Energy innovation investment and renewable energy in OECD countries

Author(s)
Evans Osei Opoku, Eric
Acheampong, Alex O
Dogah, Kingsley E
Koomson, Isaac
Abstract
<p>Achieving carbon neutrality by 2050 remains fundamental to limiting global warming to 1.5 ◦C this century and mitigating the catastrophic effects of climate change. Policymakers have indicated that the transition towards a renewable energy economy is the catalyst for achieving this. Transitioning towards a renewable energy economy requires substantial investment in renewable energy technologies. While most empirical studies have explored the linkage between investment in research and development (R&D) and carbon emissions, not much is known empirically about the effect of energy innovation R&D on renewable energy generation. This study, therefore, contributes to the literature by investigating the impact of energy innovation R&D on renewable energy generation using a comprehensive panel dataset of 26 OECD countries from 1974 to 2020. Using a battery of robust alternative estimation methods, the results indicate that energy innovation R&D generally does not increase total renewable energy generation in the panel of OECD countries. The results further show that energy innovation R&D has a heterogeneous effect on disaggregated renewable energy sources such as solar energy, wind energy, nuclear energy, and hydro energy generation.</p>
Citation
Energy Strategy Reviews, v.54, p. 1-15
ISSN
2211-4688
2211-467X
Link
Publisher
Elsevier BV
Rights
Attribution 4.0 International
Title
Energy innovation investment and renewable energy in OECD countries
Type of document
Journal Article
Entity Type
Publication

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