Investigating the effect of crude oil price on investment in renewable energy production in selected oil-producing countries
Vida Varahrami
1
(
Associate Professor, Department of Economics, Shahid Beheshti university, Tehran, Iran (Crossponding Authur), vida.varahrami@gmail.com
)
Keywords: Investment, Renewable Energy, Oil Price,
Abstract :
Pollution from fossil fuels and global warming have led to greater use of renewable energy. Therefore, in recent years, countries have sought to achieve sustainable development and the use of environmentally friendly energies, and therefore, the exploitation of renewable energies has been a priority for most countries. This study examines the effect of crude oil price on investment in renewable energy production in selected oil-producing countries. The method used in this study is the panel data method and the data used is from 2015 to 2024. The findings of this study show that among the selected oil-producing countries, the effects of crude oil price on investment in renewable energies are significant, and it can be said that due to the high dependence of oil-producing countries on oil revenues, the sensitivity of these countries to invest in renewable energies is affected by oil price. The crude oil price coefficient was estimated to be positive, which indicates that these countries are also looking to invest in renewable energies in addition to oil exports. Financial credits have a positive impact on investment in renewable energy, and Research and development spending has a positive coefficient on investment in renewable energy. These variables show that research and development spending and financial credits in selected oil-producing countries have led to investment in renewable energy. Therefore, in these countries, it is recommended that the revenues from the sale of oil be spent on investment in the exploitation of renewable energies.
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