Abstract
Developing the renewable energy to replace traditional fossil energy is not only an essential part of sustainable development strategies of most countries all over the world, but also an important theoretical issue that draws the attention of the academic circle. On the basis of a Marxian reproduction scheme, the essay analyzes the influence of market demand, technological progress and policy promotion on the utilization rate of renewable energy and their mechanisms during the development of the renewable energy industry. A panel data set of 28 OECD countries for 34 years is constructed to examine the role of market, technology and policy on renewable energy's utilization rate. In addition, based on theoretical analysis and econometrical analysis, market, policy and technology—the three main factors will go through a thorough analysis.
Highlights
The renewable energy industry is the one which can ensure national energy security and reduce greenhouse gas emissions, and the world’s major industrialized countries have fully understood its importance and made the development of this industry an important part of their sustainable development strategy
We will move one step further to analyze the impact of the three factors on the renewable energy use in different stages of economic development and to find out which factor will play the most important role
Econometric results show that the expansion of market demand does have an impact on the renewable energy utilization rate
Summary
The renewable energy industry is the one which can ensure national energy security and reduce greenhouse gas emissions, and the world’s major industrialized countries have fully understood its importance and made the development of this industry an important part of their sustainable development strategy. Proposition 2: The growth rate of renewable energy capacity can be expressed as follows: gn 1+ We show that the growth rate is positively correlated with the accumulation rate αn, the exploitation rate mn and the investment efficiency χ in the renewable energy industry, negatively correlated with the organic composition of capital kn and the ratio of energy capital to physical capital en. Policy interventions can encourage firms to substitute renewable energy for fossil energy In this part, we try to use the panel data set of 28 OECD countries to test whether those factors have obvious impacts on the utilization rate of renewable energy in the real world. These data are published by the BP Statistical Review of World Energy
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