Survey Short run and Long run Effects of Carbon Dioxide Emissions, Renewable Energy Consumption and Economic Growth on Medical Expenditure in OPEC Countries

Document Type : RESEARCH PAPER

Author

Faculty of Economic and Political Sciences, Shahid Beheshti University

Abstract

Every year medical expenditures account for a large portion of government budgets, and managing these costs is very important. In recent years, the use of renewable energy has increased in most countries. The use of renewable energy and economic growth can contribute to effect on carbon dioxide emissions and medical expenditures. This study examines the effect of renewable energy consumption, carbon emissions, and economic growth on medical expenditures in OPEC oil-producing countries that are highly polluted due to their oil reserves, during the years 2000 to 2022, using a dynamic panel data approach. The results of this study show that carbon dioxide emissions and economic growth in OPEC oil-producing countries have led to increased medical expenditures in the short and long term, and increased use and consumption of renewable energy has reduced medical expenditures. Therefore, it seems that OPEC countries should pursue green economic growth in order to reduce healthcare spending, in line with reducing carbon dioxide emissions and increasing renewable energy consumption. It is proposed that OPEC member countries spend the proceeds from the sale of oil revenues on developing the use of renewable energies in order to reduce carbon dioxide emissions and increase economic growth.

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References

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