The adoption of cleaner sources of energy is a critical component of the promotion of global sustainable development goals and the agenda of net zero emissions. High-emission economies however face the critical challenge of integrating renewable energy adoption into their growth trajectory due to economic, financial, technological, and environmental constraints. This study assesses the role of key determinants influencing renewable energy adoption across the top 20 emitters across the globe. Using panel regression (fixed and random effects), the system generalized method of moments (System-GMM), and quantile regression the study documents the impact of economic, financial, technological, and environmental factors on renewable energy adoption. The findings provide a significant impact of economic growth and research and development expenditure on driving renewable energy adoption across economies specifically at lower levels of renewable energy adoption. On the contrary countries with higher levels of clean energy adoption, policy interventions, and technical efficiency are found to be more critical. The results thus support a heterogeneous impact of various economic, technological, environmental and financial factors on renewable energy adoption. The insights provide valuable guidance for policymakers, environmentalists, and researchers. Tailored policy interventions are essential to accelerate renewable energy adoption, ensuring that economic growth, technological advancements, and regulatory mechanisms work in synergy to achieve long-term sustainability goals.

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Renewable Energy Adoption in High-Emission Economies: Drivers and Implications for Green Growth

  • Shikha Daga,
  • Zhibin Tao,
  • Naveed Ahmad

摘要

The adoption of cleaner sources of energy is a critical component of the promotion of global sustainable development goals and the agenda of net zero emissions. High-emission economies however face the critical challenge of integrating renewable energy adoption into their growth trajectory due to economic, financial, technological, and environmental constraints. This study assesses the role of key determinants influencing renewable energy adoption across the top 20 emitters across the globe. Using panel regression (fixed and random effects), the system generalized method of moments (System-GMM), and quantile regression the study documents the impact of economic, financial, technological, and environmental factors on renewable energy adoption. The findings provide a significant impact of economic growth and research and development expenditure on driving renewable energy adoption across economies specifically at lower levels of renewable energy adoption. On the contrary countries with higher levels of clean energy adoption, policy interventions, and technical efficiency are found to be more critical. The results thus support a heterogeneous impact of various economic, technological, environmental and financial factors on renewable energy adoption. The insights provide valuable guidance for policymakers, environmentalists, and researchers. Tailored policy interventions are essential to accelerate renewable energy adoption, ensuring that economic growth, technological advancements, and regulatory mechanisms work in synergy to achieve long-term sustainability goals.