Factors of Renewable Energy Consumption in the European Countries—The Bayesian Averaging Classical Estimates Approach
The paper aims to identify the most likely factors that determine the demand for energy consumption from renewable sources (renewable energy consumption—REC) in European countries. Although in Europe, a high environmental awareness is omnipresent, countries differ in scope and share of REC due to hi...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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MDPI AG
2021-11-01
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| Series: | Energies |
| Subjects: | |
| Online Access: | https://www.mdpi.com/1996-1073/14/22/7526 |
| _version_ | 1797510533889392640 |
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| author | Atif Maqbool Khan Jacek Kwiatkowski Magdalena Osińska Marcin Błażejowski |
| author_facet | Atif Maqbool Khan Jacek Kwiatkowski Magdalena Osińska Marcin Błażejowski |
| author_sort | Atif Maqbool Khan |
| collection | DOAJ |
| description | The paper aims to identify the most likely factors that determine the demand for energy consumption from renewable sources (renewable energy consumption—REC) in European countries. Although in Europe, a high environmental awareness is omnipresent, countries differ in scope and share of REC due to historical energetic policies and dependencies, investments into renewable and traditional energetic sectors, R&D development, structural changes required by energetic policy change, and many other factors. The study refers to a set of macroeconomic, institutional, and social factors affecting energetic renewable policy and REC in selected European countries in two points of time: i.e., before and after the Paris Agreement. The Bayesian Average Classical Estimates (BACE) is applied to indicate the most likely factors affecting REC in 2015 and 2018. The comparison of the results reveals that the Gross Domestic Product (GDP) level, nuclear and hydro energy consumption were the determinants significant in both analyzed years. Furthermore, it became clear that in 2015, the REC depended strongly on the energy consumption structure, while in 2018, the foreign direct investment and trade openness played their role in increasing renewable energy consumption. The direction of changes is gradual and positive. It complies with the Sustainable Development Goals (SDGs). |
| first_indexed | 2024-03-10T05:32:46Z |
| format | Article |
| id | doaj.art-b51675798b9943e9a7bc2be0ada97f3a |
| institution | Directory Open Access Journal |
| issn | 1996-1073 |
| language | English |
| last_indexed | 2024-03-10T05:32:46Z |
| publishDate | 2021-11-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Energies |
| spelling | doaj.art-b51675798b9943e9a7bc2be0ada97f3a2023-11-22T23:09:37ZengMDPI AGEnergies1996-10732021-11-011422752610.3390/en14227526Factors of Renewable Energy Consumption in the European Countries—The Bayesian Averaging Classical Estimates ApproachAtif Maqbool Khan0Jacek Kwiatkowski1Magdalena Osińska2Marcin Błażejowski3Department of Economics, Faculty of Economic Sciences and Management, Nicolaus Copernicus University in Torun, Gagarina 13 A, 87-100 Torun, PolandDepartment of Econometrics and Statistics, Faculty of Economic Sciences and Management, Nicolaus Copernicus University in Torun, Gagarina 13 A, 87-100 Torun, PolandDepartment of Economics, Faculty of Economic Sciences and Management, Nicolaus Copernicus University in Torun, Gagarina 13 A, 87-100 Torun, PolandFaculty of Finance and Management, WSB University in Torun, Młodzieżowa 31a, 87-100 Torun, PolandThe paper aims to identify the most likely factors that determine the demand for energy consumption from renewable sources (renewable energy consumption—REC) in European countries. Although in Europe, a high environmental awareness is omnipresent, countries differ in scope and share of REC due to historical energetic policies and dependencies, investments into renewable and traditional energetic sectors, R&D development, structural changes required by energetic policy change, and many other factors. The study refers to a set of macroeconomic, institutional, and social factors affecting energetic renewable policy and REC in selected European countries in two points of time: i.e., before and after the Paris Agreement. The Bayesian Average Classical Estimates (BACE) is applied to indicate the most likely factors affecting REC in 2015 and 2018. The comparison of the results reveals that the Gross Domestic Product (GDP) level, nuclear and hydro energy consumption were the determinants significant in both analyzed years. Furthermore, it became clear that in 2015, the REC depended strongly on the energy consumption structure, while in 2018, the foreign direct investment and trade openness played their role in increasing renewable energy consumption. The direction of changes is gradual and positive. It complies with the Sustainable Development Goals (SDGs).https://www.mdpi.com/1996-1073/14/22/7526energy from renewable sourceseconomicinstitutional and social factorsBayesian Average Classical Estimates (BACE)Paris Agreement |
| spellingShingle | Atif Maqbool Khan Jacek Kwiatkowski Magdalena Osińska Marcin Błażejowski Factors of Renewable Energy Consumption in the European Countries—The Bayesian Averaging Classical Estimates Approach Energies energy from renewable sources economic institutional and social factors Bayesian Average Classical Estimates (BACE) Paris Agreement |
| title | Factors of Renewable Energy Consumption in the European Countries—The Bayesian Averaging Classical Estimates Approach |
| title_full | Factors of Renewable Energy Consumption in the European Countries—The Bayesian Averaging Classical Estimates Approach |
| title_fullStr | Factors of Renewable Energy Consumption in the European Countries—The Bayesian Averaging Classical Estimates Approach |
| title_full_unstemmed | Factors of Renewable Energy Consumption in the European Countries—The Bayesian Averaging Classical Estimates Approach |
| title_short | Factors of Renewable Energy Consumption in the European Countries—The Bayesian Averaging Classical Estimates Approach |
| title_sort | factors of renewable energy consumption in the european countries the bayesian averaging classical estimates approach |
| topic | energy from renewable sources economic institutional and social factors Bayesian Average Classical Estimates (BACE) Paris Agreement |
| url | https://www.mdpi.com/1996-1073/14/22/7526 |
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