Impact of Renewable Energy Sources Consumption on Economic Growth in Europe and Asia-Pacific Region

<p>Renewable energy sources have a significant impact on transforming the world fuel and energy balance structure, exacerbating inter-fuel competition. The development of green energy and a low-carbon economy is a priority task of modern energy and foreign economic policy in many countries. Ho...

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Autores principales:	Filimonova Irina Viktorovna, Nemov Vasily Yurievich, Provornaya Irina Viktorovna, Ozhogova Lyubov Mikhailovna
Formato:	article
Lenguaje:	EN
Publicado:	EconJournals 2021
Materias:	Environmental sciences GE1-350 Energy industries. Energy policy. Fuel trade HD9502-9502.5
Acceso en línea:	https://doaj.org/article/197ebe11f69c481a933f851b2aa2a110
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spelling	oai:doaj.org-article:197ebe11f69c481a933f851b2aa2a1102021-11-12T07:27:31ZImpact of Renewable Energy Sources Consumption on Economic Growth in Europe and Asia-Pacific Region2146-4553https://doaj.org/article/197ebe11f69c481a933f851b2aa2a1102021-11-01T00:00:00Zhttps://econjournals.com/index.php/ijeep/article/view/11787https://doaj.org/toc/2146-4553<p>Renewable energy sources have a significant impact on transforming the world fuel and energy balance structure, exacerbating inter-fuel competition. The development of green energy and a low-carbon economy is a priority task of modern energy and foreign economic policy in many countries. However, the consumption of renewable energy is uneven. This is due to the high cost of technologies and equipment and certain «distrust» in alternative fuels and their capabilities. In a framework of this study, the authors evaluated the impact of renewable energy sources on the economic development of Europe and the Asia-Pacific region, which are the primary consumers of these types of energy. The article investigates the dependence of GDP growth on the growth in consumption of fossil and renewable energy sources both in aggregate form and individual types of energy. The detailed calculations made it possible to identify the degree of influence of renewable energy on the economy in several macro-regions and determine the most significant types of energy resources. This statistically confirmed the positive impact of wind energy in Europe and solar energy in the Asia-Pacific region. The obtained regression estimates confirm the positive influence and stimulating effect of renewable energy on Europe and the Asia-Pacific region. The results obtained by the authors are based on data for the period from 1990 to 2017.</p><p><strong>Keywords</strong>: renewable energy sources, fossil fuel, hydrocarbons, economic growth, Europe, Asia-Pacific region, panel data analysis.</p><p><strong>JEL Classifications</strong>: C23, C33, Q2, Q21, Q43.</p><p>DOI: <a href="https://doi.org/10.32479/ijeep.11787">https://doi.org/10.32479/ijeep.11787</a></p>Filimonova Irina ViktorovnaNemov Vasily YurievichProvornaya Irina ViktorovnaOzhogova Lyubov MikhailovnaEconJournalsarticleEnvironmental sciencesGE1-350Energy industries. Energy policy. Fuel tradeHD9502-9502.5ENInternational Journal of Energy Economics and Policy, Vol 11, Iss 6, Pp 270-278 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Environmental sciences GE1-350 Energy industries. Energy policy. Fuel trade HD9502-9502.5
spellingShingle	Environmental sciences GE1-350 Energy industries. Energy policy. Fuel trade HD9502-9502.5 Filimonova Irina Viktorovna Nemov Vasily Yurievich Provornaya Irina Viktorovna Ozhogova Lyubov Mikhailovna Impact of Renewable Energy Sources Consumption on Economic Growth in Europe and Asia-Pacific Region
description	<p>Renewable energy sources have a significant impact on transforming the world fuel and energy balance structure, exacerbating inter-fuel competition. The development of green energy and a low-carbon economy is a priority task of modern energy and foreign economic policy in many countries. However, the consumption of renewable energy is uneven. This is due to the high cost of technologies and equipment and certain «distrust» in alternative fuels and their capabilities. In a framework of this study, the authors evaluated the impact of renewable energy sources on the economic development of Europe and the Asia-Pacific region, which are the primary consumers of these types of energy. The article investigates the dependence of GDP growth on the growth in consumption of fossil and renewable energy sources both in aggregate form and individual types of energy. The detailed calculations made it possible to identify the degree of influence of renewable energy on the economy in several macro-regions and determine the most significant types of energy resources. This statistically confirmed the positive impact of wind energy in Europe and solar energy in the Asia-Pacific region. The obtained regression estimates confirm the positive influence and stimulating effect of renewable energy on Europe and the Asia-Pacific region. The results obtained by the authors are based on data for the period from 1990 to 2017.</p><p><strong>Keywords</strong>: renewable energy sources, fossil fuel, hydrocarbons, economic growth, Europe, Asia-Pacific region, panel data analysis.</p><p><strong>JEL Classifications</strong>: C23, C33, Q2, Q21, Q43.</p><p>DOI: <a href="https://doi.org/10.32479/ijeep.11787">https://doi.org/10.32479/ijeep.11787</a></p>
format	article
author	Filimonova Irina Viktorovna Nemov Vasily Yurievich Provornaya Irina Viktorovna Ozhogova Lyubov Mikhailovna
author_facet	Filimonova Irina Viktorovna Nemov Vasily Yurievich Provornaya Irina Viktorovna Ozhogova Lyubov Mikhailovna
author_sort	Filimonova Irina Viktorovna
title	Impact of Renewable Energy Sources Consumption on Economic Growth in Europe and Asia-Pacific Region
title_short	Impact of Renewable Energy Sources Consumption on Economic Growth in Europe and Asia-Pacific Region
title_full	Impact of Renewable Energy Sources Consumption on Economic Growth in Europe and Asia-Pacific Region
title_fullStr	Impact of Renewable Energy Sources Consumption on Economic Growth in Europe and Asia-Pacific Region
title_full_unstemmed	Impact of Renewable Energy Sources Consumption on Economic Growth in Europe and Asia-Pacific Region
title_sort	impact of renewable energy sources consumption on economic growth in europe and asia-pacific region
publisher	EconJournals
publishDate	2021
url	https://doaj.org/article/197ebe11f69c481a933f851b2aa2a110
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_version_	1718431094343204864

Impact of Renewable Energy Sources Consumption on Economic Growth in Europe and Asia-Pacific Region

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