Impact of Environmental Regulation and Sustainable Development on Economic Growth
DOI:
https://doi.org/10.47067/real.v7i4.372Keywords:
Energy Consumption, Economic Growth, CO2 Emissions, Human Development IndexAbstract
Access to stable, low-cost, and environmentally friendly power has the potential to raise a country's human development index (HDI). However, there are unforeseen effects to economic growth, such as environmental damage caused by overconsumption of energy. Major changes to the world's ecology have resulted from the growing reliance on non-renewable energy sources. This research delves into the interplay between various energy sources, GDP growth, environmental legislation, sustainable development, and the HDI. The time series data used in this research spans the years 2000–2020. The degree of correlation between two variables may be determined using the Granger causality test. The correlations among the variables, both long-term and short-term, may be determined using the Course Mistake Alteration model. In order to meet the growing need for energy, policymakers should support and promote these renewable liveliness bases as a feasible alternative to traditional energy sources, taking into account the expected results. To reach the goal of reducing carbon emissions by 2030 set by South Asian countries, current environmental laws need to be tightened.
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