Toward Understanding Renewable Energy and Sustainable Development in Developing and Developed Economies: A Review

Said, Rabie; Bhatti, M. Ishaq; Hunjra, Ahmed Imran

doi:10.3390/en15155349

Cited by 24 publications

(8 citation statements)

References 94 publications

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“…The cross-sectional dependence in the error terms may occur due to the existence of common shocks and events, as well as other unobserved components, which may all be common to the selected sample of economies in transition [42]. The hypothesis of cross-sectional dependence is more likely to be confirmed for developed EU and OECD countries since these economies share a economic degree of development and have undergone economic and financial integration during the last decade [43][44][45].…”

Section: Empirical Analysis and Resultsmentioning

confidence: 99%

Modeling the Nexus of Renewable and Non-Renewable Energy Consumption and Economic Progress in Southeastern Europe: A Panel Data Analysis

Halilbegović,

Pekmez,

Rehman

2023

Sustainability

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As the fourth industrial revolution drives innovation and economic growth, the energy sector is increasingly recognized for its significant economic contribution. This research aims to investigate the relationship between economic growth and renewable and non-renewable energy consumption in nine southeastern European countries using panel estimation techniques and causal inference. This research employs a unique approach to modeling the energy–growth nexus, incorporating interaction terms to better understand the impact of renewable energy on real GDP growth. The findings are a valuable addendum to the current body of research on the effects of renewable energy consumption on economic growth, and the results contribute to narrowing the empirical research gap in the econometrical field of panel data estimation and endogeneity. This study uses the fully modified OLS (FMOLS) technique for heterogeneous panels to estimate coefficients, while the error correction model (ECM) is used to estimate the cointegration vector between energy variables and GDP. The non-causality test by Dumitrescu and Hurlin (2012) evaluates the causation between energy variables and economic output. Empirical findings indicate that both renewable and non-renewable energy consumption positively affect economic growth. The outcomes of this study hold significant policy ramifications in terms of prioritizing reformation and investment towards specific sectors to foster capital infusion into renewable energy and energy efficiency projects and initiatives, consequently advancing sustainable economic growth.

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Section: Empirical Analysis and Resultsmentioning

confidence: 99%

Modeling the Nexus of Renewable and Non-Renewable Energy Consumption and Economic Progress in Southeastern Europe: A Panel Data Analysis

Halilbegović,

Pekmez,

Rehman

2023

Sustainability

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“…The early development of the electric power industry benefited from both minor and large hydroelectric power plant development. Water in motion and water at work generate hydroelectric power (Said et al, 2022). The sun drives the hydrologic cycle, which provides water to the people.…”

Section: Hydroelectric Energymentioning

confidence: 99%

Renewable Energy Sources, Sustainability and Environmental Protection: A Review

Garba,

Abdulrahman

2024

ejtas

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Energy plays a vital role in any country`s economic development. As such proper and adequate supply of energy is fundamental for environmental, social, and economic development. Renewable energy has ticked all the boxes to be considered the best energy source because it is environmentally friendly. Renewable energy is considered a clean source of energy because it generates limited secondary pollutants from burning fossil fuels. Conventional fossil fuels, which are a limited resource, provide a significant share of the main energy demand, but renewable energy development represents a significant step towards social, economic, and environmental growth. Due to the ever-increase demand for energy as a result of over growing human population which cannot be modified by the current shape of the earth due to how fast the world is becoming a virtual community. The requirement for energy and related services to meet human growth can be seen in welfare, social, health, and economic development. The need for renewable energy sources to combat climate change and protect our environment is a great strategy that needs to be sustainable to satisfy future generations’ energy needs. This paper describes the development opportunities related to renewable energy sources and their sustainability, environmental safety, social, and energy security, economic strength, and expanding access to affordable, safe, and cheaper energy. This helps provide a foundation for addressing the demand for sustainable development.

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“…Although wind module and solar panel costs have recently been reduced due to high demand, they remain expensive for developing countries. Furthermore, some financial regulations must be implemented, with some regulations requesting support from developed countries [25,26]. Figure 8 depicts the earnings from environmental taxes in different ASEAN countries.…”

Section: Project Fundingmentioning

confidence: 99%

An Evaluation of ASEAN Renewable Energy Path to Carbon Neutrality

et al. 2023

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Maintaining our standard of living and keeping the economy running smoothly is heavily reliant on a consistent supply of energy. Renewable energy systems create abundant energy by utilizing resources such as the sun, wind, earth, and plants. The demand for renewable energy is increasing, despite power scarcity, pollution, and climate change posing challenges to long-term development in the Association of Southeast Asian Nations (ASEAN), which has seen significant social and economic growth in recent years. To achieve its 23% renewable energy (RE) target, ASEAN can develop solar photovoltaic (PV) electricity. Members of the ASEAN have established regulations and incentives to encourage individuals and businesses to use renewable energy in the future. This paper explores Southeast Asian countries’ comprehensive fossil-free energy options, the region’s renewable energy potential, current capacity, goals, and energy needs. Through the ASEAN Plan of Action for Energy Cooperation (APAEC) 2016–2025 and the ASEAN Declaration on Renewable Energy, ASEAN is committed to reducing its greenhouse gas emissions and promoting sustainable development aligning with the Paris Agreement’s aim to limit global warming to well below 2 degrees Celsius above pre-industrial levels. Results show that decarbonizing the region’s energy system is possible, but current policies and actions must be altered to reach that target level. Further research is necessary to optimize the ASEAN region’s renewable resource technical potential and commercial viability with available technology.

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Toward Understanding Renewable Energy and Sustainable Development in Developing and Developed Economies: A Review

Cited by 24 publications

References 94 publications

Modeling the Nexus of Renewable and Non-Renewable Energy Consumption and Economic Progress in Southeastern Europe: A Panel Data Analysis

Modeling the Nexus of Renewable and Non-Renewable Energy Consumption and Economic Progress in Southeastern Europe: A Panel Data Analysis

Renewable Energy Sources, Sustainability and Environmental Protection: A Review

An Evaluation of ASEAN Renewable Energy Path to Carbon Neutrality

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