The Role of Renewable Energy Sources in Achieving Sustainable Economic Growth: Trends, Challenges, and Policy Perspectives
Keywords:
renewable energy, sustainable economic growth, green transitionAbstract
This study explores the strategic role of renewable energy sources in fostering sustainable economic growth, with particular emphasis on trends, challenges, and policy implications in developing and emerging economies. Although global interest in renewables such as solar, wind, hydro, and biomass has increased, a persistent knowledge gap exists in understanding how these sources influence economic development in diverse institutional and policy contexts. Existing research has largely focused on high-income countries or macro-level indicators, neglecting the microeconomic, regional, and governance dimensions that shape energy transitions in the Global South.
To address this gap, the study adopts a mixed-methods approach, combining panel data analysis from 2000 to 2023 with qualitative case studies from Uzbekistan, India, and Brazil. Econometric models reveal a significant positive relationship between renewable energy consumption and GDP growth, moderated by institutional quality and policy coherence. Qualitative findings underscore that integrated regulatory frameworks and public-private partnerships enhance the effectiveness of renewable energy in supporting economic resilience.
The study confirms that renewable energy investments, when coupled with digitalization, fiscal incentives, and inclusive governance, can drive green employment, reduce energy dependency, and improve environmental sustainability. However, challenges such as infrastructure gaps, regulatory inefficiencies, and regional disparities must be addressed to fully leverage these benefits. The findings offer practical guidance for policymakers and suggest further research into spatial analysis, energy justice, and sectoral transformation to ensure renewables contribute equitably to development goals.
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