Renewable Energy Consumption and its Impact on Economic Growth of OPEC Members

Renewable Energy Consumption and its Impact on Economic Growth of OPEC Members

Mohamad Ali Dehghan Tafti (Economic Science Department, Yazd Islamic Azad University, Yazd, Iran) and Ahad Mottaghitalab (Economic Science Department, Yazd Islamic Azad University, Yazd, Iran)
DOI: 10.4018/IJCCE.2017010103
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Abstract

The purpose of this article is evaluating the effect of renewable energy on economy growth. Therefore, the production function has been examined in OPEC members in 2012-2016 using the dynamic board data based on energy consumption. The results reveal that among variables, the existence of capital, economical active forces, and unrenewable energy consumption have had a positive and decent meaning on the real gross national product in OPEC members. In addition, the coefficient of renewable energy consumption logarithm has not had sense statistically. On the other hand, a one-percent raise in the consumption of renewable energies in OPEC members has increased the gross national product up to 0.05 percent meaningfully. Energy has been considered as one the crucial keys in production process as long as work force and capital. Thus, the rise in energy consumption can lead to growth in production and economic level. So, by increasing renewable energy consumption in OPEC members, dramatic economic growth has occurred.
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Renewable Energy Definitions

Solar Energy: The sun is not only the great source of energy, but also the beginning of the live and the source of all other energies. According to scientific estimates, about 600 million years have passed since the birth of this massive resource and every second, 4.2 million tons of solar mass is converted into energy. With regard to the sun's weight, which is about 333 thousand times the weight of the earth, this luminous globe can be considered as a huge source of energy for up to 5 billion years.

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