Assessing the economic and environmental impacts of renewable energy adoption across different global regions

Abstract

This study systematically reviews the economic and environmental impacts of renewable energy adoption across different global regions, aiming to elucidate the role of renewable energy in achieving sustainable development goals. Employing a methodology based on a systematic literature review and content analysis, the research draws on peer-reviewed articles published between 2018 and 2024, sourced from databases such as Web of Science, Scopus, and Google Scholar. The inclusion criteria targeted studies focusing on the economic benefits, environmental impacts, and the influence of government policies and technological innovations on renewable energy adoption. Exclusion criteria were applied to ensure the relevance and academic rigor of the literature reviewed. Key findings reveal that renewable energy adoption significantly contributes to job creation, energy price stabilization, and market dynamics, while also offering a pathway to substantial reductions in greenhouse gas emissions and pollution. The analysis underscores the critical role of government policies and international agreements in facilitating the transition to renewable energy, alongside the importance of technological innovations in overcoming current barriers to adoption. The study concludes that renewable energy is pivotal for sustainable development, suggesting strategic recommendations for enhancing global adoption. These include implementing supportive policies, fostering technological innovation, and enhancing international cooperation. Identifying gaps in current research, the study highlights the need for further investigation into the long-term socioeconomic impacts of renewable energy and the effectiveness of policy instruments. This research contributes to the discourse on renewable energy's potential to meet global energy demands sustainably and equitably. Keywords: Renewable Energy Adoption, Economic Impact, Environmental Impact, Government Policies.