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Renewable Energy Deployment and COVID-19 Measures for Sustainable Development

Author

Listed:
  • Miraj Ahmed Bhuiyan

    (School of Economics, Guangdong University of Finance & Economics, Guangzhou 510320, China)

  • Jaehyung An

    (College of Business, Hankuk University of Foreign Studies, Seoul 02450, Korea)

  • Alexey Mikhaylov

    (Financial Faculty, Financial University under the Government of the Russian Federation, 124167 Moscow, Russia)

  • Nikita Moiseev

    (Department of Mathematical Methods in Economics, Plekhanov Russian University of Economics, 117997 Moscow, Russia)

  • Mir Sayed Shah Danish

    (Strategic Research Projects Center, University of the Ryukyus, Okinawa 903-0213, Japan)

Abstract

The main goal of this study is to evaluate the impact of restrictive measures introduced in connection with COVID-19 on consumption in renewable energy markets. The study will be based on the hypothesis that similar changes in human behavior can be expected in the future with the further spread of COVID-19 and/or the introduction of additional quarantine measures around the world. The analysis also yielded additional results. The strongest reductions in energy generation occurred in countries with a high percentage (more than 80%) of urban population (Brazil, USA, the United Kingdom and Germany). This study uses two models created with the Keras Long Short-Term Memory (Keras LSTM) Model, and 76 and 10 parameters are involved. This article suggests that various restrictive strategies reduced the sustainable demand for renewable energy and led to a drop in economic growth, slowing the growth of COVID-19 infections in 2020. It is unknown to what extent the observed slowdown in the spread from March 2020 to September 2020 due to the policy’s impact and not the interaction between the virus and the external environment. All renewable energy producers decreased the volume of renewable energy market supply in 2020 (except China).

Suggested Citation

  • Miraj Ahmed Bhuiyan & Jaehyung An & Alexey Mikhaylov & Nikita Moiseev & Mir Sayed Shah Danish, 2021. "Renewable Energy Deployment and COVID-19 Measures for Sustainable Development," Sustainability, MDPI, vol. 13(8), pages 1-15, April.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:8:p:4418-:d:536863
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    Cited by:

    1. Lazo, Joaquín & Aguirre, Gerson & Watts, David, 2022. "An impact study of COVID-19 on the electricity sector: A comprehensive literature review and Ibero-American survey," Renewable and Sustainable Energy Reviews, Elsevier, vol. 158(C).
    2. Anna Stankowska, 2022. "Sustainability Development: Assessment of Selected Indicators of Sustainable Energy Development in Poland and in Selected EU Member States Prior to COVID-19 and Following the Third Wave of COVID-19," Energies, MDPI, vol. 15(6), pages 1-23, March.
    3. Henrique Oliveira & Víctor Moutinho, 2021. "Renewable Energy, Economic Growth and Economic Development Nexus: A Bibliometric Analysis," Energies, MDPI, vol. 14(15), pages 1-28, July.

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