Abstract
Summary This research investigates how country-specific market characteristics affect renewable energy (RE) growth. The study provides an econometric analysis on panel data including 26 countries and up to 16 yearly data points. Target variable is a share of RE generation. Key considered independent variables are energy dependency and share of energy produced from three main fossil fuels (oil, gas and solid i.e., coal). Control variables are rates of change in energy prices, gross domestic product (GDP) change, share of investments into research and development from GDP and share of energy consumption by industry. Results indicate that dependency on oil and solid fossil has opposite effects on the development of RE. The first one acts as a supporting factor, while the latter hinders RE growth. GDP growth has a positive effect on RE progress. At the same time, the share of energy consumed by industry has a negative effect on RE evolution. Furthermore, the study also highlights the slowing down impact that great recession (2007–2009) and oil glut (2014–2017) have on RE progress. Recession caused noticeable negative impact, while oil surplus consequences are milder but last for longer period.
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