Renewable Energy Growth Research Articles

The status and potential of renewable energy development in Jordan: exploring challenges and opportunities

The energy sector poses one of the largest challenges for the Jordanian economy because it directly influences economic growth. The country’s high dependence on imported intensive fossil-fuel sources (93% in 2021) has overburdened the national budget. The government has therefore defined a set of priorities and actions based on greater utilization of domestic resources, including renewable energy. The capacity of renewable energy systems feeding into the power grid in Jordan reached 2,445 megawatts (MW) in 2021, approximately 20% of the national electricity mix. This article investigates the capacity of renewable energy in Jordan and analyzes the present state of its renewable energy industry, which can aid decision makers and investors in developing plans for future projects. The country is taking steps to address several obstacles facing the energy sector including upgrading the grid, exporting excess electricity generated from renewables to international markets, and developing new policies and regulations for renewable energy growth. Jordan has significant potential to succeed in scaling up its use of renewables, particularly in electricity generation, which could reduce energy prices for consumers and improve energy security. The article also discusses opportunities in the renewable energy industry in Jordan and outlines next steps including reducing domestic greenhouse-gas emissions.

Transitioning to low carbon economy among OECD countries: Do renewable energy, globalization and higher economic growth matter?

Facts have proven that humanity has incurred a significant environmental cost in the process of gaining economic success due to a surge in carbon dioxide emissions. Nevertheless, if carbon emissions are not curbed at the same time, economic growth may be slowed or stopped completely. It is for this reason that OECD member countries have set out plans to cut emissions. For this reason, the current paper scrutinizes the consequence of renewable energy intake, nonrenewable energy usage, economic globalization and economic progress on environmental destruction among 28 OECD countries by means of data spanning 1990 to 2019 period. The augmented mean group heterogeneous panel model and the common correlated effects mean group regression technique revealed evidence of a positive and negative significant connection between economic progress, and square of economic progress and carbon emission respectively (thus justifying the presence of the reversed U-shaped curve hypothesis) for OECD countries. Moreover, both renewable energy intake and economic globalization reveal a destructive connection with environmental destruction while nonrenewable energy intake has positive significant relationship with the environment. It was also disclosed that renewable energy intensifies the environmental destruction reducing effect of globalization and negatively moderates the impact of economic progress on environmental destruction. On the basis of the findings, appropriate policy recommendations have been developed to assist these economies in their efforts to dissociate economic progress from environmental destruction.

How does trade and fiscal decentralization leads to green growth; role of renewable energy development

China has to balance economic growth with environmental protection and carbon reduction. This study examines China's 2000–2017 trade, fiscal decentralization, renewable energy development, and green growth. To understand how these elements affect sustainable and environmentally friendly economic growth. We use a panel model to evaluate how trade openness and fiscal decentralization affect renewable energy development and green growth trade openness boosts renewable energy development and green growth in China. Fiscal decentralization also promotes renewable energy and local economic growth. These findings emphasize trade liberalization and fiscal decentralization as policy levers for green growth through renewable energy development. Policymakers should promote international economic integration and give local governments more authority and fiscal incentives to embrace and expand renewable energy technologies. This research helps policymakers understand green growth in China and promote sustainable economic development while addressing environmental issues.

Short-term operation of cascade hydropower system sharing flexibility via high voltage direct current lines for multiple grids peak shaving

The escalating pressure for peak shaving presents a significant challenge for the power grid's operation, particularly with the rapid growth of renewable energies. Huge cascade hydropower stations (CHS) send power to the local power grid and multiple power grids via long-distance high voltage direct current (HVDC) transmission lines, how to share hydropower flexibility for multiple power grids in peak shaving while considering constraints of hydropower and HVDC lines challenges power dispatching management. This study proposed a multiple power grids peak shaving model of cascade hydropower stations with HVDC sharing flexibility for receiving power grids. Firstly, the objective of minimizing the peak-valley difference of multiple power grids is adopted. The model then takes into account the operation constraints of CHSs and HVDC tie-lines to share hydropower flexibility. Finally, the model is transformed into a Mixed-Integer Linear Programming problem through piecewise linearization. The case studies of practical examples in southwest China show that the proposed model reduces peak-valley differences by 23.3%, 46.9%, 99.1% and 19.6%, 34.3%, 99.5% for three receiving power grids in two typical days by sharing hydropower flexibility. Moreover, adjusting the HVDC daily power regulation times and electricity deviation tolerance helps coordinate power grids to improve their peak shaving performance.

Resources Diversification in Bangladesh’s Electricity Generation: A Study on the Role of Renewable Energy Sources

The diversity of resources used to produce power in Bangladesh in 2010-2022 is examined in this research paper. The need for energy has increased dramatically as Bangladesh's economy expands quickly. Natural gas has historically been the primary fuel used in Bangladesh to generate power, although there has been a greater diversification towards renewable energy sources in recent years. The paper examines the country's electrical sector's present level of resource diversity and evaluates the possibility of even more diversification. The study takes a qualitative approach by reviewing secondary data sources. The findings show that the government has made significant strides toward diversifying the country's energy generation, even if natural gas remains the main fuel and electricity generated from natural gas in Bangladesh was 51.05% in the fiscal year 2020–2022. Renewable energy sources, such as solar, wind, and hydropower, have grown in popularity in recent years, and the government has set ambitious goals for their eventual implementation. However, a variety of difficulties, such as inadequate infrastructure, constrained financing, and legislative limitations are impeding the growth of renewable energy. The study report underlines the necessity to diversify Bangladesh's power-producing resources in order to guarantee energy security, reduce greenhouse gas emissions, and achieve sustainable development goals. According to our study, the government should improve infrastructure, offer suitable incentives, and resolve regulatory obstacles to foster investment in renewable energy. The results of this paper can direct stakeholders and policymakers in Bangladesh toward a more diverse, long-term, and robust electrical industry.

Nexus between renewable energy consumption, economic growth, and CO2 emissions in Algeria: New evidence from the Fourier‐Bootstrap ARDL approach

AbstractGovernments often impose new energy strategies to support new CO2 emission‐reducing technologies without affecting economic growth. Hence, this study aims to re‐investigate the relationship between economic growth, renewable energy use, and CO2 emissions in Algeria from 1990 to 2018. Motivated by the mixed findings of the existing literature, which ignore the Fourier function and bootstrap test and apply the newly developed Fourier bootstrap autoregressive distributed lag model (FARDL). Our findings indicate that renewable energy use and growth have a long‐run relationship with CO2 emissions and do not accept the existence of the Environmental Kuznets Curve (EKC) hypothesis for CO2 emissions in Algeria. In the long term, the results show that renewable energy use has a negative and significant impact, and growth has a positive and statistically significant effect on CO2 emissions. In the short run, the findings indicate that renewable energy use reduces CO2 emissions, while both the growth and squared growth had positive and statistically insignificant impacts on CO2 emissions, confirming the lack of evidence supporting the EKC hypothesis. Moreover, the causality test indicates a one‐way causation from growth to renewable energy use, confirming the conservation hypothesis for Algeria and from growth to CO2 emissions. Interestingly, we found one‐way causality from CO2 emissions to renewable energy use, attributing this to the fact that renewable energy usage has yet to reach a point that it can significantly cause a CO2 emissions reduction. Based on the results, we recommend that policymakers design appropriate policies to decarbonize energy consumption, e.g., increasing fossil fuel costs and implementing a carbon tax. In contrast, Algeria should promote new CO2 emission‐reducing technologies without affecting economic growth, e.g., tax exemptions and reductions for enterprise owners in the renewable energy industry.

Optimal scheduling strategy and benefit allocation of multiple virtual power plants based on general nash bargaining theory

The benefits of small-scale renewable energy resources are restricted by a feed-in-tariff strategy that works with distribution grids only. Virtual Power Plant (VPP) aggregates diverse distributed energy resources on the demand side for efficient control, which can improve their revenue and encourage the growth of renewable energy. Based on the general Nash bargaining theory, this paper proposes a multi-VPP energy-sharing mechanism. This approach enables VPPs to increase their revenue by engaging in peer-to-peer energy transactions. First, a general Nash bargaining-based model is proposed for multi-VPPs energy sharing considering peer-to-peer energy transactions. The model is then decomposed into two subproblems: minimizing the total cost of the VPP energy-sharing alliance, and the cost allocation of peer-to-peer energy transactions. Considering the privacy protection of VPPs, the first subproblem is solved by a distributed algorithm based on the alternating direction multiplier method. In the second subproblem, due to the introduction of a bargaining factor that is positively related to each VPP’s contribution to energy sharing alliance, the cost allocation better reflects their contribution. The numerical test demonstrates the proposed energy-sharing mechanism, with little computational complexity, delivers a cost distribution result that is comparable to the classical Shapley value while promoting the development of renewable energy resources.

Role of Renewable Energy and Financial Innovation in Environmental Protection: Empirical Evidence from UAE and Saudi Arabia

In modern times, many countries are committed to achieving climate neutrality and environmental sustainability. Without financial innovation and green financing, switching to clean energy, reducing carbon emissions, and mitigating climate change will be impossible. The main objective of this study is to obtain zero carbon to protect the environment. To analyze sustainable development pathways, this research examines the impact of renewable energy and financial innovation on the environmental protection of the United Arab Emirates and Saudi Arabia from 2010 to 2021. The use of renewable energy sources, pollution, and climate change are all significant elements. Innovation can help slow the rate of global warming by lowering carbon emissions and expanding the usage of renewable energy sources. Green financing and innovation are powerful tools for environmental safety and deterioration. The acceleration of renewable energy growth is the primary driver of sustainable development. Moreover, green financing balances the innovation–energy–environment–climate nexus. Similarly, green finance amplifies the positive effects of innovation on using renewable energy. This study provides valuable insights into achieving zero carbon by producing renewable energy sources and modern green technology. Further research is possible by adding more dimensions of renewable energy sources.

Environmental sustainability in Vietnam: evaluating the criticality of economic globalisation, renewable energy, and natural resources.

Vietnam's goal of achieving a certain level of decarbonisation by 2030 is difficult despite its awareness of the threat posed by climate change. However, the country is endowed with natural resources and the increasing dependence on the global economy coupled with greater investment in alternative energy sources are some of the factors responsible for economic expansion in recent years. Hence, the question arises "what are the environmental impacts of economic globalisation, economic growth, natural resources, and renewable energy in Vietnam?", which constitutes a major policy problem. In this study, a time series dataset stretching from 1984 to 2019 is employed to scrutinise the impact of economic globalisation, economic growth, natural resources, and renewable energy on Vietnam's CO2 emissions. This goal is achieved by employing the ARDL bounds testing procedure, dynamic ARDL, and spectral Granger-causality test. Moreover, the outcomes from the dynamic ARDL showed that economic globalisation and economic growth lead to environmental deterioration, whereas it is mitigated by renewable energy. Lastly, the outcomes from the spectral Granger-causality test indicate that a feedback causality association exists between CO2 emissions and the regressors, namely economic globalisation, renewable energy, and economic growth, while no causality connection exists between CO2 emissions and natural resources. Hence, we suggest thatactionsfor reducing emissions should involve the implementation of energy-efficient techniques and renewable technologies within the energy value chain.

The nonlinear nexus between renewable energy consumption and economic growth in OECD countries: evidence from PTR and PSTR estimates

PurposeToday, the increasing use of fossil fuels, energy security, concerns and the great importance of achieving sustainable economic growth underscore the urgent need to transition to a green energy system as soon as possible. To shed light on the relationship between the economy and renewable energy, this study assesses the nonlinear relationship between renewable energy consumption and economic growth for 24 OECD countries between 1990 and 2015.Design/methodology/approachThe authors apply two nonlinear models: panel threshold regression (PTR) and panel smooth transition regression (PSTR).FindingsThe results show that the positive effect of renewable energy consumption on economic growth is conditional. On the one hand, the results of the nonlinear PTR model yielded a threshold value for renewable energy consumption of about 251.17. Below this threshold, the authors find a negative impact of renewable energy consumption on economic growth. However, above this threshold, renewable energy consumption becomes a favorable source of economic growth. Using the nonlinear PSTR model based on the gamma transition parameter of 2.014, the transition from low renewable energy consumption regime to higher is abrupt.Originality/valueReferring to previous studies analyzing linear causality between renewable energy and economic growth, most of the results show various mixed and non-stable effects over the study period. The contributions of this study consist in conduct a series of empirical tests of the nonlinear effects of renewable energy use on economic growth using two nonlinear approaches such as the PTR and PSTR models. If the authors show that such a relationship is nonlinear, it is essential to check whether the transition from one weak regime to another strong regime is abrupt or smooth, using the PSTR approach.

Role of mineral resources trade in renewable energy development

Resource minerals are necessary natural resources for developing renewable energy (RE) sources. The differing capabilities of various countries significantly impact the growth of RE. Minerals are used more intensively in producing RE than fossil fuel-based energy. Data from 30 provinces in China from 2000 to 2019 were used to determine the effects of mineral resource trade on RE development. We analyzed China's mineral trade network and topological properties using a complex network technique. Mineral trade patterns affect RE development and how technological advancements in RE mediate the impact on the dynamic econometric model. The energy mix should depend more on RE, and the reprocessing rate of minerals should be higher to demonstrate that RE capacity investments are made. Export strength and key influences benefit RE growth. Results concluded that the presence of other well-known elements that determine optimal resource use, such as increased renewable sector productivity and suboptimal substitution between the two energy sources, gently curved the extraction costs for mineral resources.

How human capital and energy prices play their role to enhance renewable energy: defining the role of innovations and trade openness in G-11 countries.

It is crucial to switch from nonrenewable energy to renewable energy sources to improve environmental quality. For this reason, innovations play a crucial part, yet the use of renewable energy is insufficient. This work contributes to the literature by Using both aggregate and disaggregated data, this study investigates the relationship between energy consumption, trade openness, human capital (HCA), and innovations in G11 nations. This study analyzed yearly data from 1990 to 2020 using empirical methods of augmented mean group (AMG) and cross-sectional autoregressive distributed lag (CS-ARDL) techniques. The findings highlight the significance of human capital, energy pricing, and innovations in fostering the growth of renewable energy in G-11 nations. A 1% increase in GDP and trade openness will enhance total energy consumption by 0.47% and 0.07%. GDP and trade are also increasing non and renewable energy consumption. A 1% increase in human capital and eco-innovations are increasing renewable energy by reducing non-renewable energy consumption. In addition, the G-11's rising commerce and GDP have increased their reliance on energy sources that rely on fossil fuels. The authors of this study suggest raising HCA as a means of encouraging the G-11 to use cleaner forms of energy. The need to bolster renewable energy to achieve a cleaner environment in the G-11 countries.

Multi-Area Frequency Restoration Reserve Sizing

Frequency Restoration Reserves are traditionally sized using deterministic methods. The constant growth in non-dispatchable renewable energy, however, is increasing the importance of probabilistic methods for reserve sizing. In addition, as the geographical scope of reserve sizing expands, overall power imbalance stochasticity is reduced. In this paper, we propose a probabilistic method for shared cross-border frequency restoration reserve commitment and sizing, based on the concept of system generation margin and employing mathematical optimization. The aim is to reduce overall reserve volumes and costs. The cross-border interconnection capacities among countries are taken into account, and the shared uncertainty across interconnections is addressed via a novel robust approach. The method is tested on the cross-border system of south-east Europe that includes 9 countries. 5 different operational scenarios are used and a detailed calculation of the uncertainty distributions in each country is employed. Results show that cross-border shared sizing can significantly reduce overall reserve volumes and costs in a secure way.

Sustainable developments, renewable energy, and economic growth in Canada

AbstractThe object of this paper is to investigate the dynamic causal relationship between economic growth and renewable energy in Canada. The causal relationship is examined under the neoclassical production function framework. We employed a panel autoregressive distributed lag model controlling for different states of the economy by incorporating a dummy variable, which indicates the economic peak and trough. The data set consists of annual real GDP, capital formation, labor, and electricity generation by renewables for nine Canadian provinces covering from 1981 to 2015. The empirical results find that there is a unidirectional causality from renewable energy to economic growth in the long run. In the short run, a unidirectional causality going from renewable energy to economic growth only during the expansion period is observed. Our study suggests that renewable energy policies should be designed and implemented in a way that takes into account the nonlinear relationship between renewable energy and economic growth. This could involve promoting the development and deployment of renewable energy sources as part of their economic stimulus packages during economic upturns.

Can financial and economic means accelerate renewable energy growth in the climate change era? The case of China

In the context of climate change, innovative financing solutions and the rapid development of financial technology (fintech) offer great potential for the growth of renewable energy. Based on panel data from 30 provinces in China, this paper explores the impact of fintech on renewable energy growth by employing the instrumental variable-generalized method of moments (IV-GMM). We also pay attention to the nexus between fintech and renewable energy growth at different quantiles. This paper also explores the moderating role of the digital economy and the mediating role of green technological innovation. The main results indicate that (1) fintech positively affects renewable energy growth in China; (2) the positive effect between fintech and renewable energy is stronger in provinces with lower levels of renewable energy growth; (3) the digital economy, on the one hand, can significantly accelerate renewable energy growth; on the other hand, under the help of the digital economy, fintech can play a more effective role in increasing renewable energy growth; and (4) fintech indirectly promotes renewable energy growth by increasing the level of green technology innovation. The findings provide meaningful references for governments and policymakers and encourage the accelerated adoption of fintech in the sustainable energy sectors.

Examining the Effects of Renewable Energy and Economic Growth on Carbon Emission in Canada: Evidence from the Nonlinear ARDL Approaches.

Increasing industrial activities trigger the intense use of fossil fuels and increase the number of carbon emissions in the atmosphere. Countries with a high share in current carbon emissions need to expand their use of renewable energy sources. Canada is an important energy producer and consumer globally. In this regard, its decisions are important for the future development of global emissions. This study examines the asymmetric effects of economic growth, renewable energy, and non-renewable energy consumption on carbon emissions in Canada from 1965 to 2017. In the first stage of the analysis, unit root testing was performed for the variables. For this, Lee-Strazicich (2003), ADF and PP unit root tests were used. The nonlinear ARDL method was used to analyze the relationship between variables. and Measures: In order to analyze the relationship between the variables in the established model, renewable energy consumption (%), non-renewable energy consumption (%), and carbon emissions (per capita-Mt). In addition, the economic growth (constant price 2010- US$) parameter was added to the model as a control variable. The findings support that energy consumption, economic growth, and renewable energy have an asymmetric effect on carbon emissions in the long run. The positive shock in renewable energy reduces carbon emissions, and a unit increase in renewable energy reduces carbon emissions by 1.29%. Besides, the negative shock in economic growth greatly deteriorates the quality of the environment; that is, a 1% reduction in economic growth causes emissions to increase by 0.74% in the long run. On the other hand, positive shocks in energy consumption have a positive and significant effect on carbon emissions. A 1% increase in energy consumption causes 1.69% carbon emissions. There are important policy implications for Canada to eliminate carbon emissions, increase the share of renewable energy sources and achieve its economic growth targets. In addition, Canada needs to reduce its consumption of non-renewable energy (such as gasoline coal, diesel, and natural gas).

Revisiting the environmental impact of renewable energy, non-renewable energy, remittances, and economic growth: CO2 emissions versus ecological footprint for top remittance-receiving countries.

The study examined the impact of renewable energy, non-renewable energy, remittances, and economic growth on environmental degradation from the perspective of carbon dioxide emissions (CO2) and ecological footprint for the top 50 remittance-receiving countries for 1991-2018. This study simulates the environmental future for attaining the targets of Sustainable Development Goal 7 (SDG7) using the latest datasets. This study is one of the few that empirically explores how various explanatory variables affect CO2 and ecological footprint. The study employed the pool mean group autoregressive distributive lag (PMG-ARDL), fully modified ordinary least squares (FMOLS), and dynamic ordinary least squares (DOLS) techniques for the analysis. In the long-run, non-renewable energy and economic growth have a positive impact, whereas renewable energy and remittances have a negative impact on CO2 and ecological footprint. The impact of non-renewable energy on CO2 and ecological footprint is more significant than renewable energy in both the short- and long-run. Most of the variables have a bidirectional causality among each other. This highlights the need for a paradigm shift towards renewable energy in the top recipients specifically for developing countries.

Impact of Financial Inclusion, Globalization, Renewable Energy, ICT, and Economic Growth on CO2 Emission in OBOR Countries

This study examines the short-term and long-term effects of various important determinants such as financial inclusion (FI), information and communication technology (ICT), renewable energy (RE), globalization (GOB), and economic growth (EG) on CO2 emissions in the top 10 emitter countries in the OBOR region based on the collected data for the years 2004 to 2019. This study employed the CS-ARDL technique. Findings demonstrate a strong relationship between FI, ICT, and CO2 emissions in both the long-term and short-term. Renewable sources of energy have been found to have a CO2 emission reduction effect, both in the long and short term. In the long run, there is a negative connection between globalization and CO2 emissions; however, in the short run, this connection is inconsequential, while economic growth (EG) has a positive association with CO2 emission. The development of ICT infrastructure carries the potential to directly mitigate the detrimental effects of CO2 emissions while also playing an important role in raising people’s environmental consciousness. OBOR countries should welcome and encourage clean and green foreign investment that provides technical skills, environmental technology development, and carbon-free processes.

How renewable energy and service growth influence environmental quality: Evidence from a sustainable development perspective

AbstractThe present study inspects the relationships between the carbon dioxide (CO2) emissions, real GDP, renewable and non‐renewable energy consumption, as well as the service growth for top ten countries (TTC) in service activities. The empirical modeling used in the study involves the procedures of cointegration and tests of Granger causality to inspect the dynamic interaction between the variables during the period from 1980 to 2018. The results of the present study suggest that the variables are cross‐sectionally dependent. In addition, the variables appear to be cointegrated based on several tests. The long‐run outcomes revealed an inversed U‐shaped form between emissions‐GDP proving the validity of the environmental Kuznets curve assumption. The fully modified ordinary least squares and dynamic OLS estimates show that the non‐renewable energy and economic growth contribute to the increase of CO2emissions, while service value‐added leads to decrease emissions. Furthermore, the renewable energy coefficient comes through as negative but insignificant for the selected panel. The TTC in service should stimulate the usage of renewable energy in various service events for following the path of sustainable development. Devising the investment plans associated with the use of renewable energies is quite essential for the advancement of the service sector leading to mitigating emissions portion.

Growth and Pattern of Renewable Energy in India: A Way for Sustainable Development

The main objective of the present study is to analyse the growth and pattern of renewable energy in India. Renewable energy is generated from natural sources, which are replenished more quickly than consumed. Renewable energy has a significantly positive impact on protecting the environment from the problem of carbon emissions, which is most required in India, as India is the fourth largest nation producing the highest carbon emission. As being a developing nation, the energy requirement has continuously increased in India, and it is expected India will become third larger country that requires energy sourced after China and US up to 2040. The study observed that the energy deficit in the normal and peak periods has declined, and the share of renewable energy reached 20.3 per cent in 2021-22. Moreover, the majority of renewable energy is owned by the private sector, and the western coastal states of India have the highest density of renewable energy. The study suggested optimum policy recommendations to enhance renewable energy and promote sustainable development in India.