Analyzing the Nexus of Tourism, Renewable Energy, Economic Growth, and Carbon Emissions in E-7 Countries: Evidence from Panel Data

This investigation sought to determine the correlations among economic growth, renewable energy consumption, tourism activity, and carbon emissions in the context of the E-7 economies. To achieve this, panel data analysis techniques were applied to annual data covering the years 1995 through 2019. For the purposes of this study, the following variables were employed: GDP per capita as an indicator of economic growth, renewable energy consumption (expressed as a percentage of total final energy consumption) to represent renewable energy, the number of international tourist arrivals for tourism, and carbon dioxide emissions as a measure of carbon emissions. The findings from the causality analysis indicated a unidirectional causality from renewable energy to economic growth and a bidirectional causality between tourism and economic growth. In addition to the other findings, the study explored the relationship between economic growth and carbon emissions. The analysis revealed evidence of mutual causality between a pair of variables in at least one of the units examined.