Impacts of renewable energy on climate risk: A global perspective for energy transition in a climate adaptation framework

In recent decades, the use of fossil fuels has had a harsh impact on the climate, and the frequency and intensity of various extreme weather events have increased, which has triggered an increased the use of renewable energy sources and reflection on technological advances. Many countries are trying to promote renewable energy to reduce their impact on climate change, but the impact of national energy policies in the climate risk framework remains poorly understood. Based on the panel data of 84 developed/developing countries around the world from 2006 to 2019, this paper studies and analyzes the impact of renewable energy use on climate risk. The study found that the increase in the proportion of renewable energy use can reduce the climate risk, and this result is still robust after undergoing robustness tests such as changing variables, samples, and research methods. The findings offer an important solution for European countries, where climate risks are most acute. The heterogeneity analysis shows that the higher the level of economic development, population density and the lower the level of incorruptibility, the weaker the inhibitory effect of renewable energy use on climate risk. The mechanism analysis also shows that the increase in the proportion of renewable energy use can reduce climate risk by reducing carbon dioxide (CO2), methane (CH4), nitrogen monoxide (NO), PM2.5 emissions, and the proportion of fossil fuel use, but it does not reduce climate risk by increasing biodiversity. In particular, we find that technological progress has not played a role in the use of renewable energy to reduce climate risk, breaking the stereotype. The policy recommendation of this paper is that under the increasing pressure of climate change, the transition to clean energy is an indispensable option, and the need to accelerate the energy transition becomes more urgent. There is a greater need to further protect biodiversity and enhance technological progress.