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The Economic Impact of Investment in Renewables in Croatia by 2030

Faculty of Economics and Business, University of Zagreb, HR-10000 Zagreb, Croatia
Author to whom correspondence should be addressed.
Academic Editors: Katarzyna Bilińska-Reformat, Vincenzo Bianco, Donato Morea and Edmundas Kazimieras Zavadskas
Energies 2021, 14(24), 8215;
Received: 11 October 2021 / Revised: 2 December 2021 / Accepted: 3 December 2021 / Published: 7 December 2021
(This article belongs to the Special Issue Sustainable Development Concept of Innovative Energy Business Models)
At the beginning of 2020, the Strategy of the Republic of Croatia until 2030 with an outlook to 2050 was adopted. The Strategy analyzes two energy transition scenarios, the accelerated energy transition and the moderate energy transition. The Strategy is guided and defined by goals set out by the European Union (EU), which primarily states to decrease greenhouse gas emissions and increase the share of renewable energy sources. In order to reach these goals, it is necessary to substitute fossil fuel capacities with new capacities for the production of electricity from renewable sources. In order to do so, a new wave of investments is needed. The Strategy does not detail the macroeconomic effects of investments in renewable sources on the Croatian economy, generally quantified through GDP growth and employment. This paper analyzes the macroeconomic effects of announced investments in renewable energy sources for electricity production. The analysis encompasses the time period 2021–2030. The effects are quantified using the input–output tables for Croatia. The analysis exhibits relatively modest macroeconomic effects of investments into renewable energy on the Croatian economy. The paper concludes that it is necessary to change the structure and dynamics of investment in renewable energy. First, the investment should go into sources with the highest domestic component in investments and at the same time develop production capacities in technologies and equipment production for wind and solar capacities. View Full-Text
Keywords: input–output analysis; energy strategy; renewables; energy transition input–output analysis; energy strategy; renewables; energy transition
MDPI and ACS Style

Gelo, T.; Šimurina, N.; Šimurina, J. The Economic Impact of Investment in Renewables in Croatia by 2030. Energies 2021, 14, 8215.

AMA Style

Gelo T, Šimurina N, Šimurina J. The Economic Impact of Investment in Renewables in Croatia by 2030. Energies. 2021; 14(24):8215.

Chicago/Turabian Style

Gelo, Tomislav, Nika Šimurina, and Jurica Šimurina. 2021. "The Economic Impact of Investment in Renewables in Croatia by 2030" Energies 14, no. 24: 8215.

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