IDEAS home Printed from https://ideas.repec.org/a/gam/jeners/v14y2021i24p8537-d705328.html
   My bibliography  Save this article

Does Investing in Renewable Energy Sources Contribute to Growth? A Preliminary Study on Greece’s National Energy and Climate Plan

Author

Listed:
  • Dimitrios Stamopoulos

    (Laboratory of Industrial and Energy Economics, National Technical University of Athens, 15780 Zografou, Greece)

  • Petros Dimas

    (Laboratory of Industrial and Energy Economics, National Technical University of Athens, 15780 Zografou, Greece)

  • Ioannis Sebos

    (School of Chemical Engineering, National Technical University of Athens, 15780 Zografou, Greece)

  • Aggelos Tsakanikas

    (Laboratory of Industrial and Energy Economics, National Technical University of Athens, 15780 Zografou, Greece)

Abstract

As more economies are transitioning away from fossil fuels for their electricity production and towards greener alternatives, many socioeconomic implications of this shift remain actively debated. The present paper attempts to assess the economic impact of investments in renewable energy sources (RESs) for Greece and whether the broader effects of this transition can offset the negative impact that will occur due to the targeted phase-out of lignite plants by 2028, which constitute the predominant power source for Greece. Our methodological approach builds on input–output analysis and the creation of composite RES industries for the estimation of the net effects of a series of monetary shocks that correspond to Greece’s phase-out investment plan, utilizing the most recent national input–output tables and satellite structural business statistics. We focus on the structural effects of these shocks on a series of socioeconomic indicators, including GDP, employment, wages, government income (through taxes), and capital formation. The results indicate that even though lignite power production still provides a significant contribution to the Greek economy, investing in renewables presents a significant opportunity for value added and job creation.

Suggested Citation

  • Dimitrios Stamopoulos & Petros Dimas & Ioannis Sebos & Aggelos Tsakanikas, 2021. "Does Investing in Renewable Energy Sources Contribute to Growth? A Preliminary Study on Greece’s National Energy and Climate Plan," Energies, MDPI, vol. 14(24), pages 1-18, December.
    • Handle: RePEc:gam:jeners:v:14:y:2021:i:24:p:8537-:d:705328
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1996-1073/14/24/8537/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1996-1073/14/24/8537/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Bruegel, . "Bruegel annual report 2020," Books, Bruegel, number 42584.
    2. Wei, Max & Patadia, Shana & Kammen, Daniel M., 2010. "Putting renewables and energy efficiency to work: How many jobs can the clean energy industry generate in the US?," Energy Policy, Elsevier, vol. 38(2), pages 919-931, February.
    3. Moreno, Blanca & López, Ana Jesús, 2008. "The effect of renewable energy on employment. The case of Asturias (Spain)," Renewable and Sustainable Energy Reviews, Elsevier, vol. 12(3), pages 732-751, April.
    4. Jenniches, Simon, 2018. "Assessing the regional economic impacts of renewable energy sources – A literature review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 93(C), pages 35-51.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Stavros Kalogiannidis & Fotios Chatzitheodoridis & Stamatis Kontsas & Dimitrios Syndoukas, 2023. "Impact of Bioenergy on Economic Growth and Development: An European Perspective," International Journal of Energy Economics and Policy, Econjournals, vol. 13(3), pages 494-506, May.
    2. Luisa Losada-Puente & José Antonio Blanco & Adina Dumitru & Ioannis Sebos & Aggelos Tsakanikas & Ioanna Liosi & Stelios Psomas & Mariangela Merrone & Diego Quiñoy & Eduardo Rodríguez, 2023. "Cross-Case Analysis of the Energy Communities in Spain, Italy, and Greece: Progress, Barriers, and the Road Ahead," Sustainability, MDPI, vol. 15(18), pages 1-20, September.
    3. Tobias Mueller & Steven Gronau, 2023. "Fostering Macroeconomic Research on Hydrogen-Powered Aviation: A Systematic Literature Review on General Equilibrium Models," Energies, MDPI, vol. 16(3), pages 1-33, February.
    4. Dalia Streimikiene & Grigorios L. Kyriakopoulos & Gintare Stankuniene, 2022. "Review of Energy and Climate Plans of Baltic States: The Contribution of Renewables for Energy Production in Households," Energies, MDPI, vol. 15(20), pages 1-16, October.
    5. Gupta, Ruchi & Guibentif, Thomas M.M. & Friedl, Markus & Parra, David & Patel, Martin Kumar, 2023. "Macroeconomic analysis of a new green hydrogen industry using Input-Output analysis: The case of Switzerland," Energy Policy, Elsevier, vol. 183(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zafrilla, Jorge-Enrique & Arce, Guadalupe & Cadarso, María-Ángeles & Córcoles, Carmen & Gómez, Nuria & López, Luis-Antonio & Monsalve, Fabio & Tobarra, María-Ángeles, 2019. "Triple bottom line analysis of the Spanish solar photovoltaic sector: A footprint assessment," Renewable and Sustainable Energy Reviews, Elsevier, vol. 114(C), pages 1-1.
    2. Luigi Aldieri & Jonas Grafström & Kristoffer Sundström & Concetto Paolo Vinci, 2019. "Wind Power and Job Creation," Sustainability, MDPI, vol. 12(1), pages 1-23, December.
    3. Costantini, Valeria & Crespi, Francesco & Paglialunga, Elena, 2018. "The employment impact of private and public actions for energy efficiency: Evidence from European industries," Energy Policy, Elsevier, vol. 119(C), pages 250-267.
    4. Sanya Carley & Sara Lawrence, 2014. "Energy-Based Economic Development," Springer Books, Springer, edition 127, number 978-1-4471-6341-1, December.
    5. Arvanitopoulos, T. & Agnolucci, P., 2020. "The long-term effect of renewable electricity on employment in the United Kingdom," Renewable and Sustainable Energy Reviews, Elsevier, vol. 134(C).
    6. Luigi Aldieri & Jonas Grafström & Concetto Paolo Vinci, 2021. "The Effect of Marshallian and Jacobian Knowledge Spillovers on Jobs in the Solar, Wind and Energy Efficiency Sector," Energies, MDPI, vol. 14(14), pages 1-16, July.
    7. G lden B l k, 2013. "Renewable Energy: Policy Issues and Economic Implications in Turkey," International Journal of Energy Economics and Policy, Econjournals, vol. 3(2), pages 153-167.
    8. Cai, Wenjia & Mu, Yaqian & Wang, Can & Chen, Jining, 2014. "Distributional employment impacts of renewable and new energy–A case study of China," Renewable and Sustainable Energy Reviews, Elsevier, vol. 39(C), pages 1155-1163.
    9. Cartelle Barros, Juan José & Lara Coira, Manuel & de la Cruz López, María Pilar & del Caño Gochi, Alfredo, 2017. "Comparative analysis of direct employment generated by renewable and non-renewable power plants," Energy, Elsevier, vol. 139(C), pages 542-554.
    10. Llera, E. & Scarpellini, S. & Aranda, A. & Zabalza, I., 2013. "Forecasting job creation from renewable energy deployment through a value-chain approach," Renewable and Sustainable Energy Reviews, Elsevier, vol. 21(C), pages 262-271.
    11. Dell’Anna, Federico, 2021. "Green jobs and energy efficiency as strategies for economic growth and the reduction of environmental impacts," Energy Policy, Elsevier, vol. 149(C).
    12. Jenniches, Simon, 2018. "Assessing the regional economic impacts of renewable energy sources – A literature review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 93(C), pages 35-51.
    13. Yang, Dewei & Liu, Dandan & Huang, Anmin & Lin, Jianyi & Xu, Lingxing, 2021. "Critical transformation pathways and socio-environmental benefits of energy substitution using a LEAP scenario modeling," Renewable and Sustainable Energy Reviews, Elsevier, vol. 135(C).
    14. Markaki, M. & Belegri-Roboli, A. & Michaelides, P. & Mirasgedis, S. & Lalas, D.P., 2013. "The impact of clean energy investments on the Greek economy: An input–output analysis (2010–2020)," Energy Policy, Elsevier, vol. 57(C), pages 263-275.
    15. Suwa, Aki, 2020. "Renewable energy and regional value: Identifying value added of public power producer and suppliers in japan," Finance Research Letters, Elsevier, vol. 37(C).
    16. Yi, Hongtao, 2014. "Green businesses in a clean energy economy: Analyzing drivers of green business growth in U.S. states," Energy, Elsevier, vol. 68(C), pages 922-929.
    17. Sunčana Slijepčević & Željka Kordej-De Villa, 2021. "Public Attitudes toward Renewable Energy in Croatia," Energies, MDPI, vol. 14(23), pages 1-17, December.
    18. Dvořák, Petr & Martinát, Stanislav & der Horst, Dan Van & Frantál, Bohumil & Turečková, Kamila, 2017. "Renewable energy investment and job creation; a cross-sectoral assessment for the Czech Republic with reference to EU benchmarks," Renewable and Sustainable Energy Reviews, Elsevier, vol. 69(C), pages 360-368.
    19. Sooriyaarachchi, Thilanka M. & Tsai, I-Tsung & El Khatib, Sameh & Farid, Amro M. & Mezher, Toufic, 2015. "Job creation potentials and skill requirements in, PV, CSP, wind, water-to-energy and energy efficiency value chains," Renewable and Sustainable Energy Reviews, Elsevier, vol. 52(C), pages 653-668.
    20. Zhang, Ling & Zhou, Peng & Newton, Sidney & Fang, Jian-xin & Zhou, De-qun & Zhang, Lu-ping, 2015. "Evaluating clean energy alternatives for Jiangsu, China: An improved multi-criteria decision making method," Energy, Elsevier, vol. 90(P1), pages 953-964.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jeners:v:14:y:2021:i:24:p:8537-:d:705328. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.