Research On The Impact Of Renewable Energy Consumption On Economic Growth

Under the goal of "double carbon",China needs to actively promote the low-carbon transformation of the energy industry,and promote the large-scale and high-quality development of renewable energy.The development of renewable energy requires comprehensive consideration of energy security,economic development and other factors,not only to ensure the stable operation of the economy to leave a reasonable space for energy use,but also to effectively promote the local energy conservation and carbon reduction efforts.Accordingly,this paper analyzes the impact of renewable energy consumption on economic growth,in order to provide some support for the policy formulation of coordinating renewable energy development with economic growth goals.Based on the literature review and analysis of the impact mechanism,we take the provincial panel data of China from 2003 to 2020 as the research sample,consider the spatial characteristics of renewable energy consumption and economic growth,and use SDM model to analyze the impact of renewable energy consumption on economic growth,and explore whether there is regional heterogeneity between the east and the central and western parts of China,as well as the impact of renewable energy consumption on economic growth under different levels of technological innovation.The findings of this paper are as follows:(1)There is a non-linear effect of renewable energy consumption on economic growth.The effect of renewable energy consumption on economic growth is a combination of multiple effects,and the impact on economic growth is"U" shaped.In the early stage of renewable energy development,it has a suppressing effect on economic growth,and with the increasing consumption of renewable energy,the impact on economic growth will be changed from suppressing to promoting.The development of renewable energy is an important means to promote energy transition and economic quality,so we should not give up the investment in renewable energy because we cannot see the benefit in the short term.(2)The impact of renewable energy consumption on economic growth has spatial spillover effect.Renewable energy consumption not only has an impact on local economic growth,but also affects the economic growth of neighboring regions.(3)The impact of renewable energy consumption on economic growth is regionally heterogeneous,and the promotion effect on economic growth is stronger in the central and western regions.The high endowment of renewable energy resources in the central and western regions,the development and utilization of renewable energy can effectively drive the development of high value-added industries,and it can bring into play the scale effect and sufficient factor resource endowment advantages,which promotes the transformation of energy resource advantages into economic advantages for promoting regional development in the central and western regions.(4)The higher the level of technological innovation,the stronger the role of renewable energy consumption in promoting economic growth.Even in the early stage of the development of renewable energy,the interaction coefficient between renewable energy consumption and technological innovation is still positive,and technological innovation can enhance the promoting effect of renewable energy consumption on economic growth.Technological innovation,as one of its basic paths of cost reduction,provides a favorable environment for renewable energy development,improves total factor productivity,and releases greater benefits from renewable energy resources;It is conducive to the formation of new industries,enhances industrial banding,and enhances the role of renewable energy consumption in promoting economic growth.And according to the conclusion,we put forward suggestions from three aspects:continuous promotion of renewable energy development,regional resource advantage utilization,and technology innovation capacity enhancement.