Abstract
Renewable energy sources (RES) have gained increased popularity across the world mainly due to their ability to contribute to environmental protection through the generation of infinite ‘clean’ energy. To achieve a greater diffusion of renewables, however, small-scale investments implemented by individuals are critically important. In contrast to citizens whose attitudes have been consistently explored by research, there is little evidence on the attitudes towards investments among environmental students who will occupy positions of responsibility and play key roles in the environmental sector in the future. Hence, the purpose of the present study is to identify the most important factors that affect environmental students’ willingness to invest in renewable energy (RE) by developing a logistic regression model. According to our analysis, the participants in their majority expressed their willingness to invest, while environmental values, the low risk and profitability of renewable investments, as well as preferences for certain energy types were significant factors determining this willingness. However, willingness to invest was irrespective of the current taxation and subsidies, suggesting that significant improvements are required in these areas. The present study could be particularly useful for policymakers since the necessary steps to create favorable investment environments in Greece and elsewhere are highlighted.
Highlights
For a fourth consecutive year, the worldwide net capacity additions for renewable energy significantly exceeded those for fossil fuels and nuclear power, while renewables accounted for more than one-third of the total global installed power capacity in 2018
With regard to our findings, it can be inferred that investments increase when individuals adopt pro-environmental behaviors that focus on energy and water saving and when investments in renewables are safer and more profitable compared to other types of investments
The development of biofuels and nuclear fuels could increase investments as their development was indicated as a significant factor in the final logistic regression model
Summary
For a fourth consecutive year, the worldwide net capacity additions for renewable energy significantly exceeded those for fossil fuels and nuclear power, while renewables accounted for more than one-third of the total global installed power capacity in 2018. According to the latest reports [3], in Greece, the share of renewable sources accounted for 31% of electricity production in 2016 with the main renewable sources being solar, wind, and hydropower. Hydropower has been experiencing a steady increase in its share of renewable electricity, but with significant annual fluctuations—reaching 5.5 TWh in 2016 which accounts for 11.4% of the total production. The country is renowned for its impressive implementation of solar installations and Greece is one of the pioneers in terms of solar systems’ use, with the first systems being installed in the late 1970s, whereas in 2016, the country had already achieved one of the highest shares of solar photovoltaics in the total primary energy supply among IEA countries [3]
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