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Title The economic and social drivers of renewable energy development in OECD countries
Authors Melnyk, Leonid Hryhorovych  
Sommer, H.
Kubatko, Oleksandra Viktorivna  
Rabe, M.
Fedyna, Svitlana Mykolaivna
Keywords renewable electricity
Smart Grid
energy trilemma
energy efficiency
Type Article
Date of Issue 2020
Publisher Businness Perspectives
License Creative Commons Attribution 4.0 International License
Citation Leonid Melnyk, Hanna Sommer, Oleksandra Kubatko, Marcin Rabe and Svitlana Fedyna (2020). The economic and social drivers of renewable energy development in OECD countries. Problems and Perspectives in Management, 18(4), 37-48. doi:10.21511/ppm.18(4).2020.04
Abstract There are continuous research and practical interest to combine different renewable sources within one Smart Grid network. The paper aims to estimate the influence of key economic and social drivers of renewable energy and Smart Grid promotion in OECD member countries. The random effect of the generalized least squares method was used to estimate the empirical model based on the World Bank, OECD, Heritage Foundation, and World Energy Council datasets for a panel of 36 OECD counties. For the empirical estimation, the dependent variables considered are energy renewable electricity output and energy trilemma index, taken as two proxies for Smart Grid development. The results suggest that an increase in GDP p. c. in national economies by 10,000 USD leads on average to a 3.9% decrease in renewable electricity output during 2001–2015. The richer the society, the less renewable energy sources were used for power generation in a group of OECD countries. The last is also supported by the fact that gross fixed capital formation treated as a percentage value of GDP is negatively correlated with structural changes in renewable energy output. The empirical conclusion is that during the study period, OECD countries were mainly oriented to economic growth, which was achieved by consuming non-renewable energy resources, and limited attention was paid to sustainability and Millennium Development Goals. The paper provides policy recommendations for Smart Grid development and points in the future research within OECD countries.
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