Acta Montanistica Slovaca, Volume 25 (202 Energy Consumpti Cointegration Anal Marinko ŠKARE 1 *, Daniel T © 2020 by the a conditions o (http://creative Authors’ affiliations and addresses: 1 Juraj Dobrila University of Pula, Faculty o Economics and Tourism “Dr.Mijo Mirković Preradovićeva 1/1,52100 Pula, Croatia e-mail: mskare@unipu.hr 2 Juraj Dobrila University of Pula, Faculty o Economics and Tourism “Dr.Mijo Mirković Preradovićeva 1/1,52100 Pula, Croatia e-mail: dtomic@unipu.hr 3 Juraj Dobrila University of Pula, Faculty o Economics and Tourism “Dr.Mijo Mirković Preradovićeva 1/1,52100 Pula, Croatia e-mail: sstjepan@unipu.hr *Correspondence: Marinko Škare, Juraj Dobrila University of Pula, Faculty of Economics and Tourism “Dr.Mijo Mirković, Preradovićeva 1/1,5210 Pula, Croatia Tel:+385 52 377 057 e-mail: mskare@unipu.hr Acknowledgement: This paper is a result of scientific – research projects "Accounting for the Future, Big Da and Economic Measurement" and "The Determinants and Challenges of Competitiveness" supported by the Faculty Economics and Tourism "Dr. Mijo Mirkovi Juraj Dobrila University of Pula. Any opinio findings, and conclusions or recommendatio expressed in this paper are those of the auth and do not necessarily reflect the views of t Faculty of Economics and Tourism "Dr. Mi Mirković“, Pula. How to cite this article: Škare, M., Tomić, D. and Stjepanović, S. (2020). Energy Consumption and Green GD in Europe: A Panel Cointegration Analysis 2008 - 2016. Acta Montanistica Slovaca, Volume 25 (1), 46-56 DOI: https://doi.org/10.46544/AMS.v25i1.5 20), 1; DOI: 10.46544/AMS.v25i1.5 ion and Green GDP in Europ lysis 2008 - 2016 TOMIĆ 2 and Saša STJEPANOVIĆ 3 authors. Submitted for possible open access publicatio of the Creative Commons Attribution ecommons.org/licenses/by/4.0/). of ć, of ć, of ć, 00 h ata of ić“, ons, ons hor he ijo DP Abstract The paper analyzes the relationship between and green GDP as increased energy consump increase in GDP. In order to evaluate how an increase in energy consumption affects the siz the green GDP, the aim of this paper is to confi strong link between energy consumption and g large number of papers linking energy cons through this paper, we want to emphasize an green GDP in energy consumption by linkin consumption of different energy sources with green GDP. Namely, how much different ener gap between green GDP and GDP. Within th we use a panel cointegration technique to relationships among integrated variables. The model cover 36 countries for the period from 36 countries include the EU28 countries and po accession in the European Union. The results o the theory as we found that an increase in causes an increase in GDP, hence the green second part of the analysis suggests that an incr of energy in sectors that are environmenta emphasize the gap between the GDP and gree increase in more environmentally cleaner e curtails that gap. Keywords Green GDP, Panel cointegration, EU28, energy pe: A Panel on under the terms and (CC BY) license energy consumption ption could cause an nd to what extent the ze and movement of irm the existence of a green GDP. Having a sumption and GDP, even greater role of ng the impact of the h the movements in gy sources affect the he empirical analysis, examine long-term data analyzed in this 2008 to 2016. These otential candidates for of our analysis follow energy consumption GDP. However, the rease in consumption ally more damaging en GDP, but that an energy consumption y consumption.