In conclusion, our findings suggest that the GND was relatively effective as an economic policy instrument but ineffective as an instrument of environmental policy; at least in the short-term. From a climate perspective, improvements in carbon and energy intensity have been incapable of offsetting the negative effects of increased economic growth and the need for fossil energy sources. From an historical point of view, the econometric assessment confirmed that the level of CO_2 emissions has been largely determined by (the rate of) economic growth. On the short-term, the level of environmental ineffectiveness of the GND can be explained by numerous factors; including the lack of complementary pricing reforms, low level of ambition of energy efficiency measures, and insufficient renewable energy uptake. The research findings need to be tempered by limitations associated with the analysis, notably related to causality. Whereas the results appear to indicate that the mix of initiatives adopted with the GND at least in the short-termhave been insufficient to promote a ‘greener’ economic recovery, it is worth considering the role that the GND may have played in providing impetus for long-term action to enhance green growth policies in the energy sector, such as the implementation of the Renewable Energy Portfolio Standard in 2012 or the Emission Trading Scheme in 2015.
展开▼
