Abstract
This study provides a comprehensive analysis of the drivers of renewable energy production by employing variables of technological factors, economic factors, and environmental factors for two panels of developed and developing countries. Using GLS (Generalized Least Square) panel data estimation method, this paper finds that the determinants towards renewable sources vary in accordance with the level of income. The results reveal that renewable energy production is significantly determined by high technology export in developed countries, while high technology export is not statistically significant in explaining the use of RE sources in developing countries. Oil price has the smallest impact on renewable energy production in both groups. Although GDP per capita yields a positive impact on renewable energy production per capita in both groups, per capita CO2 emission shows considerably different impacts in developed and developing countries.
Published Version
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