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ABSTRACT
The study examined the impact of energy consumption on sustainable economic development, with energy disaggregated into renewable and non-renewable energy consumption as well as electricity consumption. Sustainable economic development, on the other hand, was proxied by carbon emissions. The study engaged a dataset of 34 years ranging from 1990 to 2023. The study employed various econometric and statistical tools, including descriptive statistics, correlation analysis, unit root tests for stationarity, and the Johansen test for cointegration, which established a long-run convergence of the variables used. Further, the Dynamic Ordinary Least Squares method was utilized as the estimation technique, with the Fully Modified Ordinary Least Squares used as a confirmatory method. Both models showed that the impact of renewable energy consumption on sustainable development was negative and statistically significant at the 5 percent level of significance. Accordingly, it can be stated that renewable energy consumption impedes carbon emissions, thus enhancing sustainable economic development. The results further indicated that non-renewable energy had a positive but statistically non-significant impact on sustainable development, dissimilar to the findings of the Fully Modified Ordinary Least Squares method that indicated a significant relationship at the 5 percent level of significance. Finally, the estimated results showed that electricity consumption had a positive relationship with sustainable development. While the result was statistically significant at the 5 percent level of significance for DOLS, it was found to be insignificant for the FMOLS model. Based on the findings, the study recommended that the Nigerian government should pay more attention to the creation of various renewable energy sources and consequently more consumption of the same in order to reduce environmental degradation.
