Climate action now: Energy industry restructuring to accelerate the renewable energy transition

Abstract

This empirical research investigates energy industry restructuring to accelerate the renewable energy transition. Moving away from fossil fuel reliance is critical for mitigating the climate emergency, reducing harmful pollution, and realizing many United Nations Sustainable Development Goals. This research combines economic and sustainability arguments to clarify government policy direction for restructuring toward a green transition. Findings show that more renewable energy innovation, reflected in patent counts, supports higher GDP. Moreover, pollution taxes facilitate renewable energy innovation, working together to effectively contribute to GDP. Also, government and industry support for fossil fuel industries negatively affects a country's renewable energy innovation. Thus, the theory and analysis of this work suggest that a robust economy is related to industry restructuring so that renewable energy innovation can thrive. Fostering novel scientific discoveries in clean energy innovation should be prioritized while reducing uncompetitive industry formations and organizations such as fossil fuel oligopolies and industry associations.