The use of renewable energy is very crucial for sustainable growth, energy security, and reduction of climate change. This chapter recognizes the factors of renewable energy use in terms of economic or financial condition, technological advancement, policy-related conditions, and socio-environmental factors as well. The economic conditions defining investment availability, cost-competitiveness, and market demand drive adoption, while advances in energy storage, grid integration, and efficiency enhance technological feasibility. Supportive policy and regulatory clarity alongside international agreements make the transition easier. There are other barriers that discourage the widespread take-up. Costly starts, limited finance options, and market uncertainty present economic barriers. Technical limitations in the guise of intermittency problems, infrastructure limitations, and the lack of qualified professionals also limit rollout. Policy uncertainty, subsidies for fossil fuels, and lengthy approval procedures also deter investment. Social and cultural barriers such as public resistance, ignorance, and opposition to change also influence adoption. As renewable energy is key to economic development in the form of job creation, lowering the reliance on foreign fuel, and driving industrial innovation. Strategic steps should be taken to increase utilization, including conducive policy environments, improved financial incentives, technological innovation, heightened public awareness, and cooperation at the global level. These challenges shall be surmounted through the adoption of a multi-stakeholder approach which shall drive the shift to a sustainable and resilient future for energy, ensuring long-term economic and environmental benefits.

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A Review of the Determinants and Barriers to Renewable Energy Utilization in Driving Economic Growth

  • Abhinav Kumar Pandey,
  • Ashulekha Gupta,
  • Priya Bijalwan,
  • Anu Sayal

摘要

The use of renewable energy is very crucial for sustainable growth, energy security, and reduction of climate change. This chapter recognizes the factors of renewable energy use in terms of economic or financial condition, technological advancement, policy-related conditions, and socio-environmental factors as well. The economic conditions defining investment availability, cost-competitiveness, and market demand drive adoption, while advances in energy storage, grid integration, and efficiency enhance technological feasibility. Supportive policy and regulatory clarity alongside international agreements make the transition easier. There are other barriers that discourage the widespread take-up. Costly starts, limited finance options, and market uncertainty present economic barriers. Technical limitations in the guise of intermittency problems, infrastructure limitations, and the lack of qualified professionals also limit rollout. Policy uncertainty, subsidies for fossil fuels, and lengthy approval procedures also deter investment. Social and cultural barriers such as public resistance, ignorance, and opposition to change also influence adoption. As renewable energy is key to economic development in the form of job creation, lowering the reliance on foreign fuel, and driving industrial innovation. Strategic steps should be taken to increase utilization, including conducive policy environments, improved financial incentives, technological innovation, heightened public awareness, and cooperation at the global level. These challenges shall be surmounted through the adoption of a multi-stakeholder approach which shall drive the shift to a sustainable and resilient future for energy, ensuring long-term economic and environmental benefits.