The Impact of Oil Price on Transition toward Renewable Energy Consumption? Evidence from Russia

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dc.authoridMukhtarov, Shahriyar / 0000-0002-0929-3888
dc.authoridMukhtarov, Shahriyar / 0000-0001-6248-6120
dc.authorwosidMukhtarov, Shahriyar / E-1692-2018
dc.contributor.authorKaracan, Ridvan
dc.contributor.authorMukhtarov, Shahriyar
dc.contributor.authorBaris, Ismail
dc.contributor.authorIsleyen, Aykut
dc.contributor.authorYardimci, Mehmet Emin
dc.date.accessioned2021-11-01T15:06:09Z
dc.date.available2021-11-01T15:06:09Z
dc.date.issued2021
dc.department[Belirlenecek]
dc.description.abstractThis research investigates the impact of oil price, income and carbon dioxide emissions on renewable energy consumption in Russia for the data period from 1990 to 2015, using the Vector Error Correction Models and the Canonical Cointegrating Regression method. This article is the only study conducting individual time-series analysis that emphasizes the effect of oil price on renewable energy consumption in the case of Russia. The results of empirical analysis conclude that oil price affects renewable energy consumption negatively. The negative oil price effects on renewable energy use can be interpreted as a sign of issue that stems from higher oil prices and slows the transition from conventional to renewable energy sources. Additionally, we found that there is a positive and statistically significant influence of real GDP per capita as a proxy of income on renewable energy consumption, whereas the carbon dioxide emissions have a negative and statistically insignificant influence on renewable energy consumption. Considering these empirical results, Russia, which has a significant share in energy production in the world, should focus on the use of renewable energy in order to maintain this superiority and its sustainability. The findings of this paper may be useful to policymakers and may help to contribute to existing literature for future research in the case of oil-exporting countries.
dc.identifier.doi10.3390/en14102947
dc.identifier.issn1996-1073
dc.identifier.issue10en_US
dc.identifier.scopus2-s2.0-85106927226
dc.identifier.scopusqualityQ1
dc.identifier.urihttps://doi.org/10.3390/en14102947
dc.identifier.urihttps://hdl.handle.net/11491/7502
dc.identifier.volume14en_US
dc.identifier.wosWOS:000662388700001
dc.identifier.wosqualityQ3
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.institutionauthor[Belirlenecek]
dc.language.isoen
dc.publisherMdpi
dc.relation.ispartofEnergies
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectincomeen_US
dc.subjectrenewable energyen_US
dc.subjectoil priceen_US
dc.subjectVECMen_US
dc.subjectCCRen_US
dc.subjectRussiaen_US
dc.titleThe Impact of Oil Price on Transition toward Renewable Energy Consumption? Evidence from Russia
dc.typeArticle

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