Essays on renewable energy consumption and its transition towards a sustainable future

This doctoral research thesis aims to conduct an empirical analysis of the factors that influence renewable energy consumption (REC) and its transition towards a sustainable future. The pressing need for adopting renewable energy arises from the depletion of non-renewable resources, concerns about climate change, and the escalating global energy demand. The study focuses on OECD and BRICS economies, examining dimensions such as trade policies, CO2 emissions, technological innovation, income inequality, economic growth, capital formation, and oil prices. The findings obtained through the Augmented Mean Group (AMG) and Pooled Mean Group (PMG) estimators indicate that income inequality, GDP growth, trade openness, and oil prices positively affect REC in OECD countries, while carbon emissions have a negative association. In BRICS economies, an increase in income inequality, capital formation, CO2 emissions, and technological advancements hampers the adoption of renewable energy, while economic growth leads to higher REC. The country-specific AMG estimator identifies significant inverse relationship between CO2 emissions and REC in various OECD and BRICS economies. These countries have implemented effective policies, resulting in notable CO2 reductions. Additionally, a positive RECeconomic growth link is evident in nations such as the United States, and China, indicating active integration of renewable energy sources. Oil prices have a negative association with REC in Portugal and Turkey, influenced by specific economic factors. In China and Russia, income inequality negatively impacts REC due to unequal access to renewable energy technologies. Brazil's inverse REC-capital formation relationship is attributed to historical reliance on hydropower, while Mexico, Sweden, Germany, Finland, and Norway benefit from trade liberalization policies in boosting REC. These findings hold pivotal significance for policymakers, providing indispensable insights to formulate effective strategies and expedite the adoption of renewable energy. The policy implications serve as a foundational guide for constructing a greener and more sustainable future for generations to come. Keywords: AMG Estimator, BRICS Economies, Environmental Sustainability, OECD Economies, PMG Estimator, Renewable Energy Consumption.