The Impact of Renewable Energy on Some Macroeconomic Variables in Sustainable Development
Chapter from the book: Durgun, B. & Durgun, F. (eds.) 2023. Macro Aspects of Energy Economics.

Ayşegül Özkan
Uşak University

Synopsis

Energy, which has a place in every aspect of our lives, is one of the indispensable basic factors determining the level of development of countries; our need for energy is increasing day by day in parallel with population growth, urbanisation, technological development and industrialisation. In the century we live in, it is seen that 80-90% of the world energy supply is met from fossil fuels. Renewable energy investments come to mind as a solution to meet the increasing energy demand in harmony with low-cost and sustainable environmental purposes and to ensure energy supply. Renewable energy production is one of the key elements of sustainable development and is closely related to economic, social and environmental dimensions. The use of renewable energy has a number of advantages such as having non-polluting characteristics, supporting sustainable development and creating new employment opportunities. Today, many countries have turned to renewable energy sources in order to reduce external dependence on energy and to access cleaner energy sources. This is essential to create a sustainable development path in energy and to support the transition to a low-carbon energy system. The ability of renewable energy sources to replenish themselves in a continuous cycle, their more equitable distribution, their easy availability and their lower environmental damage compared to fossil fuels make them attractive. Renewable energy sources are particularly important in terms of providing security of energy supply and lower prices, as well as environmental, social and health benefits. When the academic literature in Turkey is analysed, it is seen that the studies on the impact of renewable energy on macroeconomic variables are not at the desired level. The aim of this study is to determine the impact of renewable energy, which is complementary to sustainable development, on foreign trade deficit, employment and environmental dimensions. The difference of the study from the studies frequently encountered in the literature is that the variables including social, environmental and economic dimensions of renewable energy are evaluated together.

How to cite this book

Özkan, A. (2023). The Impact of Renewable Energy on Some Macroeconomic Variables in Sustainable Development. In: Durgun, B. & Durgun, F. (eds.), Macro Aspects of Energy Economics. Özgür Publications. DOI: https://doi.org/10.58830/ozgur.pub299.c1447

License

Published

October 27, 2023

DOI