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Drivers for Renewable Energy Consumption in European Union Countries. A Panel Data Insight

Author

Listed:
  • Iulia Lupu

    (“Victor Slavescu” Centre for Financial and Monetary Research, Bucharest)

  • Gheorghe Hurduzeu

    (Bucharest University of Economic Studies, Romania)

  • Radu Lupu

    (Bucharest University of Economic Studies, Romania)

  • Maria-Floriana Popescu

    (Institute of Agricultural Economics, Bucharest, Romania)

  • Camelia Gavrilescu

    (Institute for Economic Forecasting, Bucharest, Romania)

Abstract

Renewable energy sources play an essential role in the broader context of environmental protection and the fight against the effects of climate change. At the European level, the need to increase the proportion of energy generated by renewable resources is formalised through the Renewable Energy Directive (2009/28/EC), which was updated in 2018 and became legally mandatory starting from June 2021. The European Green Deal, adopted in 2019, highlights the role of energy generated from renewable sources in fulfilling more complex objectives recognised at the international level. Within this context, in this study, we investigate the link between renewable energy consumption by sector and other critical indicators in the energy sector, representing energy productivity, intensity, efficiency, import dependency, research and development (R&D) allocations, and energy-related tax revenues, for the period 2004-2020. We employed a panel data approach for European Union member states, Central and Eastern Europe and Western Europe countries separately. The empirical results confirm the different conditions for the two groups of countries, suggesting the possibility of designing specific energy policies. We emphasise the positive role of R&D in both categories of member states.

Suggested Citation

  • Iulia Lupu & Gheorghe Hurduzeu & Radu Lupu & Maria-Floriana Popescu & Camelia Gavrilescu, 2023. "Drivers for Renewable Energy Consumption in European Union Countries. A Panel Data Insight," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 25(63), pages 380-380, April.
    • Handle: RePEc:aes:amfeco:v:25:y:2023:i:63:p:380
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    References listed on IDEAS

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    Cited by:

    1. Petre Adrian & Plesea Doru Alexandru, 2024. "The Impact of R&D Investments on Renewable Energy Transition. A Panel Data Approach," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 18(1), pages 1808-1818.
    2. Magdalena Osińska & Atif Maqbool Khan & Jacek Kwiatkowski, 2024. "Identifying Economic Factors of Renewable Energy Consumption—A Global Perspective," Energies, MDPI, vol. 17(15), pages 1-26, July.

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    More about this item

    Keywords

    renewable energy; energy policy; European Union; panel data.;
    All these keywords.

    JEL classification:

    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General
    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy

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