Selected determinants of the development of renewable energy sources in the member states of the European Union

Abstract

The objective of this study is to explore the relationship between selected indicators of SDG7, supplemented by the variables of GDP and carbon dioxide emission contract prices, and the consumption of energy from renewable sources in the European Union. The research problem of the study is whether it is possible to explain the consumption of energy from renewable sources in the European Union from 2010 to 2020 within the group of selected indicators for SDG 7 supplemented by GDP variable and variable CO2 emission futures contracts. Based on conducted econometric research, it was proved that there was a certain interdependence and causality of selected factors on the development of renewable energy sources, which varied depending on the EU Member State. By making a critical evaluation of the obtained models, it was found that only in 10 cases (countries) can they be considered correct.