Factors Influencing the Consumption of Renewable Energy in Selected ASEAN Countries: A Dynamic Panel Data Analysis
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Abstract
Governments and policymakers have discussed energy security due to the
instability of the global energy market and the risks greenhouse gas (GHG) emissions
cause to the environment. Renewable energy generation and consumption reduce
carbon dioxide (CO2) emissions most effectively. Thus, this paper highlights factors
that, if aggressive environment policies are implemented, might enhance or even avoid
energy security degradation. The study uses a balanced panel data set for Indonesia,
Malaysia, the Philippines, Singapore, Thailand, and Vietnam that covers the 1990 to
2020 period. Pooled panel dynamic least squares are employed in this study. Renewable
energy consumption is favourably influenced by gross domestic product (GDP) per
capita, energy intensity per capita, and installed renewable energy capacity. Utilisation
of renewable energy is inversely related to per capita consumption of electricity, CO2
emissions, and use of fossil fuels. Given the lack of research identifying the factors
influencing energy security in the Association of Southeast Asian Nations (ASEAN),
this study focuses on the drivers that influence energy security, which is explained by
the proportion of renewable energy in final energy consumption. Without identifying
energy demand and supply sources, especially renewable energy-based power generation,
policymakers cannot fulfil their goals.
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