Abstract:

From the past to the present, energy hasined its economic importance, especially for developing and developed countries. The rapid growth of the population, and as a result, the extinction of existing energy sources, has led these countries to turn to alternative energy sources. The consumption of a source of energy and its continuous self-renovation have brought the concept of renewable energy to the agenda. It is at this point that renewable energy sources have become an element that needs to be focused on in economic literature. The aim of this study is to study the indicators of renewable energy consumption with the annual data of the selected 16 countries for the period 2000-2018 using the panel data analysis method. The study used the data obtained from the official websites of the World Bank, Global Management Indicators and BP’s Statistical World Energy Review. In this study, renewable energy consumption as a dependent variable; as an independent variable, the GDP, the general government’s final consumption expenditure, CO2 emissions, the index of the rule of law, foreign direct investments and labour (as a measure) were analyzed. In the study, determining factors in renewable energy consumption were studied by comparing the fixed effects with the random effects models and the GMM model. Depending on the results of the estimates obtained in the analysis, the effects of these variables on renewable energy consumption were interpreted.

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