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Towards Sustainable Energy: A Systematic Review of Renewable Energy Sources, Technologies, and Public Opinions

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Systematic review article, renewable energy consumption and economic growth nexus—a systematic literature review.

• 1 School of Economics, Guangdong University of Finance and Economics, Guangzhou, China
• 2 School of Technology, Management and Engineering, NMIMS, Indore, India
• 3 Department of Banking and Financial Markets, Financial University Under the Government of the Russian Federation, Moscow, Russia
• 4 University Center for Circular Economy, University of Pannonia, Nagykanizsa, Hungary

An efficient use of energy is the pre-condition for economic development. But excessive use of fossil fuel harms the environment. As renewable energy emits no or low greenhouse gases, more countries are trying to increase the use of energies from renewable sources. At the same time, no matter developed or developing, nations have to maintain economic growth. By collecting SCI/SSCI indexed peer-reviewed journal articles, this article systematically reviews the consumption nexus of renewable energy and economic growth. A total of 46 articles have been reviewed following the PRISMA guidelines from 2010 to 2021. Our review research shows that renewable energy does not hinder economic growth for both developing and developed countries, whereas, there is little significance of consuming renewable energy (threshold level) on economic growth for developed countries.

Introduction

Consuming non-renewable energy may produce output and foster economic development, but undoubtedly it is a significant source of carbon emission and environmental degradation ( Awodumi and Adewuyi 2020 ). Using non-renewable energy sources put countries in a dilemma in policy priority between pollution reduction and economic growth. Thus, whether renewable or non-renewable, the energy should be used carefully and efficiently as its sources are limited. In addition, due to climate change and global warming situation, renewable energy could be the most attractive alternative to fossil fuel, reducing the CO 2 emission process. However, introducing new renewable energy technologies, consuming, and making them available for the citizens, is very time-consuming and costly. On the other side, countries struggle to maintain economic growth and development. Due to the COVID-19 crisis, the situation has been worsening. The governments of both developing and developed nations have to balance spending for climate change mitigation and economic growth.

Moreover, there is still limited information regarding all the perceived critical factors in moving toward fully renewable energy sources. This article shows a comprehensive assessment of how renewable energy systems affect the country’s economic growth. In this article, assessment is carried out based on G7 and Next-11 countries. France, Germany, Italy, Japan, the United States, the United Kingdom, and Canada make up the Group of Seven (G7) intergovernmental organization. Government officials from these nations meet regularly to discuss world economic and monetary matters, with each member alternating through the chairmanship.

Along with the BRICs, the Next-11 (or N-11) are eleven countries identified by Goldman Sachs as having a high potential to become the world’s largest economies in the twenty-first century, namely, Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam. Figure 1 shows the name of G7 and Next-11 countries.

FIGURE 1 . (Group Seven) G7 and (Next-11) N-11 countries.

Energy resource has been the fundamental element for an economy or economic development ( Xiong et al., 2014 ). It is clear that economic growth mainly depends on energy consumption, which is highly responsible for greenhouse gas (GHG) emissions, particularly CO 2 , as stated by Gabr and Mohamed (2020) . CO 2 emissions are a by-product generated by primary consumption sources of non-renewable energy, such as fossil fuels ( Thollander et al., 2007 ). Starting from this general environmental framework due to non-renewable sources, several national economies, after having experienced several disasters, have tried to bring about a structural change in production methods and energy use. Some countries have mainly switched to renewable sources, leaving fossil fuels to no longer be based on non-renewable energy sources ( Irfan et al., 2021 ). According to the EY Company’s Renewable Energy Country Attractiveness Index (RECAI), which integrates new global trends, the countries with the most significant opportunities for investments in renewables are the United States, China, and India, three large economies that have been competing for these positions for several years now ( RECAI, 2020 ). Implementing renewable energy sources (RES) is essential but still faces some challenges in some European countries. Perception and awareness toward RES are the main challenges in countries such as Montenegro ( Djurisic et al., 2020 ).

One of the world’s major power resource user countries, China, has put forward the “double carbon” target to reduce emissions ( Jiang et al., 2022 ). China’s domestic market has shown some resilience despite the end of domestic subsidies in December 2020 and the COVID-19 crisis, which affected 10% of new capacity additions. Chinese solar panel production grew by 15.7% compared to 2019 ( RECAI, 2020 ). Australia represents the third, this country has experienced exponential growth in residential photovoltaics, distributing over 10 GW of solar energy to civilian homes and adopting necessary plans to export hydrogen to Asia ( RECAI, 2020 ). India follows, from 7th to 4th place, and thanks to the growth of photovoltaic capacity to meet the ambitious national green goals for 2030 ( RECAI, 2020 ). In addition to G7 and N-11 countries, Table 1 shows the general information and technology-specific scores of the top 10 countries that invest in renewable energy sources, and Figure 2 shows the data visualization of the dataset in Table 1 .

TABLE 1 . Top 10 countries that invest in renewable sources.

FIGURE 2 . Comparison of technology-specific score of top 10 countries.

Some studies tried to relate the consumption of renewable energy and economic growth. But most of the studies concern EU countries and other factors. For example Tutak and Brodny . (2022 ) have tried to analyze the impact of renewable energy on economics, environmental, and conventional energy sources. In addition, ( Smolović et al., 2020 ), by using the pooled mean group (PMG) estimator in a dynamic panel setting (an ARDL model) has carried out a nexus between renewable energy consumption and economic growth in the traditional and new member states of the EU. Furthermore, the panel vector autoregression (PVAR) model ( Koengkan, Fuinhas, and Marques 2019 ) has examined the relationship between financial openness, renewable and non-renewable energy consumption, CO2 emissions, and economic growth in 12 Latin American countries. Furthermore Lorente et al. ( 2022 ) found that there is an association between economic complexity and CO 2 emissions is inverted-U and further N-shaped relationship for Portugal, Italy, Ireland, Greece, and Spain.

We have noticed a research gap of systematic review analysis regarding economic growth and renewable energy consumption in recent years by analyzing other existing research work. From this point of view, our study tried to fill the research gap and make it a collection of systematic reviews in this field. Moreover, there were no such systematic reviews (including developing, developed, and underdeveloped countries) in this field of study.

Due to the higher cost of implementing and maintaining, cost-benefit analysis, and other external–internal factors, renewable energy is still under consideration to entirely depend on the energy source. Thus, this is a burning question for the researchers, policy makers, and related organizations whether introducing the renewable energy source would hinder or slow down the economic growth. Many researchers are trying to answer for their respective country or region of interest. No such review work tried to find the nexus between RE and EG for G7 and N-11 countries. This study attempted to gather the related research outcomes and give a broader picture of introducing and using the renewable energy and economic growth relationship.

Basic Interpretation With Renewable Energy and Economic Growth

Introducing renewable energy and economic growth is a widespread debate among researchers. From this point of view, by executing the panel data (1970–2017) ( Konuk et al., 2021 , 11), examined the relationship between economic growth and biomass energy consumption for N-11 countries. According to their research work, economic development and biomass energy consumption act together in the long run. In addition, Jenniches (2018 ) tried to assess the regional economic impacts of a transition to renewable energy generation in his review article. He believes clearly that defining technologies and assessment periods is very significant. Doytch and Narayan (2021) estimated the effects of non-renewable and renewable energy consumption on manufacturing and services growth. They have found that renewable energy enhances growth in high-growth sectors, that is, the services sector in high-income economies and the manufacturing sector in middle-income economies. Acheampong et al. (2021) investigated the causal relationship between renewable energy, CO 2 emission, and economic growth for 45 African (sub-Saharan) countries over 57 years (1960–2017). Using the GMM-PVAR method, they have concluded that a bidirectional causal relationship exists between economic growth and renewable energy ( Acheampong, Dzator, and Savage 2021 ). Another old study (comparatively) in 2003 by Ugur and Sari examined the causality relationship between the two series in the top 10 emerging economies and G7 countries. They have discovered bi-directional causality for Argentina, GDP to energy consumption causality for Korea and Italy, energy and consumption to GDP for Turkey, France, Germany, and Japan. Additionally, it was found that countries such as Argentina, Brazil, Paraguay, Uruguay, and Venezuela have low renewable energy participation in their energy mix. An effect between renewable energy consumption and fossil fuels, as a possible response to periods of scarcity in reservoirs, was detected for these countries ( Koengkan et al., 2020b ).

In contrast, economic growth may slow down due to energy conservation in the case of the rest four nations ( Soytas and Sari, 2003 ). Another estimation suggested that non-renewable energy consumption has a significant and positive impact on economic activities and development across a large number of Organization for Economic Co-operation and Development (OECD) countries ( Ivanovski, Hailemariam, and Smyth 2021 ). A review of hybrid renewable energy systems (HRES) in developing countries has been conducted by Zebra et al. (2021) . They believe Asian developing countries perform better than African nations for renewable and non-renewable mini-grids maintenance and productivity. They also believe that, in general, the costs of mini-grids will continue to decline, making renewable sources even more competitive at the utility scale. Some researchers also tried to find the opposite relationship between economic growth (barriers) and renewable energy development. Seetharaman et al. (2019 ) believe technological, social, and regulatory barriers hinder the development of RE development, but economic constraints do not directly impact the outcome of renewable energy.

In some countries, renewable energy and consumption do not hinder economic development, and on the other side, it plays a vital role in hindering economic development. So, according to Islam et al. (2022) , income growth shows positive and negative effects on renewable and non-renewable energy consumption. Consider that domestic and foreign investments positively affect renewable and non-renewable energy consumption. Furthermore, institutional quality has a positive impact on renewable energy consumption. Instead, the urbanization process has a negative impact on the consumption of renewable energy because it has a positive influence on the consumption of non-renewable energy ( Islam et al., 2022 ).

Unfortunately, despite the revolutionary attempt to adopt renewable energy technologies, some industrial countries are still firm on the consumption of fossil fuels energies with the aim of recording faster and more impressive economic growth ( Shrinkhal, 2019 ; Islam et al., 2021 ). Contrary to the positive effects on the environment generated with renewable energy sources, the economic serenity that can be reached using non-renewable enriches the coffers of different economies and the lifestyles of their people, but not those of the environment ( Doytch and Narayan, 2016 ). In some cases, renewable energy consumption (threshold level) does not significantly affect economic growth for developed countries. Renewable energy (RE) and economic development indicators may not correlate in selected EU countries. Despite some debate and unstable economic conditions, the share of RE in total energy consumption in EU countries has been systematically growing and was not much dependent on economic factors ( Ogonowski 2021 ). The economic value of solely replacing renewable energy with nuclear power and fossil energy could be very high and infeasible. They consider that electricity and power generation based on only renewable energy would cost an additional 35 trillion KRW/year for South Korea ( Park et al., 2016 ). This method is infeasible, and customer willingness to pay will be low. Lema et al. (2021) by taking in-depth analysis, tried to measure to what extent direct and indirect economic benefits are created when Chinese investments in RE projects in sub-Saharan Africa. Their research revealed that the FDI and investments on RE projects might have “bounded economic benefits” for the region by creating new job opportunities, production and training activities, linkage with local systems, and so on. In addition, economic awareness, public opinion, and mass participation are essential for the use of RE in the region. Citizens of Kenya (73%) (both urban and rural) strongly approved the development of RE sources technologies and (91%) believe that RE technologies will reduce the cost of electricity and power generation ( Oluoch et al., 2020 ).

Methodology Used in Review Assessment

We have considered Group seven (G7: Canada, France, Germany, Italy, Japan, UK, and the United States), countries (as developed nations and the Next-11 (N- 11: Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam) countries (exclude South Korea) as developing countries.

To maintain the whole process, we have followed the PRISMA flowchart explained in Figure 3 :

FIGURE 3 . PRISMA flow diagram.

The PRISMA method—Preferred Reporting Items for Systematic Reviews and Meta-Analyzes—built a set of minimum elements based on the references highlighted in the systematic reviews and meta-analysis. The primary purpose of PRISMA is to focus primarily on studies that evaluate the effects of certain interventions. However, they can also be used to report systematic reviews that present with different objectives (e.g., from the evaluation of interventions) ( Prisma, 2021 ).

For this purpose, PRISMA was used because it is helpful for the critical evaluation of the published systematic reviews of this study, although it is not a tool for assessing the quality of a systematic review. For the main results of the literature review according to the PRISMA guidelines, we have considered the available online date for the “Year” column. We have followed the MLA style for the author’s name. The applied and references related theories are in the “Theories” column. Authors’ article methodologies are considered in the “Methods” column. The author’s near-future predictions or consequences are listed in the “Predictors” column. The results, conclusions, or outcomes are in the “Outcomes” column, followed by article keywords in the “Keywords” section. We have used google scholar citation for the citation column until the last week of December 2021. The citation number may vary as the citations are increasing every day. The last column is “Journal,” which denotes the respective article published journal name.

We have used Google Scholar, Scopus, Science Direct, and PubMed for research articles. Initially, we searched the articles using the keywords “Renewable energy” and “Economic growth.” We have 553 articles related to good governance and sustainable tourism mentioned in the article’s title. There were 17 duplicate articles that we had to remove. We deducted the articles unrelated to the topic content from this initial screening. After removing the irrelevant articles, we had 97 full-text eligible articles. From these 97 articles, we have selected 46 closely matched full-text articles for review ( Figure 3 ).

Effect of Renewable Energy in Economic Growth G7 Countries

While presenting economic prosperity, the G7 countries can still not guarantee environmental well-being. In fact, using the annual frequency data from 1980 to 2016, the impact on the environment of some variables was ascertained using panel data. The results show that financial globalization and eco-innovation reduce the ecological footprint. On the contrary, urbanization stimulates environmental degradation by increasing the ecological footprint values ( Ahmad et al., 2021 ).

Amri (2017) , using the dynamic simultaneous-equation panel data approach, investigated, over the period 1990–2012, the relationship between three indicators (economic growth, renewable energy, and trade) in different income groups of countries and underlined the interdependence of these variables. Notably, the main findings reveal a bidirectional nexus between renewable energy consumption and GDP in all groups of nations; a persistent bidirectional relationship among foreign trade and renewable energies in all groups of countries; finally, a bidirectional nexus between trade and economic growth in developed, developing, and others developed countries. In addition, a team of researchers investigated the dynamic effect of RE consumption, biocapacity, and economic growth in the United States from 1985 to 2014. Using the ARDL model, the authors claim that a decline in environmental degradation can attribute to an increase in RE consumption through its negative effect on the ecological footprint. Their study revealed that biocapacity and economic growth would exert more pressure on the ecological footprint. Furthermore, a causal relationship was built between ecological footprint and economic growth and economic growth and biocapacity ( Usman, Alola, and Sarkodie 2020 ).

Armeanu et al. (2021) , investigated, using several statistical methods, the interrelationships, over the period 1990–2014, among renewable energy, types of energy, economic growth, CO 2 emissions, and urbanization in different income groups of countries, and highlighted that “In the case of the group of countries with a high level of income, the presence of the co-integration of the renewable energy use with the carbon releases, renewable and nuclear energy, electric power consumption, and the urban population was observed” and the relationship was satisfied, due to the interest of this group of countries to preserve the environment. Furthermore, through the Granger causality test, the authors find a single-bidirectional causal relationship between economic growth and energy intensity in the low-income countries, whereas many bidirectional relations among the variables in high-income countries, particularly between energy intensity and CO 2 emissions.

Another study was conducted by Hao et al. (2021) to investigate the effects of green growth on CO 2 emissions for G7 countries over the past twenty-five years, using second-generation panel data methods, for example, the distributive self-regressive-augmented transversal lag model (CSARDL). The results revealed that both short- and long-term GDP growth impact environmental impoverishment. Thus, the thesis that green growth supports the quality of the environment is confirmed. The authors highlighted that any changes in CO 2 , GDP, green growth (GG), environmental taxes (ET), renewable energy consumption (REC), and human capital (HC) in one of the G7 countries would have consequences in other G7 countries in an interconnected nexus between G7 countries.

However, at the regional level, total energy consumption positively affects growth, while renewable sources negatively affect development in some regions in low- and middle-income countries ( Namahoro et al., 2021a ). Instead of testing the relationships among variables with appropriate and feasible econometrics modeling techniques, using panel data methodologies, Li and Leung (2021) evaluated the relationship between energy prices, economic growth, and renewable energy consumption. The results of Li and Lung’s study (2021) highlighted the importance of economic growth in supporting renewable energy consumption, especially in G7 countries with developed economies. However, factors that are affected through renewable energy systems are listed in Table 2 . By focusing on R&D spending and uniform policies, the G7 countries have transformed their economies from copying countries to a community of dynamic economies. As a result, and in tandem with the economy’s digitalization. This study examines the relationship between energy, financial, environmental sustainability, and social performance of G7 countries using a data envelopment analysis (DEA)-like composite score. The foundation of this study is formed over the reconstruction and modification of regional emissions and examining aspects such as energy, efficiency, and usage, in addition to the prospect of having a regional development outline. Most prior research used certain essential methodologies to examine emission levels and variance depending on actors connected to energy efficiency, energy structure, financial development, production, industry, technological development openness, and population.

TABLE 2 . Factor that effected through the renewable energy system.

Namahoro et al. (2021b) underlined that renewable energy consumption affects economic growth, using an asymmetric analysis with a non-linear autoregressive-distributed lagged model (NARDL) and causality test. In contrast, Wang and Wang (2020) reveal that in the G7 countries, renewable energy consumption positively affects economic growth. The threshold value changes influence in this positive relationship. Thus, the role of growing renewable energy use to stimulate economic growth is non-linear. For example, if the EU countries increase their renewable energy over a threshold value, the position of renewable energy in supporting economic development is more significant. In the same line, in 2020, Chen et al. (2020) studied the causal link between renewable energy consumption and economic growth using a threshold model. The reference period is 1995–2015, and they confirm that renewable energies positively and significantly affect the economic growth in the OECD countries, whereas no significant effect is in the developed countries. The authors underlined that in developing and non-OECD countries, renewable energies significantly affect economic growth over a certain threshold of their consumption. In addition, Yang et al. (2021) found feed-in-tarrif (FIT) have higher expected output and profit, and lower market prices. The risks of production and gain is of relatively more significant. By contrast, the production and profit of renewable portfolio standard (RPS) remain relatively more stable. In the same year, Sharma et al. (2021) examined the interrelationships between sustainability indicators and financial growth performance, using Arellano–Bond dynamic panel data estimation, system dynamic panel data estimation, and the augmented mean group model. The results highlighted that the transition toward renewable energy is economically in the long run, positively impacting economic growth in line with the environment. From this point of view, total investment in RE and descriptive statistics with technological specific scores by G7 countries are listed in Tables 3 , 4 , respectively. Table 3 shows the Renewable Energy Country Attractive Index of different countries, and according to the score it is found out in the USA the growth or electricity generation through the renewable energy in the wonderful way. Overall data also shows the growth rate of the onshore wind energy systems, solar PV, solar CSP, geothermal systems are better in the United States; on the other hand, the offshore wind energy system and biomass systems are popular in the United Kingdom. The Renewable Energy Country Attractiveness Index (RECAI) rates the attractiveness of renewable energy investment and deployment prospects in the world’s top 40 markets. The rankings reflect our evaluations of market attractiveness and worldwide market trends. Table 4 describes the different statistical parameters with central tendency in terms of mean, mode, and median of renewable energy sources. It also finds most of the energy sources are minimum RECAI for Canada and maximum for the United States.

TABLE 3 . G 7 countries that invest in renewable sources.

TABLE 4 . Descriptive statistics with technological specific scores of G7 countries.

In Figure 4 , we have listed the comparative technology-specific scores in various factors among G7 countries.

FIGURE 4 . Comparison of technology-specific score of G7 countries. Data source: author elaboration.

There are also different phenomena in energy sector resources, capacity, and different level scales may have different outcomes. There is a possibility of reducing energy and resource consumption and to advance degrowth-related ideals of energy local production at local and small-scale energy systems in Spain and Greece ( Tsagkari, Roca, and Kallis 2021 ). The authors summarize that despite the degrowth potential of these local energy projects, their prospects are limited to revitalizing local economies and empowering local communities. The summary results of the literature review regarding G7 countries are listed in Table 5 .

TABLE 5 . Main results of literature review according to PRISMA guidelines of G7 countries.

Effect of Renewable Energy in Economic Growth Next-11 Countries

Rural people in impoverished and developing nations lack access to electricity that is dependable, economical, and long-lasting. Even though these countries have limited renewable energy sources, many urban and rural people rely on kerosene, diesel, and other fossil fuels to meet their energy needs. The renewable energy capacity in the Next-11 nations is shown in Table 6 .

TABLE 6 . Renewable energy capacity in 11 countries.

The Bangladesh’s energy sector remains deficient, impeding the country’s smooth economic activity, and progress. For greening growth and meeting sustainable development goals (SDGs), increasing the amount of renewable energy in the energy resources mix and reducing and reducing the material consumption utilized for energy generation is critical ( Baniya, Giurco, and Kelly 2021 ). The government attempts to close the gap between supply and demand for electricity by installing short-term power plants, coal-fired power plants, and importing from neighboring nations. However, the country still has a long way to produce and supply enough power. Furthermore, increased FDI inflows connected to energy limit the country’s extensive usage of renewable energy. At the same time, increased economic growth and CO 2 emissions in the area, particularly in Bangladesh, stimulate the use of renewable energy ( Murshed 2021 ). Another renewable energy source, tidal power, may play an essential part in the nation’s electrical supply by adding to it ( Ahmad and Hasan 2021 , 25). This will very certainly stimulate the industry and commercial activity along the shore. The answer may be alternatives to current energy sources, such as renewable energy resources. More renewable energy sources will be introduced and consumed, reducing energy scarcity, and promoting economic activity and growth ( Bhuiyan, Mamur, and Begum 2021 ). Researchers such as Alam et al. (2017) proposed a one-way causal relationship between economic growth and overall energy demand (renewable and non-renewable). They claim that even a cautious approach to energy sources would not affect the country’s economy, but that because economic success leads to increased energy consumption, Bangladesh must pursue renewable energy and demand-side management ( Alam, Ahmed, and Begum 2017 ). Nigeria, one of the NEXT-11 countries, is one of the Africa’s largest fossil fuel exporters. However, this country has recently experienced a significant energy problem. Biofuel has been identified as renewable energy (bioethanol and biodiesel) in recent years. Waste materials and feedstocks are widely available and accessible, potentially fueling Nigeria’s socio-economic progress ( Adewuyi 2020 ). Islam et al. describe the economic effect of renewable and non-renewable energy systems. The dynamic simulations approach looks at the influence of income growth, foreign direct investment, domestic investment, urbanization, physical infrastructure, and institutional quality on renewable and non-renewable energy consumption in Bangladesh from 1990 to 2019. According to empirical evidence, income growth positively and negatively impact renewable and non-renewable energy usage. Domestic investment has a favorable influence on renewable and non-renewable energy usage. It has been observed that foreign direct investment has a beneficial effect on renewable energy use. Although urbanization has a negative impact on renewable energy consumption, it positively impacts non-renewable energy consumption. Physical infrastructure has a positive and negative influence on renewable and non-renewable energy usage. Factor that effected through the renewable energy system on N-11 countries is listed in Table 7 .

TABLE 7 . Factor that effected through the renewable energy system on N-11 countries.

Ramadan et al. discuss the economic evaluation of new regulatory tariffs for renewables in Egypt. After 25 years of operation, the results show that adding a CAES system will increase the profitability of the Egyptian government’s new tariff for wind installations, with an NPV of $306 million compared to $207 million for a stand-alone wind system. Furthermore, the economic advantages rise if the government incentives for new renewable energy system installations or decreases financing rates. Ghouchani et al. investigate Iran’s renewable energy development potential. Three potential possibilities for the Iran’s renewable energy sector are examined in this report “long-term technology acquisition programs,” “policy stabilization,” and “attraction of international investment.” The findings indicated that renewable energy policy planning and implementation success is determined by selecting the most adaptive policies to national goals, technological capabilities, and economy. To swiftly and successfully develop and implement a comprehensive renewable energy plan, a thorough analysis of limits, impediments, available facilities and technologies, international sanctions, and foreign investment is essential. Sovacool et al. investigated and provided remedies to the likelihood of corruption in the Mexico’s renewable energy sector. The report then examines particular corruption risks in four nations (Mexico, Malaysia, Kenya, and South Africa) before offering five recommendations and solutions to help combat corruption. These approaches include corruption risk mapping, subsidy registries, sunset clauses, transparency initiatives, anti-corruption regulations, and shared ownership models. In the Economic Community of West African States’ renewable energy plan framework, Ozoegwe et al. examined Nigeria’s solar energy policy goals and tactics. This initiative is advised since the national solar energy strategy document lacks policies on encouraging the solar technology company in Nigeria. The proposals emphasized the requirements of the Renewable Energy Policy of the Economic Community of the West African States, which are currently in place. Case studies supported the recommendations for a community-shared business model for home end users and clusters of small companies in physical market places and an energy management contract business model for large organizations.

Ajayi et al. (2022) examined the influence of sustainable energy on national climate change, food security, and job opportunities in implications for Nigeria. It looked at international data on the links between energy and renewable energy adoption, national development, population growth, job creation, rural–urban integration, and the inherent benefits of renewable energy resources in mitigating climate change and global warming incidents. If Nigeria wants to continue economic growth, particularly in agriculture and food security, renewable energy for power generation must be included in the country’s rural development policy. It also shows that renewable energy can minimize its anthropogenic climate change contribution. From this point of view, total investment in RE and descriptive statistics with technological specific scores by N-11 countries are listed in Tables 8 , 9 , respectively. According to Table 8 , RECAI of Egypt is maximum, and the growth rate of renewable energy in Egypt is also maximum. Table 8 also shows that the RECAI score of some of the countries in the offshore wind, such as Vietnam and geothermal in Egypt is minimal. The World Bank is putting out a long-term offshore wind roadmap for Turkey to issue a tender in the next 2 to 3 years. Following the cancellation of a 1.2 GW offshore wind auction in mid-2018, the World Bank is now in charge of disbursing EU money to support the feasibility and environmental studies in preparation for a second sale. Table 9 describes the different statistical parameters with central tendency in terms of mean, mode, and median of renewable energy sources. The 57th edition of our Renewable Energy Country Attractiveness Index (RECAI) demonstrates that there is a room for further renewable energy investment and strong demand for it. Institutional investors, in particular, have the ability and desire to offer massive, long-term capital injections required to support the fast-growing global renewable energy sector.

TABLE 8 . Next-11 countries that invest in renewable sources.

TABLE 9 . Descriptive statistics with technological specific scores of N-11 countries.

In Figure 5 , we have listed the comparative technology-specific scores in various factors among N-11 countries.

FIGURE 5 . Comparison of technology-specific score of N-11 countries.

The impact of renewable energy use on Nigeria’s environmental quality in several sectors was studied by Maji and his colleagues. The influence of renewable energy consumption on sectoral environmental quality is being examined in Nigeria as part of the government’s effectiveness. A regression analysis was used to estimate a dataset from 1989 to 2019. The per capita indicator, environmental quality indicators, and sectoral output from the agricultural, manufacturing, construction sectors, transportation, oil, residential, commercial, and public services sectors, and other sectors were examined. Adelaja et al. discussed the several barriers to national renewable energy adoption in Nigeria. Despite the privatization of Nigeria’s largest power utility company, the Power Holding Company of Nigeria (PHCN), the country’s electrical demand is rarely met. Nigeria’s electricity output has lately been reduced, despite a massive increase in demand.

To fill the hole, polluting electric generators, inefficient energy sources including candles, kerosene lamps, paraffin devices, and entire energy abstention have all been employed. These problems lead to missed commercial and economic prospects, low quality of life, and missed long-term development potential. Lin et al. looked at how Nigeria’s renewable energy program affected the country’s total output. Based on Nigeria’s Renewable Energy Program aims, this research asks three main questions, Is it possible for Nigeria’s economy to be built entirely on renewable energy? Is it feasible to replace non-renewable energy with renewable energy? What is renewable energy’s economic impact? This study focuses on the growth of renewable energy in Nigeria. We calculate, among other things, the economic effect, production elasticity, and substitution possibilities of renewable and non-renewable energy sources. Our findings, based on a dataset from 1980 to 2015 and analyzed using the translog production function, demonstrate that capital and labor are the key drivers of output in Nigeria; however, although being positive, the economic effect of renewable and non-renewable energy sources is negligible. Wang and Wang. (2020) studied the non-linear behavior of aggregated and disaggregated renewable and non-renewable energy consumption on GDP per capita in Pakistan. This research looked at how diverse forms of energy, such as renewables, fossil fuels, oil-based electrical generating, and hydroelectric power, impact Pakistan’s output. While using fossil fuels to boost economic growth may be beneficial in the early stages of production, it is not helpful in the later stages of production. According to the study, using clean energy, while not beneficial in the early stages of production in expanding production activities in Pakistan, is useful in the later stages of production, not only for production but also for the environment.

Mohamed et al. (2021) in Pakistan discussed the role of renewable energy in combating terrorism. This study looks at the relationship between terrorism, renewable energy, and fossil fuel consumption in Pakistan, taking into account several variables such as economic development and income disparity. Using the autoregressive-distributed lag testing technique, this study evaluated the long-term connection between the examined variables throughout the yearly period of 1980–2015. Their variables have long-term relationships, as shown by the Wald test. The summary results of the literature review regarding the Next-11 (N-11) countries are listed in Table 10 .

TABLE 10 . Main results of literature review according to PRISMA guidelines of Next-11 Countries.

Granger causality identifies the long-term bi-directional causal links between all variables. The research demonstrates short-term unidirectional causes between terrorism and fossil energy, GDP and renewable energy, and wealth disparity and fossil energy, even though there are bidirectional causal links between renewable energy and fossil energy in the near run. In reality, long-term statistics demonstrate that fossil fuels decrease terrorism while renewable energy increases it.

Wang and Wang (2020) studied renewable energy use, economic growth, and the human development index in Pakistan. This study examines the link between renewable energy consumption, economic growth, and the human development index in Pakistan from 1990 to 2014 using the two-stage least square approach. According to empirical research, using renewable energy does not improve Pakistan’s human development. Surprisingly, the lesser a country’s degree, the higher its income will be. CO 2 emissions also contribute to the enhancement of the human development index. Furthermore, trade liberalization stifles Pakistan’s progress in terms of human development. Again, the long-term feedback idea between environmental influences and human development is supported by causality analysis.

Islam et al. (2022) demonstrate how renewable energy helps Pakistan prosper economically. The research aims to look at the link between renewable energy consumption and economic growth in Pakistan, taking into account capital and labor as possible production function variables. In this work, the autoregressive-distributed lag (ARDL) model and the rolling window approach (RWA) were used to integrate data in a Pakistani scenario. Quarterly data from 1972Q1 to 2011Q4 were used in the study. Bertheau and his colleagues looked into it. A geospatial and techno–economic study for the Philippines was based on 100% renewable energy micro-grids. As a result, this study recommends a hybrid approach that combines geospatial analysis, cluster analysis, and energy system modeling: To begin, they identify islands that are not connected to the power grid. Second, cluster analysis is used to identify trends. Third, we perform simulations of energy systems employing solar, wind, and battery storage to generate 100% renewable energy systems. Our research will focus on 649 non-electrified islands with 650,000 people. These islands are grouped into four groups based on population and renewable resource availability. They determined that cost-optimized 100 percent renewable energy systems rely on solar and storage capacity for each cluster, with additional wind capacity. According to Doytch and Narayan (2021) , renewable energy boosts economic growth. This study examines the influence of non-renewable and renewable energy consumption on economic development, distinguishing between manufacturing and service growth. Our empirical model is based on an endogenous growth framework with an increasing number of intermediate capital goods that comprise non-renewable and renewable energy inputs. We examine the impacts of non-renewable and renewable energy consumption on manufacturing and service growth, broken down by the type of usage (industrial, residential, and total final energy consumption) while accounting for well-known growth variables. Park and his colleagues looked at the procedures used by South Korean renewable energy cooperatives. This research focuses on citizen participatory RE co-ops as a vital niche in the community-led energy route. This study did a narrative analysis based on the RE co-ops’ present state and in-depth interviews. We examined key changes and inertia in the conventional energy system at the national, regional, and local levels by comparing within and across scales. Each scale was made up of a tangle of sub-regimes such as market, policy, and culture. We believe a niche may play a creative role in changing sub-regimes of various sizes based on resources that can be handled, such as money resources, rules, and connections. Sim J et al. looked at the economic and environmental benefits of R&D investment in the renewable energy sector in South Korea. The South Korean government has announced a strategy to invest in renewable energy to shift the country’s economy away from fossil fuels and toward renewables. This study assesses R&D investment in six types of renewable energy sources: biomass, waste, solar thermal energy, photovoltaic energy, marine energy, and wind power energy while taking into account several uncertainty factors such as the amount of renewable energy produced, R&D investment, unit price, and risk-free interest rate. According to Yurtkuran et al., agriculture, renewable energy generation, and globalization all influence CO 2 emissions in Turkey. This study investigates the impact of agriculture, renewable energy production, and globalization on CO 2 emissions in Turkey between 1970 and 2017. It uses the Gregory–Hansen integration test, bootstrap autoregressive-distributed lag (ARDL) approach, fully modified ordinary least squares, dynamic ordinary least squares, and long run estimators. The KOF indices for politics, society, and economics are explanatory variables. The Gregory–Hansen test and the bootstrap ARDL approach imply co-integration variables. In Turkey, Shan et al. investigated the role of green technology innovation and renewable energy in achieving carbon neutrality. A Granger causality test determines the causal relationship between green technology innovation, energy consumption, renewable energy, population, per capita income, and carbon dioxide emissions. Green technology innovation, renewable energy, energy consumption, population, per capita income, and carbon dioxide emissions are all co-integrated in the long run. Furthermore, while green technology innovation and renewable energy reduce carbon dioxide emissions, energy consumption, population, and per capita carbon emissions increase. Kul et al. evaluated the renewable energy investment risk factors for Turkey’s long-term development. This study uses a three-stage decision framework based on the multi-criteria decision methodology (MCDM) to assess and examine the risk factors of REIs in Turkey. The Delphi approach identifies REI risk factors in the first stage. The analytical hierarchy process is used in the second stage to examine the discovered REI risk factors (AHP). The third stage involves applying fuzzy weighted aggregated sum product assessment to evaluate and prioritize methods for overcoming risk issues in REI projects (FWASPAS). The Delphi technique discovered six primary risk variables and 23 sub-risk factors. Economic and commercial risks emerged as prominent risk factors in AHP research. The energy plan for a new era of economic development in Vietnam was examined by Nong et al. (2020) . The prospective implications of such a new power strategy in Vietnam are examined in this research by extending an economic electricity-detailed model. We found that, under a 2030 target scenario, the policy will lower the prices of both fossil- and renewable-based power by 40–78%, benefiting all sectors of the economy by allowing them to replace fossil fuels. Households benefit the most, as indicated by improvements in the per capita utility of 5.64–19.19%. Overall, the Vietnamese economy benefits greatly from the various scenarios, with real GDP increasing by 5.44–24.83%, significantly greater than the results in other countries. Nguyen et al. describe the economic potential of renewable energy in the Vietnam’s electrical industry. In a baseline scenario without renewables, coal provides 44% of total electricity generation from 2010 to 2030. Renewable energy has the potential to reduce that amount to 39%, as well as the sector’s overall CO 2 emissions by 8%, SO 2 by 3%, and NOx by 4%. Furthermore, renewables have the potential to avoid the construction of 4.4 GW of fossil fuel generating capacity, save local coal, and minimize coal and gas imports, therefore boosting energy independence and security. Omri et al. demonstrate how renewable energy helps offset the adverse effects of environmental issues on socio-economic well-being. The findings of this article demonstrate that 1) CO 2 emissions have unconditionally adverse effects on human development and economic growth; 2) the net impact on human growth of the economy from the interaction among renewable power and carbon intensity are positive, that is, renewable energy reduces the impacts of per capita CO 2 emissions on human development and economic growth; and 3) sustainable energy interacts with CO 2 frequency and carbon intensity from liquid fuels.

Conclusion and Policy Implications

Global warming, environmental pollution, and other related issues are no more country-specific problems now. For power generation and carbon dioxide sequestration, the clean development mechanism involves the massive deployment of renewable energy technologies to promote the concept of sustainable development ( Latake et al., 2015 ). In addition to the (greenhouse gas) GHG mitigating potential of renewable energy resources, the energy security guarantee is swiftly becoming a reality with the exploitation of different renewable energy resources. The clean development mechanism is a fundamental idea of the Kyoto Protocol under the canopy of the United Nations Framework on Convention on Climate Change (UNFCCC). However, it was envisaged that the industrialized nations would finance emission reduction mechanisms whereby the fund will be given to developing countries as sponsorship for renewable energy programs. To mitigate this problem, introducing more green technologies and renewable energy sources can be a solution. But, uncertainty, input–output cost analysis, higher production and maintenance cost, skill workforce, enough financial strengths, awareness etc ., are only a few challenges toward mass sustainable energy development. Thus, in comparison of the effects of feed-in tariff (FIT) with a renewable portfolio standard (RPS) in the developing renewable energy industry uncertainty, FIT has higher expected output and profit and lower market prices. On the other hand, the production and profit of RPS remain relatively more stable. If the cost of renewable energy is high, the incentive effect of the policy under FIT seems better. As the price goes down, the incentive effect under RPS probably continues to rise. According to the aforementioned research, it is found out that the renewable energy sector plays a very vital role in the overall growth of the country. Developing a more renewable energy system is necessary for Pakistan, Bangladesh, and Nigeria.

Renewable energy and natural resources significantly reduce emissions ( Usman and Lorente, 2022 ). Consequently, the environmental impact of CO 2 emissions requires widespread monitoring worldwide to analyze the effects on climate change (eg., floods, landslides, droughts, and increase in global average temperature). All these effects weigh under the economic conditions of each country ( Halldó rsson and Kovács, 2010 ). As Hao et al. (2021) , green growth and eco-innovation revolutionize the industrial structure. The G7 countries must focus on a green growth strategy to achieve the SDGs.

In the renewable energy capacity in Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam, it is found that Indonesia plays a vital role using the renewable energy system in the country’s economic growth. The installed capacity of the renewable energy system in Indonesia is 14,690,000 MW. On the other hand, the Pakistan study looked at how different types of energy, such as renewables, fossil fuels, oil-based electrical generation, and hydroelectric power, can affect the output level in Pakistan. Our study concludes that while using fossil fuels to boost economic growth may be beneficial in the early stages of production, it is not helpful in the later stages of production. Whereas using clean energy may not be beneficial in the early stages of production in expanding production activities in developing countries, it is beneficial in the later stages of production not only for production but also for the environment. Policy makers should speed up the deep reforms regarding renewable energy to mitigate environmental degradation ( Koengkan et al., 2020b ). It has been proven that globalization can stimulate renewable energy sources for Latin American countries ( Koengkan et al., 2020a ). This will be beneficial in the region and at the world stage, developing green energy technologies. Thus, it is suggested that policy makers take advantage of globalization to reduce the costs of RE technologies and develop policies encouraging the access of these technologies by households with low income.

This is to note that the study has some limitations. For example, in this article, we have considered mainly G7 and N-11 countries which reflect primarily developed and developing countries. Meanwhile, many underdeveloped countries were not considered in the study. In addition, we have taken the last 10 years (2010–2021) of published articles for this systematic review. But the world economic conditions have been changing rapidly among nations. If we would consider the recent 5 years, the outcome of the review process may vary.

Furthermore, we have only analyzed English language articles. But there may be other critically related articles published in local languages such as Mandarin Chinese, Russians, and Spanish. Thus, we believe there is scope for more research on this topic area.

Data Availability Statement

The original contributions presented in the study are included in the article/Supplementary Material, further inquiries can be directed to the corresponding author.

Author Contributions

MB: conceptualization, methodology, resources and software, writing—original draft, and supervision. VK: original draft. AM: investigation, methodology, writing—original draft, supervision, and formal analysis. GP: data curation, validation, writing—original draft, and writing—review and editing. QZ: Revise, Proofread. XH: Proofread.

Conflict of Interest

The authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest.

Publisher’s Note

All claims expressed in this article are solely those of the authors and do not necessarily represent those of their affiliated organizations, or those of the publisher, the editors, and the reviewers. Any product that may be evaluated in this article, or claim that may be made by its manufacturer, is not guaranteed or endorsed by the publisher.

Acknowledgments

We thank the financial support of Széchenyi 2020 under the “EFOP-3.6.1-16-2016-00015.”

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AHP analytical hierarchy process

ARDL autoregressive-distributed lag

Brics Brazil, Russia, India, China, South Africa

CAES computer-assisted execution system

CO 2 carbon dioxide

COVID-19 coronavirus disease variant

CSARDL cross sectionally augmented autoregressive distributed lag

CSP concentrated solar power

DEA data envelopment analysis

EDI economic development indicators

ET environmental taxes

FDI foreign direct investment

FIT feed-in tariff

FWASPAS fuzzy weighted aggregated sum product assessment

G7 Group of Seven

GDP gross domestic product

GG green growth

GHG greenhouse gas

GMM generalized method of moments

HC human capital

HRES hybrid renewable energy systems renewable energy

KOF Konjunkturforschungsstelle

MCDM multi-criteria decision methodology

MLA Modern Language Association

N-11 Next-11

NARDL non-linear autoregressive-distributed lagged model

NOX nitric oxide

NPV net present value

OECD Organization for Economic Co-Operation and Development

PHCN Power Holding Company of Nigeria

PMG Pooled Mean Group

PRISMA preferred reporting items for systematic reviews and meta-analyses

PV photovoltaic

PVAR panel vector autoregression

R&D research and development

RE renewable energy

REC renewble energy consumption

RECAI Company’s Renewable Energy Country Attractiveness Index

REI renewble energy investment

RES renewable energy sources

RPS renewable portfolio standard

RWA rolling window approach

SCI/SSCI science citation index/social sciences citation index

SDGs sustainable development goals

SO 2 sulfur dioxide

UNFCCC United Nations Framework Convention on Climate Change

Keywords: renewable energy, economic growth, consumption, Next-11 countries, Group 7

Citation: Bhuiyan MA, Zhang Q, Khare V, Mikhaylov A, Pinter G and Huang X (2022) Renewable Energy Consumption and Economic Growth Nexus—A Systematic Literature Review. Front. Environ. Sci. 10:878394. doi: 10.3389/fenvs.2022.878394

Received: 21 February 2022; Accepted: 28 March 2022; Published: 29 April 2022.

Reviewed by:

Copyright © 2022 Bhuiyan, Zhang, Khare, Mikhaylov, Pinter and Huang. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

*Correspondence: Gabor Pinter, [email protected]

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Renewable Energy Dissertation Topics

• Updated on  
• Jan 12, 2023

Renewable energy is one of the most popular research topics. Thousands of students used these topics for their MTech and PhD theses, but a few of them struggled to find the right topic and a good paper for their graduation. Now, all thesis on renewable energy resources problems can be solved with a single phone call, which means that our Leverage Edu experts can help MTech and PhD students who are having problems with their thesis on renewable energy resources. As a master’s student, you may choose renewable energy as your thesis topic . If you decide to write a thesis on renewable energy, you may be unsure of how to begin or even what you are required to do. Don’t worry, we have you covered. In this blog, you’ll find renewable energy dissertation topics to help you write your thesis.

This Blog Includes:

Why is renewable energy important, best renewable energy research topics 2023, topic 1 .

Renewable energy is one of the fastest-growing systems in developing countries. It is widely used for “self-service” purposes. It is quite popular due to some unique advantages in its application. PhD research topics in Renewable Energy provide a distinguished platform for PhD/ MS scholars. We assist our serving hands in developing the best profile for their career.

Renewable Energy’s Untapped Potential

• Ecofriendly
• Reasonable Price
• Lower Maintenance
• Health Advantages
• Unending and also Reliable Resource

It is the “core portion of the modern power system” all at once. It aids in the regulation of low, high, and variable power generation. As a result, we are also current in all of these recent areas. As a result, we guide you in every nook and cranny of your area with the help of our expert advice.

Topic 1: Renewable Energy: Prospects and Challenges Today

Topic 2: Renewable energy for Africa ‘s long-term development

Topic 3: The Impact of COVID – 19 on the Biofuel Market

Topic 4: Geothermal energy is an untapped abundant energy resource.

Topic 5: Wind Energy’s Future

Topic 6: How valuable is home wind energy?

Topic 7: Renewable Energy’s Economic and Environmental Benefits

Topic 8: Why is it more important than ever to prioritise renewable energy?

Topic 9: Is it expensive to finance renewable energy?

Topic 10: Climate change mitigation; can renewable energy help?

Topic 11: Living Green: How many people have access to renewable energy?

Topic 12: Understanding the distinctions between renewable and alternative energy technology 

Topic 13: Is solar energy the way to go?

Topic 14: 2030 Approach to Renewable Energy

Topic 15: The cost of solar energy versus other renewable energy sources

Renewable Energy Dissertation Examples

Here are some dissertation topics for you to cover under the renewable energy topic. The examples are personalised for the UK, but you can mend them according to the country that you choose to write about.

Topic Name: Investigating the economic benefits of increasing biomass conversion – a case study of the renewable energy industry in the United Kingdom .

Aim of the Study: The current study aims to investigate the economic benefits of increasing biomass conversion using the UK renewable energy industry as a case study.

Objectives:

• To present an initial concept of biomass conversion and its benefits.
• In the context of the UK renewable energy industry, describe the economic benefits of increasing biomass conversion.
• Identifying challenges in biomass conversion and devising strategies to overcome these challenges.

Topic Name: Examining the benefits of using solar energy and its role in addressing the global threat of climate change .

Aim of the study: The current study aims to investigate the benefits of using solar energy and how it is addressing the issue of climate change.

• To explain the advantages of using solar energy and its increasing use in various sectors.
• To demonstrate how solar energy can be used to address a global threat such as climate change.
• To provide a stringent set of recommendations for the most effective use of solar energy in combating climate change.

Topic Name: Investigating UK retail organisations’ use of renewable energy to meet environmental sustainability goals.

Aim of the Study: The purpose of this research is to assess the strategy of using renewable energy in the UK retail sector to achieve environmental sustainability goals.

• To express the importance of renewable energy sources in the UK retail industry.
• To investigate how retail organisations in the United Kingdom use renewable energy to achieve environmental sustainability goals.
• To share effective ideas on how UK retail organisations can use renewable energy sources effectively to achieve environmental sustainability goals.

Topic Name: A critical assessment of the growing concern for sustainability in the UK construction industry, which is driving the use of renewable energy.

Aim of the Study: The purpose of this research is to evaluate the growing concern for sustainability in the UK construction industry, which drives overall renewable energy consumption.

• To explain why the UK construction industry is becoming increasingly concerned about sustainability.
• To investigate how renewable energy consumption in the UK construction industry is increasing in tandem with the growing concern for sustainability.
• To encourage organisations in the UK construction industry to increase their use of renewable energy sources in order to meet sustainability goals.

Topic Name: Assessing the impact of solar energy on agricultural sustainability practices in the United Kingdom.

Aim of the Study: The current study aims to assess the effects of using solar energy in sustainability practises in the UK agriculture industry.

• To demonstrate the concept of solar energy consumption and its implications for environmental practices.
• To place the use of solar energy in the UK agriculture industry within the context of sustainability practices.
• To make recommendations for improving the use of solar energy and reaping its benefits in the UK agriculture industry.

How renewable energy affects the future of our planet. Use of biomass as a renewable energy source. The limitations of fossil fuels: the significance of renewable energy and its economic benefits. Methods for extracting power from flow-structure interactions.

A thesis statement example: Solar power is an excellent alternative energy source because it is renewable, cost-effective, and does not pollute the environment.

Three obstacles to renewable energy are: Putting energy storage in place. Traditional fossil-fuel plants operate at a reduced level, producing a consistent and predictable amount of electricity Bringing together distributed systems Renewable energy reporting

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Graduated with English as a major, I’m a writing enthusiast. Writing helps me blend my passion and profession to achieve creative satisfaction. I am an opinionated person, but always open to change. Try to keep my work surroundings creative and fun, with space for constructive feedback.

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Final Theses & FAQs

Scroll down for our thesis FAQs on the application and writing process.

Open Final Theses

• Machine Learning for Power Market Analysis at the Center for Energy Markets (master)
• Master thesis in cooperation with Fraunhofer Institute for Applied Information Technology (FIT)  (master)
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See a list of general topics/ past master theses below.

General Theses Topics

We welcome any energy, energy transition, and energy policy related topics. You can approach us with your own or ideas you want to develop in collaboration with an industry partner. The topics below reflect a list of possible thesis topics.

• Energy- and environment-related entrepreneurship
• Environmental regulation 
• Energy transition and the evolution of international trade 
• Financing of energy transition: strategies for energy companies 
• ESG impact on investmnent in the energy sector
• Auction and game theory applied to energy markets 
• Energy storage 
• Modelling of energy prices
• Stochastic optimization in energy markets
• Network and infrastructure regulation
• Power markets and renewable integration
• Renewable energies
• Diffusion of digitization technologies in power sector
• Responsible Development of the Extractive Mining Industry
• ESG Impact on Investment in Extractive Mining Industry
• Modelling of energy prices: How technologic developments affects price correlations
• Investments and co-investmnents in H2
• The choice of energy projects portfolio
• Competition of hydrogen technologies: Green vs. Blue
• Financing of Energy Transition: Strategies for Energy Companies 
• Evolution of the LNG Market: data-driven country strategy analysis
• Electric mobility
• How to achieve carbon neutrality
• Carbon vs. price competition
• Data-driven models on energy transition
• Multi-objective (Data-driven) Optimization
• Modeling energy trade networks (using IEA, IHS, other data)
• Digitization and its impact on technologies adoption
• Social and environmental implications of technology, with a focus on electronic waste
• Corporate social responsibility of lead firms in the electronics commodity chain
• Modern consumption of technology
•  International climate politics and policy with a focus on renewable energy solutions.
• Media and climate change
• Environmental justice and inequality with a focus on waste issues

Thesis FAQs

Finding a topic.

• Can I suggest an own topic? We on occasion post current topics of bachelor's and master's theses on our webpage but you are also encouraged to approach us with your own ideas, possibly in collaboration with an industry partner.

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Please refer to this Google Form  for detailed description and use it for the application. 

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• Who will be my supervisor? Your thesis examiner will be either Prof. Schwenen or Prof. Ikonnikova possibly in collaboration with one of the doctoral researchers at the CEM for the supervision.   
• Do I have to write a thesis proposal? If you decide to write a thesis on a topic agreed by us, the next step is to write a short thesis proposal (maximum three pages). This proposal should (i) define the research question, (ii) indicate the data and methodology to be used and (iii) discuss the related literature. After this step, your thesis can be registered.  
• How many meetings with the supervisor are necessary? One meeting per month is a good rule of thumb. Please always send your questions prior to the meeting.  
• Can I get feedback on my thesis before handing in? If you have specific questions, you can get feedback on these. General feedback is not possible, as this would be equivalent to reading the whole thesis upfront.

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• How do I register my thesis? As soon as you and your supervisor agreed on a topic, you need to fill out the required form, sign it and send it to your supervisor. TUM SoM  form ; For students of other departments please check the form with your respective  department .  
• Can I still change the title afterwards? Changing the title is possible. Contact your supervisor to that end at least 1 month before handing in.

Writing Process

• What is the quantitative scope of my thesis? As a rule of thumb, bachelor's theses should have about 25 to 35 pages and master's theses about 50 to 60 pages.  
• What are the main evaluation criteria? Coherent literature review, language, execution of the topic, reaction to difficulties (esp. redefining the scope of the thesis during the process). A thesis has to adhere to scientific standards. It is your duty to familiarize yourself with those standards.  
• Should I write the thesis in Word or Latex? If not stated otherwise by your supervisor this is up to you.  
• How does the thesis have to be formatted? Make sure that your thesis is appropriately and consistently formatted. As an orientiation we provide exemplary Word and Latex templates. Appropriate fonts are for example Times New Roman pt. 12 or Arial pt. 11. Appropriate page margins can for example be 3cm left, 3cm right, 2.5cm top, 1.5cm bottom. To be sure, check your formatting with your supervisor.  
• How do I cite properly? If not stated otherwise by your supervisor, citation-style is APA.  
• How do I proceed with own graphics? State that it is your own graphic in the caption. If it is your own design but based on a graphic from a book/ paper, please add: “based on source”.

For further questions, please contact [email protected].

Disclaimer: Please note that only those examination regulations that can be found on the website of the TUM business faculty are legally binding.

Renewable Energy Dissertation Topics

Renewable energy is a topic which is at the forefront of energy development. The global drive to manage, mitigate and prevent climate change has seen the contribution of renewable energy, as an alternative to traditional fossil fuels, to global energy generation increase significantly over the past decade. The growing importance of renewable energy as a solution to the global climate crisis has seen extensive research undertaken and necessitates substantial future research to be conducted. This has made renewable energy a highly popular choice for dissertations, both with undergraduates and for postgraduate studies.

When selecting a dissertation topic that is focused on renewable energy it is important to choose a topic which presents a novel and engaging approach. There is an extensive body of published literature which the dissertation topic should enable critical engagement with. However, it is important to ensure that a selected dissertation topic does not simply rehash previous research, the development of renewable energy is constant and presents opportunities for numerous dissertations which examine key issues and debates including those related to sustainability, energy security, justice, equality and development.

Governing the Renewable Energy Transition

Renewable energy and energy security, emerging renewable energy technologies, renewable energy in developing countries, renewable energy within the circular economy.

Governance is and will be a highly important component of the regime shift to renewable energy. Government policies have the potential to support, guide and increase the rate of the energy transition, equally, there is the potential for ineffective policies to hamper the transition to renewables-based energy sectors. A successful transition will require a transformative governance which encourages the integration of knowledge across all aspects of the energy sector and enables the development of a sustainable and just renewable energy-based society. Under this purview falls some dissertation topics which are highly relevant to current events, namely the on-going global Covid-19 pandemic and how it and similar disruptive events may have a negative impact on renewable energy deployment if not appropriately managed. The role of governance remains an on-topic aspect of renewable energy which provides for a variety of dissertation examinations. Some examples of dissertation topics which examine renewable energy and governance are:

• Is the urgency of energy sector reform reflected in government policies or is there a need for new economic incentives to facilitate the transition to a renewables-based energy sector?
• How do disruptive events impact the transition to renewable energy generation?
• Will renewable energy generation enable new forms of alternative governance structures?
• Are governments effectively engaging citizens in the process of renewable energy generation and energy conservation?
• Do grassroots innovations positively contribute to the renewable energy transition and what influence does government policy have on the success or failure of grassroots renewable energy systems?

Increasing the capacity of renewable energy provision within a nation has the potential to contribute significantly towards enhancing energy security through the development of national energy provision which does not rely on foreign energy imports. Renewables-based energy sectors have complex interactions with energy security due to the variation in energy generation potential which is observed for many renewables. Reconciling renewable energy generation with energy security is a highly important component of future energy sectors, if renewables-based energy sectors cannot provide energy security then they will not be successful. There are multiple perspectives which can be taken in dissertations investigating this aspect of renewable energy, ranging from the development of diverse renewable resources, through to energy storage and distribution. Here are a few topic suggestions which investigate this aspect of renewable energy:

• Can we store enough: The future of batteries and energy storage.
• Can renewable energy resources present a viable future: Are renewables sufficient?
• Securing the future: Are Renewables the solution?
• The justice of renewable energy in developing countries; All for one and one for all.
• Energy storage: breaking the barriers to the future of energy solutions.
• Batteries: Which is the most desirable option?
• The future of energy supply, can we meet demand?

The status of development of renewable energy technologies differs between renewable resources. Some, such as solar PV and wind turbines are well-established and current research focuses on the refinement and improvement of these technologies and their associated infrastructure. However, the energy demands of society are diverse and there is a need to ensure that renewable energy generation can meet this diversity of needs. The replacement of traditional fossil fuels poses a greater challenge in some areas compared to others, for example, the replacement of aviation fuel with a renewable and low-carbon alternative. Dissertation topics examining emerging renewable energy technologies present an interesting option which looks to the future of renewable energy and identifies gaps in our current knowledge pool. Some examples of dissertation topics based on emerging renewable energy technologies are given below:

• How ‘green’ is green hydrogen? Examining the potential for green hydrogen utilisation in a sustainable society.
• Guilt free jet setting: Can biofuels make aviation fuels carbon neutral and sustainable?
• Reconciling biofuels and food security can we achieve both?
• Why is Geothermal renewable energy underutilised?
• Are all biofuels the same: Quantifying the environmental impact of biofuel production.

The case of developing countries is highly relevant to the subject of renewable energy systems. This is due to the potential for developing countries to avoid the negative impacts of increasing energy demand with economic development if renewable energy resources are selected rather than traditional fossil fuels. This way the mistakes of developed nations and the resulting environmental degradation could potential be avoided. However, there comes into play issues regarding justice and equity, whereby it can be argued that developing countries should be afforded the same development opportunities as already developed countries and that to impose conditions on the energy sector development would be unjust. Dissertation topics in this area can be varied and the following titles are just some examples of areas you could potential explore:

• How will an energy transition to a renewables-based energy sector impact energy poverty in developing countries?
• Are decentralised, small-scale renewable energy generation systems the answer to supporting the development of rural communities?
• What are the barriers to renewable energy based economic development pathways for developing countries?
• Empowering rural communities: Renewable energy for the future.
• Can renewable-based energy transitions be just?
• Economic development and renewable futures can the two be reconciled?

The development of a sustainable future will be influenced by our approach to the use and consumption of resources. The nature of renewable energy is such that it will play a vital role in reducing the consumption of natural resources and limiting environmental degradation. The circular economy is being increasingly touted as the way forward for resource use and renewable energy resources are likely to be an integral aspect of the circular economy. However, the role of renewable energy within the circular economy is one which needs to be explored and developed, yes, the use of renewable energy has a lesser environmental impact that fossil fuels, but this does not mean that renewable energy does not have a degradative environmental impact. The sustainability of renewable energy, resource consumption and their role within the circular economy is an important area of research which is likely to receive considerable attention in the coming years and thus is a highly on-trend topic for a dissertation. Some example of dissertation titles which would fall within this area are:

• Can the sustainability of renewable energy systems be increased through the development of end-of-life component recycling?
• The place of renewable energy resources within the circular economy: Will it be possible to produce energy without consuming natural resources?
• Which renewable resource presents the most sustainable option: A life-cycle approach to calculating the environmental impact of renewable energy.
• Does the use of limited or rare natural resources in renewable energy systems mean that there is a finite lifespan of renewable energy systems?
• Powering the circular economy, what role will renewable energy systems play?
• The future of solar energy: Will it be possible to reduce resource consumption in solar energy systems?
• Do we perceive renewable energy systems as ‘greener’ than they are: A case study of the environmental impact of solar photovoltaic panel production.

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Recent progress in the study of integrated solar cell-energy storage systems

* Corresponding authors

a Institute of Advanced Materials and Flexible Electronics (IAMFE), School of Chemistry and Materials Science, Nanjing University of Information Science & Technology, Nanjing, China E-mail: [email protected] , [email protected]

b Reading Academy, Nanjing University of Information Science & Technology, Nanjing, China

c State Key Laboratory of Organic Electronics and Information Displays & Institute of Advanced Materials (IAM), Nanjing University of Posts & Telecommunications, 9 Wenyuan Road, Nanjing, China

As fossil fuels continue to deplete, the development of sustainable and green energy sources has become crucial for human societal advancement. Among the various renewable energies, solar energy stands out as a promising substitute for conventional fossil fuels, offering widespread availability and a pollution-free solution. Solar cells, as devices that convert solar energy, are garnering significant focus. However, the intermittent nature of solar energy results in a high dependence on weather conditions of solar cells. Integrated solar cell-energy storage systems that integrate solar cells and energy storage devices may solve this problem by storing the generated electricity and managing the energy output. This review delves into the latest developments in integrated solar cell-energy storage systems, marrying various solar cells with either supercapacitors or batteries. It highlights their construction, material composition, and performance. Additionally, it discusses prevailing challenges and future possibilities, aiming to spark continued advancement and innovation in the sector.

• This article is part of the themed collection: Recent Review Articles

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Y. Lu, M. Chen, G. Zhu and Y. Zhang, Nanoscale , 2024, Advance Article , DOI: 10.1039/D4NR00839A

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Guest Essay

The Fantasy of Reviving Nuclear Energy

By Stephanie Cooke

Ms. Cooke is a former editor of Nuclear Intelligence Weekly and the author of “In Mortal Hands: A Cautionary History of the Nuclear Age.”

World leaders are not unaware of the nuclear industry’s long history of failing to deliver on its promises or of its weakening vital signs. Yet many continue to act as if a nuclear renaissance could be around the corner, even though nuclear energy’s share of global electricity generation has fallen by almost half from its high of roughly 17 percent in 1996.

In search of that revival, representatives from more than 30 countries gathered in Brussels in March at a nuclear summit hosted by the International Atomic Energy Agency and the Belgian government. Thirty-four nations, including the United States and China, agreed “to work to fully unlock the potential of nuclear energy,” including extending the lifetimes of existing reactors, building nuclear power plants and deploying advanced reactors.

Yet even as they did so, there was an acknowledgment of the difficulty of their undertaking. “Nuclear technology can play an important role in the clean energy transition,” Ursula von der Leyen, the president of the European Commission, told summit attendees. But she added that “the reality today, in most markets, is a reality of a slow but steady decline in market share” for nuclear power.

The numbers underscore that downturn. Solar and wind power together began outperforming nuclear power globally in 2021, and that trend continues as nuclear staggers along. Solar alone added more than 400 gigawatts of capacity worldwide last year, two-thirds more than the previous year. That’s more than the roughly 375 gigawatts of combined capacity of the world’s 415 nuclear reactors, which remained relatively unchanged last year. At the same time, investment in energy storage technology is rapidly accelerating. In 2023, BloombergNEF reported that investors for the first time put more money into stationary energy storage than they did into nuclear.

Still, the drumbeat for nuclear power has become pronounced. At the United Nations climate conference in Dubai in December, the Biden administration persuaded two dozen countries to pledge to triple their nuclear energy capacity by 2050. Those countries included allies of the United States with troubled nuclear programs, most notably France , Britain , Japan and South Korea , whose nuclear bureaucracies will be propped up by the declaration as well as the domestic nuclear industries they are trying to save.

“We are not making the argument to anybody that this is absolutely going to be a sweeping alternative to every other energy source,” John Kerry, the Biden administration climate envoy at the time, said. “But we know because the science and the reality of facts and evidence tell us that you can’t get to net zero 2050 without some nuclear.”

That view has gained traction with energy planners in Eastern Europe who see nuclear as a means of replacing coal, and several countries — including Canada, Sweden, Britain and France — are pushing to extend the operating lifetimes of existing nuclear plants or build additional ones. Some see smaller or more advanced reactors as a means of providing electricity in remote areas or as a means of decarbonizing sectors such as heat, industry and transportation.

So far, most of this remains in early stages, with only three nuclear reactors under construction in Western Europe, two in Britain and one in France, each more than a decade behind schedule. Of the approximately 54 other reactors under construction worldwide as of March, 23 are in China, seven are in India, and three are in Russia, according to the International Atomic Energy Agency. The total is less than a quarter of the 234 reactors under construction in the peak year of 1979, although 48 of those were later suspended or abandoned.

Even if you agree with Mr. Kerry’s argument, and many energy experts do not, pledging to triple nuclear capacity by 2050 is a little like promising to win the lottery. For the United States, it would mean adding 200 gigawatts of nuclear operating capacity (almost double what the country has ever built) to the current 100 gigawatts or so, generated by more than 90 commercial reactors that have been running an average of 42 years. Globally it would mean tripling the existing capacity built over the past 70 years in less than half that time, in addition to replacing reactors that will shut down before 2050.

The Energy Department estimates the total cost of such an effort in the United States at roughly $700 billion. But David Schlissel , a director at the Institute for Energy Economics and Financial Analysis , has calculated that the two new reactors at the Vogtle plant in Georgia — the only new reactors built in the United States in a generation — on average, cost $21.2 billion per gigawatt in today’s dollars. Using that figure as a yardstick, the cost of building 200 gigawatts of new capacity would be far higher: at least $4 trillion, or $6 trillion if you count the additional cost of replacing existing reactors as they age out.

For much less money and in less time, the world could reduce greenhouse gas emissions through the use of renewables like solar, wind, hydropower and geothermal power and by transmitting, storing and using electricity more efficiently. A recent analysis by the German Environment Agency examined multiple global climate scenarios in which Paris climate agreement targets are met, and it found that renewable energy “is the crucial and primary driver.”

The logic of this approach was attested to at the climate meeting in Dubai, where more than 120 countries signed a more realistic commitment to triple renewable energy capacity by 2030.

There’s a certain inevitability about the U.S. Energy Department’s latest push for more nuclear energy. An agency predecessor, the Atomic Energy Commission, brought us Atoms for Peace under President Dwight Eisenhower in the 1950s in a bid to develop the peaceful side of the atom, hoping it would gain public acceptance of an expanding arsenal of nuclear weapons while supplying electricity too cheap to meter.

Fast-forward 70 years, and you hear a variation on the same theme. Most notably, Ernest Moniz, the energy secretary under President Barack Obama, argues that a vibrant commercial nuclear sector is necessary to sustain U.S. influence in nuclear weapons nonproliferation efforts and global strategic stability. As a policy driver, this argument might explain in part why the government continues to push nuclear power as a climate solution, despite its enormous cost and lengthy delivery time.

China and Russia are conspicuously absent from the list of signatories to the Dubai pledge to triple nuclear power, although China signed the declaration in Brussels. China’s nuclear program is growing faster than that of any other country, and Russia dominates the global export market for reactors with projects in countries new to commercial nuclear energy, such as Turkey, Egypt and Bangladesh, as well as Iran.

Pledges and declarations on a global stage allow world leaders a platform to be seen to be doing something to address climate change, even if, as is the case with nuclear, they lack the financing and infrastructure to succeed. But their support most likely means that substantial sums of money — much of it from taxpayers and ratepayers — will be wasted on perpetuating the fantasy that nuclear energy will make a difference in a meaningful time frame to slow global warming.

The U.S. government is already poised to spend billions of dollars building small modular and advanced reactors and keeping aging large ones running. But two such small reactor projects based on conventional technologies have already failed. Which raises the question: Will future projects based on far more complex technologies be more viable? Money for such projects — provided mainly under the Infrastructure Investment and Jobs Act and the Inflation Reduction Act — could be redirected in ways that do more for the climate and do it faster, particularly if planned new nuclear projects fail to materialize.

There is already enough potential generation capacity in the United States seeking access to the grid to come close to achieving President Biden’s 2035 goal of a zero-carbon electricity sector, and 95 percent of it is solar, battery storage and wind. But these projects face a hugely constrained transmission system, regulatory and financial roadblocks and entrenched utility interests, enough to prevent many of them from ever providing electricity, according to a report released last year by the Lawrence Berkeley National Laboratory.

Even so, existing transmission capacity can be doubled by retrofitting transmission lines with advanced conductors, which would offer at least a partial way out of the gridlock for renewables, in addition to storage, localized distribution and improved management of supply and demand.

What’s missing are leaders willing to buck their own powerful nuclear bureaucracies and choose paths that are far cheaper, less dangerous and quicker to deploy. Without them, we are doomed to more promises and wasteful spending by nuclear proponents who have repeatedly shown that they can talk but can’t deliver.

Stephanie Cooke is a former editor of Nuclear Intelligence Weekly and the author of “In Mortal Hands: A Cautionary History of the Nuclear Age.”

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Bhutan: Supporting reliable, green energy for communities - EIB provides €150 million in financing for renewable energy investment

• 17 April 2024
• The first-ever EIB project in Bhutan, one of just three net carbon-negative countries in the world, supports new solar photovoltaic and hydropower schemes under the EU’s Global Gateway initiative.
• The 30-year loan for €150 million will unlock an estimated 310 MW of new renewable energy generation to serve communities in remote regions.
• This expansion of Bhutan’s solar photovoltaic capacity will help overcome hydropower challenges during the dry season.

The European Investment Bank (EIB), the world’s largest multilateral bank and leading global financier of renewable energy, signed its first-ever investment support for Bhutan today.

Bhutan is highly vulnerable to the impact of climate change and is committed to increasing energy access without raising carbon emissions. The thirty-year EIB loan for €150 million will increase renewable energy generation throughout the year and help Bhutan meet its ambitious Nationally Determined Contribution target of constant carbon neutrality.

The financing will back the construction of small to mid-size run-of-river hydropower plants and solar photovoltaic generation to help the Bhutanese government diversify the country’s power mix. The project will allow clean energy to be traded across borders and improve access to green power, supplying thousands of households with reliable and affordable energy, and allowing Bhutan to draw more benefit from its renewable energy resources.

The renewable energy framework loan was signed during the 2024 IMF/World Bank Spring Meetings by Bhutan’s Finance Secretary Leki Wangmo and acting Managing Director of EIB Global Markus Berndt. The signing was attended by EIB President Nadia Calviño.

EIB President Calviño said, “Bringing green, reliable and affordable energy to communities around the world, especially in more remote regions, has huge benefits not just in environmental terms, but also by improving access to health, education and economic activity. That’s why I am delighted that we’ve been able to agree this €150 million investment with our Bhutanese partners, under the EU’s Global Gateway initiative. We’re looking forward to working as a key partner for climate action and sustainable economic development in Bhutan.”

Lyonpo Lekey Dorji , Finance Minister of the Kingdom of Bhutan , stated, “As Bhutan strives to maintain its carbon-negative status amidst rising global challenges, this partnership not only strengthens Bhutan's renewable energy sector, but also contributes to the broader regional and global effort in combating climate change. We welcome the European Investment Bank as our partner in our pursuit of the sustainable development goals and look forward to more collaboration in the future as we take forward our agenda of building a more sustainable planet.”

The new projects, to be implemented by Druk Green Power Corporation, will contribute to climate action, helping Bhutan to strengthen its energy security and increase the use of renewable energy.

The new EIB financing will support the installation of an estimated 310 MW of hydropower and solar power generation capacity. In the first year of operation, the facilities are expected to generate around 670 GWh. Increasing solar power generation will reduce the potential need for energy imports during the dry season, when river flows and hydropower generation capacity are reduced.

This investment in renewable power is part of the EU Global Gateway initiative, which supports projects that improve global and regional connectivity in the digital, climate, transport, health, energy and education sectors.

Bhutan is an environmental leader, and one of only three net carbon-negative countries in the world. It sequesters much more carbon than it emits, thanks to substantial hydropower capacity and the forests that cover 71% of the country.

While hydropower provides a reliable source of growth, other renewable energy technologies, including solar photovoltaic, offer ways to diversify Bhutan’s electricity mix and increase resilience to changing seasonal extreme weather patterns that can adversely affect hydropower supply.

To meet its annual power needs, Bhutan uses solar power alongside hydropower in a complimentary manner. This promotes climate adaptation by diversifying the power generation portfolio, a systemic approach that builds resilience against climate change impacts. Adding new hydropower will increase electricity generation during the dry season and allow Bhutan to exploit its renewable energy generation potential in a way that can also benefit the wider region in the wet season.

Background information

For more information about the EIB Group at the WBG/IMF Spring meetings, visit: The EIB at the 2024 World Bank Group-IMF Spring Meetings .

For interview requests, please reach out to the press contacts below.

The EIB is the long-term lending institution of the European Union. It finances sound investment in pursuit of EU policy goals worldwide. Together with the European Investment Fund, the EIB forms the EIB Group.

EIB Global is the EIB Group’s specialised arm for operations outside the European Union, and a key partner of the EU Global Gateway strategy. It aims to support at least €100 billion of investment by the end of 2027 — around one-third of the overall strategy target. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to local communities, companies and institutions through its offices around the world.

About the EIB in Asia

For 25 years, the EIB has supported economic development in Asia and the Pacific. The projects it finances make people’s lives easier — from modernising the rail fleet in Bangladesh, to providing cheaper, cleaner energy to western Nepal. In Asia, the Bank focuses its lending on climate action across all sectors. It also works to include gender equality in the projects it finances, ensuring that women, men, girls and boys benefit from them equally and equitably.

Related project(s)

Bhutan hydro and solar energy facility.

The project consists in a framework loan to finance new solar photovoltaic (PV) and hydroelectric power plants (expected in the range of 10 - 100 MW) in Bhutan.

Enrico Possenti

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• +352 4379 - 82144

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2024-153-EN

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Eib global’s water sector fund backing €10 million for water investment across africa and asia.

The Water Sector Fund managed by EIB Global will provide €10 million in the Water Access Acceleration Fund (W2AF), managed by Incofin, a prominent global impact investment manager. W2AF is a “water-focused” blended finance impact fund targeting sustainable and scalable solutions that improve access to safe, affordable drinking water for underserved populations, mainly in Sub-Saharan Africa and South and Southeast Asia. The new initiative will provide 20 billion litres of safe drinking water by 2030. 

The Sustainable Development Goals are more important than ever: EIB Group President Nadia Calviño at the United Nations

Nadia Calviño, President of the European Investment Bank Group has been participating in the 2024 Financing for Development Forum this week, at the United Nations in New York. The Forum which is organised by the United Nations Economic and Social Council (ECOSOC), is designed to bring together stakeholders to address the current global challenges and advance policies for financing long-term sustainable development priorities. This is President Calviño’s first visit to the United Nations since she took up her post in January.

Ukraine: Kamianske school reopens after EU bank-supported reconstruction

Lyceum No. 11 in Kamianske, Dnipropetrovsk Oblast was extensively reconstructed under the European Investment Bank (EIB)’s Ukraine Early Recovery Programme and reopened its doors today. The school’s building has been expanded, with additional classrooms, restroom facilities, new playgrounds and green relaxation zones.

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To celebrate the International Day of Persons with Disabilities on 3 December, the EIB organises a full week of events to promote exchanges on disability inclusion with staff and expert guests. Diversity is the essence of humanity and a core value of the European Union. As the EU bank, we are committed to promote diversity and inclusion in everything we do.

Mississippi Today

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‘Green hydrogen’ company looks to make Mississippi a leader of new renewable venture

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The special geology of Mississippi is again giving the state a stab at playing a key role in the energy sector, this time for a burgeoning renewable power source called “green hydrogen.”

The company Hy Stor Energy, founded in 2019, is looking to take advantage of the state’s salt domes, which provide valuable underground pockets for gas storage. Hy Stor will store its hydrogen in different salt domes around the state, Chief Executive Officer Laura Luce said, but will primarily operate in Perry and Smith counties. The company is looking to start production by the end of 2026, she said.

“We’re really at the beginning of this green hydrogen revolution,” Luce said. “We really see the next three to 10 years where you’re going to have a lot of infrastructure be brought up and expanded and this industry stood up, and we’re confident that Mississippi is going to be the leaders in that industry.”

The technology behind renewable hydrogen has been around for about a century, Luce explained. The energy source materializes through a process called electrolysis, which uses electricity to split water into hydrogen and oxygen. But it wasn’t until the last few years that both the United States and the Europe began heavily investing in the technology. As part of the Bipartisan Infrastructure Law passed in 2021, the federal government appropriated $9.5 billion for clean hydrogen development. 

In a roadmap the U.S. Department of Energy released in 2023, the agency explained that “clean hydrogen,” as it’s also referred to, can be a key tool in meeting the country’s goal of becoming carbon neutral by 2050. The plan says that clean hydrogen can reduce economy-wide emissions — targeting sectors like transportation, metal production, and fertilizer — by 10% over the next 30 years.

Last month, the DOE announced up to $500 million in funding for a “green steel” project, which would include producing iron in Perry County using clean hydrogen from Hy Stor. That facility, which would be operated by Swedish company SSAB, would then send the iron to Iowa to be made into steel. While the agency is still negotiating an exact award amount, the DOE projected that the project would create 540 permanent jobs as well as 6,000 construction jobs.

Hy Stor plans to use energy from other renewable sources, like solar and wind, to produce the green hydrogen, Luce said.

“The sun and the wind, even though they’re tremendous resources, they’re not available 24/7,” she said. “They’re available on an intermittent basis. So by taking those and converting them to hydrogen, now I have something that is dispatchable on minutes notice.”

Luce said the “epicenter” of Hy Stor will start out by a salt dome in Richton, near the proposed SSAB facility, with a pipeline connecting down to Port Bienville in southwest Mississippi.

An array of political leaders in the state have backed the project in letters to the DOE, including Gov. Tate Reeves , the State Oil and Gas Board , and the Mississippi Public Service Commission .

Even before Hy Stor, Mississippi’s geology has opened up the state to a number of energy sector investments. For instance, companies have long used the state’s salt domes to store natural gas . Mississippi has also recently positioned itself to become a hub for carbon storage, something that could be especially abundant in Gulf states because of the spaces between subsurface rocks.

The cost of the green hydrogen project will be steep, though. Luce said that the first phase of the project will cost over $10 billion, and that Hy Stor will look to enter into 10-, 20- or 30-year agreements with industrial customers to finance the operation. So far, she added, Hy Stor hasn’t received any federal or state government funding, but it will look for potential support from the DOE as well as renewable energy tax credits.

As far as who will buy the green hydrogen, Luce said Hy Stor’s initial customers in its first couple years of operations will include plastic, maritime and other transport companies, in addition to the proposed green steel project.

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by Alex Rozier, Mississippi Today April 24, 2024

This <a target="_blank" href="https://mississippitoday.org/2024/04/24/green-hydrogen-company-looks-to-make-mississippi-a-leader-of-new-renewable-venture/">article</a> first appeared on <a target="_blank" href="https://mississippitoday.org">Mississippi Today</a> and is republished here under a Creative Commons license.<img src="https://i0.wp.com/mississippitoday.org/wp-content/uploads/2024/01/MT_icon-logo-favicon-1.png?fit=134%2C150&amp;ssl=1" style="width:1em;height:1em;margin-left:10px;"><img id="republication-tracker-tool-source" src="https://mississippitoday.org/?republication-pixel=true&post=1115908&amp;ga4=G-VSX4B701MS" style="width:1px;height:1px;">

Alex Rozier

Alex Rozier, from New York City, is Mississippi Today’s data and environment reporter. His work has appeared in the Boston Globe, Open Secrets, and on NBC.com. In 2019, Alex was a grantee through the Pulitzer Center’s Connected Coastlines program, which supported his coverage around the impact of climate change on Mississippi fisheries.

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Hawaii’s Ambitious Renewable Energy Plan Is Threatened By HECO’s Uncertain Future

New projects are on hold as the electric company's credit rating sags.

New projects are on hold as the electric company’s credit rating sags.

Hawaii’s renewable energy sector is stepping up support for policies aimed at financially bolstering Hawaiian Electric Co., which has been battered by accusations that the utility started the fire that killed 101 people and burned down much of Lahaina in August.

Two bills aimed at shoring up HECO remain alive in the final days of this year’s legislative session. One bill would allow the company to issue special bonds to pay for future wildfire mitigation measures and legal claims related to the August fires. The other bill would set up what amounts to a no-fault insurance fund to cover damages from future wildfires. 

Gov. Josh Green has expressed support for both measures to stabilize Hawaii’s energy economy and keep the state moving toward its  goal of generating 100% of the electricity  sold in the state from renewable resources by 2045.

“Really both of these measures will stabilize the landscape in Hawaii so that people can build here, invest in energy here and be covered against a future disaster,” Green said. “Without action we could see a major set of structural problems in our state to build and insure homes, invest in renewable energy and grow our economy.”

For companies operating utility-scale renewable energy projects in Hawaii, HECO’s stability is essential for a simple reason: HECO is their customer, and an unstable customer raises multiple problems. The consequence of not stabilizing HECO, renewable advocates say, could be to stop Hawaii’s progress toward a goal intended to mitigate the effects of climate change that contributed to the Lahaina wildfire to begin with. 

“It’s a concern if we don’t recognize the importance in the long run of replacing fossil fuels,” said Wren Wescoatt, vice president of development for  Longroad Energy , which has developed about half of Hawaii’s utility-scale wind and solar projects over the past 15 years. “This is exactly why we have a 100% renewable goal.”

Already HECO’s instability is having an impact, Wescoatt said. The issue involves the way large renewable energy companies finance their projects, which routinely cost tens or hundreds of millions of dollars to build. Longroad alone, for instance, has spent more than $500 million building local projects, Wescoatt said. 

Typically, developers like Longroad enter contracts to sell energy to HECO at a wholesale rate for the life of the renewable project. Once approved by the Hawaii Public Utilities Commission, these power purchase agreements are used to secure loans to build the projects, with the lender being assured there will be dedicated cash flow to pay back the loan.

The problem now, Wescoatt said, is that Hawaiian Electric’s credit rating has been cut to below investment grade, so lenders are reluctant to issue loans secured by contracts with the utility. Projects that were being planned are now on hold, he said.

“The banks require that we have a credit-worthy counter-party on the other end of that contract,” he said.

The issue isn’t whether Longroad or anyone else believes HECO will honor its power purchase contracts.

“It really comes down to the credit rating agency,” he said.

Low Interest Bonds Could Result In Cost Savings Savings For Customers

One bill  supported by Longroad,  Clearway Energy and the  Ulupono Initiative seeks to enable HECO to strengthen its credit profile by allowing it to issue  a new type of bond . Unlike other types of corporate debt, the new bonds would be secured by a new fee charged to utility customers. These new bonds would not fall into the  standard pecking order of corporate securities  in the event of a bankruptcy. The bonds would continue to be paid off as long as customers paid for electricity.

This makes the bonds low risk, which means interest rates far lower than standard debt — particularly the junk bonds HECO would have to issue now, given its credit rating. 

HECO envisions raising as much as $2.5 billion through securitization, officials told senators during an informational briefing last week. That could increase customer bills up to 5%.

While critics focus only on the higher electric bills, that’s not the whole story, says Murray Clay, president of Ulupono, which invests in Hawaii renewable energy. The lower interest rates are good for utility customers in the long run, Clay said, if the utility is using the bond proceeds to invest in things like wildfire mitigation and grid hardening — investments that will have to be made no matter what.

Under the proposed bill, the Hawaii Public Utilities Commission would have to approve the issuance of the bonds, including what the bond proceeds could be used for. 

“It feels like people are somewhat being sold, in general, a false dichotomy between two extremes,” Clay said. “One being open the doors wide on securitization, it’s all fair game, go for it. Whatever you want to securitize as long as you can say it’s necessary in some way, you can securitize it.  

“The other one is: Oh it’s terrible, it’s a bailout. We can’t do this. It’s a raw deal. Let’s just reject securitization entirely.

“If we go with these two extremes as the options,” Clay added, “either way the ratepayers are going to lose.”

Paying for capital expenses with money that’s cheaper to borrow is good for customers, Clay said. What would be unconscionable, he said, is to pass on costs for legal liabilities related to the Lahaina fires to the ratepayers.

“We could never agree to that,” he said. 

The problem is that the bill would let HECO do just that, subject to PUC approval, and company executives have repeatedly mentioned that as an option.

HECO and its affiliated companies face more than 130 lawsuits related to the Lahaina fire. The company has acknowledged its fallen lines started a fire the morning of Aug. 8, but say it was a separate afternoon fire that destroyed much of Lahaina. How HECO could muster the money to pay or settle claims estimated to cost billions of dollars without using some of the $2.5 billion it could raise through securitization isn’t clear. 

During a  Senate informational briefing last week , HECO’s chief executive, Shelee Kimura, said the company would try to use the money from securitization “potentially if needed as a last resort for settling claims.”

If the bill doesn’t pass, and the company can’t resolve the lawsuits it’s facing, she said, “We don’t have a whole lot of options on financing.”

No-Fault Wildfire Insurance Fund Bill Is Still Alive

The securitization bill isn’t the only measure renewable energy firms are supporting. Clearway and Ulupono have also joined San Francisco-based Plus Power, which operates a battery storage facility in Kapolei, to support the intent of a measure to create the  Hawaii Wildfire Relief Fund  and corporation, which would provide compensation to victims of future wildfires.

The measure in effect establishes a no-fault insurance system for future wildfire damages. In the event of a future catastrophic wildfire, damages caused by parties that pay into the fund, such as HECO and the state of Hawaii, would be paid from the fund instead of victims seeking damages through litigation. HECO has proposed contributing $333 million raised through securitization, and has proposed the state put in the same amount.

The bill has generated substantial criticism. In  written testimony , the governor’s office expressed concerns about the amount the state was being asked to contribute but said it didn’t oppose the bill moving forward to allow continued debate.

Michael Angelo, Hawaii’s consumer advocate in utility matters, was more critical, raising concerns about “ratepayers contributing to a fund where their contributions would cover costs that are not used and useful in utility operations.”

State Farm Mutual Automobile Insurance Co., meanwhile, opposed the bill, saying it doesn’t protect consumers. Property owners participating in the fund would never be made whole, State Farm’s lobbyist, Matt Tsujimura, wrote in submitted testimony.

“Instead, the proposal asks property owners and insurers to waive rights before a loss has occurred and the extent of the damage and liability is known,” Tsujimura said. 

Still, in her written testimony, Plus Power’s chief external relations officer, Polly Shaw, referred to the need for a stable utility through the life of the company’s 20-year contract with HECO.

“We, our investors and other developers depend on stable, long-term revenue streams to build and operate our projects,” Shaw said. “It is of the utmost importance to our company and investors that our contract with Hawaiian Electric is honored with no interruption to Hawaiian Electric’s payment for the facility’s services.”

The Elephant In The Room Is Bankruptcy

Whether HECO’s payments under its power purchase agreements could be interrupted speaks to what Sen. Brandon Elefante called “the elephant in the room” during last week’s informational briefing: that HECO could be headed for bankruptcy.

Under federal bankruptcy law , if HECO were to file for bankruptcy protection, the bankruptcy trustee could opt to reject — or, more likely, push to renegotiate — HECO’s power purchase contracts. 

Kimura said the company is doing what it can to prevent that.

“All of our strategies are to avoid going into bankruptcy,” she said. “We don’t think that that’s the best answer for Hawaii.”

Civil Beat’s coverage of climate change is supported by The Healy Foundation, Marisla Fund of the Hawaii Community Foundation and the Frost Family Foundation.

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