Renewable Energy Consumption and Economic Growth Nexus—A Systematic Literature Review

Bhuiyan, Miraj Ahmed; Zhang, Qian‐Nan; Khare, Vikas; Mikhaylov, Alexey; Pintér, Gábor; Huang, Xiaowen

doi:10.3389/fenvs.2022.878394

Cited by 118 publications

(59 citation statements)

References 55 publications

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“…They concluded that RE positively affects economic growth in OECD countries, but it has no significant effect on developed countries. A similarly ambiguous outcome can be found in numerous empirical studies that analyze the relationship between RE and economic growth [10].…”

Section: Literature Reviewmentioning

confidence: 88%

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The Impact of Renewable Energy Supply on Economic Growth and Productivity

2022

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The threat of the negative consequences of global warming makes the discussion about the relationship between economic growth, productivity, and increasing renewable energy involvement an important topic. Hence, the aim of this study is to analyze the impact of renewable energy and energy supply on economic growth and productivity at the national level using stochastic frontier analysis and the aggregate production function framework. In doing so, we analyzed a panel of annual data from 133 countries from 2008 to 2014. We apply a generalized stochastic frontier model, which allows us to differentiate between persistent and transient inefficiency, as well as individual effects. Our results indicate a threshold level in terms of a country’s development that needs to be obtained to benefit from increasing renewable energy involvement over time. However, if this threshold level is obtained, productivity gains are evident. We also found that the role of the energy supply in aggregate production is nontrivial. That is, its inclusion changes the relationship between key input factors (capital and labor) by decreasing their overall elasticities and increasing the observed economies of scale.

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Section: Literature Reviewmentioning

confidence: 88%

“…The latter is sometimes referred to as research on the renewable energy vs. economic development nexus, and it is the main focus of this study. Analyses of the topic have been performed at various levels of aggregation (firm, industry, country), and they have earned some significant attention in recent years [10].…”

Section: Literature Reviewmentioning

confidence: 99%

The Impact of Renewable Energy Supply on Economic Growth and Productivity

2022

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“…The need to produce enough energy to meet the world's increasing energy demand has become more necessary in recent years due to factors such as growing population, industrialization, and changing living conditions as a result of economic development. The world currently generates its energy mainly from non-renewables, which has negative implications for the environment as a result of the release of greenhouse gases (GHG) [1][2][3][4]. Hence, introducing an alternative source of energy generation becomes more pertinent.…”

Section: Introductionmentioning

confidence: 99%

Techno-Economics and the Identification of Environmental Barriers to the Development of Concentrated Solar Thermal Power Plants in India

et al. 2022

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India is endowed with a lot of solar radiation as a result of its location. The Indian government therefore intends to maximize the usage of its solar energy resources through the development of solar power plants across the country. The concentrated solar power plant (CSP) is one of the technologies that rely on solar energy for its electricity generation. The type of condenser model in the CSP technology has the potential to affect its techno-economic viability. In this paper, a 100 MW solar tower power plant (STPP) with two different condenser models, i.e., the dry-cooled STPP and wet-cooled STPP models, are studied using the System Advisor Model (SAM) at six different geographical areas in India. The study employed the optimization of the thermal energy storage and the solar field size to identify the minimum levelized cost of electricity (LCOE) for all six locations. Results from the simulation show that the LCOE will range between 13 and 17 cents/kWh under the optimization conditions for the STPP dry-cooled condenser model, while that of the wet-cooled condenser model will range between 12.40 and 12.96 USD cents/kWh for the study locations. It was also observed that the optimized solar multiple (SM) for the dry-cooled STPP model ranges between 1.4 and 1.8, whereas that of the wet-cooled model ranges between 1 and 1.8. The study identified Bhopal as the best location for installing the STPP plant for both condenser models. In addition, this paper also discusses major potential barriers and government policies that are needed to develop CSP technologies in India. The outcome of the study is expected to help both government and other stakeholders in decision making and policy formulation for the sector.

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“…A thriving global economy requires energy (Bhuiyan et al, 2022;Xie et al, 2022). In other words, all sectors directly or indirectly linked to economic growth and development necessitate using some form of energy.…”

Section: Graphical Abstract 1 Introductionmentioning

confidence: 99%

“…Energy demand has increased in both developed and developing countries in recent decades. While developed countries' living standards have broadly improved, developing countries have lagged in matching energy supply with energy demand due to increasing living standards, population, urbanization, and industrialization (Bhattarai et al, 2022;Bhuiyan et al, 2022). In 2020, the total global primary energy consumption (PEC) was 557 Exajoules (EJ) (BP, 2021).…”

Section: Graphical Abstract 1 Introductionmentioning

confidence: 99%

Macroeconomics of decarbonization strategies of selected global south countries: A systematic review

Emenekwe¹,

Nnamani²,

Emodi

et al. 2022

Front. Environ. Sci.

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Global concerns over increasing carbon emissions, climate change, decreasing environmental quality, limited and uneven endowments of fossil fuels, rising energy demand, and volatile oil prices have inspired the move toward global energy system decarbonization. The challenges of achieving ambitious climate targets and sustainable development cannot be solved without the significant efforts of the Global South. Regarding net-zero emissions, the main issue for developing countries is avoiding future emissions from industrialization and lock-in into fossil fuel-intensive technologies. However, achieving strategic and ambitious climate targets in the Global South will require understanding the economic implications of decarbonization. This study’s objective and key contribution are to systematically review and provide a detailed assessment of the literature on decarbonization in the Global South to understand the multi-level economic implications of achieving net-zero emissions in the Global South. The assessment considers four broad themes–investment costs, employment impacts, economic growth, and other macroeconomic impacts (such as consumption, debt level, net savings, income and welfare, and trade balance, among others). Overall, the review finds that energy system decarbonization requires substantial investment outlay. Also, it is linked with job displacement in fossil energy sectors and job creation in green sectors. However, there is no unanimous evidence on net job creation in developing countries. Additionally, the GDP impacts are ambiguous; some studies find future GDP growth impacts, while others find GDP decline impacts of decarbonization scenarios. This paper also provides directions for future research.

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Renewable Energy Consumption and Economic Growth Nexus—A Systematic Literature Review

Cited by 118 publications

References 55 publications

The Impact of Renewable Energy Supply on Economic Growth and Productivity

The Impact of Renewable Energy Supply on Economic Growth and Productivity

Techno-Economics and the Identification of Environmental Barriers to the Development of Concentrated Solar Thermal Power Plants in India

Macroeconomics of decarbonization strategies of selected global south countries: A systematic review

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