Panel Data Analysis on the Determinants of Renewable Energy Consumption in African Countries

Abstract

Africa consists of countries that are primarily dependent on fossil fuels for energy but have significant potential in many types of renewable energy. Therefore, the study investigates the factors affecting the use of renewable energy in 15 African countries in the context of panel data analysis over the period of 1980-2018. Cointegration analysis of variables is carried out using Kao, Pedroni, and Westerlund techniques, and Driscoll-Kraay and FGLS estimation methods examine long-term coefficients. The findings point out a cointegration between the variables. While economic growth, FDI, and trade openness support renewable energy use, financial development and natural resources hinder it. The findings also indicate a two-way causality between all independent variables and renewable energy use. The study will be able to put forward some policy suggestions that can improve the renewable energy sector in African countries.

Keywords

• Renewable Energy
• Economic Growth
• Cointegration
• Causality
• African Countries

Afrika Ülkelerinde Yenilenebilir Enerji Tüketiminin Belirleyicileri Üzerine Panel Veri Analizi

Abstract

Afrika, enerji açısından büyük ölçüde fosil yakıtlara bağımlı olan ancak birçok yenilenebilir enerji türünde önemli potansiyele sahip ülkelerden oluşmaktadır. Bu nedenle çalışmada Afrika ülkelerinde yenilenebilir enerji kullanımını etkileyen faktörler panel veri analizi bağlamında araştırılmaktadır. Değişkenlerin eşbütünleşme analizi Kao, Pedroni ve Westerlund teknikleri ile yapılmakta olup, uzun dönem katsayıları Driscoll-Kraay ve FGLS tahmin yöntemleri ile incelenmektedir. Bulgular değişkenler arasında eşbütünleşme olduğuna işaret etmektedir. Ekonomik büyüme, doğrudan yabancı yatırım ve ticari açıklık yenilenebilir enerji kullanımını desteklerken, finansal gelişme ve doğal kaynaklar bunu engellemektedir. Bulgular ayrıca tüm bağımsız değişkenler ile yenilenebilir enerji kullanımı arasında iki yönlü bir nedenselliğe işaret etmektedir. Çalışma Afrika ülkelerinde yenilenebilir enerji sektörünü geliştirebilecek bazı politika önerileri ortaya koyabilecektir.

Keywords

• Yenilenebilir Enerji
• Ekonomik Büyüme
• Eşbütünleşme
• Nedensellik
• Afrika Ülkeleri

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