, South Korea and Thailand) by considering the determinants during the period 2007-2020. This study used a simultaneous panel model approach. The important findings of this study are grouped into 4 analysis models. First, biofuels consumption, capital formation, labor and foreign direct investment have a positive effect on biofuels production. Second, biofuels production, foreign direct investment, GDP per capita and trade openness have a positive effect on biofuels consumption. Third, biofuels production, biofuels consumption and technological innovation have a positive effect on green economic growth, while militarization has a negative effect. Fourth, biofuels production, biofuels consumption, green economic growth and cleaner energy have a negative effect on environmental degradation, while population and poverty have a positive effect. The development of biofuels oil is aimed at realizing the transition from fossil-based energy to biomass-based energy which is expected to be environmentally friendly and sustainable. Biofuels oil has great potential in supporting renewable energy development to increase green economic growth and reduce environmental degradation.Keywords: Biofuels Production, Biofuels Consumption, Green Economic Growth, Environmental Degradation, Simultaneous Panel Model, Asia PacificJEL Classification: C33, C51, Q21, Q43DOI: https://doi.org/10.32479/ijeep.11563
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Kurniadi, A. P., Aimon, H., & Amar, S. (2021). Determinants of Biofuels Production and Consumption, Green Economic Growth and Environmental Degradation in 6 Asia Pacific Countries: A Simultaneous Panel Model Approach. International Journal of Energy Economics and Policy, 11(5), 460–471. Retrieved from https://econjournals.com/index.php/ijeep/article/view/11563