A LITERATURE SURVEY ON RELATIONSHIP BETWEEN RENEWABLE ENERGY CONSUMPTION AND ECONOMIC GROWTH
DOI:
https://doi.org/10.5937/ekoPolj2003991CKeywords:
renewable energy consumption, economic growth, GDP, causality, literature surveyAbstract
The purpose of this paper is to provide an extensive empirical literature review on the relation between renewable energy consumption and economic growth. The survey included 50 papers, most of which are published in major energy journals, to ensure the high-quality review. This literature review includes period, countries, methodology and research results. Also, the survey included policy recommendation for renewable energy policymakers depending on results obtained by authors. The general observation from reviewed literature is the absence of any clear consensus regarding the relationship between renewable energy and economic growth, which can be contributed to various factors.
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References
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2. Al-mulali, U., Fereidouni, H.G., Lee, J.Y., & Sab, C. (2013). Examining the bidirectional long run relationship between renewable energy consumption and GDP growth. Renewable and Sustainable Energy Reviews, 22, 209-222. doi: http://dx.doi.org/10.1016/j.rser.2013.02.005
3. Al-mulali, U., Fereidouni, H.G., & Lee, J.Y.M. (2014). Electricity consumption from renewable and non-renewable sources and economic growth: Evidence from Latin American countries. Renewable and Sustainable Energy Reviews, 30, 290-298. doi: http://dx.doi.org/10.1016/j.rser.2013.10.006
4. Alper, A., & Oguz, O. (2016). The role of renewable energy consumption in economic growth: Evidence from asymmetric causality. Renewable and Sustainable Energy Reviews, 60, 953-959. doi: http://dx.doi.org/10.1016/j.rser.2016.01.123
5. Alvarado, R., Ponce, P., Alvarado, R., Ponce, K., Huachizaca, V., & Toledo, E. (2019). Sustainable and non-sustainable energy and output in Latin America: A cointegration and causality approach with panel data. Energy Strategy Reviews, 26, 100-369. doi: http://dx.doi.org/10.1016/j.esr.2019.100369
6. Amri, F. (2017a). Intercourse across economic growth, trade and renewable energy consumption in developing and developed countries. Renewable and Sustainable Energy Reviews, 69, 527-534. doi: http://dx.doi.org/doi:10.1016/j.rser.2016.11.230
7. Amri, F. (2017b). The relationship amongst energy consumption (renewable and non-renewable), and GDP in Algeria. Renewable and Sustainable Energy Reviews, 76, 62-71. doi: http://dx.doi.org/10.1016/j.rser.2017.03.029
8. Apergis, N., & Payne, J.E. (2010). Renewable energy consumption and growth in Eurasia. Energy Economics, 32(6), 1392-1397. doi: http://dx.doi.org/10.1016/j.eneco.2010.06.001
9. Apergis, N., & Payne, J.E. (2011a). Renewable and non-renewable electricity consumption–growth nexus: Evidence from emerging market economies. Applied Energy, 88(12), 5226-5230. doi: http://dx.doi.org/10.1016/j.apenergy.2011.06.041
10. Apergis, N., & Payne, J.E. (2011b). The renewable energy consumption–growth nexus in Central America. Applied Energy, 88(1), 343-347. doi: http://dx.doi.org/10.1016/j.apenergy.2010.07.013
11. Apergis, N., & Payne, J.E. (2012). Renewable and non-renewable energy consumption-growth nexus: Evidence from a panel error correction model. Energy Economics, 34(3), 733-738. doi: http://dx.doi.org/10.1016/j.eneco.2011.04.007
12. Apergis, N., Payne, J.E., Menyah, K., & Wolde-Rufael, Y. (2010). On the causal dynamics between emissions, nuclear energy, renewable energy, and economic growth. Ecological Economics, 69(11), 2255-2260. doi: http://dx.doi.org/10.1016/j.ecolecon.2010.06.014
13. Aydin, M. (2019). Renewable and non-renewable electricity consumption– economic growth nexus: Evidence from OECD countries. Renewable Energy, 136, 599-606. doi: http://dx.doi.org/10.1016/j.renene.2019.01.008
14. Azlina, A.A., Law, S.H., & Nik Mustapha, N.H. (2014). Dynamic linkages among transport energy consumption, income and CO2 emission in Malaysia. Energy Policy, 73, 598-606. doi: http://dx.doi.org/10.1016/j.enpol.2014.05.046
15. Bao, C., & Xu, M. (2019). Cause and effect of renewable energy consumption on urbanization and economic growth in Chinas provinces and regions. Journal of Cleaner Production, 231, 483-493. doi: http://dx.doi.org/10.1016/j.jclepro.2019.05.191
16. Bildirici, M.E., & Özaksoy, F. (2013). The relationship between economic growth and biomass energy consumption in some European countries. Journal of Renewable and Sustainable Energy, 5(2), 023141. doi: http://dx.doi.org/10.1063/1.4802944
17. Bilgili, F. (2015). Business cycle co-movements between renewables consumption and industrial production: A continuous wavelet coherence approach. Renewable and Sustainable Energy Reviews, 52, 325-332. doi: http://dx.doi.org/10.1016/j.rser.2015.07.116
18. Bowden, N., & Payne, J.E. (2010). Sectoral Analysis of the Causal Relationship Between Renewable and Non-Renewable Energy Consumption and Real Output in the US. Energy Sources, Part B: Economics, Planning, and Policy, 5(4), 400-408. doi: http://dx.doi.org/10.1080/15567240802534250
19. Brini, R., Amara, M., & Jemmali, H. (2017). Renewable energy consumption, International trade, oil price and economic growth inter-linkages: The case of Tunisia. Renewable and Sustainable Energy Reviews, 76, 620-627. doi: http://dx.doi.org/10.1016/j.rser.2017.03.067
20. Chang, T., Gupta, R., Inglesi-Lotz, R., Simo-Kengne, B., Smithers, D., & Trembling, A. (2015). Renewable energy and growth: Evidence from heterogeneous panel of G7 countries using Granger causality. Renewable and Sustainable Energy Reviews, 52, 1405-1412. doi: http://dx.doi.org/10.1016/j.rser.2015.08.022
21. Cherni, A., & Essaber Jouini, S. (2017). An ARDL approach to the CO2 emissions, renewable energy and economic growth nexus: Tunisian evidence. International Journal of Hydrogen Energy, 42(48), 29056-29066. doi: http://dx.doi.org/10.1016/j.ijhydene.2017.08.072
22. Destek, M.A. (2016). Renewable energy consumption and economic growth in newly industrialized countries: Evidence from asymmetric causality test. Renewable Energy, 95, 478-484. doi: http://dx.doi.org/10.1016/j.renene.2016.04.049
23. Destek, M.A., & Aslan, A. (2017). Renewable and non-renewable energy consumption and economic growth in emerging economies: Evidence from bootstrap panel causality. Renewable Energy, 111, 757-763. doi: http://dx.doi.org/10.1016/j.renene.2017.05.008
24. Dogan, E. (2015). The relationship between economic growth and electricity consumption from renewable and non-renewable sources: A study of Turkey. Renewable and Sustainable Energy Reviews, 52, 534-546. doi: http://dx.doi.org/10.1016/j.rser.2015.07.130
25. Drăgoi, M. C., Andrei, J. V., Mieilă, M., Panait, M., Dobrotă, C. E., & Lădaru, R. G. (2018). Food safety and security in Romania–an econometric analysis in the context of national agricultural paradigm transformation. Amfiteatru Economic, 20(47), 134-150. doi: http://dx.doi.org/10.24818/EA/2018/47/134
26. Fang, Y. (2011). Economic welfare impacts from renewable energy consumption: The China experience. Renewable and Sustainable Energy Reviews, 15(9), 5120- 5128. doi: http://dx.doi.org/10.1016/j.rser.2011.07.044
27. Furuoka, F. (2017). Renewable electricity consumption and economic development: New fndings from the Baltic countries. Renewable and Sustainable Energy Reviews, 71, 450-463. doi: http://dx.doi.org/10.1016/j.rser.2016.12.074
28. Halkos, G.E., & Tzeremes, N.G. (2014). The effect of electricity consumption from renewable sources on countries ׳economic growth levels: Evidence from advanced, emerging and developing economies. Renewable and Sustainable Energy Reviews, 39, 166-173. doi: http://dx.doi.org/10.1016/j.rser.2014.07.082
29. Hamit-Haggar, M. (2016). Clean energy-growth nexus in sub-Saharan Africa: Evidence from cross-sectionally dependent heterogeneous panel with structural breaks. Renewable and Sustainable Energy Reviews, 57, 1237-1244. doi: http://dx.doi.org/10.1016/j.rser.2015.12.161
30. Ibrahiem, D.M. (2015). Renewable Electricity Consumption, Foreign Direct Investment and Economic Growth in Egypt: An ARDL Approach. Procedia Economics and Finance, 30, 313-323. doi: http://dx.doi.org/10.1016/s2212-5671(15)01299-x
31. Inglesi-Lotz, R. (2016). The impact of renewable energy consumption to economic growth: A panel data application. Energy Economics, 53, 58-63. doi: http://dx.doi.org/10.1016/j.eneco.2015.01.003
32. International Renewable Energy Agency (IRENA), Retrieved from https://www.irena.org/climatechange (February 10 2020).
33. Ito, K. (2017). CO2 emissions, renewable and non-renewable energy consumption, and economic growth: Evidence from panel data for developing countries. International Economics, 151, 1-6. doi: http://dx.doi.org/10.1016/j.inteco.2017.02.001
34. Kahia, M., Aïssa, M.S.B., & Lanouar, C. (2017). Renewable and non-renewable energy use - economic growth nexus: The case of MENA Net Oil Importing Countries. Renewable and Sustainable Energy Reviews, 71, 127-140. doi: http://dx.doi.org/10.1016/j.rser.2017.01.010
35. Koçak, E., & Şarkgüneşi, A. (2017). The renewable energy and economic growth nexus in Black Sea and Balkan countries. Energy Policy, 100, 51-57. doi: http://dx.doi.org/10.1016/j.enpol.2016.10.007
36. Lin, B., & Moubarak, M. (2014). Renewable energy consumption – Economic growth nexus for China. Renewable and Sustainable Energy Reviews, 40, 111-117. doi: http://dx.doi.org/10.1016/j.rser.2014.07.128
37. Magnani, N., & Vaona, A. (2013). Regional spillover effects of renewable energy generation in Italy. Energy Policy, 56, 663-671. doi: http://dx.doi.org/10.1016/j.enpol.2013.01.032
38. Maji, I.K., Sulaiman, C., & Abdul-Rahim, A.S. (2019). Renewable energy consumption and economic growth nexus: A fresh evidence from West Africa. Energy Reports, 5, 384-392. doi: http://dx.doi.org/10.1016/j.egyr.2019.03.005
39. Menegaki, A.N. (2011). Growth and renewable energy in Europe: A random effect model with evidence for neutrality hypothesis. Energy Economics, 33(2), 257-263. doi: http://dx.doi.org/10.1016/j.eneco.2010.10.004
40. Ocal, O., & Aslan, A. (2013). Renewable energy consumption–economic growth nexus in Turkey. Renewable and Sustainable Energy Reviews, 28, 494-499. doi: http://dx.doi.org/10.1016/j.rser.2013.08.036
41. Ozcan, B., & Ozturk, I. (2019). Renewable energy consumption-economic growth nexus in emerging countries: A bootstrap panel causality test. Renewable and Sustainable Energy Reviews, 104, 30-37. doi: http://dx.doi.org/10.1016/j.rser.2019.01.020
42. Ozturk, I. (2010). A literature survey on energy–growth nexus. Energy Policy, 38(1), 340-349. doi: http://dx.doi.org/10.1016/j.enpol.2009.09.024
43. Pao, H.T., & Fu, H.C. (2013). Renewable energy, non-renewable energy and economic growth in Brazil. Renewable and Sustainable Energy Reviews, 25, 381- 392. doi: http://dx.doi.org/10.1016/j.rser.2013.05.004
44. Payne, J.E. (2010). Survey of the international evidence on the causal relationship between energy consumption and growth. Journal of Economic Studies, 37(1), 53- 95. doi: http://dx.doi.org/10.1108/01443581011012261
45. Rafndadi, A.A., & Ozturk, I. (2017). Impacts of renewable energy consumption on the German economic growth: Evidence from combined cointegration test. Renewable and Sustainable Energy Reviews, 75, 1130-1141. doi: http://dx.doi.org/10.1016/j.rser.2016.11.093
46. Rahman, M.M., & Velayutham, E. (2020). Renewable and non-renewable energy consumption-economic growth nexus: New evidence from South Asia. Renewable Energy, 147, 399-408. doi: http://dx.doi.org/10.1016/j.renene.2019.09.007
47. Saad, W., & Taleb, A. (2017). The causal relationship between renewable energy consumption and economic growth: evidence from Europe. Clean Technologies and Environmental Policy, 20(1), 127-136. doi: http://dx.doi.org/10.1007/s10098-017-1463-5
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2020-09-29
How to Cite
Cvijović, J., Obradović, T., & Knežević, S. P. (2020). A LITERATURE SURVEY ON RELATIONSHIP BETWEEN RENEWABLE ENERGY CONSUMPTION AND ECONOMIC GROWTH. Ekonomika Poljoprivrede, 67(3), 991–1010. https://doi.org/10.5937/ekoPolj2003991C
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