Time Delay Approach to Renewable Energy in the Visegrad Group

Abstract

Climate changes necessitate measures to reduce greenhouse gas emissions (GHG). The European Union’s climate and energy policy places particular emphasis on the development of renewable energy, considered to be the primary mean in achieving the climate neutrality goal by 2050. Having in mind the aforementioned, the study was conducted to determine time delay in the development of renewable energy sources between the Visegrad Group (V4) countries and Germany, considered the most advanced country in developing renewable energy and having the greatest impact on shaping European Union climate and energy policy. The time delay econometric method was used in four of its variants. The research results show that, despite the existence of support mechanisms, the development of renewable energy sources (RES) in the V4 countries has a high mutual correlation. There is a hight correlation between RES penetration in energy mix and UE goals of the climate and energy policy until 2020. At the same time, the available data from the analysed period 2004–2019 indicate growing time delay between the reference facility—Germany and the surveyed group. The paper identifies the primary factors behind the identified time delay and proposes research areas that could direct the future research of those aspects.

Keywords

• energy
• renewable energy
• GDP
• modelling
• public policy
• Visegrad Group