The Relationship between Renewable Energy, Nuclear Energy, Fossil Fuel Energy and Economic Growth in Korea

초록

This study investigated the impact of various energy sources on South Korea's economic growth from 1990 to 2023, utilizing an Autoregressive Distributed Lag (ARDL) model. To derive policy implications for the low-carbon energy transition, energy sources were categorized into nuclear power, renewables, and fossil fuels. The results indicate that in the long run, both fossil fuels and nuclear power positively contributed to economic growth by providing a stable energy supply, with the impact of fossil fuels being more pronounced. In contrast, the long-run contribution of renewable energy was found to be statistically insignificant. In the short run, an increase in fossil fuel consumption had an immediate positive effect on economic growth. However, no significant short run impacts were observed from either renewable or nuclear energy. These findings suggest that while the expansion of renewable energy is essential for addressing climate change, it has not yet emerged as a key driver of economic growth in South Korea. Therefore, policy interventions are necessary to bolster the competitiveness of the domestic renewable energy industry, particularly in solar and wind power, to cultivate it as a new engine for national growth.

키워드