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DETERMINANTS OF RENEWABLE ENERGY CONSUMPTION IN ASEAN-6 COUNTRIES: 2007-2021
This scholarly investigation undertakes a meticulous examination of the determinants influencing the consumption of renewable energy within six ASEAN member states—Indonesia, Malaysia, Singapore, Thailand, the Philippines, and Vietnam—spanning the timeframe from 2007 to 2021. The primary objective of this analysis is to elucidate the ramifications of Foreign Direct Investment (FDI), Gross Domestic Product (GDP) per capita, carbon dioxide (CO₂) emissions, and the efficacy of governance structures on renewable energy utilization. By applying panel data regression method and Fixed Effect Model as the best model, the empirical findings reveal that FDI exerts an inconsequential influence on the adoption of renewable energy sources. In stark contrast, GDP per capita emerges as a robust positive determinant, whereas CO₂ emissions significantly and adversely affect renewable energy consumption, thereby underscoring a pronounced reliance on fossil-fuel-based energy systems. Furthermore, the quality of governance is observed to negatively correlate with renewable energy consumption, suggesting formidable obstacles in the enactment and execution of renewable energy policies. These outcomes underscore the imperative for heightened environmental consciousness and the formulation of more efficacious policy frameworks to facilitate and accelerate the transition towards sustainable energy paradigms.
FAKULTAS EKONOMI DAN BISNIS ISLAM, UIN SUNAN KALIJAGA YOGYAKARTA
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