Is energy security the missing piece of the environmental puzzle? Fresh evidence from load capacity factor and ecological footprint indicators

Abstract

Despite their great potential, low-carbon energies can be used in limited amounts. Energy R&D expenditures can ensure that low-carbon energies are used at a rate close to their potential by increasing energy efficiency and reducing losses during the production and consumption phases. The positive environmental impacts of low-carbon energy and energy R&D expenditures can be accelerated by political globalization. As an example of political globalization, the Kyoto Protocol has enabled the adoption of clean technologies and low-carbon energies by providing various obligations to many countries, especially developed countries. Although some countries have withdrawn from the obligations embodied in the protocol, they are taking measures to ensure environmental sustainability through individual efforts in their own interests. The USA is the example that best reflects this. The environmental impact of energy security may vary depending on the energy sources that provide affordable and accessible energy. This study examines the effects of energy R&D expenditures, political globalization, energy security, and low-carbon energy consumption on the USA’s load capacity factor and ecological footprint from 1980 to 2018 using Fourier-based FMOLS and CCR estimators. The robust results of this study show that low-carbon energy consumption, energy technology R&D expenditures, and political globalization increase environmental sustainability. Policymakers should allocate more resources to developing low-carbon energy sources, increasing energy efficiency, and encouraging the adoption of clean energy technologies.