Determinants of Renewable Energy Consumption in Europe: Economic, Social and Institutional Factors

This report investigates the main determinants of renewable energy consumption in Europe, with a particular focus on economic, social, and institutional factors. In the context of an escalating climate emergency, understanding the drivers behind the growing reliance on sustainable energy sources is essential for the formulation of effective public policies. Using panel data from several European countries, the study applies econometric techniques such as Fixed Effects Models and cointegration analysis to explore the relationship between renewable energy consumption and variables such as GDP per capita, the Human Development Index and a composite index capturing institutional quality. The findings provide a deeper understanding of the forces shaping the energy transition in Europe and underscore the importance of context-specific policy responses that address each country’s economic and institutional characteristics.

Sustainability, Energy, Econometrics, Europe

Gabriel Monteiro has a degree in Accounting from ISCA-UA – Institute of Accounting and Administration, University of Aveiro. He is currently pursuing a Master’s degree in Economics at the University of Aveiro – Portugal. His research interests are in the areas of economics, management and sports.

Verónica Kryvohubchenko has a degree in Finance from ISCA-UA – Institute of Accounting and Administration, University of Aveiro. She is currently pursuing a Master’s degree in Economics at the University of Aveiro – Portugal. Her research interests are in the areas of investment project analysis, financial analysis and corporate finance.

Nuno Pinho has a degree in Business Management from ESTGV – School of Technology and Management, Polytechnic Institute of Viseu. He is currently pursuing a Master’s degree in Economics at the University of Aveiro – Portugal. His research interests are in the areas of sports economics, social economics and sustainable economics.

Íris Santana has a degree in Tourism Management and Planning from the University of Aveiro – Portugal. She is currently pursuing studies in the same field. Her research interests are in the areas of tourism planning, sustainable tourism, and tourism promotion and marketing.

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