The Impact of Tourism and Renewable Energy Use Over Economic Growth in Top 10 Tourism Destinations
During the last six decades, economic growth has been closely influenced by tourism, energy use and environmental degradation. This connection has involved several effects over energy mix, like, for example, a rising share of renewable energy sources or m
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The Impact of Tourism and Renewable Energy Use Over Economic Growth in Top 10 Tourism Destinations Daniel Balsalobre-Lorente, Nuno Carlos Leitão, Oana M. Driha, and José María Cantos-Cantos Abstract During the last six decades, economic growth has been closely influenced by tourism, energy use and environmental degradation. This connection has involved several effects over energy mix, like, for example, a rising share of renewable energy sources or more efficient management in the tourism industry, which has enhanced a sustainable economic growth with lower carbon emissions. To explore these effects over economic growth for a panel of Top 10 between 1995 and 2015, we explore the role of international tourism, renewable energy use and carbon emissions. The aim of this study is to validate the Tourism-Led Growth Hypothesis (TLGH) for selected Top 10 tourism destinations. Furthermore, how structural changes impact the energy mix and their effect over income levels is also tested via the driving mentioned above forces (i.e. renewable energy use, international tourism and CO2 emissions). Through FMOLS and DOLS econometric estimations, the TLGH is confirmed. The same methodology endorses the existence of a dampening effect which raise the moderation effect between renewable energy sources and carbon emissions over economic growth. Thus, a moderating effect of the promotion of renewable sources over economic growth, via scale effect, is also endorsed.
D. Balsalobre-Lorente (B) · J. M. Cantos-Cantos Department of Political Economy and Public Finance, Economic and Business Statistics and Economic Policy, University of Castilla-La Mancha, Ciudad Real, Spain e-mail: [email protected] J. M. Cantos-Cantos e-mail: [email protected] N. C. Leitão Polytechnic Institute of Santarém, Center for Advanced Studies in Management and Economics, Évora University, Évora, Portugal e-mail: [email protected] Center for African and Development Studies, Lisbon University, Lisbon, Portugal O. M. Driha Department of Applied Economics, International Economy Institute, Institute of Tourism Research, University of Alicante, Alicante, Spain e-mail: [email protected] © The Author(s), under exclusive license to Springer Nature Switzerland AG 2021 D. Balsalobre-Lorente et al. (eds.), Strategies in Sustainable Tourism, Economic Growth and Clean Energy, https://doi.org/10.1007/978-3-030-59675-0_1
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Keywords Tourism-led growth hypothesis · Renewable energy use · Carbon emissions · Sustainable tourism JEL Z32 · Q40 · Q20 · Q01 · C33 · Q53
1.1 Introduction Since the middle of the last century, the tourism industry has emerged as an essential driving force in enhancing income levels for both developed and developing economies. The tourism industry presents a pivotal role in the economic development of countries with a tourism-related infrastructure. Hence, the present analysis has Top 10 tourism destinations in the spotlight. In 2017, the World Travel and Tourism Council quantified around 10.4% of th
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