Evaluation of Renewable Energy Sources Sector Development in the European Union
Abstract
1. Introduction
2. Literature Review
2.1. Examination Level of Renewable Energy Sources
2.2. Renewable Energy Consumption in Relation to Economic Growth
3. Materials and Methods
4. Case Study
- -
- Share of renewable energy in gross final energy consumption by sector (energy balance—renewable energy sources)—ξtot;
- -
- Share of renewable energy in gross final energy consumption by sector (energy balance—renewable energy sources in transport)—ξtransp;
- -
- Share of renewable energy in gross final energy consumption by sector (energy balance—renewable energy sources in electricity)—ξelect;
- -
- Share of renewable energy in gross final energy consumption by sector (energy balance—renewable energy sources in heating and cooling)—ξheat&cool.
5. Results
6. Discussion
7. Conclusions
- The literature analysis showed that increasing global population and dwindling fossil fuel reserves are cited as primary drivers of renewable energy adoption, and fossil fuels are linked to environmental degradation, including greenhouse gas emissions and climate change, necessitating a shift to RES. RES contributes to sustainable development by providing clean and inexhaustible energy. Developed countries often benefit from immediate economic gains, while developing countries face challenges in transitioning to RES but hold long-term potential for growth. The RES sector development in the EU countries can be affected by many factors—infrastructural, political, and economic. The financial effect on the RES sector development was examined in this article.
- Various multi-criteria decision-making methods and assessment techniques are utilized across different scientific research fields. For the assessment of the economic stability of the EU countries, seven macroeconomic indicators were selected, and a multi-criteria decision-making SAW method was applied for rating these countries. Based on the evaluated macroeconomic indicators, the EU countries with the strongest economies are Luxembourg, Malta, Estonia, and Ireland, while the weakest are Greece, Italy, and Spain.
- Correlation analysis between individual macroeconomic indicators and the share of renewable energy in final energy consumption in the general context shows that, in most countries, the indicators do not have a significant impact on the development of the RES sector. Only in some countries—for example, Denmark, Ireland, Greece, France, Cyprus, Luxembourg, and Poland—was a statistically significant relationship established between a few separate indicators, such as unemployment rate, exports of goods and services, and labor cost index. However, more significant relations were determined between the share of renewable energy in gross final energy consumption and the indicator of foreign direct investment in many EU countries, which shows the direct relation between these two indicators. This suggests that, although specific macroeconomic factors are not directly responsible for the development of RES, growth in the sector is determined by broader country conditions and the general context of the economic, political, and institutional environment.
- RES development is still stagnating in some countries, despite macroeconomic stability, for several reasons: institutional and political barriers (if the economy is stable, political uncertainty, regulatory inefficiency or uncoordinated energy policies can hinder RES projects), differences in the availability of finance (under favorable macro conditions, the cost of capital, investors’ risk assessment and the availability of financial instruments differ between countries), infrastructure limitations (RES require appropriate infrastructure (e.g., grids, storage solutions), the development of which can be slow), and technological and human resource shortages (some countries lack the technological capabilities and skilled workforce needed for RES development). In order to better understand the differences in RES development between countries, future research should include indicators reflecting institutional and political variability, assess social and cultural factors that determine public attitudes towards RES, analyze the attitudes of individual investors or regions towards RES, and consider the integration of geographical potential to account for the heterogeneity of natural resources.
Author Contributions
Funding
Data Availability Statement
Conflicts of Interest
References
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Indicators | The Importance of Indicators (Weight) | Values of Indicators | |||||
---|---|---|---|---|---|---|---|
1 | 2 | … | j | … | n | ||
X1 | w1 | x11 | x21 | … | xij | … | x1n |
X2 | w2 | x21 | x22 | … | x2j | … | x2n |
… | … | … | … | … | … | … | … |
XI | wi | xi1 | xi2 | … | xij | … | xin |
… | … | … | … | … | … | … | … |
Xm | wm | xm1 | xm2 | … | xmj | … | xmn |
Interpretation of the Correlation Coefficient (r)—Significance | Direct Dependency | Inverse Dependency |
---|---|---|
No relation | 0.00 | |
Very weak relation | from 0.01 to 0.19 | from −0.01 to −0.19 |
Weak relation | from 0.20 to 0.39 | from −0.20 to −0.39 |
Medium relation | from 0.40 to 0.69 | from −0.40 to −0.69 |
Strong relation | from 0.70 to 0.89 | from −0.70 to −0.89 |
Very strong relation | from 0.90 to 1.00 | from −0.90 to −1.00 |
Indicator | Direction of the Indicator | wi |
---|---|---|
Real GDP annual growth rate, % (GDP) | Max | 0.178 |
Inflation rate (IR) | Min | 0.138 |
Exports of goods and services, % of GDP (EX) | Max | 0.126 |
Government debt, % of GDP (GD) | Min | 0.144 |
Unemployment rate (UR) | Min | 0.148 |
Foreign direct investment, % of GDP (FDI) | Max | 0.134 |
Labor cost index (LCI) | Max | 0.132 |
Country | ξtot and GDP | ξtot and UR | xi,tot and IR | ξtot and EX | ξtot and GD | ξtot and FDI | ξtot and LCI |
---|---|---|---|---|---|---|---|
Belgium | 0.178945 | −0.78136 | 0.556673 | 0.736457 | −0.04044 | −0.38402 | 0.440805 |
Bulgaria | −0.2053 | −0.63951 | 0.073879 | −0.27499 | 0.450717 | −0.41845 | 0.42664 |
Czechia | 0.018643 | −0.74946 | 0.578084 | −0.61955 | −0.42121 | 0.810677 | 0.25956 |
Denmark | 0.536203 | −0.95391 | 0.532525 | 0.732078 | −0.85987 | 0.441097 | 0.715226 |
Germany | −0.15774 | −0.73063 | 0.617228 | 0.281674 | −0.61174 | 0.769289 | 0.15125 |
Estonia | 0.079026 | −0.67582 | 0.651603 | 0.047316 | 0.753661 | 0.633809 | 0.194686 |
Ireland | 0.191203 | −0.81699 | 0.226954 | 0.888588 | −0.80735 | 0.629915 | 0.838107 |
Greece | 0.423085 | −0.9459 | 0.489036 | 0.760159 | 0.806473 | 0.930583 | 0.691515 |
Spain | 0.074905 | −0.82018 | 0.492335 | 0.432488 | 0.685991 | 0.940699 | 0.716483 |
France | 0.040153 | −0.9606 | 0.53521 | 0.400048 | 0.596199 | 0.962489 | 0.6033 |
Croatia | 0.111751 | −0.4928 | −0.19775 | 0.039886 | 0.639463 | 0.749906 | −0.11564 |
Italy | 0.035905 | −0.68901 | 0.099696 | 0.50352 | 0.795497 | 0.921638 | 0.401107 |
Cyprus | 0.566431 | −0.85151 | 0.473154 | 0.936812 | 0.581126 | 0.19701 | 0.65166 |
Latvia | −0.3896 | −0.84167 | 0.581898 | 0.601461 | 0.604484 | 0.73202 | 0.352944 |
Lithuania | −0.18261 | −0.75218 | 0.60991 | 0.26263 | −0.31957 | 0.684619 | 0.260898 |
Luxembourg | −0.07937 | −0.38085 | 0.575552 | 0.881396 | 0.689122 | −0.41011 | 0.198002 |
Hungary | −0.32127 | 0.758548 | 0.197943 | 0.499285 | 0.345171 | 0.546313 | −0.39697 |
Malta | −0.05271 | −0.83262 | 0.323491 | 0.823767 | −0.25061 | −0.69337 | −0.24311 |
Netherlands | 0.215162 | −0.83705 | 0.593275 | 0.639623 | −0.51793 | −0.89351 | 0.548618 |
Austria | −0.51456 | 0.365564 | −0.04693 | −0.15514 | 0.302834 | −0.46651 | 0.356507 |
Poland | 0.170149 | −0.81168 | 0.66111 | 0.82431 | −0.28527 | −0.72867 | 0.834036 |
Portugal | 0.361936 | −0.86017 | 0.250392 | 0.474293 | −0.9321 | 0.91711 | 0.733339 |
Romania | 0.034455 | −0.11515 | −0.41911 | 0.57315 | 0.183016 | −0.16734 | −0.01202 |
Slovenia | −0.04526 | −0.39872 | 0.333497 | 0.314767 | 0.129209 | 0.473597 | 0.319756 |
Slovakia | −0.16472 | −0.78121 | 0.493058 | −0.11609 | 0.71548 | −0.43499 | 0.697905 |
Finland | 0.317531 | −0.45103 | 0.380201 | 0.590575 | 0.502173 | −0.40307 | 0.035247 |
Sweden | 0.124696 | 0.453445 | 0.775246 | 0.791967 | −0.50922 | 0.819158 | 0.255235 |
Country | ξ,tot and GDP | ξtot and UR | ξtot and IR | ξ,tot and EX | ξ,tot and GD | ξ,tot and FDI | ξ,tot and LCI |
---|---|---|---|---|---|---|---|
Belgium | 0.3150 | 2.1685 | 1.1606 | 1.8856 | 0.0701 | 0.9300 | 1.0981 |
Bulgaria | 0.3633 | 1.4408 | 0.1283 | 0.4953 | 0.8745 | 1.0302 | 1.0548 |
Czechia | 0.0322 | 1.9607 | 1.2270 | 1.3670 | 0.8043 | 3.0961 | 0.6010 |
Denmark | 1.1002 | 5.5058 | 1.0897 | 1.8613 | 2.9173 | 1.0990 | 2.2883 |
Germany | 0.2766 | 1.8534 | 1.3587 | 0.5084 | 1.3394 | 2.6924 | 0.3421 |
Estonia | 0.1373 | 1.5881 | 1.4878 | 0.0820 | 1.9860 | 1.8323 | 0.4438 |
Ireland | 0.3373 | 2.4539 | 0.4036 | 3.3552 | 2.3698 | 1.8136 | 3.4355 |
Greece | 0.8087 | 5.0493 | 0.9710 | 2.0264 | 2.3624 | 5.6841 | 2.1406 |
Spain | 0.1301 | 2.4831 | 0.9797 | 0.8308 | 1.6329 | 6.2005 | 2.2966 |
France | 0.0696 | 5.9860 | 1.0974 | 0.7560 | 1.2862 | 7.9323 | 1.6915 |
Croatia | 0.1947 | 0.9809 | 0.3494 | 0.0691 | 1.4406 | 2.5347 | 0.2603 |
Italy | 0.0622 | 1.6466 | 0.1735 | 1.0094 | 2.2738 | 5.3108 | 0.9791 |
Cyprus | 1.1904 | 2.8127 | 0.9302 | 4.6382 | 1.2368 | 0.4493 | 1.9211 |
Latvia | 0.7327 | 2.6997 | 1.2393 | 1.3039 | 1.3143 | 2.4026 | 0.8435 |
Lithuania | 0.3217 | 1.9770 | 1.3330 | 0.4714 | 0.5841 | 2.1002 | 0.6043 |
Luxembourg | 0.1379 | 0.7134 | 1.2190 | 3.2317 | 1.6471 | 1.0055 | 0.4517 |
Hungary | 0.5876 | 2.0162 | 0.3497 | 0.9980 | 0.6370 | 1.4585 | 0.9671 |
Malta | 0.0914 | 2.6039 | 0.5921 | 2.5167 | 0.4483 | 2.1516 | 0.5604 |
Netherlands | 0.3816 | 2.6498 | 1.2765 | 1.4412 | 1.0486 | 4.4493 | 1.4672 |
Austria | 1.0394 | 0.6802 | 0.0813 | 0.2720 | 0.5503 | 1.1793 | 0.8532 |
Poland | 0.2990 | 2.4068 | 1.5261 | 2.5218 | 0.5155 | 2.3791 | 3.3803 |
Portugal | 0.6724 | 2.9212 | 0.4479 | 0.9331 | 0.1621 | 5.1444 | 2.4120 |
Romania | 0.0597 | 0.2007 | 0.7995 | 1.2114 | 0.3224 | 0.3795 | 0.0269 |
Slovenia | 0.0784 | 0.7530 | 0.6127 | 0.5743 | 0.2256 | 1.2024 | 0.7546 |
Slovakia | 0.2892 | 2.1675 | 0.9816 | 0.2024 | 1.7738 | 1.0802 | 2.1790 |
Finland | 0.5799 | 0.8752 | 0.7119 | 1.2675 | 1.0058 | 0.9848 | 0.0789 |
Sweden | 0.2176 | 0.8811 | 2.1257 | 2.2466 | 1.0248 | 3.1935 | 0.5903 |
Country | ξtot and UR | ξ,tot and EX | ξtot and FDI | ξ,tot and LCI |
---|---|---|---|---|
Czechia | - | - | 0.9962 | - |
Denmark | 0.9078 | - | - | - |
Germany | - | - | 0.9881 | - |
Ireland | - | 0.9731 | - | 0.7727 |
Greece | 0.8856 | - | 0.9794 | - |
Spain | - | - | 0.9976 | - |
France | 0.9419 | - | 0.9955 | - |
Italy | - | - | 0.9972 | - |
Cyprus | 0.6992 | 0.9703 | - | - |
Luxembourg | - | 0.7769 | - | - |
Malta | 0.663 | |||
Netherlands | 0.6241 | - | 0.7616 | - |
Poland | - | - | - | 0.9099 |
Portugal | 0.8232 | - | 0.9972 | - |
Sweden | - | - | 0.9964 | - |
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Okunevičiūtė Neverauskienė, L.; Kvietkauskienė, A.; Tvaronavičienė, M.; Danilevičienė, I.; Gedvilaitė, D. Evaluation of Renewable Energy Sources Sector Development in the European Union. Energies 2025, 18, 4786. https://doi.org/10.3390/en18174786
Okunevičiūtė Neverauskienė L, Kvietkauskienė A, Tvaronavičienė M, Danilevičienė I, Gedvilaitė D. Evaluation of Renewable Energy Sources Sector Development in the European Union. Energies. 2025; 18(17):4786. https://doi.org/10.3390/en18174786
Chicago/Turabian StyleOkunevičiūtė Neverauskienė, Laima, Alina Kvietkauskienė, Manuela Tvaronavičienė, Irena Danilevičienė, and Dainora Gedvilaitė. 2025. "Evaluation of Renewable Energy Sources Sector Development in the European Union" Energies 18, no. 17: 4786. https://doi.org/10.3390/en18174786
APA StyleOkunevičiūtė Neverauskienė, L., Kvietkauskienė, A., Tvaronavičienė, M., Danilevičienė, I., & Gedvilaitė, D. (2025). Evaluation of Renewable Energy Sources Sector Development in the European Union. Energies, 18(17), 4786. https://doi.org/10.3390/en18174786