Renewable energies, GDP, financial markets and research: the experience of Latin America. 2000-2019

Abstract

Renewable energies must be part of the effort to reduce CO2 emissions in the face of global warming. The general objective of this research focuses on recognizing the impact of economic, financial and R & D (Research and Development) agents as growth factors in the generation of renewable energy (GER) in Latin America (LA). The methodology is based on an econometric study that uses a panel analysis with fixed elements, specification tests, (Ramsey) autocorrelation tests (Durbin-Watson), (Breusch-Godfrey), and corrections with (Cochrane-Orcutt). The data provide unprecedented results consistent with the objectives set, highlight the importance of financial markets as a means of promoting the main countries in the six GER technologies, for which it is recommended for LA to accelerate the development of its markets and financial institutions and greater investments in R&D. Among the most important conclusions, the favorable effects reflected in the bioenergy sector and the positive impact with the increase in GDP on the growth of solar and wind energy are recognized in LA.