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 Evolution and Forecasting of the Renewable Energy Consumption in the Frame of Sustainable Development: EU vs. Romania

2021 ◽  
Vol 13 (18) ◽  
pp. 10327
Author(s):  
Anca Mehedintu ◽  
Georgeta Soava ◽  
Mihaela Sterpu ◽  
Eugenia Grecu
Keyword(s):  
Sustainable Development ◽  
Renewable Energy ◽  
Energy Consumption ◽  
Renewable Energy Sources ◽  
The European Union ◽  
Renewable Energy Consumption ◽  
Final Energy ◽  
Heating And Cooling ◽  
Final Energy Consumption ◽  
The Eu

This article is part of the concerns generated by the need to increase the consumption of renewable energy, so that in the European Union (EU) countries, its share in the final energy consumption, to reach 32% by 2030, increases. In the context in which, in the specialized literature, the analysis of renewable energy consumption by activity sectors is approached very little, such an analysis has high utility. The variables of interest are the share of renewable energy in the final energy consumption, and the share of renewable energy sources in the final energy consumption in transport, electricity, and heating and cooling. The study performs a comparative analysis of the evolution of these indicators for the period 2004–2019 for Romania and the EU, an empirical estimate of the evolution of indicators using time regression and autoregressive models, a forecast of the share of renewable energy consumption in the final energy consumption and by the main sectors (transport, electricity, and heating and cooling) for the 2030 horizon, providing appropriate scenarios for achieving the EU established goals, as well as an analysis of the interdependence between the indicators. Through the results obtained, the paper can contribute to improving the framework for the sustainable development of energy consumption.

scholarly journals Asymmetric impact of renewable and non-renewable energy on economic growth in Pakistan: New evidence from a nonlinear analysis

2020 ◽  
Vol 38 (5) ◽  
pp. 1946-1967
Author(s):  
Kashif Abbasi ◽  
Zhilun Jiao ◽  
Muhammad Shahbaz ◽  
Arman Khan
Keyword(s):  
Economic Growth ◽  
Renewable Energy ◽  
Energy Consumption ◽  
Positive Impact ◽  
Renewable Energy Sources ◽  
Government Officials ◽  
Renewable Energy Consumption ◽  
Distributed Lag ◽  
Long Run ◽  
Asymmetric Impact

This paper explores the asymmetric relationship between renewable energy consumption, non-renewable energy, and terrorism on economic growth of Pakistan. We applied a novel econometric cointegration method known as a nonlinear autoregressive distributed lag modeling (NARDL). Our empirical findings indicate that positive and negative changes have a significant long-run asymmetric relationship between renewable energy, and terrorism on economic growth. We also found a negative and significant effect of non-renewable energy consumption on economic growth. To keep our environment clean and free of emissions, the study specifies policies that rely on renewable energy sources to boost economic growth. However, reduces terrorism has a positive impact on economic growth in the long-run and shows as an influential tool to combat terrorism in Pakistan. These novel results will help policy-makers and government officials to understand better the role of renewable energy and economic growth in Pakistan's development.

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 Comparison of Consumption and Renewable Sources of Energy in European Union Countries—Sectoral Indicators, Economic Conditions and Environmental Impacts

Energies ◽  
2021 ◽  
Vol 14 (12) ◽  
pp. 3714
Author(s):  
Anna Komarnicka ◽  
Anna Murawska
Keyword(s):  
European Union ◽  
Economic Development ◽  
Renewable Energy ◽  
Energy Consumption ◽  
Empirical Data ◽  
The European Union ◽  
Economic Sectors ◽  
Final Energy ◽  
Final Energy Consumption ◽  
The Eu

The use of energy is a precondition for global economic and civilisational development. However, the growing demand for energy is depleting traditional energy resources and, most importantly, causing environmental pollution, mainly through the emission of greenhouse gases. As energy is necessary for the functioning of all sectors of the economy, such as industry, services, transport as well as households, these sectors are the largest contributors to energy consumption. Renewable energy sources are an alternative to generating energy from conventional fossil fuels. The main objective of this paper was to determine and compare the level, trends and variation in energy consumption by different economic sectors in countries of the European Union in 2010–2019. An analysis of the share of renewable energy consumption in different economic sectors was also carried out, as well as an assessment of the relationship of these indicators with the level of economic development of the countries and environmental impacts in the form of greenhouse gas emissions from energy consumption. To explore the topics under discussion, a dozen of indicators have been considered in the article. The source of empirical data collected was the European Statistical Office. The researched period covered the years 2010–2019. The empirical data was statistically analysed. The article considers changes in the values of the studied indicators, differentiation between countries and the results of correlation and regression analysis. As shown by the data from 2010–2019, the countries of the European Union vary significantly in respect of primary and final energy consumption. The highest final energy consumption occurs in the transport sector, followed by slightly lower consumption in the industrial sector and households sector and the lowest but also significant consumption in the commercial and public services sector. Since 2010, total primary and final energy consumption has decreased in the EU (27) countries. Total energy consumption and consumption by individual sectors in modern economies of the EU (27) countries are reflected on the one hand in economic development and on the other—in exacerbation of adverse climate changes. Therefore, all EU Member States, aware of their energy consumption and their own contribution to environmental pollution, should take effective and sustainable corrective action in this area as soon as possible.

scholarly journals The green economy and inequality in Sub-Saharan Africa: Avoidable thresholds and thresholds for complementary policies

2020 ◽  
pp. 014459872098422
Author(s):  
Simplice A Asongu ◽  
Nicholas M Odhiambo
Keyword(s):  
Renewable Energy ◽  
Energy Consumption ◽  
Gini Coefficient ◽  
Green Economy ◽  
Renewable Energy Consumption ◽  
Final Energy ◽  
Atkinson Index ◽  
Index Distribution ◽  
Final Energy Consumption ◽  
Sub Saharan

The study examines nexuses between carbon dioxide (CO2) emissions, renewable energy consumption and inequality in 39 Sub-Saharan African countries for the period 2004–2014. The empirical evidence is based on Quantile regressions. First, in the 25th quantile of the inequality distributions, as long as CO2 emissions metric tons per capita are kept below 4.700 (4.100), the Gini coefficient (Atkinson index) will not increase. These are avoidable CO2 emissions thresholds. Second, renewable energy consumption should be complemented with other policies to: (i) reduce the Gini coefficient when renewable energy consumption is at 50.00% of total final energy consumption and (ii) mitigate the Atkinson index when renewable energy consumption is at 62.500% of total final energy consumption in the bottom quantiles of the Atkinson index distribution and at 50.00% of total final energy consumption in the 75th quantile of the Atkinson index distribution. These are renewable energy consumption thresholds for complementary policies. The novelty of this study in the light of extant literature is fundamentally premised on providing policy makers with avoidable thresholds of CO2 emissions as well as corresponding thresholds of renewable energy consumption for complementary policies, in the nexus between the green economy and inequality.

scholarly journals The Dynamic Effects of Renewable Energy on Economic Growth : The Case of China

2020 ◽  
Vol 24 (1) ◽  
Author(s):  
Majed Almozaini
Keyword(s):  
Economic Growth ◽  
Renewable Energy ◽  
Energy Consumption ◽  
Positive Impact ◽  
Renewable Energy Consumption ◽  
Energy Investment ◽  
Economic Output ◽  
Long Run ◽  
Energy Consuming ◽  
Consuming Country

This paper estimates the possible effects of renewable energy consumption on the economic growth of the major renewable energy- consuming country in the world. The country has taken the lead in renewable energy in the past decade, so the paper chooses the top renewable energy-consuming country China to explain the growth process between 1990 and 2019. Using time-series analysis techniques, this study Estimation and testing result from the different cointegration methods in the context of China. The results confirm the evidence of long-run dynamics between economic growth, and traditional and energy-related inputs. Findings from long-run output elasticities indicate that renewable energy consumption has a significant positive impact on economic output. The findings suggest that governments, energy planners, international cooperation agencies and associated bodies must act together in increasing renewable energy investment for low carbon growth in most of these economies.

Sign in / Sign up

Export Citation Format

Share Document