A Multivariate Analysis of Factors Influencing Green Energy

Abstract

Non-renewable energy, fossil fuel are such sources which satisfy energy needs at environmental cost. But renewable sources such as solar, wind, hydrogen and biogas satisfy needs and also protect environment from CO2 emission. The study took data of 2009 to 2019 of India in which relationship and impact of determinants were studied through correlation and multiple regression technique. Green energy drivers are energy security; CO2 emission; and social & economic development. Only renewable energy consumption is positively correlated with Green Energy no other factor is positively correlated with Green energy. CO2 per capita has negative relation with Renewable energy consumption. It means if Renewable energy consumption will increase then there will be decrease in CO2 per capita. Moreover, more Renewable consumption led to Green Energy. The study revealed the impact of independent variables which represents that Renewable energy consumption per capita; Energy usage per capita; renewable energy consumption; and fossil fuel energy consumption plays significant role in influencing Green Energy.