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Does Investing in Renewable Energy Sources Contribute to Growth? A Preliminary Study on Greece’s National Energy and Climate Plan

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  • Dimitrios Stamopoulos

    (Laboratory of Industrial and Energy Economics, National Technical University of Athens, 15780 Zografou, Greece)

  • Petros Dimas

    (Laboratory of Industrial and Energy Economics, National Technical University of Athens, 15780 Zografou, Greece)

  • Ioannis Sebos

    (School of Chemical Engineering, National Technical University of Athens, 15780 Zografou, Greece)

  • Aggelos Tsakanikas

    (Laboratory of Industrial and Energy Economics, National Technical University of Athens, 15780 Zografou, Greece)

Abstract

As more economies are transitioning away from fossil fuels for their electricity production and towards greener alternatives, many socioeconomic implications of this shift remain actively debated. The present paper attempts to assess the economic impact of investments in renewable energy sources (RESs) for Greece and whether the broader effects of this transition can offset the negative impact that will occur due to the targeted phase-out of lignite plants by 2028, which constitute the predominant power source for Greece. Our methodological approach builds on input–output analysis and the creation of composite RES industries for the estimation of the net effects of a series of monetary shocks that correspond to Greece’s phase-out investment plan, utilizing the most recent national input–output tables and satellite structural business statistics. We focus on the structural effects of these shocks on a series of socioeconomic indicators, including GDP, employment, wages, government income (through taxes), and capital formation. The results indicate that even though lignite power production still provides a significant contribution to the Greek economy, investing in renewables presents a significant opportunity for value added and job creation.

Suggested Citation

  • Dimitrios Stamopoulos & Petros Dimas & Ioannis Sebos & Aggelos Tsakanikas, 2021. "Does Investing in Renewable Energy Sources Contribute to Growth? A Preliminary Study on Greece’s National Energy and Climate Plan," Energies, MDPI, vol. 14(24), pages 1-18, December.
    • Handle: RePEc:gam:jeners:v:14:y:2021:i:24:p:8537-:d:705328
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    References listed on IDEAS

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