Regression Analysis of the Impact of Foreign Direct Investments, Adjusted Net Savings, and Environmental Tax Revenues on the Consumption of Renewable Energy Sources in EU Countries

It is very important for EU countries to achieve energy independence. But this is actually impossible without a high level of use or consumption of renewable energy (RE) sources. Important parameters affecting the consumption of RE sources are as follows: foreign direct investments (FDI), adjusted net savings (ANS), and environmental tax revenues. In the presented work, the likely impact of the above indicators on the level of use of RE sources was estimated using a second-order regression equation. As a result, it was established that the growth of the adjusted net savings indicator and an increase in environmental tax revenues (ETR) have a positive effect on the level of use of RE sources. With significant FDI, the level of ANS does not have a very obvious effect on the growth of the level of use of RE sources. An increase in the level of ANS allows for an increase in ETR, which in turn contributes to an increase in the level of consumption of RE sources. It was also established that an increase in the level of ANS contributes to a more complete realization of the potential of FDI for the development of RE. It has been empirically established that a consistently high consumption of renewable energy sources is actually possible in the countries with a high level of adjusted net savings, high environmental tax revenues, and active attraction of foreign direct investments.

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Publication Details

Journal
Energies
Published
2024-09-05
DOI
https://doi.org/10.3390/en17174465
Citations
7
Primary Topic
Energy, Environment, Economic Growth
Type
article
Field-Weighted Citation Impact
7.90

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article

Regression Analysis of the Impact of Foreign Direct Investments, Adjusted Net Savings, and Environmental Tax Revenues on the Consumption of Renewable Energy Sources in EU Countries

Taras Hutsol, Egidijus Blažauskas, Rasa Čingienė, S. Kukharets et al.
7 citations
Energies
Energy, Environment, Economic Growth
7.90
article

Regression Analysis of the Impact of Foreign Direct Investments, Adjusted Net Savings, and Environmental Tax Revenues on the Consumption of Renewable Energy Sources in EU Countries

Taras Hutsol, Egidijus Blažauskas, Rasa Čingienė, S. Kukharets, Svitlana Beleі, Dalia Juočiūnienė, Andrii Muzychenko, Szymon Szufa, V. Kukharets, Nazar Lahodyn
article en
7 citations

Abstract

It is very important for EU countries to achieve energy independence. But this is actually impossible without a high level of use or consumption of renewable energy (RE) sources. Important parameters affecting the consumption of RE sources are as follows: foreign direct investments (FDI), adjusted net savings (ANS), and environmental tax revenues. In the presented work, the likely impact of the above indicators on the level of use of RE sources was estimated using a second-order regression equation. As a result, it was established that the growth of the adjusted net savings indicator and an increase in environmental tax revenues (ETR) have a positive effect on the level of use of RE sources. With significant FDI, the level of ANS does not have a very obvious effect on the growth of the level of use of RE sources. An increase in the level of ANS allows for an increase in ETR, which in turn contributes to an increase in the level of consumption of RE sources. It was also established that an increase in the level of ANS contributes to a more complete realization of the potential of FDI for the development of RE. It has been empirically established that a consistently high consumption of renewable energy sources is actually possible in the countries with a high level of adjusted net savings, high environmental tax revenues, and active attraction of foreign direct investments.

EnergiesVol. 17(17)
Yuriy Fedkovych Chernivtsi National University (UA), Vytautas Magnus University (LT), Lodz University of Technology (PL), National University of Life and Environmental Sciences of Ukraine (UA), Polissia National University (UA), Odesa State Agrarian University (UA)
International Visegrad Fund, HORIZON EUROPE Framework Programme
Openalex Percentile: Top 3%
Energy, Environment, Economic Growth
7.90
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