Impact of Economic growth, Economic Innovation and Environmental quality on Renewable Energy Consumption in OECD Countries

The utilization and subsequent deployment of resources characterize economicgrowth. A hallmark of economic development is the deployment of resources after theirutilization. Due to the scarcity of energy sources and the unpredictability of energypricing, it is essential to analyze past changes in energy value while developing an energystrategy. Energy plans must take into account the ever-changing energy pricing and thescarcity of energy supplies by studying the variations in energy values throughout history.Renewable energy utilization in OECD nations is examined in this research, along with theeffects of innovation, economic advancement, and environmental quality. For the modelestimation, we relied on GMM. The results shows that GDP is positively linked to therenewable energy consumption while CO2 emissions, trade and inflation are negativelyand significantly related to the renewable energy consumption in OECD countries.