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ECONOMIC GROWTH AND ENERGY CONSUMPTION IN THE CEMAC ZONE
Abstract
Despite existing studies on the environmental effect of economic growth, no study has yet established the relationship between economic growth and energy consumption in the Congo Basin countries. Thus, this study aims to analyze the relationship between economic growth and energy consumption. Specifically, it is a question of evaluating the effect of economic growth on energy consumption on the one hand and analyzing the causality between the two variables on the other. To achieve the first objective, we mobilized FMOLS and DOLS estimation techniques. For the second objective, we used the Granger causality test. The results suggest that economic growth significantly increases energy consumption. Furthermore, the Granger causality test allows us to validate the retroactivity hypothesis for the CEMAC zone economies. Consequently, the CEMAC zone must put in place an energy efficiency policy based on the use of new technologies such as biomass, hydrogen, wind and solar power in order to allow the different governments to progressively engage in the path of low-carbon growth and ensure the transition to a greener economy.
Keywords
Economic Growth, Energy Consumption, Causality Test, Retroactivity Hypothesis