Is renewable energy use lowering resource-related uncertainties?
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Tarih
2023
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Elsevier
Erişim Hakkı
info:eu-repo/semantics/embargoedAccess
Özet
Investment in renewable energy is vital, not just for the climate, but also for energy security. However, most
studies on renewable energy focus on its drivers; there is still limited knowledge about how it affects resource related uncertainties. This study is a global analysis of the renewable energy-geopolitical oil price uncertainty
nexus. Wavelet coherence analysis, quantile-on-quantile regression and quantile regression are carried out using
global time-series data spanning 2004Q1 to 2019Q4. The outcomes show a significant negative relationship
between renewable energy use and geopolitical oil price uncertainty in the short and medium term from 2008 to
2010 and in the short to long term from 2012 to 2019. It also reveals that the expansion of renewable energy use
minimizes geopolitical oil price uncertainty. The inferences drawn affirm that renewable energy is a means of
lowering oil dependence and consequently hedging against global oil price uncertainties induced by geopolitical
events. The findings provide an additional rationale, asides the associated environmental benefits, for consid ering renewable energy as an indispensable part of sustainable energy strategy. Thus, it is recommended that
international energy institutions’ energy transition efforts should be complemented by increased sponsorship of
renewable energy development by other international organizations across the globe.
Açıklama
Anahtar Kelimeler
Energy security, Renewable energy, Geopolitics, Oil price uncertainty, Wavelet coherence, Quantile-on-quantile regression
Kaynak
Energy
WoS Q Değeri
Q1
Scopus Q Değeri
N/A
Cilt
271
