<abstract xmlns="http://www.w3.org/1999/xhtml">

Since 1997, when the Kyoto Protocol was signed, the era of renewable energy has begun. Due to the growth of its share in the total energy production and consumption, the world community is making efforts towards the transition to sustainable development. Developed and developing countries have significantly increased production and consumption of renewable energy in absolute terms trying to join this initiative. The purpose of this work is to study the impact of changes in the share of total production and consumption of renewable energy on the economic growth and CO2 emissions. Secondary data of the World Bank, the countries that invest the most in renewable energy (the USA, China, the European Union) is used and a comparison with Ukraine, Russian Federation and general global indicators covering the period 1990-2015 is made. Modeling of the influence of the share of production and consumption of renewable energy sources in the total volume in the studied countries on the level of economic growth and CO2 emissions using economic and mathematical modeling is carried out. Linear regression models of the studied countries and the world are estimated. The hypothesis on a link between economic growth and development of renewable energy has been confirmed. The results reveal that depending on the country under the research the level and nature of the impact of increasing the share of production and consumption of renewable energy on economic growth differs significantly and depends on a number of political and economic factors.
</abstract>

Since 1997, when the Kyoto Protocol was signed, the era of renewable energy has begun. Due to the growth of its share in the total energy production and consumption, the world community is making efforts towards the transition to sustainable development. Developed and developing countries have significantly increased production and consumption of renewable energy in absolute terms trying to join this initiative. The purpose of this work is to study the impact of changes in the share of total production and consumption of renewable energy on the economic growth and CO2 emissions. Secondary data of the World Bank, the countries that invest the most in renewable energy (the USA, China, the European Union) is used and a comparison with Ukraine, Russian Federation and general global indicators covering the period 1990-2015 is made. Modeling of the influence of the share of production and consumption of renewable energy sources in the total volume in the studied countries on the level of economic growth and CO2 emissions using economic and mathematical modeling is carried out. Linear regression models of the studied countries and the world are estimated. The hypothesis on a link between economic growth and development of renewable energy has been confirmed. The results reveal that depending on the country under the research the level and nature of the impact of increasing the share of production and consumption of renewable energy on economic growth differs significantly and depends on a number of political and economic factors.

The Impact of Renewable Energy on Economic Growth and Sustainable Development

Vinnitsa National Agrarian University –

Conference Quality Production Improvement – CQPI

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

{"article-title":"The Impact of Renewable Energy on Economic Growth and Sustainable Development"}

Since 1997, when the Kyoto Protocol was signed, the era of renewable energy has begun. Due to the growth of its share in the total energy production and...

The Impact of Renewable Energy on Economic Growth and Sustainable Development

Published Online: Dec 17, 2021

Page range: 28 - 40

Received: Jun 02, 2021

Accepted: Jun 30, 2021

DOI: https://doi.org/10.2478/cqpi-2021-0004

Keywords
renewable energy, renewable energy sources, renewable energy output, renewable consumption, sustainable development

© 2021 Viktoriia Vostriakova, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

The Impact of Renewable Energy on Economic Growth and Sustainable Development

Published Online: Dec 17, 2021

Page range: 28 - 40

Received: Jun 02, 2021

Accepted: Jun 30, 2021

DOI: https://doi.org/10.2478/cqpi-2021-0004

Keywordsrenewable energy, renewable energy sources, renewable energy output, renewable consumption, sustainable development

© 2021 Viktoriia Vostriakova, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
renewable energy, renewable energy sources, renewable energy output, renewable consumption, sustainable development