Regression Analysis of the Impact of Foreign Direct Investments, Adjusted Net Savings, and Environmental Tax Revenues on the Consumption of Renewable Energy Sources in EU Countries
Valentyna Kukharets,
Rasa Čingiene,
Dalia Juočiūnienė,
Savelii Kukharets,
Egidijus Blažauskas,
Szymon Szufa,
Andrii Muzychenko,
Svitlana Beleі,
Nazar Lahodyn,
Taras Hutsol
Affiliations
Valentyna Kukharets
Department of Applied Economics, Finance and Accounting, Agriculture Academy, Vytautas Magnus University, Universiteto g. 10, Akademija, LT-53361 Kaunas, Lithuania
Rasa Čingiene
Department of Agricultural Engineering and Safety, Agriculture Academy, Vytautas Magnus University, Studentu Str. 15A, LT-44248 Kaunas, Lithuania
Dalia Juočiūnienė
Department of Applied Economics, Finance and Accounting, Agriculture Academy, Vytautas Magnus University, Universiteto g. 10, Akademija, LT-53361 Kaunas, Lithuania
Savelii Kukharets
Department of Mechanical, Energy and Biotechnology Engineering, Agriculture Academy, Vytautas Magnus University, Studentų Str. 11, Akademija, LT-53362 Kaunas, Lithuania
Egidijus Blažauskas
Department of Agricultural Engineering and Safety, Agriculture Academy, Vytautas Magnus University, Studentu Str. 15A, LT-44248 Kaunas, Lithuania
Szymon Szufa
Faculty of Process and Environmental Engineering, Lodz University of Technology, Wolczanska 213, 90-924 Lodz, Poland
Andrii Muzychenko
Department of Statistics and Economic Analysis, National University of Life and Enviromental Sciences of Ukraine, 03-041 Kyiv, Ukraine
Svitlana Beleі
Department of Business Economics and Human Resource Management Chernivtsi National University Chernivtsi, Ukraine Yury Fedkovich Chernivtsi National University, Str. 2 Cathedral, 58-000 Chernivtsi, Ukraine
Nazar Lahodyn
Department of Business Economics and Human Resource Management Chernivtsi National University Chernivtsi, Ukraine Yury Fedkovich Chernivtsi National University, Str. 2 Cathedral, 58-000 Chernivtsi, Ukraine
Taras Hutsol
Ukrainian University in Europe—Foundation, Balicka 116, 30-149 Krakow, Poland
It is very important for EU countries to achieve energy independence. But this is actually impossible without a high level of use or consumption of renewable energy (RE) sources. Important parameters affecting the consumption of RE sources are as follows: foreign direct investments (FDI), adjusted net savings (ANS), and environmental tax revenues. In the presented work, the likely impact of the above indicators on the level of use of RE sources was estimated using a second-order regression equation. As a result, it was established that the growth of the adjusted net savings indicator and an increase in environmental tax revenues (ETR) have a positive effect on the level of use of RE sources. With significant FDI, the level of ANS does not have a very obvious effect on the growth of the level of use of RE sources. An increase in the level of ANS allows for an increase in ETR, which in turn contributes to an increase in the level of consumption of RE sources. It was also established that an increase in the level of ANS contributes to a more complete realization of the potential of FDI for the development of RE. It has been empirically established that a consistently high consumption of renewable energy sources is actually possible in the countries with a high level of adjusted net savings, high environmental tax revenues, and active attraction of foreign direct investments.
