Title page 1

Contents 1

Abstract 2

1. Introduction 4

2. Data 5

3. Methodology 14

4. Results of Meta-Analysis 15

5. Additional Results 17

5.1. Testing the U Curve Hypothesis 17

5.2. The Key Drivers of the Impact of Energy on Growth 20

6. Conclusions 24

References 25

Appendix 1. The relationship between renewable energy and growth 28

Table 1. List of moderators 6

Table 2. FAT regression results using Random, Fixed effects and WLS 15

Table 3. FAT controlling for heterogeneity 16

Table 4. PET-PEESE regression results 17

Table 5. Quadratic Relationship between income level and different sources of energy 18

Table 6. U test for all sample specifications 18

Table 7. Probability of positive RE income elasticity (marginal values) 21

Table 8. Probability of positive FF income elasticity 23

Figure 1. Word cloud from paper titles 8

Figure 2. Distribution of Studies 8

Figure 3. Distribution of reported elasticity estimates by sign, significance, and energy type 9

Figure 4. Distribution of estimated growth elasticities of energy 10

Figure 5. Distribution of estimated growth elasticities of single sources of energy 10

Figure 6. Distribution of estimated elasticities of renewables across stages of development 11

Figure 7. Distribution of estimated elasticities of fossil fuels across stages of development 12

Figure 8. Estimated income elasticity distribution by renewable penetration 12

Figure 9. Funnel graph of elasticity 13

Figure 10. Funnel Asymmetry Test Plot of Elasticity Estimates against Standard Errors 15

Figure 11. Environmental and Renewable Kuznets curves 19

Table A.1. Probability of positive RE income elasticity 30

Table A.2. Probability of positive FF income elasticity 31

Table A.3. List of papers used in the meta-analysis 32