TECHNOLOGY AND RENEWABLE ENERGY: WHAT HAVE WE LEARNED SO FAR?

Abstract

This study provides a survey of the recent progress in the literature on technology–renewable energy nexus. The conclusion drawn from this survey is that there exists a strong positive correlation between the expenditure on research and development (R&D) and the adoption of renewable energy sources. The effectiveness of R&D in promoting renewable energy varies across different countries, with high-income countries being more receptive to its impact. Furthermore, the influence of R&D on different types of renewable energy sources is also found to be diverse. The research indicates that an increase in R&D expenditure leads to a rise in renewable energy consumption, which, in turn, reduces dependence on fossil fuels. However, it is crucial to note that R&D can have negative environmental consequences if it results in increased pollution and decreases the adoption of renewable energy. Overall, encouraging R&D in low-carbon technologies and implementing taxes on non-renewable fuels can be a beneficial approach towards preserving the environment.