Assessing the Sustainable Development and Renewable Energy Sources Relationship in EU Countries

Bogdan Włodarczyk, Daniela Firoiu, George H. Ionescu, Florin Ghiocel, Marek Szturo and Lesław Markowski
Additional contact information
Bogdan Włodarczyk: Department of Finance, Faculty of Economic Sciences, University of Warmia and Mazury, 10-720 Olsztyn, Poland
Daniela Firoiu: Department of Commerce, Economic Integration and Business Administration, Romanian-American University, 012101 Bucharest, Romania
George H. Ionescu: Department of Finance, Credit and Accounting, Romanian-American University, 012101 Bucharest, Romania
Florin Ghiocel: Department of Economics, Accounting and International Affairs, University of Craiova, 200585 Craiova, Romania
Marek Szturo: Department of Finance, Faculty of Economic Sciences, University of Warmia and Mazury, 10-720 Olsztyn, Poland
Lesław Markowski: Department of Finance, Faculty of Economic Sciences, University of Warmia and Mazury, 10-720 Olsztyn, Poland

Energies, 2021, vol. 14, issue 8, 1-16

Abstract: In the context of the 2030 Agenda for Sustainable Development, by adopting the EU Renewable Energy Directive and the European Green Deal, the European Union aims at an extremely ambitious goal to become climate neutral by 2050. This goal involves a massive investment plan to support this initiative, but also to reduce disparities between Member States, in order to transform the Union into a modern, resource-efficient, and competitive economy. The main objective of this paper is to investigate the sustainable development and renewable energy sources relationship in EU countries from a new perspective. Based on Eurostat available data and with the help of hierarchical clustering analysis, the Member States were divided in 2019 into five clusters, highlighting the key characteristics of the selected variables. The results of this research revealed high-performing groups of countries, as well as countries that need increased attention and additional support to become more efficient in achieving their sustainable development goals and renewable energy source targets.

Keywords: sustainable development; RES; SDG 7; EU countries; European Green Deal (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (30)

Downloads: (external link)
https://www.mdpi.com/1996-1073/14/8/2323/pdf (application/pdf)
https://www.mdpi.com/1996-1073/14/8/2323/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jeners:v:14:y:2021:i:8:p:2323-:d:539714

Access Statistics for this article

Energies is currently edited by Ms. Agatha Cao

More articles in Energies from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().