Factors Affecting the Renewable Energy Production: An Empirical Analysis

Based on Global Data from 2000 to 2021

Abstract:
This empirical study investigates the multifaceted determinants influencing renewable energy
production on a global scale from 2000 to 2021. With a focus on 47 countries worldwide, I
employ econometric techniques, including panel data analysis with generalized least squares
(GLS) regression, incorporating both fixed and random effects models. My research assesses
the impact of several crucial factors, including electricity import, per capita energy consumption,
carbon intensity of electricity production, the development of renewable energy technology, and
nuclear energy production.

The key findings of my analysis reveal that renewable energy production is significantly
influenced by factors such as the carbon intensity of electricity production, electricity imports,
nuclear energy production, and per capita energy consumption. These findings illuminate critical
pathways toward fostering South Asia's green transition, providing valuable insights for
policymakers seeking to prioritize sustainable energy policies.

An important aspect of my study is the effects of the variables on renewable energy production
in India, the leading renewable energy producer in South Asia; and compare it with that of
Bangladesh. From the comparison, the probable policy implementations may be understood in
the context of South Asia.

This research holds substantial significance, offering guidance for policy formulation aimed at
advancing South Asia's green transition, ultimately contributing to global efforts in mitigating
climate change. By implementing the recommendations derived from this study, South Asian
countries can cultivate an environment conducive to renewable energy investments, diversify
their energy portfolios, and reduce carbon emissions. This strategic shift towards renewable
energy not only enhances energy security and fosters economic growth but also creates
employment opportunities, all while safeguarding the environment and improving the overall
quality of life for their citizens.

Keywords: Green transition, renewable energy production, sustainability, climate change, per
capita energy consumption, carbon intensity of electricity production, development of renewable
energy technology, nuclear energy production.