Harvesting of energy depends on the availability of resources apart from the economic viability and technical feasibility of meeting the demand. Increasing dependency on fossil fuels has caused serious concerns at the local (energy dependency, pollution, etc.) and global (global warming, GHG emissions, etc.) levels. Read moreĮnergy plays a pivotal role in the development of a region. The important fact is that this could be achieved, in principle, without increasing the number of reactor sites.
Shifting from natural gas to nuclear power, however, would allow a larger coal fraction to be tolerated even in 2020. The estimates confirm the assessment by Federal Minister of Economics Müller that an ambitious goal of 40 % CO2 reduction can be achieved only if less coal is used for electricity generation. Even maintaining the use of nuclear power at today's level would be able to raise the CO2 reduction in 2020 from 16 % to 26 % for the economically viable scenario No.1. Nuclear power would be able to achieve both economic viability and climate protection in energy supply. A scenario No.1 based on one possible line of economic development results in a decrease of CO2 emissions by only 16% in 2020 as against 1990, Scenario No.2 is based on a 40 % goal of CO2 reduction, and is seen to be unfeasible because of its economic implications and social risks. economically and socially compatible energy supply. This prevents the simultaneous attainment of climate protection at a high level and an. On November 2001, the German Federal Ministry of Economics published its energy report, "Sustainable Energy Policy for a Successful Future Energy Supply." Two scenarios of the development of the power economy in Germany up until 2020 are compared on the basis of opting out of the use of nuclear power. Based on the findings, it is suggested that a non-renewable energy conversation policy may retard economic growth in India if initiated without due regard to renewable energy sources. In addition, it is shown that a bidirectional causality exists between non-renewable energy use and economic growth in both the long run and short run. In sharp contrast, the long run elasticity of economic growth with respect to renewable energy consumption is found to be statistically insignificant. The results indicate that non-renewable energy consumption has a long run significant positive effect on India's economic growth. Empirical evidence confirms the existence of a long run equilibrium relationship among the competing variables. Hanck combined test and auto-regressive distributed lags bound testing approach to co-integration and vector error correction model for Granger casualty are used in a multivariate framework wherein trade openness and financial development are included as additional variables. Motivated by this, the present study investigates the impact of renewable and non-renewable energy use on economic growth in India within the energy consumption-growth framework over the period 1971-2012. The emergence of renewable energy as an alternative to non-renewable energy sources has garnered a great deal of attention in crafting of sustainable energy policies.
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