ASSESSING THE IMPACTS OF FOSSIL AND RENEWABLE ENERGY CONSUMPTION AND ECONOMIC GROWTH ON CO2 EMISSIONS IN THAILAND

Abstract

The main objective of this research was to formulate a model to assess the impacts of fossil and renewable consumption and economic growth on CO2 emissions in Thailand. By using the econometric technique as a quantitative research method, the 31-sample group data were collected in form of time series secondary data annually since 1993 to 2023. The empirical results showed that the effect of renewable energy consumption on CO2 emissions was found to be negative and significant, while the effects of fossil fuel consumption and GDP were positive and significant. Thus, for Thailand aiming to reduce CO2 emissions and the consequent environmental pollution, it was necessary to reduce the share of fossil fuel consumption in total energy consumption and to increase the share of renewable energy consumption as well as the efficiency of fossil fuel energy resources.