Toward Next-Generation Green Solar Cells and Environmental Sustainability

Abstract

Photovoltaic is emerging as a cost-competitive source of energy generation and has experienced a decade of substantial cost decline. Recognizing that innovation in sustainable technologies can substantially contribute to the sustainable generation of energy, the federal government, universities, and industries in the USA have invested considerably in innovative solar technologies involving photovoltaic energy generation. However, the association between innovations in photovoltaic energy generation, distribution, or transmission-related technologies (IPVEGRT) and carbon dioxide emissions is unclear. The present study signifcantly contributes to energy economics by inspecting the nexus between IPVEGRT and carbon dioxide emissions, renewable energy consumption, the expansionary monetary policy, international collaboration in green technology development, gross domestic product per capita, and trade openness in the USA from 1990Q1 to 2018Q4. The results indicate that IPVEGRT helps reduce carbon dioxide emissions. International collaboration in green technology development and renewable energy consumption was negatively associated with carbon dioxide emissions, while expansionary monetary policy, gross domestic product per capita, and trade openness were positively associated with carbon dioxide emissions. The two-way causality between IPVEGRT and carbon dioxide emissions and between international collaboration in green technology development and carbon dioxide emissions was validated. Finally, a one-way causality between expansionary monetary policy, carbon dioxide emissions, gross domestic product per capita, and carbon dioxide emissions was validated. Keywords Renewable energy consumption · Photovoltaic energy generation · Monetary policy · Carbon dioxide emissions · United States · Trade openness