Renewable energy and economic growth in major renewable energy consuming countries
: an empirical analysis

  • Luís Pedro Cerdeira e Vasconcelos dos Santos Gaspar (Student)

Student thesis: Master's Thesis


This study aims to investigate the effects of renewable energy consumption on economic growth of major renewable energy consuming countries across the globe. It is used the Renewable Energy Country Attractiveness Index developed by Ernst & Young Global Limited, and were chosen 31 top renewable energy consuming countries to explain the growth process between 1990 and 2019. Panel estimation techniques are employed to cope with heterogeneity between countries and cointegration between variables. The results confirm the existence of long-run dynamics between traditional and energy inputs to economic growth. The findings from the average country indicate that renewable energy consumption has a significative and positive impact on economic output. It was also carried out a analysis of long-run output elasticities for each country. The findings confirm the growth hypothesis for 14 out of 31 countries, suggesting that, in most of these economies, governments, policy advisers, energy planners and associated bodies should promote investments in renewable energy sources.
Date of Award21 Oct 2022
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorAlexandra Leitão (Supervisor) & Ricardo Ribeiro (Co-Supervisor)


  • Renewable energy consumption
  • Economic growth
  • Panel data
  • DOLS model
  • Growth hypothesis


  • Mestrado em Gestão

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