Preprint Article Version 1 Preserved in Portico This version is not peer-reviewed

Factors of Renewable Energy Consumption in the European Countries – the Bayesian Averaging Classical Estimates Approach

Version 1 : Received: 20 September 2021 / Approved: 20 September 2021 / Online: 20 September 2021 (14:39:27 CEST)

How to cite: Khan, A.M.; Kwiatkowski, J.; Osińska, M.; Błażejowski, M. Factors of Renewable Energy Consumption in the European Countries – the Bayesian Averaging Classical Estimates Approach. Preprints 2021, 2021090338 (doi: 10.20944/preprints202109.0338.v1). Khan, A.M.; Kwiatkowski, J.; Osińska, M.; Błażejowski, M. Factors of Renewable Energy Consumption in the European Countries – the Bayesian Averaging Classical Estimates Approach. Preprints 2021, 2021090338 (doi: 10.20944/preprints202109.0338.v1).

Abstract

The aim of the paper is to identify the most likely factors that determine the demand for Renewa-ble Energy Consumption (R.E.C.) in European countries. Although in Europe a high environmen-tal awareness is omnipresent, countries differ in scope and share of R.E.C. due to historical ener-getic policies and dependencies, investments into renewable and traditional energetic sectors, R&D development, structural changes required by energetic policy change, and many other fac-tors. The study refers to a set of macroeconomic, institutional, and social factors affecting energetic renewable policy and R.E.C. in selected European countries in two points of time: i.e., before and after the Paris Agreement. The Bayesian Average Classical Estimates (BACE) is applied to indicate the most likely factors affecting R.E.C. in 2015 and 2018. The comparison of the results reveals that the G.D.P. level, nuclear and hydro energy consumption were the determinants significant in both analyzed years. Furthermore, it became clear that in 2015 the R.E.C. depended strongly on the energy consumption structure, while in 2018, the foreign direct investment and trade openness played their role in increasing renewable energy consumption. The direction of changes is positive and complies with sustainable development goals (S.D.G.s).

Keywords

renewable energy; economic; institutional factors; social factors; Bayesian Average Classical Estimates (BACE); Paris Agreement

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