Renewable energy expansion and sustainable development

Paul Terhemba Iorember

Chapter 99 in Elgar Encyclopedia of Energy Economics, 2025, pp 390-392 from Edward Elgar Publishing

Abstract: This entry assesses the link between renewable energy expansion and sustainable development, focusing on Sustainable Development Goals 7 and 13, which deal with clean and affordable energy, and climate change, respectively. Two market-based instruments are identified to increase the share of renewable energy: the removal of fossil fuel subsidies and the imposition of emission taxes, as well as increased investment in renewable energy resources. One or both of these instruments lead(s) to a price increase, which in turn reduces the demand for fossil fuels. The study shows that renewable energy stimulates innovation, supports the growth of the green technology industry and opens up new markets. The use of domestic renewable energy sources can also lead to a reduction in the country's imports of fossil fuels, thereby reducing the country's import requirements. It is therefore predicted that finding and developing cleaner energy solutions will be necessary to achieve sustainable development.

Keywords: Renewable Energy; Sustainable Development; Fossil Fuels; Emission Taxes; CO2 Emission; Decarbonization (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035310364
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