Agro Fossil Free - Assessing the effectiveness of biomass energy in mitigating CO2 emissions: Evidence from Top-10 biomass energy consumer countries

Opis ogólny

Renewable energy has become more popular since it is cost-effective and more efficient than conventional energy sources. Biomass-based renewable energy is primarily used in emerging economies to ensure environmental sustainability. This study examines the asymmetric correlation between biomass energy consumption and CO2 emissions in the top-10 biomass energy consumer countries (Brazil, Canada, Thailand, China, Italy, India, Germany, USA, UK, and Japan). A new approach “Quantile-on-Quantile (QQ)" is employed by utilizing the data from 1991 to 2018. Biomass energy consumption, with the exception of Thailand, significantly mitigates CO2 emissions at various quantiles in selected countries. As a robustness check, we used the quantile regression test, whose findings are consistent with the outcomes from the quantile-on-quantile method. However, the degree of asymmetry in the biomass energy-CO2 nexus varies by country, necessitating extra attention and government vigilance when developing biomass energy and environmental policies.