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Title | The economic and social drivers of renewable energy development in OECD countries |
Authors |
Melnyk, Leonid Hryhorovych
Sommer, H. Kubatko, Oleksandra Viktorivna Rabe, M. Fedyna, Svitlana Mykolaivna |
ORCID |
http://orcid.org/0000-0001-7824-0678 http://orcid.org/0000-0001-6396-5772 |
Keywords |
renewable electricity Smart Grid energy trilemma development sustainability energy efficiency OECD |
Type | Article |
Date of Issue | 2020 |
URI | https://essuir.sumdu.edu.ua/handle/123456789/82719 |
Publisher | Businness Perspectives |
License | Creative Commons Attribution 4.0 International License |
Citation | Leonid Melnyk, Hanna Sommer, Oleksandra Kubatko, Marcin Rabe and Svitlana Fedyna (2020). The economic and social drivers of renewable energy development in OECD countries. Problems and Perspectives in Management, 18(4), 37-48. doi:10.21511/ppm.18(4).2020.04 |
Abstract |
There are continuous research and practical interest to combine different renewable
sources within one Smart Grid network. The paper aims to estimate the influence of
key economic and social drivers of renewable energy and Smart Grid promotion in
OECD member countries. The random effect of the generalized least squares method
was used to estimate the empirical model based on the World Bank, OECD, Heritage
Foundation, and World Energy Council datasets for a panel of 36 OECD counties. For
the empirical estimation, the dependent variables considered are energy renewable
electricity output and energy trilemma index, taken as two proxies for Smart Grid
development. The results suggest that an increase in GDP p. c. in national economies
by 10,000 USD leads on average to a 3.9% decrease in renewable electricity output
during 2001–2015. The richer the society, the less renewable energy sources were used
for power generation in a group of OECD countries. The last is also supported by the
fact that gross fixed capital formation treated as a percentage value of GDP is negatively correlated with structural changes in renewable energy output. The empirical
conclusion is that during the study period, OECD countries were mainly oriented to
economic growth, which was achieved by consuming non-renewable energy resources,
and limited attention was paid to sustainability and Millennium Development Goals.
The paper provides policy recommendations for Smart Grid development and points
in the future research within OECD countries. |
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Melnyk_PPM_2020_04_The_Economic.pdf | 550,43 kB | Adobe PDF | 243908067 |
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