Application of Renewable Energy, Advanced Technology, and Energy Efficiency: A Fresh Insight from European Countries

Abstract

This research investigates the impact of renewable energy, transportation services, advanced technology, and energy efficiency on the gross domestic product (GDP) in 24 European economies. Employing fixed effect panel analysis, it is found that GDP as a proxy of economic performance has a significant and positive association with renewable energy, transportation, advanced technologies, and energy efficiency. It is implied that renewable energy consumption and energy efficiency factors enhance resource utilization and reduce economic costs, which ultimately helps countries boost their economic performance. Moreover, it is also argued that efficient transportation and innovative technologies promote renewable energy usage and a green economy. Hence, these factors help countries to achieve economic goals and protect the environment.