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Analysis of the Renewable Energy Development Situations Among Twenty-Seven EU Countries

In: Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022)

Author

Listed:
  • Ziling Xie

    (Beijing Royal School)

  • Ruoqing Yin

    (Durham University, Department of Anthropology)

  • Yifan Zhi

    (Poole College of Management, North Carolina State University)

Abstract

Currently, renewable energy development can help to solve climate change and many countries around the world are busy with extract the potential of renewable energy sources. However, there is a significant difference in renewable energy share in final energy consumption among EU twenty-sever countries. This study employed a multiple regression function with renewable energy share in final energy consumption as dependent variable, operable nuclear capacity, real GDP per capita, and environmental conditions (wind, solar, geothermal intensity and precipitation) as independent variables in twenty-seven EU countries in 2016, 2018 and 2020. The results show that there is a negative correlation between renewable energy share and environmental conditions and real GDP per capita in the countries without nuclear capacity (e.g., Austria, Croatia, Cyprus, etc.). Also, for the countries which has operable nuclear capacity, there is a positive correlation between nuclear capacity and renewable share, while a negative correlation between environmental conditions and renewable energy share. The results recommend that EU countries should fully utilize their renewable energy sources. Also, due to the limitation of this study, it was more reasonable to analyze EU countries individually to get comprehensive renewable energy development strategy.

Suggested Citation

  • Ziling Xie & Ruoqing Yin & Yifan Zhi, 2022. "Analysis of the Renewable Energy Development Situations Among Twenty-Seven EU Countries," Advances in Economics, Business and Management Research, in: Faruk Balli & Au Yong Hui Nee & Sikandar Ali Qalati (ed.), Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022), pages 499-505, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-052-7_59
    DOI: 10.2991/978-94-6463-052-7_59
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