Investments In Renewable Energy Technologies Research Articles

Exploring equality and sustainability trade-offs of energy transition outcomes in the United States in 2050

With increasing focus on equitable and just energy transition, it is critical to understand the trade-offs of different decarbonization outcomes across economic, environmental, and social sustainability criteria. In this analysis, we use a multi-criteria decision analysis to quantify sustainability outcomes across 32 decarbonization outcomes in 2050 in the U.S. The economic sustainability criteria we use are system cost, national average retail rate, and electricity system employment. The environmental sustainability criteria we use are life cycle greenhouse gas emissions, life cycle water depletion, life cycle land transformation, and air pollution fatalities. The social sustainability (distributional impacts) criteria we use are retail rate equality across states, electricity employment equality across low-income households, and air pollution disparities across census tracts. We evaluate performance across these criteria under eleven different stakeholder preference scenarios. We find that decarbonization policies with indefinitely extended tax credits have the highest sustainability score under equal criteria weighting, with greater investments in renewable energy technologies, and result in better environmental, system cost, job, and air pollution disparities compared to mid-case scenarios, that only include current policies and CO2 reduction targets. We also see that our multi-criteria decision analysis identifies decarbonization outcomes that would not have been identified as optimal under a single objective, which highlights the importance of trade-off analyses to understand decarbonization outcomes more holistically.

Revisiting the Nexus between Renewable Energy Consumption and Economic Growth in Nigeria: The VECM Approach

The research investigates the effect of renewable energy consumption on economic growth as well as analyzing the dynamic relationship between both variables from 1990 to 2022. Annual secondary data covering the period between 1990 and 2022 were used in the study. Data on real gross domestic product, renewable energy consumption (% of total final energy consumption), gross capital formation (% of GDP), labor force, total and trade (% of GDP) were sourced from World Development Indicator. The study applies Johansen co-integration test and Vector Error Correction Model (VECM) to examine the effect of renewable energy consumption on economic growth and other explanatory variables as well as using pairwise granger causality test to examine the causal relationship between both variables. The empirical evidence revealed long-term relationship between renewable energy consumption and economic growth. Evidence shows that there is no causality either unidirectional or bi-directional between both variables. In short run, renewable energy consumption revealed a significant positive impact on economic growth. This shows that renewable energy may stimulate economic growth, particularly as it has a greater short-term impact on economic growth than capital formation. The key policy implication drawn from the results indicate the need for investment in renewable energy technologies and infrastructure, which can help to increase the availability and affordability of renewable energy, improve workforce development in Nigeria renewable energy sector.

ENERGY SECURITY IN THE GLOBAL CONTEXT: A COMPREHENSIVE REVIEW OF GEOPOLITICAL DYNAMICS AND POLICIES

Energy security is a critical dimension in the contemporary global landscape, where the availability, affordability, and reliability of energy resources play a pivotal role in shaping geopolitical dynamics and national policies. This paper presents a comprehensive review of the intricate interplay between energy security, geopolitics, and policies on the global stage. The quest for energy security is inherently linked to the geopolitical landscape, as nations strategically position themselves to secure access to vital energy resources. The competition for control over key energy reserves, transit routes, and distribution networks often shapes international relations, leading to geopolitical tensions and conflicts. The study delves into the geopolitical dynamics surrounding major energy-producing regions, such as the Middle East, Central Asia, and the Arctic, analyzing the impact of these dynamics on global energy security. Policies and strategies employed by nations to enhance their energy security are critical aspects of this review. The analysis encompasses a range of policy dimensions, including diversification of energy sources, investments in renewable energy technologies, and the development of resilient energy infrastructure. Moreover, the study explores the role of international collaborations, agreements, and institutions in fostering energy security and addressing common challenges. The transition towards a sustainable and secure energy future is a key focus, considering the increasing importance of climate change mitigation and the imperative to reduce dependence on finite fossil fuel resources. The paper emphasizes the significance of policy frameworks that balance economic, environmental, and security considerations to achieve a holistic approach to energy security. This comprehensive review provides a nuanced understanding of energy security within the global context, offering insights into the complex interconnections between geopolitics and policies. It underscores the need for a collaborative and multifaceted approach to address the challenges and opportunities inherent in securing the world's energy future.
 Keywords: Energy Security, Policies, Geopolitical Dynamics, Energy, Review.

Modelling Policy Pathways to Maximise Renewable Energy Growth and Investment in the Democratic Republic of the Congo Using OSeMOSYS (Open Source Energy Modelling System)

This study sought to generate, evaluate, and recommend possible national policies for the government of the Democratic Republic of the Congo (DRC) to implement to most effectively boost growth and investment in renewable energy technologies (RETs) through 2065 using Open Source Energy Modelling System (OSeMOSYS). The novelty of this study stems in-part from the scarcity of RET modelling completed for specific West African countries rather than for broader regions. Market-based instruments were identified as the policy type most practical for DRC. From modelling the resulting energy systems for policy pathways involving a 16% RET subsidy, a 70% fossil fuel tax, and both in combination relative to no-policy baseline scenarios, the scenarios including the tax had the lowest net costs (USD304–306 B) and the highest proportion of RETs (above 90%). Additionally, despite the current reliance on hydropower to fulfil 98% of its energy needs, hydropower played a very minor role in all of a modelled scenarios (no future investment beyond residual capacity). Finally, a post-modelling market potential assessment was performed on the technology that dominated off-grid supply across policy pathways: a 0.3 kW small solar home system (SHS). Based on learning rates for solar photovoltaics (PV), demand for a small SHS in DRC (>160 million units in total) was found to be sufficient to substantially reduce the unit cost as deployment scales. Ultimately, this study yielded four recommendations for the DRC government: (1) Pursue financial incentives to catalyse DRC’s renewable energy supply. (2) Tax fossil fuel energy production. (3) Re-evaluate focus on hydropower. (4) Promote DRC as a healthy market for solar home systems.

Empirical Analysis of Energy Consumption and Economic Growth in Post-Soviet Eurasia: Do They Matter for Foreign Policy?

This study aims to evaluate the relationship between renewable and non-renewable energy consumption and economic growth in post-Soviet Eurasian countries by employing panel data from 15 countries from 1996 to 2018. The results reveal that the contribution of renewable energy consumption (REC) to economic growth is greater than non-renewable energy consumption. The overall findings imply that the transformation of energy consumption from non-renewable to renewable offers environmental advantages and growth opportunities. Furthermore, the transition to renewables may also expand the range of foreign relations policy options available for these countries, which, in turn, might contribute to a better alignment with evolving global regimes. Transition demands towards the long-term sustainability of global energy sources put pressure on countries to expand their domestic policy efforts and join international cooperation efforts. Therefore, post-Soviet Eurasian countries should develop strategic policy mechanisms and reforms designed to accelerate investments in renewable energy technologies.

Các yếu tố hành vi ảnh hưởng đến quyết định đầu tư vào dự án năng lượng tái tạo của các nhà đầu tư cá nhân tại Việt Nam

Investment in renewable energy technologies is seen as an effective way to stimulate sustainable global economic growth. Although renewable energy has great potential for development and is supported by governments in many countries, renewable energy projects have not been really paid enough attention in developing countries. This study explores the individual investor’s investment decision-making process in renewable energy projects. The study conducted a survey of individual investors from February 2022 to May 2022 and uses SPSS 20.0 software to process data of multivariate regresion model. The results show that investors’ a priori beliefs, level of policy incentives, knowledge of renewable energy project, green behaviors and knowledge of technological innovation are the factors that affect renewable energy projects investment decision of individual investors. The results contribute to supplementing the theoretical basis of factors affecting the decision to invest in renewable energy of individual investors, thereby providing implications to attract individual investors to invest into renewable energy in the near future.

Sustainable development or smoke?: The role of natural resources, renewable energy, and agricultural practices in China

Numerous factors are recognized as contributors to ecological degradation. These include, but are not limited to, globalization, the consumption of natural resources, agricultural practices, and the utilization of renewable energy. To dissect and better understand this intricate phenomenon, the current study explores the intricate connections between these variables and CO2 emissions. This investigation is set against a densely populated economy over three decades, from 1990 to 2020. The findings reveal intriguing implications for policymakers. Natural resources, surprisingly, have been found to decrease CO2 emissions in the selected economy. Concurrently, both agriculture and globalization have been observed to increase CO2 emissions. On a positive note, renewable energy contributes to a reduction in CO2 emissions. Based on these empirical findings, it is recommended that policymakers actively encourage investment in renewable energy technologies and adopt sustainable practices. They should also aim to instill responsible consumption habits that reduce the overexploitation of natural resources. By incorporating these insights into policy decisions, governments can effectively mitigate ecological degradation and drive their economies towards a sustainable future.

Financial development and renewable energy deployment in sub-Saharan African countries

Purpose The underdevelopment of the financial sector could be one of the barriers to the deployment of renewable energies in developing countries. The purpose of this paper is therefore to analyse the effect of financial development in the deployment of renewable energies in sub-Saharan African countries. Design/methodology/approach The empirical analysis is based on a production approach and a cross-sectionally augmented autoregressive distributive lag error correction model estimate for 25 sub-Saharan African countries over the period 1990–2018. The augmented mean group (AMG) and common correlated effects mean group (CCEMG) estimators were used for the robustness analysis. Findings Two results emerge: financial development contributes positively to renewable energy deployment in sub-Saharan African countries in the short and long run; and fossil fuel dependence impedes significantly renewable energy deployment in the short and long run. The robustness analyses using the AMG and CCEMG methods confirm these results. Practical implications These results suggest the need for policies to support and strengthen the development of the financial sector to improve its ability to effectively finance investments in renewable energy technologies. Originality The originality of this paper lies in the fact that the analysis is based on a renewable energy production approach. Indeed, the level of renewable energy deployment is measured by the production and not the consumption of renewable energy, unlike other previous work. In addition, this research uses recent econometric estimation techniques that overcome the problems of cross-sectional dependence and slope heterogeneity.

Transitioning to sustainable energy: opportunities, challenges, and the potential of blockchain technology

The pressing issues of climate change and the limited availability of non-renewable energy resources have created a growing need for sustainable energy alternatives. This study provides a comprehensive overview of the pressing need for sustainable energy solutions and the complex relationship between energy and the economy. The challenges and opportunities presented by the transition to sustainable energy sources are explored, including the need for investment in renewable energy technologies, policy changes to incentivize sustainable energy use, and the potential for job creation in the sustainable energy sector. On the other hand, it is recognized that there are considerable hurdles that need to be addressed, including the substantial initial expenses associated with establishing renewable energy systems, as well as the political and societal barriers to enacting change. The economic benefits of transitioning to sustainable energy, such as improved energy security, reduced dependence on fossil fuels, and the potential for increased economic growth, are evaluated. The complex relationship between energy and the economy is thoroughly analyzed, presenting a valuable contribution to the academic literature on sustainable energy. Furthermore, an inquiry is being made into the potential contribution of blockchain technology in advancing a sustainable energy landscape. This includes its ability to augment the effectiveness and openness of energy markets, as well as its capacity to assist in the assimilation of renewable energy resources. Hence, this research underscores the importance of transitioning to sustainable energy sources for their environmental and economic merits. The findings presented offer valuable insights to inform policy decisions and guide future research endeavors in this field. By promoting the advancement of sustainable energy technologies, this study contributes to the development of a more sustainable global economy.

Agricultural Production, Renewable Energy Consumption, Foreign Direct Investment, and Carbon Emissions: New Evidence from Africa

This paper explores the nexus between agricultural production, renewable energy, foreign direct investment (FDI), and carbon emissions in Africa, where there is limited evidence on the topic. Relying on panel data covering thirty-one African countries obtained from the World Bank World Development Indicators and FAOSTAT databases, we answered the question of whether agricultural production (proxied by livestock production, fertilizer consumption, and land under cereal cultivation), the use of renewable energy, and FDI increase or reduce carbon emissions. Using the panel autoregressive distributed lag model for analysis, our results show that net FDI, fertilizer consumption, livestock production significantly increased carbon emissions, both in the short run and long run. Meanwhile, renewable energy use consumption significantly decreased carbon emissions, both in the short run and long run. Specifically, a 1% increase in net FDI increased total carbon emissions by 0.003% in the short run and by 0.01% in the long run. Renewable energy consumption significantly decreased carbon emissions, both in the short run and long run. A 1% increase in renewable energy consumption decreased total carbon emissions by 0.16% in the short run and by 0.22% in the long run. Additionally, fertilizer consumption and livestock production significantly increased carbon emissions in the short run and long run. A 1% increase in fertilizer consumption increased total carbon emissions by 0.01% in the short run and by 0.04% in the long run, while a 1% increase in livestock production increased total carbon emissions by 0.20% in the short run and by 0.56% in the long run. The findings call for investment in renewable energy technologies and consumption while advocating for large-scale uptake of climate-smart agriculture, and environmentally friendly targeted foreign direct investments on the continent.

Does R&D investment in renewable energy technologies reduce greenhouse gas emissions?

In this paper, we investigate the impact of public investment in R&D in renewable energy technologies on environmental quality using a spectrum of environmental emissions. We employ new and innovative panel data methods to address the existing econometric issues in estimating the effect of R&D on greenhouse gas emissions. Then, using data from advanced and emerging economies that span the period from 1980 to 2020, we find that R&D investment in renewable technologies has a significant positive effect on environmental quality by reducing a range of pollutants, including carbon dioxide, methane, and other pollutants. The results are robust to a series of sensitivity tests. The findings have important policy implications for climate change and various recent environmental initiatives, including the transition to net-zero emissions and sustainability.

Modeling the impact of macroenvironmental forces on investment in Renewable Energy Technologies in Ghana: the moderating role of Entrepreneurship orientation dimensions

Since 2011, successive Governments in Ghana have developed, and implemented Renewable Energy Master Plan to leverage macroenvironmental forces and encourage indigenous investment in Renewable Energy Technologies (RETs), but the actual impacts are yet to be felt by Ghanaians. The main objectives of the study are to: examine the impacts of Macroenvironment Forces (MF) on Small and Medium Enterprises’ (SMEs) investment intentions in RETs, and determine the moderating effects of Entrepreneurship Orientation (EO) dimensions (viz. proactiveness, competitive aggression, innovativeness, and risk-taken) on the relationship between MF and SMEs’ investment intentions. A total of 240 usable responses were received through self-administered survey questionnaires among Ghanaian SMEs. Variance-Based Partial Least Square Equation Modelling (PLS-SEM) approach was used for the data analyses and hypotheses testing. The results revealed that MF had significant and positive relationship with SMEs’ intention to invest in RETs. Moreover, the results showed that proactiveness, competitive aggressive, and innovation had direct effects on intention to invest in RETs. Again, the results showed that EO dimensions significantly moderated the relationship between MF and investment intentions in RETs. The implications of these results include extending previous MF works by evaluating MF, EO, and investment intention relationships in a developing country context, which has been largely ignored in previous studies. Again, this paper provides insights into the value of macroenvironment scanning and assessment which could lead to better investment intentions in clean, affordable, and reliable energy service. Besides, the efficacy of EO in MF-investment intentions relationship has been well established in this paper.

Population aging, renewable energy budgets and environmental sustainability: Does health expenditures matter?

From the last few centuries, the human population has grown exponentially around the globe, and an increase in affluence has increased resource usage and pollutant emissions. In this respect, investment in renewable energy technologies plays an essential role in fighting against climate change and helps to achieve carbon neutrality targets. However, the pace of population aging is also increasing dramatically, which may require more health expenditures that may affect the renewable energy budgets. In this context, this study investigates the linkage between population aging, health expenditures, renewable energy budgets and carbon dioxide (CO2) emissions in G7 (Group of Seven) countries from 1985 to 2019. The second-generation estimation techniques robust to cross-sectional dependence and slope heterogeneity are used. The findings of Cross-Sectional Autoregressive Distributed Lag (CS-ARDL) depict that population aging and renewable energy budgets enhance the environmental quality of G7 countries by decreasing CO2 emissions. In contrast, health expenditures and economic growth attenuate environmental sustainability. The finding of CS-ARDL is also confirmed by the Augmented Mean Group (AMG) method. The Dumitrescu and Hurlin causality test outcomes indicate the unidirectional causality from population aging and renewable energy to CO2 emissions. There is a feedback effect between health spending, economic growth, and CO2 emissions. Another interesting discovery is that population aging leads to health expenditures and consequently affects renewable energy budgets. We also find that population aging can affect renewable energy budgets directly. In addition, this paper also reveals a bidirectional causal relationship between health expenditures and renewable energy budgets. Finally, drawing on these consequences, this paper proffers some policy recommendations to help G7 countries to achieve climate-related goals.

Comparing government support, firm heterogeneity, and inter-firm spillovers for productivity enhancement: Evidence from the Korean solar energy technology industry

Numerous issues have deterred investment in innovation, including technological and market uncertainty and the avoidance of long-run investment in renewable energy technologies by financial decision makers. To address this issue, we investigate the direct and indirect (inter-firm spillover) effects of government support and firm heterogeneity on productivity. Using panel data from Korean solar energy technology manufacturers, we determine the significance of firm heterogeneity in improving productivity. Specifically, we establish the positive impact of physical capital and organizational slack on productivity in the short and long run, and we find a long-run positive-spillover effect of intellectual capital on productivity. The results also show that productivity increases only when government support interacts with firm heterogeneity. This increase is related to the short- and long-run direct effects of the interaction between intellectual capital and non-R&D (Research and Development) subsidies, between organizational slack and R&D subsidies, and the long-run spillover effect via the interaction between non-R&D subsidies and organizational slack. Lastly, the policy and strategic repercussions of firm-level productivity enhancement in the solar energy technology industry are deliberated based on the findings of this study.

Assessing the advancement of new renewable energy sources in Latin American and Caribbean countries

The research focuses on the evolution of non-hydroelectrical renewable installed capacity from 2001 to 2017 in nineteen countries from the Latin America and the Caribbean (LAC) region. The deployment of new renewables has several characteristics that point to nonlinear relationships with its drivers. In accordance, the quantile regressions econometric technique of Canay was used. The option to use this econometric technique stem from Canay model estimation can capture the variation between different countries (cross-section). The Canay model estimation results support that renewable energy finance flows, economic globalisation index, and carbon dioxide emissions positively affect non-hydroelectrical renewable installed capacity. The positive impact of carbon dioxide (CO2) emissions on non-hydroelectrical renewable installed capacity could be related to increased environmental, political, and social pressure regarding the increase of environmental degradation caused by the growth in emissions that encouraged the new investments in renewable energy technologies. It also could be related to the consumption of new renewable energy sources that mitigate CO2 emissions in the LAC countries.

Global 100% energy transition by 2050: A fiction in developing economies?

Global 100% energy transition by 2050: A fiction in developing economies?

Pathways to eliminate carbon emissions via renewable energy investments at higher education institutions

Higher education institutions are among the many public and private sector entities that have committed to long-term sustainability goals in response to the threat of climate change. A key challenge for these institutions is establishing a commitment to make targeted investments in renewable energy technologies in support of emissions reduction goals. Such strategies require a vision to simultaneously coordinate strategic investments in renewable energy technologies with tactical operational decisions to achieve the desired benefits. In this paper, we formulate and solve a least-cost renewable energy capacity investment planning model to determine pathways to achieve emissions reduction strategies. Specifically, we apply our model to Rutgers University to evaluate its target of 100 % carbon neutrality. Using these insights, we share recommendations on how these strategies can be executed. This research serves as a springboard for administrators to assess and deploy their emissions reduction strategies, while ensuring system and financial constraints are satisfied.

Public awareness and their attitudes toward adopting renewable energy technologies in Afghanistan

This research investigates the factors that potentially affect public attitudes and their adoption of renewable energy technologies for electrical energy production in Afghanistan. The study is carried out with a survey from Kabul and its neighboring provinces including Logar, Maidan Wardak, Nangarhar, Ghazni, Parwan & Kapisa provinces. We used a random sampling process to collect data using a web-based questionnaire. The survey was well designed to highlight conveniently the public understanding, willingness, and attitudes toward adopting renewable energy technologies (RETs). The outcome of the survey is then evaluated to discover the most potential factor affecting public acceptance of RETs. The results declared that the educational level, expertise in RETs, and income of respondents are positively related, while the age of respondents is negatively related to the public willingness on the use and investment in RETs. The majority of respondents have used one type of RETs, however, 23 % of respondents have not used any type of RETs. Study shows that the RETs use and access to grid electricity are reversely related, where the access is lower, the RETs use is higher and vice versa. Most of the respondents were not well informed and most disagreed with the government policies on RETs, therefore, public awareness programs on RETs and government policies are recommended. The majority of respondents were willing to invest in RETs, therefore, the government should commit itself and support private sectors to invest in RETs and take part in its development.

The impact of variable renewable energy technologies on electricity markets: An analysis of the Turkish balancing market

As global investment in renewable energy technologies continue to trend upward, the effects of variable (intermittent) renewable energy technologies on power markets have created serious challenges for regulators and policymakers. The literature on the effects of these technologies on day-ahead markets has been well established; however, further research is required on intra-day and real-time (balancing) markets to understand how these technologies are changing electricity market dynamics. In this respect, this study aims to assess the effects of the variable renewable energy technologies (wind and run-of-river hydro) on Turkish balancing market prices using quantile regression. In addition, ordered logistic regression is used to evaluate how system imbalances are changing as a result of these technologies. Model results show that system marginal price declines as variable renewable energy generation increases. Moreover, there is a higher probability of positive imbalance as the positive difference between real-time and projected variable renewable energy generation increases. Overall, an increase in variable renewable energy generation implies lower prices, but higher positive imbalances for the system. Hence, we recommend that Turkey should revise its current market design to incorporate the geographical and temporal generation characteristics of these technologies.

Towards robust renewable energy investment decisions at the territorial level

Considerable and fast investments in renewable energy technologies are needed in order to reduce greenhouse gas emissions to achieve the Paris Agreement climate change mitigation targets. Many of these investment decisions are made at the territorial level, especially those related to the heating sector. When choosing the most suitable energy investments, decision makers need to consider several performance indicators—economic, social and environmental—simultaneously. In addition, decision makers face profound uncertainty concerning the future, as decisions on energy systems are always long-term investments. We aim to provide territorial decision makers with a simple decision-making framework that combines a robust decision-making method with multi-criteria analysis and allows the inclusion of territorial features. The main aim is to develope a simple tool that provides data to seek robust solutions which will perform well over a wide range of plausible futures. The method proposed is illustrated with a case study on renewable heating solutions based in France. Heat pumps or central biomass plants are robust in various future conditions, while current domestic natural gas based heating performs badly compared to the renewable technologies.