THE CORRELATION BETWEEN RENEVABLE ENERGY CONSUMPTION AND CO2 EMISSIONS IN WESTERN BALKAN COUNTRIES
THE CORRELATION BETWEEN RENEVABLE ENERGY CONSUMPTION AND CO2 EMISSIONS IN WESTERN BALKAN COUNTRIES

Summary/Abstract: Transitioning to renewable energy is a crucial strategy to reduce CO2 emissions. By replacing fossil fuels with renewables, countries can alleviate the effects of climate change, improve air quality, and move toward sustainable development goals. Thus, this research article analyses the correlation between CO₂ emissions and renewable energy consumption in the Western Balkans, a region facing with pronounced confronts regarding economic development and environmental sustainability. Using panel data regression analysis over the period 2002-2022, through the static and dynamic models, it has been examined the extent to which renewable energy contributes to reducing carbon emissions. The results indicate a statistically significant inverse relationship between renewable energy consumption and CO₂ emissions, pointing out the importance of investment on renewable energy as a key driver of decarbonization of the region. However, the findings also reveal substantial variability in renewable energy adoption across countries, influenced by economic structures as well as investment in green technologies. Thus, there is a need for consistent and coordinated regional strategies to enhance renewable energy capacity and improve energy efficiency.

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