IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v16y2024i8p3155-d1373027.html
   My bibliography  Save this article

The Adoption of Renewable Energy Technologies by Oil-Producing Countries: An Inevitable Outcome at a Time of Global Challenges and Demand for Sustainable Development

Author

Listed:
  • Nashwa Mostafa Ali Mohamed

    (Department of Economics, College of Business, King Saud University, P.O. Box 173, Riyadh 11942, Saudi Arabia)

  • Karima Mohamed Magdy Kamal

    (Department of Economics, College of Business, King Saud University, P.O. Box 173, Riyadh 11942, Saudi Arabia)

  • Jawaher Binsuwadan

    (Department of Economics, College of Business Administration, Princess Nourah bint Abdulrahman University, P.O. Box 84428, Riyadh 11671, Saudi Arabia)

Abstract

This paper addresses the necessity of adopting renewable energy technologies in order to achieve sustainable development goals in light of increasing global challenges, with a particular focus on the current generation’s well-being. It addresses the potential impacts of global crises, such as energy and food crises, on the transition to renewable energy. Using a descriptive and analytical approach, this paper examines the environmental and economic costs and benefits of renewable energy as well as the commitment of oil-producing countries to international environmental treaties. The research utilises an econometric model to analyse the relationship between sustainable development goals and global challenges. Data from the United Nations Conference on Trade and Development and the International Renewable Energy Agency are used to inform the analysis. The findings showed that the rights and well-being of current generations are currently maintained by the persistent use of fossil fuels in oil-producing nations. Fossil fuels continue to be, and may likely remain, the primary energy source in various sectors of development, despite their significant contribution to environmental and climate issues. The paper offers insights and recommendations for policymakers seeking to determine when government spending should best be allocated to renewable energy technologies, balancing national economic interests with international agreements.

Suggested Citation

  • Nashwa Mostafa Ali Mohamed & Karima Mohamed Magdy Kamal & Jawaher Binsuwadan, 2024. "The Adoption of Renewable Energy Technologies by Oil-Producing Countries: An Inevitable Outcome at a Time of Global Challenges and Demand for Sustainable Development," Sustainability, MDPI, vol. 16(8), pages 1-21, April.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:8:p:3155-:d:1373027
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/16/8/3155/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/16/8/3155/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Axèle Giroud, 2024. "World Investment Report 2023: Investing in sustainable energy for all," Journal of International Business Policy, Palgrave Macmillan, vol. 7(1), pages 128-131, March.
    2. Shahbaz, Muhammad & Raghutla, Chandrashekar & Chittedi, Krishna Reddy & Jiao, Zhilun & Vo, Xuan Vinh, 2020. "The effect of renewable energy consumption on economic growth: Evidence from the renewable energy country attractive index," Energy, Elsevier, vol. 207(C).
    3. Bertsch, Valentin & Di Cosmo, Valeria, 2018. "Are Renewables Profitable in 2030? A Comparison between Wind and Solar across Europe," ESP: Energy Scenarios and Policy 276178, Fondazione Eni Enrico Mattei (FEEM).
    4. Jeffrey M Wooldridge, 2010. "Econometric Analysis of Cross Section and Panel Data," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262232588, April.
    5. Hausman, Jerry, 2015. "Specification tests in econometrics," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 38(2), pages 112-134.
    6. Mahmoudi, Ali & Bostani, Mohammad & Rashidi, Saman & Valipour, Mohammad Sadegh, 2023. "Challenges and opportunities of desalination with renewable energy resources in Middle East countries," Renewable and Sustainable Energy Reviews, Elsevier, vol. 184(C).
    7. Mohammed Alghassab, 2023. "A Computational Case Study on Sustainable Energy Transition in the Kingdom of Saudi Arabia," Energies, MDPI, vol. 16(13), pages 1-18, July.
    Full references (including those not matched with items on IDEAS)

    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. Campbell, Randall C. & Nagel, Gregory L., 2016. "Private information and limitations of Heckman's estimator in banking and corporate finance research," Journal of Empirical Finance, Elsevier, vol. 37(C), pages 186-195.
    2. Mehzabin Tuli, Farzana & Mitra, Suman & Crews, Mariah B., 2021. "Factors influencing the usage of shared E-scooters in Chicago," Transportation Research Part A: Policy and Practice, Elsevier, vol. 154(C), pages 164-185.
    3. Peppel-Srebrny, Jemima, 2021. "Not all government budget deficits are created equal: Evidence from advanced economies' sovereign bond markets," Journal of International Money and Finance, Elsevier, vol. 118(C).
    4. Etienne Redor & Magnus Blomkvist, 2021. "Do all inside and affiliated directors hold the same value for shareholders?," Economics Bulletin, AccessEcon, vol. 41(3), pages 882-895.
    5. Baron, Opher & Callen, Jeffrey L. & Segal, Dan, 2023. "Does the bullwhip matter economically? A cross-sectional firm-level analysis," International Journal of Production Economics, Elsevier, vol. 259(C).
    6. Jun Li & Serguei Netessine & Sergei Koulayev, 2018. "Price to Compete … with Many: How to Identify Price Competition in High-Dimensional Space," Management Science, INFORMS, vol. 64(9), pages 4118-4136, September.
    7. Ali Uyar & Cemil Kuzey & Merve Kilic & Abdullah S. Karaman, 2021. "Board structure, financial performance, corporate social responsibility performance, CSR committee, and CEO duality: Disentangling the connection in healthcare," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(6), pages 1730-1748, November.
    8. Arnd Kölling & Claus Schnabel, 2022. "Owners, external managers and industrial relations in German establishments," British Journal of Industrial Relations, London School of Economics, vol. 60(2), pages 424-443, June.
    9. Zheng, Yanfeng & Liu, Jing & George, Gerard, 2010. "The dynamic impact of innovative capability and inter-firm network on firm valuation: A longitudinal study of biotechnology start-ups," Journal of Business Venturing, Elsevier, vol. 25(6), pages 593-609, November.
    10. Ali Uyar & Simone Pizzi & Fabio Caputo & Cemil Kuzey & Abdullah S. Karaman, 2022. "Do shareholders reward or punish risky firms due to CSR reporting and assurance?," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(5), pages 1596-1620, July.
    11. Liobikienė, Genovaitė & Butkus, Mindaugas, 2017. "Environmental Kuznets Curve of greenhouse gas emissions including technological progress and substitution effects," Energy, Elsevier, vol. 135(C), pages 237-248.
    12. Belmartino, Andrea & Calá, Carla Daniela, 2020. "A regional approach to the study of industrial diversity in Argentina (1996–2012)," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    13. Volonté, Christophe, 2015. "Boards: Independent and committed directors?," International Review of Law and Economics, Elsevier, vol. 41(C), pages 25-37.
    14. Nadjia Mehraban & Christoph Kubitza & Zulkifli Alamsyah & Matin Qaim, 2021. "Oil palm cultivation, household welfare, and exposure to economic risk in the Indonesian small farm sector," Journal of Agricultural Economics, Wiley Blackwell, vol. 72(3), pages 901-915, September.
    15. Wesseh, Presley K. & Lin, Boqiang, 2016. "Can African countries efficiently build their economies on renewable energy?," Renewable and Sustainable Energy Reviews, Elsevier, vol. 54(C), pages 161-173.
    16. Woutersen, Tiemen & Hausman, Jerry A., 2019. "Increasing the power of specification tests," Journal of Econometrics, Elsevier, vol. 211(1), pages 166-175.
    17. Martínez-de-Ibarreta, Carlos & Ruiz-Rua, Aurora & Gijón, Covadonga & Fernández-Bonilla, Fernando, 2024. "The actually online banking consumer," 24th ITS Biennial Conference, Seoul 2024. New bottles for new wine: digital transformation demands new policies and strategies 302528, International Telecommunications Society (ITS).
    18. Eduardo Correia & Rodrigo Calili & José Francisco Pessanha & Maria Fatima Almeida, 2023. "Definition of Regulatory Targets for Electricity Non-Technical Losses: Proposition of an Automatic Model-Selection Technique for Panel Data Regressions," Energies, MDPI, vol. 16(6), pages 1-22, March.
    19. Maggie Xiaoyang Chen & Aaditya Mattoo, 2008. "Regionalism in standards: good or bad for trade?," Canadian Journal of Economics, Canadian Economics Association, vol. 41(3), pages 838-863, August.
    20. Liu, Jing & Lee, Monica & Gershenson, Seth, 2021. "The short- and long-run impacts of secondary school absences," Journal of Public Economics, Elsevier, vol. 199(C).

    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:jsusta:v:16:y:2024:i:8:p:3155-:d:1373027. 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.