Energy innovation investment and renewable energy in OECD countries

Eric Evans Osei Opoku*, Alex O Acheampong*, Kingsley E. Dogah, Isaac Koomson

*Corresponding author for this work

Research output: Contribution to journalArticleResearchpeer-review

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Abstract

Achieving carbon neutrality by 2050 remains fundamental to limiting global warming to 1.5 ◦C this century and mitigating the catastrophic effects of climate change. Policymakers have indicated that the transition towards a renewable energy economy is the catalyst for achieving this. Transitioning towards a renewable energy economy requires substantial investment in renewable energy technologies. While most empirical studies have explored the linkage between investment in research and development (R&D) and carbon emissions, not much is known empirically about the effect of energy innovation R&D on renewable energy generation. This study, therefore, contributes to the literature by investigating the impact of energy innovation R&D on renewable energy generation using a comprehensive panel dataset of 26 OECD countries from 1974 to 2020. Using a battery of robust alternative estimation methods, the results indicate that energy innovation R&D generally does not increase total renewable energy generation in the panel of OECD countries. The results further show that energy innovation R&D has a heterogeneous effect on disaggregated renewable energy sources such as solar energy, wind energy, nuclear energy, and hydro energy generation.
Original languageEnglish
Article number101462
Pages (from-to)1-15
Number of pages15
JournalEnergy Strategy Reviews
Volume54
DOIs
Publication statusPublished - 2024

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