Drivers for Renewable Energy Consumption in European Union Countries. A Panel Data Insight
Renewable energy sources play an essential role in the broader context of environmental protection and the fight against the effects of climate change. At the European level, the need to increase the proportion of energy generated by renewable resources is formalised through the Renewable Energy...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Academy of Economic Studies of Bucharest
2023-05-01
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| Series: | Amfiteatru Economic |
| Subjects: | |
| Online Access: | https://www.amfiteatrueconomic.ro/temp/Article_3203.pdf |
| Summary: | Renewable energy sources play an essential role in the broader context of environmental
protection and the fight against the effects of climate change. At the European level, the need
to increase the proportion of energy generated by renewable resources is formalised through
the Renewable Energy Directive (2009/28/EC), which was updated in 2018 and became
legally mandatory starting from June 2021. The European Green Deal, adopted in 2019,
highlights the role of energy generated from renewable sources in fulfilling more complex
objectives recognised at the international level. Within this context, in this study, we
investigate the link between renewable energy consumption by sector and other critical
indicators in the energy sector, representing energy productivity, intensity, efficiency, import
dependency, research and development (R&D) allocations, and energy-related tax revenues,
for the period 2004-2020. We employed a panel data approach for European Union member
states, Central and Eastern Europe and Western Europe countries separately. The empirical
results confirm the different conditions for the two groups of countries, suggesting the
possibility of designing specific energy policies. We emphasise the positive role of R&D in
both categories of member states |
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| ISSN: | 1582-9146 2247-9104 |