Determinants of Renewable Energy Growth: A Global Sample Analysis

Energy Policy, Forthcoming

31 Pages Posted: 5 Mar 2014 Last revised: 17 Jan 2016

See all articles by Mariana Aguirre

Mariana Aguirre

University of Edinburgh

Gbenga Ibikunle

University of Edinburgh; European Capital Markets Cooperative Research Centre

Date Written: February 11, 2014

Abstract

We investigate factors influencing country-level renewable energy growth by applying FEVD and PCSE estimation methods in a unique sample analysis. With a longer time series (1990-2010) and a broader sample size of countries (including Brazil, Russia, India, China and South Africa) than previous studies, our results reveal new insights. The results suggest that certain government-backed energy policies impede renewable energy investments, thus implying significant failures in policy design. These policies may be failing mainly because of uncertainty and the likelihood of discontinuity. Weak voluntary approaches are introduced in order to satisfy public demand for more sustainable investments and programmes; we find that these may have negative influences on the growth of renewables as well. The insight gained is consistent over the estimation methods employed.

Keywords: Renewable energy, Energy policy, Panel corrected standard errors

Suggested Citation

Aguirre, Mariana and Ibikunle, Gbenga, Determinants of Renewable Energy Growth: A Global Sample Analysis (February 11, 2014). Energy Policy, Forthcoming, Available at SSRN: https://ssrn.com/abstract=2404376

Mariana Aguirre

University of Edinburgh ( email )

Old College
South Bridge
Edinburgh, Scotland EH8 9JY
United Kingdom

Gbenga Ibikunle (Contact Author)

University of Edinburgh ( email )

Old College
South Bridge
Edinburgh, Scotland EH8 9JY
United Kingdom

European Capital Markets Cooperative Research Centre ( email )

Viale Pidaro 42
Pescara, 65121
Italy

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