Economic and Social Drivers of Renewable Energy Consumption in the European Union: An Econometric Analysis

Reni Pantcheva

Economic Studies journal, 2024, issue 7, 62-84

Abstract: Renewable energy aspires to boost decarbonisation and power the circular economy in accordance with the Green Deal objectives. The transition, however, faces many challenges and understanding the drivers behind it is essential. This paper analyses 27 European Union countries for the period 2008 – 2020 to identify economic and social determinants influencing renewable energy consumption. The results indicate that the population density, education, economic growth, digitalisation and research and development have a considerable positive impact. Urbanisation, on the other hand, appears to exert a negative influence. In addition, the empirical findings reveal a unidirectional causal relationship running from education, economic growth and energy poverty towards renewable energy consumption. This research provides useful insights into important drivers of renewable energy adoption which can facilitate or hinder the energy transition and achievement of carbon neutrality goals.

JEL-codes: O13 P18 Q42 Q53 Q56 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:bas:econst:y:2024:i:7:p:62-84

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