EXPLORING THE IMPACT OF RENEWABLE ENERGY AND ENVIRONMENTAL TAXES ON ENVIRONMENTAL SUSTAINABILITY IN CENTRAL AND EASTERN EUROPEAN EU ECONOMIES
DOI:
https://doi.org/10.61591/jslhu.28.1169Keywords:
Renewable energy, Environmental taxes, Environmental Sustainability, Bayesian regressionAbstract
Climate change and environmental pollution have become critical global challenges, requiring effective solutions to reduce carbon emissions. This study examines the impact of renewable energy consumption (RENC) and environmental taxes (ETAX) on consumption-based carbon emissions (CCO2) in Eastern European countries within the European Union, using a Bayesian regression approach. The results indicate that both RENC and ETAX contribute to reducing CCO2 emissions, where environmental taxes influence economic behavior while renewable energy serves as a long-term substitute for fossil fuels. The findings highlight the importance of combining environmental tax policies with renewable energy development to promote environmental sustainability.
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