Analyzing the relationship between economic growth and greenhouse gas emissions and climate change in selected developed countries

While energy production and consumption play a vital role in the development of modern societies, they are also critical in terms of their impact on environmental sustainability. CO₂ emissions resulting from the widespread use of fossil fuels threaten the environment by leading to global warming and climate change. In this context, promoting renewable energy sources and increasing energy efficiency are among the key strategies to reduce environmental impacts. In this thesis, the relationships between fossil fuel consumption and renewable energy use and CO₂ emissions in selected developed countries are analyzed using panel data analysis methods with data for the period 1985-2022. While fossil fuels such as oil, natural gas, coal and renewable energy consumption are modeled as independent variables, CO₂ emissions are considered as the dependent variable. Horizontal cross-section dependence tests, unit root analyses and long-run cointegration tests are applied to reveal the dynamic relationships between variables. The results of the analysis confirm the increasing effect of fossil fuel consumption on CO₂ emissions, while renewable energy consumption reduces emissions. Moreover, the decisive role of economic growth and industrialization in the increase in emissions is emphasized