Poverty, unemployment and zero economic growth are the likely outcome for countries which choose renewable energy sources over fossil fuels, according to a study.
Energy from fossil fuels appears to ignite economies into greater and more sustained growth, whereas energy from wind and solar power not only fails to enhance or promote economic growth, it actually causes economies to flat-line.
The results, from an in-depth study of more than 100 countries over 40 years, pose a serious ethical dilemma, according to the lead author, economist Dr Nikolaos Antonakakis, Visiting Fellow at the University of Portsmouth Business School and Associate Professor at Webster Vienna University.
Dr Antonakakis said: “Put simply, the more energy a country consumes, the more it pollutes the environment, the more its economy grows. And the more the economy grows, the more energy consumption it needs, and so on.
“This poses big questions. Should we choose high economic growth, which brings lower unemployment and wealth for many, but which is unsustainable for the environment?
“Or should we choose low or zero economic growth, which includes high unemployment and a greater degree of poverty, and save our environment?”
The report authors argue that societies now need to rethink their approach toward environmental sustainability, and strongly question the efficacy of the recent trend in many countries to promote renewable energy resources as a reliable alternative for helping achieve and maintain good economic growth.