Economic prosperity in the presence of green energy: A global perspective and regulation

This article investigates the connection between renewable energy (RE) and economic development, in selected developed countries such as Japan, France, China, the US, Italy, Canada, and the UK, and developing countries including South Asia, Bangladesh, Indonesia, Saudi Arabia, Ghana, Vietnam, Pakistan, Rwanda, Morocco, and the Philippines. The entire review process was conducted using a PRISMA flow chart. A total of 533 papers were identified in the Scopus database, with 118 articles subjected to eligibility assessment. Among these, 173 articles were excluded for various reasons. The analysis revealed several key findings regarding the relationship between renewable energy and economic development. Firstly, in developed countries, the integration of renewable energy sources has led to substantial economic benefits, including job creation, technological innovation, and reduced reliance on fossil fuels. These countries have demonstrated that a transition towards green energy can stimulate economic development while achieving environmental sustainability. Secondly, in developing countries, the research found that the application of renewable energy technologies is crucial for attaining sustainable economic development. These countries face unique challenges, including energy poverty, environmental contamination, and volatile energy markets. However, the findings suggest that investing in renewable energy infrastructure can address these challenges while promoting inclusive growth and poverty alleviation.