Renewable energy and globalization influence: assessing environmental degradation in Somalia

Abstract

The pressing issue of environmental degradation underscores the urgent need for collective action to preserve and restore our planet’s delicate balance. This study investigates the relationships between environmental degradation, globalization, renewable energy adoption, economic growth, and domestic investment in Somalia from 1990 to 2020. It utilizes various statistical techniques, such as descriptive analysis, unit root tests, cointegration tests, ARDL analysis, FMOLS, and CCR, to examine short-term fluctuations and long-term patterns among these variables. The empirical findings reveal several key insights. Renewable energy plays a significant role in promoting environmental well-being, both in the short and long term. On the other hand, economic growth contributes to environmental degradation. Globalization has mixed impacts across different time frames, suggesting its potential to support environmental preservation in the long run. Domestic investment also has a modest positive influence on environmental sustainability. Based on these findings, the study recommends investing in renewable energy infrastructure and implementing sustainable growth strategies to mitigate environmental degradation. It emphasizes the importance of strengthening regulations and promoting eco-friendly practices to minimize adverse environmental impacts. Lastly, the study highlights the need to integrate environmental considerations into policy making processes and foster global solutions.