Strategic assessment of energy resources, economic growth, and CO2 emissions in G-20 countries for a sustainable future

Anthropogenic environmental pollution has become a global concern due to its profound impact on Earth's ecosystems. This study examines the interrelation between energy resources (both renewable and nonrenewable), economic growth, and CO2 emissions across G-20 countries, using historical data from 1990 to 2020. The study employs a robustness analysis to confirm the stability and consistency of the data acquired from the primary approaches. The study utilizes FMOLS (Fully Modified Ordinary Least Squares) and DOLS (Dynamic Ordinary Least Squares) methodologies to investigate endogeneity issues and examine the dynamic linkages in long-term and short-term contexts. The analysis is bifurcated based on two distinct dependent variables: CO2 emissions from gas and oil. Results indicate that gas and oil energies directly augment CO2 emissions. While hydro and renewable energies typically diminish CO2 emissions, specific quantiles suggest a slight increase, indicating an indirect contribution. GDP's quantile transition from positive to negative implies that economic growth can curtail CO2 emissions, suggesting a shift in developed economies from non-renewable to renewable energy dependencies. This study offers insightful policy implications, emphasizing the need to transition from harmful conventional energy sources to renewables to align with the Sustainable Development Goals (SDGs) for 2030.