Simulating the Effect of Economic Development on the Use of Renewable Energy in Southeast European Union Countries

This article employs a quantitative approach to examine how the nations in the Southeastern European Union (EU)—Bulgaria, Croatia, Greece, Slovenia, Slovakia, Hungary, and Romaniaare affected by economic growth in terms of their use of renewable energy. The study employs panel data models to examine the connection between the use of renewable energy sources and economic expansion from 2007 to 2020. This research uses Fully Modified Ordinary Least Squares, or FMOLS. The FMOLS results revealed that the utilization of renewable energy is not statistically significantly impacted by real GDP per capita., having enough evidence to not support the conservative hypothesis. Analysis is done using R, SPPS and EViews software programs. The article contributes to existing literature by exploring how economic development influences implementation and usage of sustainable energy in the Southeastern EU countries.