Development Of Renewable Energy Sector Research Articles

How can carbon markets drive the development of renewable energy sector? Empirical evidence from China

<abstract> <p>The reduction of carbon emissions has attracted significant global attention. This paper empirically analyzes the dynamic nonlinear linkages among carbon markets, green bonds, clean energy, and electricity markets by constructing DCC-GARCH and TVP-VAR-SV models, and places the four markets under a unified framework to analyze the volatility risk from a time-varying perspective, thereby enriching the research on China's carbon market and renewable energy sector. We found that extreme events have a significant impact on the dynamic connectivity among the four markets. The analysis of the shock impact indicates that the carbon market has a positive effect on the power market in the short and medium terms, but has a mitigating impact in the long term. Especially, when the other markets are hit, the carbon market has evident fluctuation in 2020. The green bond market has a positive influence on the carbon market, whereas the power market demonstrates adverse effects in the short and medium terms. The New Energy Index negatively impacts the power market in the short and medium terms, but is expected to have a positive effect after 2020, highlighting the growing need for renewable energy in the power system transformation. According to the findings mentioned above, we put forward appropriate recommendations.</p> </abstract>

Elongating the role of renewable energy and sustainable foreign direct investment on environmental degradation

Climatic variations and GHG emissions are the most debated issues of the current age economically, socially, politically and environmentally. An internationally legally binding treaty on climate change, the “Paris Agreement” is followed by G-8 countries to maintain environmental sustainability with green development. The research investigates the relationship of GHG emissions with renewable energy (RE), foreign direct investment (FDI), total population (TP), and trade (TR). The time span of 22 years is used for analytical purposes covering the period from 2000 to 2021 b y addressing the literary gap. The analytical procession found total population and trade increase GHG emissions because of its modern fundamental layers toxic human activities and polluted trade practices. The decreasing behavior toward GHG emissions has been determined by FDI and RE. The findings of this research have confirmed the long-run relationship among variables. They are evidence that the eco-innovative steps by G-8 countries significantly reduce GHG emissions directly or indirectly. Furthermore, the analytical outcomes indicate that innovative green development in renewable energy sector can reduce the GHG emissions pressure from this sector and contribute to net zero emissions. The extracting results have suggested policies for environmental practitioners and economic developers.

Reserves and extraction of rare earth metals and elements as a key factor in the renewable energy sector development at the the world economy transformation current stage

The use of renewable energy sources, which are experiencing a period of rapid development, is one of the stages of the current energy transition, as the world community tries to ensure a future with zero CO2 emissions and to achieve energy independence and security. At the same time, for output of the wide range of products for the renewable energy sector, as well as for the development of energy depot systems, it is necessary to use rare earth elements and metals in production. The results of the analysis of data on reserves, production and calculated values of the resource availability coefficient of rare earth elements and metals shows that at the existing level of production, the proven reserves of cobalt will last for ≈ 50 years, lithium– for ≈ 200 years and rare earth elements – for ≈ 450 years, respectively, which leads to a limitation of the global transition speed to renewable energy sources and makes it necessary to look for new technical solutions.

DEVELOPMENT OF RENEWABLE ENERGY MARKET IN THE CONTEXT OF GLOBALIZATION CHALLENGES AND CONSTRAINTS

The article analyzes peculiarities of the renewable energy market development in the context of globalization challenges and constraints. The research methods used иy authors are statistical analysis and synthesis, grouping, correlation, and regression analysis. Dynamics of renewable energy market development in recent years is considered, and key aspects that determine spread of various energy sources on a national and global scale are analyzed. The article proves renewable energy market growth due to development of technologies, global expansion, dissemination of knowledge and human capital, and growing attractiveness of renewable energy in private sector. It is determined that until 2007 renewable energy market was dominated by hydropower, later and nowadays solar and wind generation took the lead. Efficiency of energy generation from renewable sources in regions of the world is analyzed, as well as factors that determine position of individual countries in global renewable energy ranking. It is proved that the structure of renewable energy market varies depending on region, per 1 million. population, as well as by country. Leaders in the field of renewable energy production are identified, and key aspects that allow them to remain active market players in the future are defined. Dependence of annual electricity generation volume from renewable energy sources on the present value of energy generation from corresponding type is determined. It is proved that one of determining factors in renewable energy sector development is cost of its production, along with other significant variables. The relationship between the cost of renewable energy generation (wind and solar) and the level of its efficiency is calculated using the regression analysis method. The presence of a high influence along with other important factors is proved.

Entrepreneurial Development in Renewable Energy Sector of Nepal

The paper aims at determining entrepreneurial development in renewable energy sector of Nepal. The study has adopted causal-comparative research design to determine the effect of population, number of households, number of systems installed on entrepreneurship development, i.e., renewable energy enterprises (REEs) in the context of Nepal. The required district level secondary data having 75 observations related to population, number of households, number of renewable energy enterprises, and number of renewable energy systems installed were collected for this study. Furthermore, the formation and analysis of properties of portfolios on population and number of households have been comprised to examine the relationship of district population and district households with various measures related renewable energy sector of Nepal. The analysis of portfolios thus formed is followed by the analysis of estimation of regression equations. The results show that entrepreneurship development, i.e., renewable energy enterprises (REEs) is positively related with market size in terms of populations and district households. This study is useful for renewable energy enterprises (REEs) and development actors to grow their own business and commercialization of the sector. The study can be extended by incorporating other sectors of renewable energy such as, biogas, micro-hydro, improved cooking stove, wind technology, and biomass sectors to find out greater insight into the results for the renewable energy sector.

The Need for Legislation on Renewable Energy for Sustainable Development in India

Energy is required for each and every activity since the beginning of this universe. With the advancement of human beings their activities have developed and have become more and more complex with time. As the world developed at a very high pace energy requirements also increased and this resulted in more utilization of conventional energy sources. Use of conventional energy sources (fossil fuels) has resulted in environmental degradation which has become a major problem worldwide.Development is indispensible but at the same time it should not be at the cost of environment so with this came up the concept of sustainable development. To achieve this we have to switch over to non conventional sources of energy. Considering the geographical conditions, India has huge potential regarding renewable energy. For systematic development of renewable energy sector we need a comprehensive legislation. If we look at international level there are many countries which have made separate and ancillary legislations regarding renewable energy and their growth is remarkable. Therefore, this study has focused to examine the need of separate renewable energy law for sustainable development.

Growth and Development of Entrepreneurship in Renewable Energy Sector of Nepal

This paper assesses the growth and development of entrepreneurship in a renewable energy sector of Nepal. The study adopts descriptive cum analytical research design. The required secondary data covering a period of 42 years of biogas sector, 25 years of solar sector, and 55 years of micro-hydro sector leading to a total of 122 observations were collected. They were related to energy mix, number of households, number of renewable energy systems installations, and renewable energy enterprises (REEs) for this study. This study has adopted percentage changes over the period, structure, pattern, and trends by development regions and periodic development plans for analyzing the data. The results show that manifold increase from 1992/93 to 2016/17 though the growth has slowed down in recent years. The results indicated that with the increase in GDP, population and number of households, there was an increase in the number of REEs, biogas companies, solar companies and micro-hydro construction companiesIn addition, the results on number and capacity of renewable energy systems installed by development regions and by periodic development plans showed that the growth and development of renewable energy sector was encouraging throughout the country and over the period. This study is useful for renewable energy enterprises (REEs), development actors in the sector, academia, and policy makers. The study can be extended by incorporating other sectors of renewable energy such as, improved cooking stove, wind technology and biomass sectors to get greater insight into the results.

Impact of policy changes on financial viability of wind power plants in Pakistan

Depleting conventional energy reserves and climate concerns necessitate the incorporation of more sustainable and low-carbon resources in global energy mix. This, in turn, requires assessment of the impacts of variations in policy and support mechanisms which significantly affect the cost-effectiveness of these alternative resources. In this study, the techno-economic feasibilities for wind power plants at four comparatively high-wind locations were developed for eight policy scenarios, based on variations in country's renewable energy policy during last decade, considering local and foreign financing options. High frequency ground measured wind data was used to develop 50MW wind power plant feasibility. The highest capacity factor among considered sites was found for Sujawal (39%) followed by Tando Ghulam Ali (34%) with Sujawal as the most favorable location with highest Net Present Value (NPV), Internal Rate of Return (IRR) and shortest Payback Period. Projects under foreign financing were found with higher NPVs (∼65%). The reduction of tariffs for wind power over the time has put a negative impact on NPV and IRR (−45% and −37% respectively). Levelized Cost of Electricity and Payback Period were also studied to comment upon the impact of policy on development of renewable energy sector in Pakistan and similar developing countries.

The Impact Analysis of Electricity Prices on the Energy Intensity of the Kazakhstani Economy and Sustainable Development

The independent Kazakhstan is highly inefficient electricity production, transmission and distribution infrastructure, while electricity prices both for industry and residential consumers is significantly lower that world average level due to abundance of oil, gas and coal resources. As a result of resource usage inefficiency, the country loss of 3-5% of national growth domestic product and competitiveness on international economic arena. The aim of this study is to determine the possibilities of ensuring economic growth in Kazakhstan by improving the energy efficiency of the economy. The paper proposes to identify the relationship between economic growth and energy efficiency in Kazakhstan by applying the correlation-regression and comparative analysis of the dynamics of the national gross product and its specific energy intensity, which will determine and substantiate the priority direction of increasing energy efficiency and sustainable development in Kazakhstan. The result of correlation-regression analysis reveals that an increase in the price of electricity supply for industry by 2.5 KZT tenge per 1 kW leads to an improvement in the energy intensity of GDP by 0.012 kg per 47,000 KZT (or 100 USD), and an increase in the price of electricity supply for the population by 2.5 KZT per 1 kW leads to an improvement in energy intensity GDP by 0.005 kg per 47,000 KZT. In discussion, the article argues that country is mostly focuses on development of renewable energy sector, while considering the situation that Kazakhstan is geographically large country with high energy losses during the transmission and distribution electricity system, the application of the Smart Grid technologies seems as a prerequisite for improvement of energy efficiency and economic growth in Kazakhstan.

Implication of the Sustainable Development Exigencies on the Renewable Energies Sector Development in Romania

Assuring the fulfillment of the sustainable development exigencies represents a great challenge for any economy. The recent evolution of the renewable energies sector in Romania has imposed numerous and dramatic measures, not only for assuring the energy supply security and safety but also to increase the environmental responsibility satisfaction. The main goal of this research is to review the implication of the sustainable development exigencies on renewable energy sector development in Romania from a theoretical perspective. The research presents an analytic survey on the relationship between sustainable development exigencies and renewable energy development in Romania, with all the strengths and weaknesses of such analysis.

Generic review on the potential of nuclear-renewable hybrid system for sustainable power production in Malaysia

Malaysia is diligently focusing its effort in developing renewable energy technology to diversify its energy sources and ensure security and sustainability in the energy sector. The development of renewable energy sector is expected to achieve 20 percent by the year 2025 to fulfil the aim of lowering greenhouse gases (GHG) produced by the energy industry. It is aligned with the commitment to the Paris Agreement signed in 2015 to reduce the emissions intensity to Gross Domestic Product (GDP) by 45% relative to 2005 levels by 2030. The rapid development of advance technology in the energy industry paved a new idea of integration of different energy resources for various industrial purposes, including power generation. The hybrid system between nuclear and renewable energy is an innovative application focusing to increase the efficiency and availability of electricity production, as well as providing additional services to industries from the energy generation process in the hybrid power plant. This paper presents the overview of the current scenario in the Malaysia energy industry, renewable energy status, the potential of nuclear-renewable hybrid system and the challenges of nuclear power development in Malaysia.

Role of Macroeconomic Variables in Entrepreneurship Development: Evidence from Renewable Energy Sector of Nepal

This study analyzes the impact of macroeconomic variables on entrepreneurship development in renewable energy sector of Nepal. This study examines the effect of GDP, market size in terms of population and number of households, and sales in terms of number of renewable energy systems installed on entrepreneurship development, i.e., number of renewable energy enterprises (REEs) using data from 1992/93 to 2016/17 by estimating various logarithmic models. The study concludes that the most important factor affecting entrepreneurship development is market size followed by GDP and sales in the context of renewable energy sector in Nepal. This study is considered to be useful for REEs, development actors, academia and policy makers creating employment by increasing production and providing energy in the country. The study can be further extended by incorporating the opinion and views of respondents from customers, regulating authorities and development actors in the sector to get greater insight into the results.

The relationship of renewable energy consumption to financial development and economic growth in China

Renewable energy has been considered as an effective way to solve environmental pollution and energy crisis in China. However, the development of renewable energy sector depends on economic growth and financial issues. Thus, it is significant to study the relationships of these three indicators in China. Using ARDL-PMG model, this paper explores the long-run and short-run impacts of economic growth and financial development on renewable energy consumption based on the panel data during period 1997–2017 at national and regional levels of China. The long-run relationships indicate that for China as a whole and western China, economic growth stimulates renewable energy consumption while financial development impacts it negatively. However, the short-run relationships show that economic growth and financial development influence renewable energy consumption negatively and positively, respectively. Moreover, we employ the Granger causality test to study the existence and direction of causality among variables. The causality test results display that the unidirectional causality relationships exist from financial development to renewable energy consumption for China as a whole and eastern China. Meanwhile, economic growth unidirectionally causes renewable energy consumption in China as a whole, eastern and western China. Our empirical results provide some policies to promote the development of renewable energy sector.

Impact of Municipal Waste Recycling and Renewable Energy Consumption on CO2 Emissions across the European Union (EU) Member Countries

The world population maintains a growing trend and in turn, the amount of municipal waste is also increasing. Rising municipal waste quantity poses a challenge for human beings and the environment, therefore recycling becomes important for environmental sustainability and circular economy. This study explores the effects of municipal waste recycling and renewable energy on the environment sustainability proxied by CO2 emissions in EU member states over the period from 2004 to 2017 through panel cointegration and causality analyses. Recycling is considered an efficient way to reduce CO2 emission, but surprisingly our results indicate mixed findings. The causality analysis revealed no significant interaction among recycling rate, renewable energy and CO2 emissions. However, in the long run, the negative impact of recycling and renewable energy use on CO2 emissions were revealed but varied among the countries. Results indicate that increasing renewable energy consumption will play a significant role in reducing greenhouse gas emissions. These findings must raise awareness among policymakers that should focus on the adoption and implementation of different types of sustainable energy policies that can affect directly or indirectly renewable energy sector development.

The price for sustainable development of renewable energy sector: the case of Ukraine

While implementing state support mechanisms for renewable energy deployment, each country faces the problem of assessing and forecasting their consequences and must timely adjust their set to ensure sustainable energy development. The article estimates the price for sustainable development of the renewable energy sector on the example of Ukraine based on evaluating the effectiveness of the key mechanism of state support for the industry advancement - the feed-in tariff. The comparison of feed-in tariff rates with the LCOE indicators for the electricity generated from solar and wind power plants has shown that the current feed-in tariffs for two of the most popular renewable energy technologies are inflated several times and do not meet global trends in reducing the cost price of electricity generated by these technologies. The consequence of applying economically unreasonable tariffs is the annual over-expenditures of the state budget of Ukraine, which recently count hundreds of millions of euros. In the context of the country’s growing green energy generation, the conditions for further use of the feed-in tariff and the transition to other state support mechanisms are substantiated.

CURRENT TRENDS AND PROSPECTS ROR THE DEVELOPMENT OF RENEWABLE ENERGY IN TERMS OF COVID - 19

Crisis related to distribution of COVID-19 requires significant state involvement in the response, which includes the definition of strategies formation and direct intervention in to the socio-economic processes. Governments of countries are addressing the development of stimulus and recovery packages strategies what have a goal to form in the future necessary potential for society and economy on the whole. In given environment, stable assets are needed, including an inclusive energy system capable of supporting energy development in accordance with the United Nations Sustainable Development Program and the 2016 Paris Agreement, this requires further research of the prospects for innovative development of renewable energy sector in the crisis of COVID-19 in the transition from the use of fossil fuels to the use of renewable energy sources. Global forecasts from the International Renewable Energy Agency, the International Energy Agency, and the US Energy Information Administration have suggested ways to transform the global energy system. China's hybrid energy market is showing an increase in wind and solar energy production. Reduced costs in the United States have stimulated an increase in renewable energy capacity. In Ukraine, the important role of alternative energy can be identified in the stabilization of Ukraine's agro-industrial complex. In the article reviews current trends and conditions in the development of the energy sector in the transition from the use of fossil fuels to the use of renewable sources in China, United States and Ukraine in terms of forecasting generation and justification of investment directions. A number of technical challenges and problematic aspects of management in the renewable energy sector in Ukraine are highlighted. Long-term goals are proposed for all stakeholders of the energy system in the transition from the use of traditional fuel to the use of biopropellant. The conceptual principles and prospects of scientific research in the formation of the National Renewable Energy Development Plan until 2030 are also outlined.

Stakeholders’ Perception About the Effectiveness of Renewable Energy Subsidy in Nepal: A Review of Biogas Subsidy

Due to sustainability and climate change concerns associated with fossil fuels, renewable energy (RE) is increasingly being recognized as crucial link between energy access and sustainable development. Growing interest in RE has led many countries to adopt different strategies to promote its growth. Subsidy in various forms is one of the common measures governments around the world have used to support the production and to encourage the use of RE technologies. Renewable energy sector in Nepal is also largely driven by RE subsidies, primarily targeted at potential users. While many argue that subsidy played a major role in the promotion and uptake of RETs, there is little knowledge on the differential impact RE subsidies have had on different stakeholders and actors in the RE sector. Knowledge about broader impact of RE subsidy, its relevance to different RETs and its effectiveness in achieving sustainability of the sector also remains largely fragmented. In order to devise strategies to overcome barriers in the development of RE sector in Nepal, it is important to fill these knowledge gaps. It is also important to better understand challenges and opportunities. To this end, this study uses qualitative research method to draw knowledge from different stakeholders about the effectiveness of renewable energy subsidy policy in Nepal. The primary focus of this study is biogas subsidy that has been in place since the 1990s. The study reveals that the effectiveness of RE subsidy is a function of various factors such as users’ awareness about RET benefits, government policy and provisions, cost-effectiveness of the technology, after-sales-services, long-term access to RE technologies and services etc. The general consensus is that RE subsidy so far has primarily benefited better-off households than the low-income populations. It was also revealed that, without subsidy or some kind of financial intermediation, access of poor farmers to biogas technology is likely to remain a challenge. The high upfront cost of the technology was frequently cited as one of the biggest barriers in the market-led dissemination of biogas technology (particularly the one being promoted by the Government of Nepal). This highlights the need for improvement in resource (land, raw material for its construction and operation) and cost efficiency of the technology for it to remain economically viable for farming communities, to whom the technology might have the greatest utility. Better measures and communication strategy are needed to make targeted subsidies and relevant information about policy mandates and provision accessible to the grass roots.

СУЧАСНІ ТЕНДЕНЦІЇ РОЗВИТКУ РИНКУ ЕНЕРГОРЕСУРСІВ В УКРАЇНІ

The primary focus of this paper is on favorable geographical and geopolitical position of Ukraine which provides good opportunities to unlock a vast nation’s potential for further sustainable socioeconomic development and efficient energy supply to all sectors of the national economy and the society. It is emphasized that Ukraine is one of the world's largest transporters of fuel and energy resources (FER) to Europe. This is confirmed by the availability of large coal and uranium reserves, a well-developed infrastructure for the transportation of oil, gas, electrical and thermal energy sources as well as installed capacity of power plants which is sought to ensure and meet all future needs of the country's economy for primary energy. Given the insufficiency of Ukraine's own oil and gas reserves, the research hypothesis is the need to harness the potential of diversification of primary energy supply, to promote energy efficiency methods and tools as well as to apply the latest technologies in renewable energy generation and use. The purpose of this study is to identify the modern global trends in energy market development and their implementation in Ukraine. To attain the goals set, the following research methods were used: a historical and logical method – to explore the patterns of Ukrainian energy market development; statistical analysis – to determine the macroeconomic factors affecting the world and Ukrainian energy markets. The results of the study have revealed the following 9 global trends in the development of the energy market: a rapid increase in demand for electricity; expanding the utilization of traditional types of natural gas along with increasing the volumes of unconventional gas production; commercialization of clean coal technologies; nuclear power industry revival; renewable energy sector development; enhancing management structure and monitoring of energy networks, implementation of intelligent technologies; boosting energy efficiency; further development of highly efficient energy conservation systems; building highly efficient energy storage systems. Their implementation specifics in the Ukrainian national settings is investigated. A conclusion is made that of all the above global trends in energy development and use, among the key priorities for Ukraine are the following: the rational use of energy; increasing energy efficiency and social responsibility in this area; reducing CO2emissions; implementation of digital technologies into the process of strategically important types of energy production; expanding the use of renewable energy sources.

Regulatory and legal support for the development of the renewable energy sector in Ukraine

Energy independence was chosen by Ukraine as one of its development priorities; it covers the reduction of gas consumption and the gas replacement, increase of the energy efficiency in various public life spheres, development of the renewable energy sector. Many published papers of Ukrainian scientists, as well as expert’s reports are dedicated to the challenges in the rollout of the renewable energy sector, however the regulatory and legal support for the development of the aforementioned sector has been considered only fragmentary. Therefore, the issue of the legislative control of the renewable energy sector development under the current European integration conditions requires further research and systematization. Purpose of the article is to determine the major contradictions reflecting the current status of the regulatory and legal control in the renewable energy sector development, to research and propose the corresponding improvement prospects. The article is presenting the regulatory basis assessment and systematization of the Ukrainian renewable energy sector legislation. Insights are given to major contradictions observed in the regulatory and legal provisions of the governmental regulation related to the renewable energy development. Practical proposals are made for the improvement of the legislation related to the provisioning of the Ukrainian United Energy Power System operational safety during the peak-load hours through introduction of the electrical energy storage system. Over the past years, Ukrainian authorities have made several important efforts towards the creation and development of the legislative basis in the renewable energy sector, however this sector is still considered in the context of the alternative energy development, which becomes a prospect for further investigations.

The Economic Instruments for the Development of the Renewable Energy Sector in the EU and Ukraine

The research reveals the theoretical and practical aspects of the green energy sector. The article compares the level of development of the green energy sector in the European Union and Ukraine. Different indicators, including the share of energy from renewable sources in Ukraine, the interaction between the level of GDP per capita and the share of renewable energy in the EU and Ukraine, and the structure of the renewable energy resources of Ukraine and the EU are taken into account. The article discussed the role of financial and non-financial tools for the development of the green energy sector in the EU countries. The research states that the countries can be divided into three groups, where group A involves countries with a highly developed green energy sector, group B – member-states with progress in the transition to alternative sources of energy, and group C – countries with weak or no progress in the development of renewable energy sector. The research explains the impact of economic prosperity in developed countries on the renewable energy sector. It investigates that there is a very small positive correlation between the independent variable and the dependent variable. In general, it demonstrates that there is no correlation between the economic condition of very developed countries and the level of their green energy efficiency. The article suggests policy-making changes for the stable development of green energy in both the EU and Ukraine. Revision of existing government's medium and long term plans and adapting them to current circumstances, the gradual reduction of subsidies and reform of energy pricing, the regulatory focus on energy efficiency, the attraction of private investments through the use of domestic and donor investments are determined as important actions for stable development of green energy sector.