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Title Factors Influencing the Renewable Energy Consumption in Selected European Countries
Authors Polcyn, J.
Us, Yana Oleksandrivna  
Liulov, Oleksii Valentynovych  
Pimonenko, Tetiana Volodymyrivna  
Kwilinski, Aleksy  
ORCID http://orcid.org/0000-0003-1451-0450
http://orcid.org/0000-0002-4865-7306
http://orcid.org/0000-0001-6442-3684
http://orcid.org/0000-0001-6318-4001
Keywords sustainability
renewable energy
energy security
economic growth
panel data regression
fixed and random effects
GMM
Type Article
Date of Issue 2022
URI https://essuir.sumdu.edu.ua/handle/123456789/87759
Publisher MDPI
License Creative Commons Attribution 4.0 International License
Citation Polcyn, J.; Us, Y.; Lyulyov, O.; Pimonenko, T.; Kwilinski, A. Factors Influencing the Renewable Energy Consumption in Selected European Countries. Energies 2022, 15, 108. https://doi.org/10.3390/en15010108
Abstract The overcoming of the issues on energy crisis and inequality have become the priorities as far developing as developed countries are concerned. Moreover, energy inequality has increased due to the shortage of natural gas and rising energy prices in retaliation to the economic recovery affected by the COVID-19 pandemic. This study aims to verify the linkage between the growth of renewable energy consumption and the country’s economic advancement. In this context, this paper determines the main driving forces of renewable energy consumption in European countries during 2000–2018. The annual data for panel regression analysis are retrieved from the OECD. Stat and World Bank Open Data. This empirical analysis employed a set of estimation procedures such as the panel unit root test (Levin, Lin & Chu; Im, Pesaran, Shin W-Stat; ADF-Fisher Chi-square; and PP-Fisher Chi-square methods), the Pearson correlation, fixed- and random-effects models, generalized method of moments (GMM), Hausman and the robustness tests. The results from the Hausman test ratified that the fixed-effects regression model is more suitable for involved panel balanced data. The results of fixed-effects regression and GMM identified the statistically significant and positive relationship between the share of renewable energy consumption of total final energy consumption, GDP per capita, and CO2 emissions per capita for the overall sample. In turn, the total labor force, the gross capital formation, and production-based CO2 intensity are inversely related to renewable energy consumption. The identified effects could provide some insights for policymakers to improve the renewable energy sector towards gaining sustainable economic development.
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