Modeling the determinants of renewable energy consumption: Evidence from the five most populous nations in Africa

By O. Akintande, O. Olubusoye, A. Adenikinju, Busayo T. Olanrewaju. 2020

185 citations recorded by the source corpus.

Abstract The increasing concern over global warming and energy security has rejuvenated the renewable energy option as the most vibrant option to sustaining future energy needs. This paper developed a renewable energy consumption model using annual data spanning between 1996 and 2016 in the five most populous countries (Ethiopia, South Africa, Nigeria, DR Congo, and Egypt) in Africa. Following the existing literature on the subject, the driving factors investigated were categorized into three broad areas. These include macroeconomic, socioeconomic, and institutional variables. Altogether, thirty-four predictor variables are analyzed. The study employed Bayesian Model Averaging (BMA) procedures to account for the uncertainty associated model choice and variable selection. The results of the analysis indicate that population growth, urban population, energy use, electric power consumption, human capital are the main determinants of renewable energy consumption in the selected countries. Also, an increase in any of these determinants (population growth, urban population, energy demand/use, electricity power demand/consumption) causes an increase in renewable energy consumption.

Subfields: Economics and Econometrics, Pollution, Renewable Energy, Sustainability and the Environment

View Paper: https://www.semanticscholar.org/paper/3cbe098bc9e49c9c80466487a3864eaaa7f05110