The contribution of renewable energy sector value added to the national economic development in Denmark: an empirical analysis

Dubinskii Oleg ()
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Dubinskii Oleg: Faculty of Business, Management and Economics, University of Latvia, Aspazijas bulvāris 5, Rīga, 1050, Latvia.

Review of Economic Perspectives, 2024, vol. 24, issue 1, 37-56

Abstract: Examining the relationship between sustainability and economic development was covered by research over the past decades. The initial goal of the present research is to evaluate the contribution of renewable energy sector value added to the national economic development in Denmark. The research tasks of this study include assessment of carbon dioxide allowances and environmental taxation as well as the effect of other factors in terms of their contribution to the economic growth. The application of the regression analysis in order to examine the relationship between renewable energy industry and national economic development in Denmark shows that the increasing of renewable energy value added leads to the sizeable expansion of the gross domestic product. From the environmental-economic standpoint this is presumably the first research to make unambiguous conclusion, that proves significance of renewable energy value added for economic development in Denmark. Likewise, the results of the present study prove that expanding usage of carbon dioxide (CO₂) allowances in Denmark leads to quite considerable increase of the gross domestic product. Besides that, this study provided evidence regarding positive and statistically significant impact of the other factors on the economic growth.

Keywords: Economic development, Environmental tax, Renewable energy, Sustainable development goals, Value added (search for similar items in EconPapers)
JEL-codes: C24 Q43 Q56 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:reoecp:v:24:y:2024:i:1:p:37-56:n:3

DOI: 10.2478/revecp-2024-0003

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