What characteristics of the economy drive the growth of modern renewable energy? Evidence from 52 countries' panel data

This study probes the relationship between the characteristics of the economy with the growth of modern renewable sources in 52 countries for the period 2015-2021. The Cross-Sectional Auto Regressive Distributed Lag (CS-ARDL) results suggest that growth in industrialization positively impacts the growth of renewable energy both in the short and long run. CO2 emission reduction also positively helps RE growth in the short run.

Automated summary

This study examines the correlation between economic characteristics and the growth of modern renewable energy sources in 52 countries from 2015 to 2021. The results of the Cross-Sectional Auto Regressive Distributed Lag (CS-ARDL) indicate that industrialization positively affects the growth of renewable energy in both the short and long term. Additionally, reducing CO2 emissions also has a positive impact on the short-term growth of renewable energy.