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A Strategic Approach to Reduce Energy Imports of E7 Countries: Use of Renewable Energy
Abstract
Higher technological developments, product diversity, international trade, and population growth have greatly increased the energy demand of countries. It is very significant that this growing demand should be satisfied with a safe and accessible energy source. Because of this issue, it is thought that countries should be directed towards renewable energy sources so that these countries can meet their rising energy demand without increasing their energy imports. This chapter aims to identify the causal relationship between the use of renewable energy and energy imports. Within this framework, the data between 1990 and 2015 of E7 countries (Brazil, China, Indonesia, India, Mexico, Russia, and Turkey) is taken into the consideration by using the Pedroni panel cointegration method and the Dumitrescu Hurlin panel causality analysis. Results show that there is a long-term relationship between energy imports and renewable energy usage, but there is no causal relationship between energy imports and renewable energy usage. This situation gives information that the use of renewable energy is important and effective in order to reduce imports, but using only this method is not sufficient to remove the import problem for these countries.
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