Взаимосвязь между прямыми иностранными инвестициями, потреблением возобновляемой энергии и экологической устойчивостью в развитых и развивающихся странах / Nexus of FDI, renewable energy consumption and environmental sustainability in developing and developed countries

Аннотация

With the growing need for sustainable development and reduction of greenhouse gas emissions, examining the relationship between foreign direct investment, renewable energy consumption and environmental sustainability is key to shaping effective development strategies in developed and developing countries. The purpose of this study is to comprehensively analyze the relationship between foreign direct investment, renewable energy consumption and environmental sustainability in developed and developing countries. The main objectives of the work include assessing the nature and direction of these relationships, and comparing of the processes among two groups of countries. Subject of the study is the disparities that exist between developing and developed countries concerning FDI, CO₂ emissions, and the utilization of renewable resources. The objects of the study are developed and developing countries. The Two-Stage Least Squares (2SLS) method is used to analyze the relationship between foreign direct investment, renewable energy consumption and environmental sustainability. This approach allows taking into account the endogeneity of variables and assessing their mutual influence, which is important for the formation of well-founded sustainable development strategies. The results of this study can serve as a scientific basis for the development of effective strategies to attract foreign investment, stimulate the use of renewable energy and improve the overall environmental sustainability of the economy. Practical application of the findings can contribute to achieving more sustainable development and reducing negative environmental impacts. The information and empirical base of the study includes data on foreign direct investment, carbon dioxide emissions and renewable energy consumption, as well as a number of other indicators that allow us to shed light on the economic and environmental situation of each country for 1996-2020, obtained from official statistical and scientific sources. This made it possible to conduct a comprehensive analysis of the identified interrelationships and form sound recommendations for management decisions in the field of sustainable development. The study found a significant impact of FDI on carbon dioxide emissions as well as on renewable energy consumption in developed countries, while in developing countries FDI is significantly influenced by emissions and energy consumption. There is also a strong inverse relationship in both directions between CO₂ emissions and renewable energy consumption in all countries. These results can serve as a basis for the development of recommendations to improve the environmental situation and promote sustainable development.