A Global Perspective on Renewable Energy Implementation: Commitment Requires Action

Giacomo Di Foggia, Massimo Beccarello and Bakary Jammeh
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Massimo Beccarello: Department of Business and Law, University of Milano-Bicocca, Via B. degli Arcimboldi 8, 20126 Milano, Italy
Bakary Jammeh: Department of Business and Law, University of Milano-Bicocca, Via B. degli Arcimboldi 8, 20126 Milano, Italy

Energies, 2024, vol. 17, issue 20, 1-14

Abstract: Meeting renewable energy targets is one of the most significant global challenges to achieving SDG 7—Ensure access to affordable, reliable, sustainable, and modern energy for all. This study focuses on the global energy transition to understand the factors that influence success or failure in achieving targets. First, the gap between the stated targets and our predictions was calculated. Next, the roles of economic, political, and environmental variables in determining this gap were analyzed. Data were collected from 63 countries from 2000 to 2022, ensuring the global representativeness and robustness of the results. Many countries may struggle to meet their renewable energy targets. Political stability, regulatory quality, and investment freedom play a remarkable role in helping countries get closer to achieving their targets. More industrialized countries with large populations face greater challenges due to high energy intensity. This paper aims to predict the propensity of countries to meet their energy targets by integrating the forecasting and analysis of the economic, political, and geographical factors that influence a green transition. The results provide new insights into how socioeconomic and geopolitical differences influence the energy transition, offering insights for more effective policies. It is argued that accelerated administrative procedures are needed to reduce investment uncertainty and improve energy systems’ flexibility. In addition, involving local communities in the decision-making process is important to ensure the acceptance of RE projects. Finally, introducing energy markets that reflect the characteristics of renewable sources is recommended to facilitate a more rapid and sustainable transition.

Keywords: green economy; SDG-7; renewable energy; energy transition; net-zero; sustainable development (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: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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