scholarly journals How does renewable energy consumption affect economic growth in the traditional and new member states of the European Union?

2020 ◽  
Vol 6 ◽  
pp. 505-513
Author(s):  
Julija Cerović Smolović ◽  
Milica Muhadinović ◽  
Milena Radonjić ◽  
Jovan Đurašković
Keyword(s):  
Economic Growth ◽  
European Union ◽  
Renewable Energy ◽  
Energy Consumption ◽  
The European Union ◽  
Renewable Energy Consumption ◽  
Member States ◽  
New Member States

scholarly journals How does renewable energy consumption affect economic growth? Evidence from the European Union countries

2021 ◽  
Vol 129 ◽  
pp. 09005
Author(s):  
Natalia Davidson ◽  
Elizaveta Maksimova ◽  
Oleg Mariev
Keyword(s):  
Economic Growth ◽  
European Union ◽  
Renewable Energy ◽  
Energy Consumption ◽  
Generalized Method Of Moments ◽  
Green Energy ◽  
The European Union ◽  
Renewable Energy Consumption ◽  
Eu Countries ◽  
The Impact

Research background: Fossil fuels are used at such a high rate that they are currently being depleted. Moreover, they are associated with a greenhouse effect leading to global warming. Meanwhile, green energy is naturally replenished and fosters sustainable development (Nelson and Starcher, 2015). However, the empirical evidence of the impact of green energy on economic growth is controversial (Adewuyi and Awodumi, 2017; Chen et al., 2020; Destek and Aslan, 2017; Zafar et al., 2018). Purpose of the article: This paper analyses the impact of renewable energy consumption on economic growth in the European Union (EU) countries. This is important in line with the goals of EU to shift towards green energy during the coming years (Directive (EU) 2018/2001). Methods: We use data of the World Bank and Our World in Data over 1990 to 2015 for 28 EU countries. We estimate the impact of renewable energy consumption on the countries’ gross domestic product. The control variables are labor force, research and development, and foreign direct investment. We apply the pooled mean group, mean group, the dynamic fixed effect estimators (Pesaran, 1997; Pesaran et al., 1999), and generalized method of moments (Arellano & Bond, 1991). Findings & Value added: Results show that the renewable energy consumption positively affects economic growth of the EU countries. We contribute by shedding light on the possibility to develop renewable energy, while achieving economic growth. The results have important implications for economic policy.

scholarly journals Forecasting of the Share of Renewable Sources in the Total Final Energy Consumption for Selected European Union Countries

2021 ◽  
Vol 906 (1) ◽  
pp. 012134
Author(s):  
Anna Manowska
Keyword(s):  
European Union ◽  
Renewable Energy ◽  
Energy Consumption ◽  
Raw Materials ◽  
The European Union ◽  
Renewable Energy Consumption ◽  
Renewable Sources ◽  
Member States ◽  
European Union Countries ◽  
Energy Balances

Abstract The development of society requires stable access to electricity at an acceptable price. In order to meet the growing demand in the European Union countries, we are observing a dynamic development of the use of renewable sources in the energy balances of the Member States. The article presents the legal framework resulting from the newly adopted climate strategy, New Green Deal, and the conditions for the development of renewable sources in the process of transforming energy systems. The characteristics of selected energy balances of countries are also presented, which may constitute a knowledge base on the diversity of the Member States in terms of energy resources used, levels of independence and self-sufficiency of raw materials, as well as the levels of current electricity prices. Based on the available statistical data, the Eurostat database presents forecasts of the levels of renewable energy consumption in the 2030 time horizon for selected countries and according to the main types of renewable energy such as wind, solar energy, biofuels, geothermal energy, and hydropower. The statistical analyzes presented in the article are important tools for building a development strategy for the process of integrating energy markets within the European Union. The obtained results of the analyzes constitute a new approach to the study of the diversified energy market in the EU and present potential development scenarios for the surveyed countries.

scholarly journals IMPACT OF RENEWABLE ENERGY CONSUMPTION ON ECONOMIC GROWTH: EVIDENCE FROM EUROPEAN UNION COUNTRIES

2018 ◽  
Vol 24 (3) ◽  
pp. 914-932 ◽  
Author(s):  
Georgeta SOAVA ◽  
Anca MEHEDINTU ◽  
Mihaela STERPU ◽  
Mircea RADUTEANU
Keyword(s):  
Economic Growth ◽  
European Union ◽  
Renewable Energy ◽  
Energy Consumption ◽  
Positive Impact ◽  
Renewable Energy Consumption ◽  
Final Energy ◽  
Eu Directive ◽  
Final Energy Consumption ◽  
Using Data

This study examines the causal relationship between economic growth and renewable energy consumption using data for 28 countries of European Union, taken from Eurostat database for years from 1995 to 2015. In addition, motivated by EU Directive 2009/28/EC, the tendency of the share of renewable energy consumption into the final energy consumption is analysed. Various panel data techniques implemented in EViews are used. The empirical results suggest a positive impact of renewable energy consumption on economic growth, and emphasize bidirectional or unidirectional Granger causalities between the two macroeconomic indicators, for each country in the panel. These results justify the political decisions of EU concerning the necessity of increasing the renewable energy consumption, and prove that this type of energy consumption has a strong positive impact on economic growth. Thus, the inclusion of such policies in future EU and national strategies is further motivated. Finally, by means of linear regression, an increasing trend was found for the ratio between renewable energy consumption and final energy consumption for all but one of the EU countries.

scholarly journals Linking Public Finances’ Performance to Renewable-Energy Consumption in Emerging Economies of the European Union

2021 ◽  
Vol 13 (11) ◽  
pp. 6344
Author(s):  
Nicoleta Mihaela Florea ◽  
Roxana Maria Bădîrcea ◽  
Georgeta-Madalina Meghisan-Toma ◽  
Silvia Puiu ◽  
Alina Georgiana Manta ◽  
...  
Keyword(s):  
European Union ◽  
Sustainable Development ◽  
Renewable Energy ◽  
Energy Consumption ◽  
Emerging Economies ◽  
Public Debt ◽  
Budget Deficit ◽  
The European Union ◽  
Renewable Energy Consumption ◽  
Public Finances

Implementing public policies linked to sustainable development is a global challenge for most countries that focused their efforts on identifying and improving the factors that led to environment degradation. The current paper analyzes the influence of primary indicators of public finances (public debt and budget deficit) on renewable-energy consumption (REN), for the emerging economies within the European Union. The main objective of this research is to understand the implications of fiscal measures on the sustainable development of a country and thus provide directions for stimulating renewable-energy consumption. The research starts with cross-sectional dependence analysis by using the Breusch–Pagan Lagrange multiplier (LM) test that is followed by cointegration relationships among variables by applying two appropriate panel-cointegration tests (Pedroni and Johansen). The research methodology is based on the fully modified ordinary-least-squares (FMOLS) method in order to test the long-run relationships, and on the pairwise Granger causality test in order to identify the direction of causality among variables. Results show unilateral influences from public debt and budget deficit on the analyzed variables, especially on renewable-energy consumption, and a bidirectional causality relationship between budget deficit and trade openness.

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