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Abstract
The paper aims to identify the most likely factors that determine the demand for energy consumption from renewable sources (renewable energy consumption—REC) in European countries. Although in Europe, a high environmental awareness is omnipresent, countries differ in scope and share of REC due to historical energetic policies and dependencies, investments into renewable and traditional energetic sectors, R&D development, structural changes required by energetic policy change, and many other factors. The study refers to a set of macroeconomic, institutional, and social factors affecting energetic renewable policy and REC in selected European countries in two points of time: i.e., before and after the Paris Agreement. The Bayesian Average Classical Estimates (BACE) is applied to indicate the most likely factors affecting REC in 2015 and 2018. The comparison of the results reveals that the Gross Domestic Product (GDP) level, nuclear and hydro energy consumption were the determinants significant in both analyzed years. Furthermore, it became clear that in 2015, the REC depended strongly on the energy consumption structure, while in 2018, the foreign direct investment and trade openness played their role in increasing renewable energy consumption. The direction of changes is gradual and positive. It complies with the Sustainable Development Goals (SDGs).
Highlights
Since the last decade of the 20th century, energy from renewable sources (RE) has received attention across the globe among the different parts of society
The study takes into account a group of independent variables that represent potential factors responsible for renewable energy consumption (REC) in 28 European economies
Referring to the environmental policy adopted in Europe after the Paris Agreement in 2015, we considered two points of time: (a) the year 2015, just before the Paris Agreement ratification; the year 2018, after the Paris Agreement ratification
Summary
Since the last decade of the 20th century, energy from renewable sources (RE) has received attention across the globe among the different parts of society. Global use of energy from non-renewable sources climbed by only 1.25%. It indicated small rises in regions such as Africa (2.9%) and the Middle East (3.6%), as well as negative growth in the European Union (EU), Europe, and Euro-Asian countries The appropriate selection of determinants for the REC plays a crucial role in mechanizing suitable policies to find an efficient alternative solution to tackle the increasing energy demand. It helps to control carbon emissions and further achieve the climate change targets.
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